Behavioral Finance and Wealth Management
How to Build Optimal Portfolios That Account for Investor Biases
(Sprache: Englisch)
The book that applies behavioral finance to the real world
Understanding how to use behavioral finance theory in investing is a hot topic these days. Nobel laureate Daniel Kahneman has described financial advising as a prescriptive activity whose...
Understanding how to use behavioral finance theory in investing is a hot topic these days. Nobel laureate Daniel Kahneman has described financial advising as a prescriptive activity whose...
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Klappentext zu „Behavioral Finance and Wealth Management “
The book that applies behavioral finance to the real worldUnderstanding how to use behavioral finance theory in investing is a hot topic these days. Nobel laureate Daniel Kahneman has described financial advising as a prescriptive activity whose main objective should be to guide investors to make decisions that serve their best interests. The reality? That's easier said than done. In the Second Edition of Behavioral Finance and Wealth Management, Michael Pompian takes a practical approach to the growing science of behavioral finance, and puts it to use for real investors. He applies knowledge of 20 of the most prominent individual investor biases into "behaviorally-modified" asset allocation decisions. Offering investors and financial advisors a "self-help" book, Pompian shows how to create investment strategies that leverage the latest cutting edge research into behavioral biases of individual investors. This book:
* Shows investors and financial advisors how to either moderate or adapt to behavioral biases, in order to improve investment results and identifies "the best practical allocation" for investment portfolios. Using these two sound approaches for guiding investment decision-making, behavioral biases are incorporated into the portfolio management process
* Uses updated cases studies to show investors and financial advisors how an investor's behavior can be modified to improve investment decision-making
* Provides useable methods for creating behaviorally modified investment portfolios, which may help investors to reach their long term financial goals
* Heightens awareness of biases so that financial decisions and resulting economic outcomes are improved
* Offers advice on managing the effects of each bias in order to improve investment results
This Second Edition illustrates investors' behavioral biases in detail and offers financial advisors and their clients practical advice about how to apply the science of behavioral finance to
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improve overall investment decision making.
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Inhaltsverzeichnis zu „Behavioral Finance and Wealth Management “
Preface xvAcknowledgments xxiii
PART ONE Introduction to Behavioral Finance 1
CHAPTER 1 What Is Behavioral Finance? 3
Behavioral Finance: The Big Picture 4
Standard Finance versus Behavioral Finance 12
The Role of Behavioral Finance with Private Clients 19
How Practical Application of Behavioral Finance Can Create a Successful Advisory Relationship 19
Notes 21
CHAPTER 2 The History of Behavioral Finance Micro 23
Historical Perspective on the Link between Psychology and Economics 23
Modern Behavioral Finance 27
Psychographic Models Used in Behavioral Finance 36
Notes 40
CHAPTER 3 Introduction to Behavioral Biases 43
Introduction 43
Behavioral Biases Defined 44
Why Understanding and Identifying Behavioral Biases Is Important 45
Categorization of Behavioral Biases 46
Differences between Cognitive and Emotional Biases 46
Difference among Cognitive Biases 47
Emotional Biases 48
A Final Word on Biases 49
Summary of Part One 50
PART TWO Belief Perseverance Biases Defined and Illustrated 51
CHAPTER 4 Cognitive Dissonance Bias 53
Bias Description 53
Practical Application 55
Research Review 57
Diagnostic Testing 59
Advice 60
Conclusion 62
Notes 62
CHAPTER 5 Conservatism Bias 63
Bias Description 63
Practical Application 64
Research Review 67
Diagnostic Testing 69
Advice 70
Notes 71
CHAPTER 6 Confirmation Bias 73
Bias Description 73
Practical Application 75
Research Review 77
Diagnostic Testing 81
Advice 83
Notes 84
CHAPTER 7 Representativeness Bias 85
Bias Description 85
Practical Application 87
Research Review 89
Diagnostic
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Testing 93
Advice 94
Notes 97
CHAPTER 8 Illusion of Control Bias 99
Bias Description 99
Practical Application 100
Research Review 103
Diagnostic Testing 104
Advice 105
Final Thought 106
Notes 106
CHAPTER 9 Hindsight Bias 107
Bias Description 107
Practical Application 108
Research Review 109
Diagnostic Testing 112
Advice 113
Notes 114
PART THREE Information Processing Biases Defined and Illustrated 117
Overview of the Structure of Chapters 10 through 16 117
CHAPTER 10 Mental Accounting Bias 119
Bias Description 119
Practical Application 121
Research Review 123
Diagnostic Testing 128
Advice 130
The Behavioral Finance Approach to Asset Allocation based on Mental Accounting 133
Notes 134
CHAPTER 11 Anchoring and Adjustment Bias 135
Bias Description 135
Practical Application 136
Research Review 138
Diagnostic Testing 139
Advice 140
Bonus Discussion: Investment Strategies that Leverage Anchoring and Adjustment Bias 141
Notes 142
CHAPTER 12 Framing Bias 143
Bias Description 143
Practical Application 145
Research Review 148
Diagnostic Testing 150
Advice 152
Notes 153
CHAPTER 13 Availability Bias 155
Bias Description 155
Practical Application 157
Research Review 160
Diagnosti
Advice 94
Notes 97
CHAPTER 8 Illusion of Control Bias 99
Bias Description 99
Practical Application 100
Research Review 103
Diagnostic Testing 104
Advice 105
Final Thought 106
Notes 106
CHAPTER 9 Hindsight Bias 107
Bias Description 107
Practical Application 108
Research Review 109
Diagnostic Testing 112
Advice 113
Notes 114
PART THREE Information Processing Biases Defined and Illustrated 117
Overview of the Structure of Chapters 10 through 16 117
CHAPTER 10 Mental Accounting Bias 119
Bias Description 119
Practical Application 121
Research Review 123
Diagnostic Testing 128
Advice 130
The Behavioral Finance Approach to Asset Allocation based on Mental Accounting 133
Notes 134
CHAPTER 11 Anchoring and Adjustment Bias 135
Bias Description 135
Practical Application 136
Research Review 138
Diagnostic Testing 139
Advice 140
Bonus Discussion: Investment Strategies that Leverage Anchoring and Adjustment Bias 141
Notes 142
CHAPTER 12 Framing Bias 143
Bias Description 143
Practical Application 145
Research Review 148
Diagnostic Testing 150
Advice 152
Notes 153
CHAPTER 13 Availability Bias 155
Bias Description 155
Practical Application 157
Research Review 160
Diagnosti
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Autoren-Porträt von Michael M. Pompian
Michael M. Pompian, CFA, CFP, is a partner at Mercer Investment Consulting, a firm serving institutional and private wealth clients. Prior to joining Mercer, he was a wealth management advisor with Merrill Lynch and PNC Private Bank, and served on the investment staff of a family office. Pompian is a Chartered Financial Analyst (CFA), a Certified Financial Planner (CFP), and a Certified Trust Financial Advisor (CTFA). He is also a member of the CFA Institute (formerly AIMR) and the New York Society of Security Analysts (NYSSA). He holds a BS in management from the University of New Hampshire and an MBA in finance from Tulane University. Pompian is a regular speaker on the subject of behavioral finance and has published several articles on the subject. He is married with three sons and can be reached at michael.pompian@mercer.com.
Bibliographische Angaben
- Autor: Michael M. Pompian
- 2012, 2. Aufl., 352 Seiten, Maße: 16,1 x 22,9 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 1118014324
- ISBN-13: 9781118014325
- Erscheinungsdatum: 22.02.2012
Sprache:
Englisch
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