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1、BehaviorialFinance:PastBattlesandFutureEngagementsMeirStatmanMarketefficiencyisatthecenterofthebattleofstandardfinanceversusbehavioralfinanceversusinvestmentprofessionals.Butthebattleisnotjoinedbecausetheterm“marketefficiency”hastwomeanings.Onemeaningisthatinvestorscan
2、notsystematicallybeatthemarket.Theotheristhatsecuritypricesarerational.Rationalpricesreflectonlyutilitariancharacteristics,suchasrisk,notvalue-expressivecharacteristics,suchassentiment.Behavioralfinancehasshown,however,thatvalue-expressivecharacteristicsmatterinbothinv
3、estorchoicesandassetprices.Therefore,thedisciplineoffinancewoulddowelltoacceptthefirstmeaningofmarketefficiencyandrejectthenotionthatsecuritypricesarerational.Wecouldthenstopfightingthemarketefficiencybattleandfocusonexploring(1)asset-pricingmodelsthatreflectbothvalue-
4、expressiveandutilitariancharacteristicsand(2)thebenefits,bothutilitarianandvalueexpressive,thatinvestmentprofessionalsprovidetoinvestors.BehavioristshavehomedinonpreciselythesethePsychologyofInvesting.Earlier,Bernstein(1996)samedividend-relatedsoftspotsinthecurrentprov
5、idedahistoricalperspective,andDeBondtandbodyoftheory(seeespeciallyShefrinandThaler(1985),Statman(1995),andShiller(forthcom-Statman1984).(Miller1986,p.S451)ing2000)providedbriefreviews.Idonotattemptacomprehensivereviewinthisarticle.Instead,Iexam-hootingarrowsintothesoft
6、spotsofstandardinesomepastbattlesandsuggestfutureengage-financewasgreatfun—especiallyinthe1980s,ments.Swhenbehavioralfinancehadfewspots,softorhard,toserveasreturntargets.Butnow,atOverreactionandunderreactionareweaponsintheendofthe1990s,behavioralfinancehasbur-thebattle
7、betweenstandardfinanceandbehavioralgeoned,andFama(1998)hashadfunshootingarrowsfinance.Butthebattleisnotjoinedbecausemarketintoitsoverreactionandunderreactionsoftspots.efficiencyhastwomeanings.Tosome,marketeffi-Investorsoverreactinhalftheempiricalstudies,ciencymeansthat
8、thereisnosystematicwaytobeatnotedFama,andunderreactintheotherhalf.So,themarket.Toothers,itmeansthatsecuritypriceswhic
