Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of behavioral finance and investor decision making. Blending contributions from noted academics and experienced practitioners, this 30-chapter book will provide investment professionals with insights on how to understand and manage client behavior; a framework for interpreting financial market activity; and an in-depth understanding of this important new field of investment research. The book should also be of interest to academics, investors, and students. The book will cover the major…mehr
Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of behavioral finance and investor decision making. Blending contributions from noted academics and experienced practitioners, this 30-chapter book will provide investment professionals with insights on how to understand and manage client behavior; a framework for interpreting financial market activity; and an in-depth understanding of this important new field of investment research. The book should also be of interest to academics, investors, and students.
The book will cover the major principles of investor psychology, including heuristics, bounded rationality, regret theory, mental accounting, framing, prospect theory, and loss aversion. Specific sections of the book will delve into the role of personality traits, financial therapy, retirement planning, financial coaching, and emotions in investment decisions. Other topics covered include risk perception and tolerance, asset allocation decisions under inertia and inattention bias; evidenced based financial planning, motivation and satisfaction, behavioral investment management, and neurofinance. Contributions will delve into the behavioral underpinnings of various trading and investment topics including trader psychology, stock momentum, earnings surprises, and anomalies. The final chapters of the book examine new research on socially responsible investing, mutual funds, and real estate investing from a behavioral perspective. Empirical evidence and current literature about each type of investment issue are featured. Cited research studies are presented in a straightforward manner focusing on the comprehension of study findings, rather than on the details of mathematical frameworks.
H. KENT BAKER is University Professor of Finance at American University's Kogod School of Business in Washington, DC. As one of the most prolific finance academics, he has authored or edited 21 books and published more than 150 refereed articles. He has consulting and training experience with more than 100 organizations, serves on multiple editorial boards, and is the Past President of the Southern Finance Association. Professor Baker holds eight earned degrees including three doctorates as well as CFA and CMA designations. VICTOR RICCIARDI specializes in current trends in behavioral finance. As Assistant Professor of Financial Management at Goucher College in Baltimore, Maryland, he has made important contributions to understanding the psychology of investing. Professor Ricciardi also serves as Coordinator of Behavioral and Experimental Research for the Social Science Research Network (SSRN). He edits several SSRN eJournals related to behavioral finance, financial history, behavioral economics, risk-taking behavior, and behavioral accounting.
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Acknowledgments xv Part One Foundations of Investor Behavior Chapter 1 Investor Behavior: An Overview 3 H. Kent Baker and Victor Ricciardi Chapter 2 Traditional and Behavioral Finance 25 Lucy F. Ackert Chapter 3 Behavioral Economics, Thinking Processes, Decision Making, and Investment Behavior 43 Morris Altman Part Two Personal Finance Issues Chapter 4 Financial Literacy and Education 65 Michael S. Finke and Sandra J. Huston Chapter 5 Household Investment Decisions 83 Vicki L. Bogan Chapter 6 Personality Traits 99 Lucia Fung and Robert B. Durand Chapter 7 Demographic and Socioeconomic Factors of Investors 117 James Farrell Chapter 8 The Effect of Religion on Financial and Investing Decisions 135 Walid Mansour and Mouna Jlassi Chapter 9 Money and Happiness: Implications for Investor Behavior 153 Jing Jian Xiao Chapter 10 Motivation and Satisfaction 171 Lewis J. Altfest Part Three Financial Planning Concepts Chapter 11 Policy Based Financial Planning: Decision Rules for a Changing World 191 Dave Yeske and Elissa Buie Chapter 12 Financial Counseling and Coaching 209 John E. Grable and Kristy L. Archuleta Chapter 13 Financial Therapy: De Biasing and Client Behaviors 227 Joseph W. Goetz and Jerry E. Gale Chapter 14 Transpersonal Economics 245 Renée M. Snow Chapter 15 Advising the Behavioral Investor: Lessons from the Real World 265 Gregg S. Fisher Chapter 16 Retirement Planning: Contributions from the Field of Behavioral Finance and Economics 285 James A. Howard and Rassoul Yazdipour Chapter 17 Knowing Your Numbers: A Scorecard Approach to Improved Medical and Financial Outcomes 307 Talya Miron Shatz and Stephanie Gati Part Four Investor Psychology Chapter 18 Risk Perception and Risk Tolerance 327 Victor Ricciardi and Douglas Rice Chapter 19 Emotions in the Financial Markets 347 Richard Fairchild Chapter 20 Human Psychology and Market Seasonality 365 Lisa A. Kramer Chapter 21 Neurofinance 381 Richard L. Peterson Chapter 22 Diversification and Asset Allocation Puzzles 403 Dimitris Georgarakos Chapter 23 Behavioral Portfolio Theory and Investment Management 421 Erick W. Rengifo, Rossen Trendafilov, and Emanuela Trifan Chapter 24 Post Crisis Investor Behavior: Experience Matters 439 Joseph V. Rizzi Part Five Trading and Investing Psychology and Strategies Chapter 25 The Psychology of Trading and Investing 459 Julia Pitters and Thomas Oberlechner Chapter 26 The Surprising Real World of Traders' Psychology 477 Denise K. Shull, Ken Celiano, and Andrew Menaker Chapter 27 Trading and Investment Strategies in Behavioral Finance 495 John M. Longo Part Six Special Investment Topics Chapter 28 Ethical and Socially Responsible Investing 515 Julia M. Puaschunder Chapter 29 Mutual Funds and Individual Investors: Advertising and Behavioral Issues 533 John A. Haslem Chapter 30 Real Estate Investment Decision Making in Behavioral Finance 555 Eli Beracha and Hilla Skiba Answers to the Discussion Questions 573 Index 615
Acknowledgments xv Part One Foundations of Investor Behavior Chapter 1 Investor Behavior: An Overview 3 H. Kent Baker and Victor Ricciardi Chapter 2 Traditional and Behavioral Finance 25 Lucy F. Ackert Chapter 3 Behavioral Economics, Thinking Processes, Decision Making, and Investment Behavior 43 Morris Altman Part Two Personal Finance Issues Chapter 4 Financial Literacy and Education 65 Michael S. Finke and Sandra J. Huston Chapter 5 Household Investment Decisions 83 Vicki L. Bogan Chapter 6 Personality Traits 99 Lucia Fung and Robert B. Durand Chapter 7 Demographic and Socioeconomic Factors of Investors 117 James Farrell Chapter 8 The Effect of Religion on Financial and Investing Decisions 135 Walid Mansour and Mouna Jlassi Chapter 9 Money and Happiness: Implications for Investor Behavior 153 Jing Jian Xiao Chapter 10 Motivation and Satisfaction 171 Lewis J. Altfest Part Three Financial Planning Concepts Chapter 11 Policy Based Financial Planning: Decision Rules for a Changing World 191 Dave Yeske and Elissa Buie Chapter 12 Financial Counseling and Coaching 209 John E. Grable and Kristy L. Archuleta Chapter 13 Financial Therapy: De Biasing and Client Behaviors 227 Joseph W. Goetz and Jerry E. Gale Chapter 14 Transpersonal Economics 245 Renée M. Snow Chapter 15 Advising the Behavioral Investor: Lessons from the Real World 265 Gregg S. Fisher Chapter 16 Retirement Planning: Contributions from the Field of Behavioral Finance and Economics 285 James A. Howard and Rassoul Yazdipour Chapter 17 Knowing Your Numbers: A Scorecard Approach to Improved Medical and Financial Outcomes 307 Talya Miron Shatz and Stephanie Gati Part Four Investor Psychology Chapter 18 Risk Perception and Risk Tolerance 327 Victor Ricciardi and Douglas Rice Chapter 19 Emotions in the Financial Markets 347 Richard Fairchild Chapter 20 Human Psychology and Market Seasonality 365 Lisa A. Kramer Chapter 21 Neurofinance 381 Richard L. Peterson Chapter 22 Diversification and Asset Allocation Puzzles 403 Dimitris Georgarakos Chapter 23 Behavioral Portfolio Theory and Investment Management 421 Erick W. Rengifo, Rossen Trendafilov, and Emanuela Trifan Chapter 24 Post Crisis Investor Behavior: Experience Matters 439 Joseph V. Rizzi Part Five Trading and Investing Psychology and Strategies Chapter 25 The Psychology of Trading and Investing 459 Julia Pitters and Thomas Oberlechner Chapter 26 The Surprising Real World of Traders' Psychology 477 Denise K. Shull, Ken Celiano, and Andrew Menaker Chapter 27 Trading and Investment Strategies in Behavioral Finance 495 John M. Longo Part Six Special Investment Topics Chapter 28 Ethical and Socially Responsible Investing 515 Julia M. Puaschunder Chapter 29 Mutual Funds and Individual Investors: Advertising and Behavioral Issues 533 John A. Haslem Chapter 30 Real Estate Investment Decision Making in Behavioral Finance 555 Eli Beracha and Hilla Skiba Answers to the Discussion Questions 573 Index 615
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