Concluding Remarks

This book was aimed to address a few aspects. First, the key elements of the traditional financial theory have been confronted with the main reservations made against them by the proponents of the behavioral school. Further on, it demonstrated the relationship among psychological factors, irrational investor behavior, and capital market anomalies. Alternative explanations for specific phenomena and discussions between the opponents and supporters of the classical theory were systematized by kind. This was accomplished by juxtaposing different points of view in a way that reflects academic discourse and highlights the most important differences between both sides. The author did not shy away from taking a stand, especially when it comes to the new interpretation of events drawing on investor psychology or regulatory and institutional factors. In this sense, the content of the first four chapters systematizes the current state of knowledge while introducing some new elements.