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Title: The New Finance: The Case Against Efficient Markets (2nd Edition) by Robert A. Haugen ISBN: 0-13-010228-8 Publisher: Prentice Hall Pub. Date: 15 February, 1999 Format: Paperback Volumes: 1 List Price(USD): $39.20 |
Average Customer Rating: 3.29 (7 reviews)
Rating: 1
Summary: Poorly Written and Thoughtless
Comment: "The New Finance" has basically everything going against it.
First, Haugen's writing style is annoying and childish. An engaging use of humor and metaphor are apparently beyond his skill.
Second, Haugen's story is unconvincing. The case against the efficient market hypothesis has been made much more rigorously and interestingly by other authors (e.g. Andrei Shleifer, Hersh Shefrin, and Richard Thaler, among others). Haugen in some case makes mountains out of statistical molehills and misses vital information in others. In short, Haugen is neither convincing nor complete in his critique. The field of economics covered here has a name, by the way, which Haugen never once cites: behavioral finance.
Third, in many cases Haugen is just plain wrong in his assertions. The cases are too numerous to count, but I'll give two examples from page 12. First, Haugen asserts that if no one uses the CAPM to construct their portfolios then markets cannot be efficient. This is not true. The efficient market hypothesis can hold, as Milton Friedman pointed out, if people act AS IF they use the CAPM, even if they don't really use it. Second, of evidence that markets generally react to new information quickly and without bias, Haugen says "Not true." Which is overstating the case, if not outright misrepresenting it. While there is some evidence of investor overreaction and/or underreaction, the case is far from closed. Moreover, anecdotal evidence of occasional over- and under-reaction does not prove the efficient market hypothesis to be a "Fantasy," as Haugen claims.
Fourth, and this point is somewhat related to the third, Haugen is far too full of himself. Assertions of his own intellectual superiority cloud his arguments and reasoning. This can be dangerous when dueling with men like Eugene Fama, Harry Markowitz, Bill Sharpe, and Milton Friedman. More importantly, it leaves Haugen apparently very comfortable making blanket, absolute statements about financial economics that no self-respecting, respected, or respectful economist has any business making. And I say that not only because Haugen is very frequently wrong. It also isn't very becoming. And since the material in this book is reviewed in far superior books, there is little reason to pay much attention to Haugen and his rantings.
Rating: 5
Summary: The Emperor has no clothes!!!
Comment: Only a courageous professor willing to really find truth would write this insightful book. The fact that he also has a great sense of humor is to be greatly commended. This man deserves a Nobel Prize. It APPEARS THAT HE WILL BE ABLE TO FUND IIT!
Rating: 4
Summary: Great book that really makes you think about finance !
Comment: The author's humor is not always funny and is mostly used to fill up the pages, but the contents are interesting and enlightening. It gave me courage to continue what I was already doing in the stock market, buying "losers". A must read for everybody interested in investing or finance !!
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Title: The Inefficient Stock Market: What Pays Off and Why (2nd Edition) by Robert A. Haugen ISBN: 0130323667 Publisher: Prentice Hall Pub. Date: 13 June, 2001 List Price(USD): $41.00 |
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Title: Global Investing: The Professional's Guide to the World Capital Markets by Roger Ibbotson, Gary P. Brinson ISBN: 007031683X Publisher: McGraw-Hill Trade Pub. Date: 01 November, 1992 List Price(USD): $39.95 |
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Title: Devil Take the Hindmost: A History of Financial Speculation by Edward Chancellor ISBN: 0452281806 Publisher: Plume Pub. Date: 05 June, 2000 List Price(USD): $15.00 |
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Title: The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk by William J. Bernstein ISBN: 0071362363 Publisher: McGraw-Hill Trade Pub. Date: 22 September, 2000 List Price(USD): $29.95 |
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Title: Beast on Wall Street by Robert A. Haugen ISBN: 0130800783 Publisher: Prentice Hall Pub. Date: 09 June, 1998 List Price(USD): $34.40 |
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