regulation, corporate governance, or the
privatization of social security. It had immediate impact
worldwide including emerging markets (Muradoglu, 1989).
Behavioral finance emerged as a field in the early 1980s
with contributions by, among others, David Dreman, Robert
Shiller, Hersh Shefrin, Meir Statman, Werner De Bondt and
Werner De Bondt is a Professor of Finance at DePaul University in Chicago, IL. Gulnur Muradoglu is a Professor of Finance at Cass Business
School in London, UK. Hersh Shefrin…
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