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The rationale behind how people value and trade stocks is of unparalleled interest to governments, companies and other participants in stock markets. The book focuses on the way in which investors process information and form expectations about future gains. It argues that humans fall short of the perfect information processing required by theory, and that their expectations are based on more than just future company earnings. Karl-Erik Warneryd discusses the psychology of investing, providing detailed coverage of how financial expectations are formed, how complex decisions are made and how emotions and infuence from others affect the financial decisions of individuals. Empirical studies featured in the book suggest that many, if not most, stockholders have long-germ goals, believe in certain stocks, and make few transactions - behaviours which, argues the author, may have stabilizing influence upon stock prices. As a unique overview of how investors process information and build up expectations of future gains on stocks, this book should be welcomed by students of, and researchers in, economic psychology and behavioural finance. "Stock-Market Psychology" should also be valuable to practitioners of finance who wish to learn more about the psychology behind financial transactions.