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  • From Efficient Markets Theory to Behavioral Finance

    Robert J. Shiller

    The Journal of Economic Perspectives, Vol. 17, No. 1. (Winter, 2003), pp. 83-104.

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  • You have printed the following article:

    From Efficient Markets Theory to Behavioral FinanceRobert J. ShillerThe Journal of Economic Perspectives, Vol. 17, No. 1. (Winter, 2003), pp. 83-104.Stable URL:

    http://links.jstor.org/sici?sici=0895-3309%28200324%2917%3A1%3C83%3AFEMTTB%3E2.0.CO%3B2-J

    This article references the following linked citations. If you are trying to access articles from anoff-campus location, you may be required to first logon via your library web site to access JSTOR. Pleasevisit your library's website or contact a librarian to learn about options for remote access to JSTOR.

    [Footnotes]

    4 Dividend Innovations and Stock Price VolatilityKenneth D. WestEconometrica, Vol. 56, No. 1. (Jan., 1988), pp. 37-61.Stable URL:

    http://links.jstor.org/sici?sici=0012-9682%28198801%2956%3A1%3C37%3ADIASPV%3E2.0.CO%3B2-M

    5 Why Does the Stock Market Fluctuate?Robert B. Barsky; J. Bradford De LongThe Quarterly Journal of Economics, Vol. 108, No. 2. (May, 1993), pp. 291-311.Stable URL:

    http://links.jstor.org/sici?sici=0033-5533%28199305%29108%3A2%3C291%3AWDTSMF%3E2.0.CO%3B2-I

    7 The Dividend-Price Ratio and Expectations of Future Dividends and Discount FactorsJohn Y. Campbell; Robert J. ShillerThe Review of Financial Studies, Vol. 1, No. 3. (Autumn, 1988), pp. 195-228.Stable URL:

    http://links.jstor.org/sici?sici=0893-9454%28198823%291%3A3%3C195%3ATDRAEO%3E2.0.CO%3B2-O

    8 Asset Prices in an Exchange EconomyRobert E. Lucas, Jr.Econometrica, Vol. 46, No. 6. (Nov., 1978), pp. 1429-1445.Stable URL:

    http://links.jstor.org/sici?sici=0012-9682%28197811%2946%3A6%3C1429%3AAPIAEE%3E2.0.CO%3B2-I

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    NOTE: The reference numbering from the original has been maintained in this citation list.

    http://links.jstor.org/sici?sici=0895-3309%28200324%2917%3A1%3C83%3AFEMTTB%3E2.0.CO%3B2-J&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0012-9682%28198801%2956%3A1%3C37%3ADIASPV%3E2.0.CO%3B2-M&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0033-5533%28199305%29108%3A2%3C291%3AWDTSMF%3E2.0.CO%3B2-I&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0893-9454%28198823%291%3A3%3C195%3ATDRAEO%3E2.0.CO%3B2-O&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0012-9682%28197811%2946%3A6%3C1429%3AAPIAEE%3E2.0.CO%3B2-I&origin=JSTOR-pdf

  • 8 The Determinants of the Variability of Stock Market PricesSanford J. Grossman; Robert J. ShillerThe American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-ThirdAnnual Meeting of the American Economic Association. (May, 1981), pp. 222-227.Stable URL:

    http://links.jstor.org/sici?sici=0002-8282%28198105%2971%3A2%3C222%3ATDOTVO%3E2.0.CO%3B2-8

    15 Market Volatility and Investor BehaviorRobert J. ShillerThe American Economic Review, Vol. 80, No. 2, Papers and Proceedings of the Hundred andSecond Annual Meeting of the American Economic Association. (May, 1990), pp. 58-62.Stable URL:

    http://links.jstor.org/sici?sici=0002-8282%28199005%2980%3A2%3C58%3AMVAIB%3E2.0.CO%3B2-H

    16 A Theoretical Analysis of Real Estate Returns: DiscussionMeir StatmanThe Journal of Finance, Vol. 40, No. 3, Papers and Proceedings of the Forty-Third Annual MeetingAmerican Finance Association, Dallas, Texas, December 28-30, 1984. (Jul., 1985), pp. 719-721.Stable URL:

    http://links.jstor.org/sici?sici=0022-1082%28198507%2940%3A3%3C719%3AATAORE%3E2.0.CO%3B2-8

    16 Are Investors Reluctant to Realize Their Losses?Terrance OdeanThe Journal of Finance, Vol. 53, No. 5. (Oct., 1998), pp. 1775-1798.Stable URL:

    http://links.jstor.org/sici?sici=0022-1082%28199810%2953%3A5%3C1775%3AAIRTRT%3E2.0.CO%3B2-4

    References

    Why Does the Stock Market Fluctuate?Robert B. Barsky; J. Bradford De LongThe Quarterly Journal of Economics, Vol. 108, No. 2. (May, 1993), pp. 291-311.Stable URL:

    http://links.jstor.org/sici?sici=0033-5533%28199305%29108%3A2%3C291%3AWDTSMF%3E2.0.CO%3B2-I

    http://www.jstor.org

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    http://links.jstor.org/sici?sici=0002-8282%28198105%2971%3A2%3C222%3ATDOTVO%3E2.0.CO%3B2-8&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0002-8282%28199005%2980%3A2%3C58%3AMVAIB%3E2.0.CO%3B2-H&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0022-1082%28198507%2940%3A3%3C719%3AATAORE%3E2.0.CO%3B2-8&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0022-1082%28199810%2953%3A5%3C1775%3AAIRTRT%3E2.0.CO%3B2-4&origin=JSTOR-pdfhttp://links.jstor.org/sici?sici=0033-5533%28199305%29108%3A2%3C291%3AWDTSMF%3E2.0.CO%3B2-I&origin=JSTOR-pdf

  • A Variance Decomposition for Stock ReturnsJohn Y. CampbellThe Economic Journal, Vol. 101, No. 405. (Mar., 1991), pp. 157-179.Stable URL:

    http://links.jstor.org/sici?sici=0013-0133%28199103%29101%3A405%3C157%3AAVDFSR%3E2.0.CO%3B2-X

    Stock Prices, Earnings, and Expected DividendsJohn Y. Campbell; Robert J. ShillerThe Journal of Finance, Vol. 43, No. 3, Papers and Proceedings of the Forty-Seventh AnnualMeeting of the American Finance Association, Chicago, Illinois, December 28-30, 1987. (Jul.,1988), pp. 661-676.Stable URL:

    http://links.jstor.org/sici?sici=0022-1082%28198807%2943%3A3%3C661%3ASPEAED%3E2.0.CO%3B2-1

    The Dividend-Price Ratio and Expectations of Future Dividends and Discount FactorsJohn Y. Campbell; Robert J. ShillerThe Review of Financial Studies, Vol. 1, No. 3. (Autumn, 1988), pp. 195-228.Stable URL:

    http://links.jstor.org/sici?sici=0893-9454%28198823%291%3A3%3C195%3ATDRAEO%3E2.0.CO%3B2-O

    Investor Psychology and Security Market under- and OverreactionsKent Daniel; David Hirshleifer; Avanidhar SubrahmanyamThe Journal of Finance, Vol. 53, No. 6. (Dec., 1998), pp. 1839-1885.Stable URL:

    http://links.jstor.org/sici?sici=0022-1082%28199812%2953%3A6%3C1839%3AIPASMU%3E2.0.CO%3B2-%23

    Does the Stock Market Overreact?Werner F. M. De Bondt; Richard ThalerThe Journal of Finance, Vol. 40, No. 3, Papers and Proceedings of the Forty-Third Annual MeetingAmerican Finance Association, Dallas, Texas, December 28-30, 1984. (Jul., 1985), pp. 793-805.Stable URL:

    http://links.jstor.org/sici?sici=0022-1082%28198507%2940%3A3%3C793%3ADTSMO%3E2.0.CO%3B2-Q

    Noise Trader Risk in Financial MarketsJ. Bradford De Long; Andrei Shleifer; Lawrence H. Summers; Robert J. WaldmannThe Journal of Political Economy, Vol. 98, No. 4. (Aug., 1990), pp. 703-738.Stable URL:

    http://links.jstor.org/sici?sici=0022-3808%28199008%2998%3A4%3C703%3ANTRIFM%3E2.0.CO%3B2-L

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  • Positive Feedback Investment Strategies and Destabilizing Rational SpeculationJ. Bradford de Long; Andrei Shleifer; Lawrence H. Summers; Robert J. WaldmannThe Journal of Finance, Vol. 45, No. 2. (Jun., 1990), pp. 379-395.Stable URL:

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    Efficient Capital Markets: A Review of Theory and Empirical WorkEugene F. FamaThe Journal of Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-Eighth AnnualMeeting of the American Finance Association New York, N.Y. December, 28-30, 1969. (Ma