Investor Behavior

H. Kent Baker 지음

Wiley 2014년 02월 06일 출간

작품소개

책소개

Investor Behaviorprovides 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.

목차

Acknowledgments xvPart One - Foundations of Investor BehaviorChapter 1 - Investor Behavior: An Overview 3H. Kent Baker and Victor RicciardiIntroduction 3Organization of the Book 11Summary 20References 21About the Authors 23Chapter 2 - Traditional and Behavioral Finance 25Lucy F. AckertIntroduction 25Traditional Finance 26Behavioral Finance 31Summary 39Discussion Questions 39References 39About the Author 41Chapter 3 - Behavioral Economics, Thinking Processes, Decision-Making, and Investment Behavior 43Morris AltmanIntroduction 43Behavioral Economics, Heuristics, and Decision-Making 44Investment Heuristics and Investing in Financial Assets 45The Trust Heuristic and Decision-Making 48Other Critical Decision-Making Heuristics 49Rational Investor Decision-Making in a World of Complex Information 56Summary 58Discussion Questions 59References 59About the Author 61Part two - Personal Finance IssuesChapter 4 - Financial Literacy and Education 65Michael S. Finke and Sandra J. HustonIntroduction 65Examples of Financial Literacy Measures 68Financial Literacy and Behavior 71Financial Literacy Education 75Summary 77Discussion Questions 78References 78About the Authors 81Chapter 5 - Household Investment Decisions 83Vicki L. BoganIntroduction 83Financial Market Participation 83Market Friction Effects on Household Investment Behavior 85The Effects of Behavioral Biases on Household Investment Behavior 87Summary 93Discussion Questions 94References 94About the Author 98Chapter 6 - Personality Traits 99Lucia Fung and Robert B.

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저자(글) H. Kent Baker

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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.