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1、BehaviorialFinance:PastBattlesandFutureEngagementsMeirStatman•'••"Marketefficiencyisatthecenterofthebattleofstandardfinanceversusbehavioralfinanceversusinvestmentprofessionals.Butthebattleisnotjoinedbecausetheterm"marketefficiency"hastwomeanings.Onemeaningisthatinvestorscannotsystematicallybeatt
2、hemarket.Theotheristhatsecuritypricesarerational.Rationalpricesreflectonlyutilitariancharacteristics,suchasrisk,notvalue-expressivecharacteristics,suchassentiment.Behavioralfinancehasshown,however,thatvalue-expressivecharacteristicsmatterinbothinvestorchoicesandassetprices.Therefore,thedisciplin
3、eoffinancewoulddowelltoacceptthefirstmeaningofmarketefficiencyandrejectthenotionthatsecuritypricesarerational.^Necouldthenstopfightingthemarketefficiencybattleandfocusonexploring(1)asset-pricingmodelsthatreflectbothvalue-expressiveandutilitariancharacteristicsand(2)thebenefits,bothutilitarianand
4、valueexpressive,thatinvestmentprofessionalsprovidetoinvestors.•••BehavioristshavehornedinonpreciselythesethePsychologyofInvesting.Earlier,Bernstein(1996)samedividend-relatedsoftspotsinthecurrentprovidedahistoricalperspective,andDeBondtandbodyoftheory(seeespeciallyShefrinandThaler(1985),Statman(1
5、995),andShiller(forthcom-Statman1984).{Miller1986,p.S451)ing2000)providedbriefreviews.Idonotattemptacomprehensivereviewinthisarticle.Instead,Iexam-^^hootingarrowsintothesoftspotsofstandardinesomepastbattlesandsuggestfutureengage-Lfinancewasgreatfun—especiallyinthe1980s,ments.,Jwhenbehavioralfina
6、ncehadfewspots,soft^^""^orhard,toserveasretumtargets.Butnow,atOverreactionandunderreactionareweaponsintheendofthe1990s,behavioralfinancehasbur-thebattlebetweenstandardfinanceandbehavioralgeoned,andFama(1998)hashadfunshootingarrowsfinance.Butthebattleisnotjoinedbecausemarketintoitsoverreactionand
7、underreactionsoftspots.efficiencyhastwomeanings.Tosome,marketeffi-Investorsoverreactinhalftheempiricalstudies,ciencymeansthatthereisnosystematicwaytobeatnotedFama,andunderreactintheotherhalf.So,themarket.Toothers,itmeansthat
