Betting against the firm

Editor's Letter


The academic discipline of behavioural finance has much to say about how people make financial choices in uncertain situations. Students have earned beer money by allowing themselves to be studied weighing up risks against rewards, giving each other ultimatums and even fake electric shocks in one famous 1960s experiment.

Fascinating knowledge has emerged from these studies, enough to win several Nobel prizes for economics. And some of it has proved quite useful. The 'winner's curse' that

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