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Resources for SP5

These resources are optional or suggested additional reading for IFoA exam subject SP5 that may complement IFoA Core Reading and tuition provider material for this exam subject.

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Title links lead to book details on the IFoA Library catalogue. From there, IFoA members and students can 'Request' the book from the IFoA Library Service, subject to availability. Members can also follow the 鈥楢ccess eBook鈥� links below after logging in through the member portal.  

SP5 core reading for the current year is the key study reference for this exam and is available from the .

Students may also work with the study guide and course materials for this exam from the .

Books

  • . Revised edition - Cochrane, J.H. Princeton University Press, 2005. ISBN 9780691121376. 
  • . 4th ed. Goacher, D. Chartered Institute of Banking, 1999. ISBN 9780852975404. 
  • . 11th edition, 2021. ISBN 9781292410623
    Access after member login
    • The 11th edition is also suggested reading for subject CM2, and core reading for SP6 and SA7 subjects of the IFoA exam curriculum from 2019.
    • The IFoA Library has of this title.
  • Understanding infrastructure investments. Mackay-Fisher, K. CEO Forum Group, 2003.
  • . 14th ed. Brealey, R. A.; Myers, S. C.; Allen, F., Edmans, A. - McGraw-Hill, 2023. ISBN 9781265652463
    Access  after member login
      • Library holds earlier , 2017. ISBN: 978125925331
  • . Barberis, N. and Thaler, R. . Chapter 18, 1053-1128. (2003).
    Access  after member login

Articles and papers

The following journal articles and papers are cited in 'References' of SP5 Core Reading on theory of finance and behavioural finance. Most are available via the 'JSTOR' links below after

  • Are investors reluctant to realize their losses? Odean, T. The Journal of Finance (1998) 53(5): 1775-1798.
     
  • Boys will be boys: gender, overconfidence, and common stock investment. Barber, B.M. and Odean, T. Quarterly Journal of Economics (2001) 116(1): 261-292.
     
  • The cross鈥恠ection of expected stock returns. Fama, E.F. and French, K.R. The Journal of Finance (1992)  47(2): 427-465.
     -- 
  • Does the stock market overreact? Bondt, W.F. and Thaler, R. The Journal of Finance (1985) 40(3): 793-805.
     -- 
  • The end of behavioral finance. Thaler, R.H. Financial Analysts Journal  (1999) 55(6): 12-17.
  • Equity portfolio diversification. Goetzmann, W.N. and Kumar, A. Review of Finance (2008) 12(3): 433-463.
  • From efficient markets theory to behavioral finance. Shiller, R.J. The Journal of Economic Perspectives (2003) 17(1): 83-104.
  • Good day sunshine: Stock returns and the weather. Hirshleifer, D. and Shumway, T. The Journal of Finance (2003)  58(3): 1009-1032.
  • Herd behavior in financial markets. Bikhchandani, S. and Sharma, S. IMF Economic Review (2000) 47(3): 279-310.
  • Investor sentiment and the cross鈥恠ection of stock returns. Baker, M. and Wurgler, J. The Journal of Finance (2006) 61(4): 1645-1680.
  • Naive diversification strategies in defined contribution saving plans. Benartzi, S. and Thaler, R.H.  American Economic Review (2001) 91(1): 79-98.
  • Noise trader risk in financial markets. De Long, J.B., Shleifer, A., Summers, L.H. and Waldmann, R.J. Journal of Political Economy (1990) 98(4): 703-738.
  • Prospect theory: An analysis of decision under risk. Kahneman, D. and Tversky, A. Econometrica: Journal of the Econometric Society (1979) 47(2): 263-291.
  • Returns to buying winners and selling losers: implications for stock market efficiency. Jegadeesh, N. and Titman, S. The Journal of Finance (1993) 48(1): 65-91.
     -- 
  • Sentiment and stock prices: the case of aviation disasters. Kaplanski, G. and Levy, H. Journal of Financial Economics  (2010) 95(2): 174-201.
  • Sports sentiment and stock returns. Edmans, A., Garcia, D. and Norli, 脴. The Journal of Finance (2007)  62(4): 1967-1998.
  • Time series momentum. Moskowitz, T.J., Ooi, Y.H. and Pedersen, L.H. Journal of Financial Economics (2012) 104(2): 228-250.
  • Trading is hazardous to your wealth: the common stock investment performance of individual investors. Barber, B.M. and Odean, T. The Journal of Finance (2000) 55(2): 773-806.

Please contact libraries@actuaries.org.uk  for guidance on access to these online articles.