Financial Advice and Investment Decisions

Jarrod W. Wilcox 지음

Wiley 2013년 11월 20일 출간

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책소개

A practical guide to adapting financial advice and investing to a post crisis worldThere's no room for quot;business as usualquot; in today's investment management environment. Following the recent financial crisis, both retail and institutional investors are searching for new ways to oversee investment portfolios. How do you combine growth with a focus on wealth preservation? This book offers you a fresh perspective on the changes in tools and strategies needed to effectively achieve this goal.Financial Advice and Investment Decisions provides today's investment professionals with the conceptual framework and practical tools they need to successfully invest in and manage an investment portfolio with wealth preservation as a key concern. While there are many qualitative discussions, the authors present strong quantitative theory and practice in the form of small conceptual models, simulation, and empirical research.A comprehensive guide to properly managing investments with a focus on matching security and growth goals with the needs of the investorBlends insights gleaned from portfolio management practices used prior to the market mayhem of 2007-2009 with cutting-edge academic and professional investment researchIncludes innovative and wide-ranging treatment of subjects such as augmented balance sheets, the efficiency of markets, saving, spending, and investing habits, and dealing with uncertaintyDescription of opportunities for improving the investing environmentThe recent financial crisis has opened our eyes to the need for improving the way we invest. This book will put you in a better position to excel in this new economic environment.

목차

Preface xiAcknowledgments xiiiAbout the AuthorsCHAPTER 1 Why Do We Need Better Financial Advice? 1The Individual 2Organizational Influences 4The Rest of the Story 10CHAPTER 2 The Evidence Is Compelling 13Financial Planning 13Your Most Important Investment Decision 14Option Payoffs are Not Simple 18After-Tax Payoffs are Not Simple 20Our Primitive Brains and Monkey See, Monkey Do 21Others&' Agendas and the Perils of the Ivory Tower 22CHAPTER 3 The Extended Balance Sheet Approach to Financial Planning 25The Simplest Model 25The Stochastic Dynamic Programming Alternative 29The Mental Accounting Alternative 30The Extended Balance Sheet 31A Financial Planning System 37CHAPTER 4 Properties of Mostly Efficient Markets 43Multi-Agent Emergent Behavior 44Why Security Returns are Difficult to Predict 46Markets Bubble and Crash 48Investment Implications of Market Characteristics 57CHAPTER 5 Growing Discretionary Wealth 59The Discretionary Wealth Approach 59Elements of the Approach 60Appropriate Markowitz Risk Aversion 73CHAPTER 6 Coping with Uncertain Knowledge 79Interpretation of Probability 80Bayesian Probability Fundamentals 81Resisting Forecasting Overconfidence 87Making Estimates More Robust to Extreme Observations 95Taking Context into Account 99Making Better Use of Information in Decisions 102CHAPTER 7 Controlling Investing Behavioral Biases 105Facing Up to Complexity 106Promoting Independent Thinking 115Controlling Organizational Biases 117CHAPTER 8 Tax Efficient Investing 121Context 121Taxes that Affect Investment Returns 123General Principles of After-Tax Investing 131Measurement of After-Tax Performance

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저자(글) Jarrod W. Wilcox

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Jarrod W. Wilcox, PhD, is President of Wilcox Investment, and investment and financial planning services company emphasizing financial planning and effective risk management to promote sustainable growth, preservation of capital, and income. Wilcox Investment is an SEC-registered investment advisor. Jarrod is a former member of the faculty at MIT's Sloan School of Management.Frank J. Fabozzi, PhD, CFA, is Professor of Finance at EDHEC Business School and a member of the EDHEC-Risk Institute. Prior to joining EDHEC, he held various professional positions in finance at Yale University's School of Management from 1994 to 2011 and was a visiting professor of finance and accounting at MIT's Sloan School of Management from 1986 to 1992. He is also Editor of the Journal of Portfolio Management.