Investor Decision-Making and the Role of the Financial Advisor: A Behavioural Finance Approach
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Cham
Springer International Publishing AG
2017
|
| Subjects: | |
| Online Access: | HWR01 |
| Item Description: | Description based on publisher supplied metadata and other sources |
| Physical Description: | 1 online resource (170 pages) |
| ISBN: | 9783319682341 |
Staff View
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| 505 | 8 | |a Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- Part I: The Investor -- 1: Understanding Investor Behaviour -- 1 Financial Advisory Practice and Investor Behaviour -- 2 The Departure from Traditional Models of Decision-Making Under Risk -- 3 Understanding How People Think Under Risk -- 3.1 The Rationale -- 3.2 Seminal Biases and Heuristics -- 3.3 Other Financially Relevant Biases -- 4 Understanding How People Choose Under Risk -- 4.1 Rationale -- 4.2 Prospect Theory: The Modelling Framework -- 4.3 Prospect Theory: Implications for Behavioural Finance -- 4.3.1 Framing Effects -- 4.3.2 Mental Accounting -- 4.3.3 The Equity Premium Puzzle -- 4.4 Ambiguity Aversion -- 5 Summary and Conclusion -- Bibliography -- 2: Different Views on Economic Rationality: Affect and Emotions -- 1 Introduction -- 2 Are Biases Truly Irrational? An Evolutionary Perspective -- 3 Emotions and Decision-Making -- 3.1 Rationale -- 3.2 Expected Emotions: Regret Aversion -- 3.3 The Affect Heuristic -- 3.4 Emotional Finance and Financial Advisors -- 4 An Alternative View on Heuristic Decision-Making: Heuristics as Satisficing Responses -- 4.1 Rationale -- 4.2 The Adaptive Toolbox -- 4.3 Finance and Fast and Frugal Heuristics -- 4.4 Evolutionary Foundations of Ecological Rationality -- 5 The Last Piece of the Puzzle: Investor Personality -- 6 Summary and Conclusions -- Bibliography -- Part II: The Advisor -- 3: Financial Advisory: Basic Roles and Functions -- 1 Introduction -- 2 The Financial Advice Industry -- 2.1 The Context -- 2.2 Roles and Functions of Financial Advisors: Improving Financial Performance -- 2.3 Additional Roles of Financial Advisory Practice -- 2.3.1 Rationale -- 2.3.2 Information Provision -- 2.3.3 Financial Education -- 2.3.4 Addressing Behavioural Biases | |
| 505 | 8 | |a 2.3.5 The Role of Mediator in Collective Decision-Making -- 2.3.6 Some Concluding Remarks on Ancillary Roles -- 3 A Fiduciary Relationship -- 4 Summary and Conclusions -- References -- 4: Financial Advisory: Normative Developments and Incentives -- 1 Introduction -- 2 The Financial Advisory Industry: A Historical Overview -- 2.1 Rationale -- 2.2 The American Context -- 2.2.1 Building the Profession -- 2.2.2 Current Challenges -- 2.3 The European Context -- 2.3.1 Creating a Common Financial Market -- 2.3.2 Formal Regulation of the Financial Advice Industry: The MiFID Directive -- 2.3.3 MiFID II: Redefining Financial Advisory Practice -- 2.3.4 MiFID II: Challenges and Opportunities -- 2.3.5 Implementation of MiFID II Across the Member States -- 3 Financial Advisory Practice: Regulation and Behavioural Considerations -- 3.1 Rationale -- 3.2 Implementing the Suitability Requirement -- 3.3 Conflict of Interest -- 4 Summary and Conclusions -- References -- Part III: Behavioural Financial Advisory Practice -- 5: Behavioural Financial Advisory Practice -- 1 Introduction -- 2 Operationalizing Behavioural Finance -- 2.1 Debiasing Approaches -- 2.2 Managing Biases -- 3 Behavioural Portfolio Theory -- 3.1 The Antecedents of Behavioural Portfolio Theory -- 3.2 Behavioural Portfolio Theory -- 4 Behavioural Financial Advisory Practices -- 4.1 The Rationale -- 4.2 Minimizing the Impact of Biases -- 4.3 Bypassing Biases: Financial Advisors as Money Doctors -- 4.3.1 The Rationale -- 4.3.2 Modelling Trust -- 4.3.3 Trust and Financial Intermediaries -- 5 Summary and Conclusions -- Bibliography -- Index | |
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| bvnumber | BV047693922 |
| collection | ZDB-30-PQE |
| contents | Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- Part I: The Investor -- 1: Understanding Investor Behaviour -- 1 Financial Advisory Practice and Investor Behaviour -- 2 The Departure from Traditional Models of Decision-Making Under Risk -- 3 Understanding How People Think Under Risk -- 3.1 The Rationale -- 3.2 Seminal Biases and Heuristics -- 3.3 Other Financially Relevant Biases -- 4 Understanding How People Choose Under Risk -- 4.1 Rationale -- 4.2 Prospect Theory: The Modelling Framework -- 4.3 Prospect Theory: Implications for Behavioural Finance -- 4.3.1 Framing Effects -- 4.3.2 Mental Accounting -- 4.3.3 The Equity Premium Puzzle -- 4.4 Ambiguity Aversion -- 5 Summary and Conclusion -- Bibliography -- 2: Different Views on Economic Rationality: Affect and Emotions -- 1 Introduction -- 2 Are Biases Truly Irrational? An Evolutionary Perspective -- 3 Emotions and Decision-Making -- 3.1 Rationale -- 3.2 Expected Emotions: Regret Aversion -- 3.3 The Affect Heuristic -- 3.4 Emotional Finance and Financial Advisors -- 4 An Alternative View on Heuristic Decision-Making: Heuristics as Satisficing Responses -- 4.1 Rationale -- 4.2 The Adaptive Toolbox -- 4.3 Finance and Fast and Frugal Heuristics -- 4.4 Evolutionary Foundations of Ecological Rationality -- 5 The Last Piece of the Puzzle: Investor Personality -- 6 Summary and Conclusions -- Bibliography -- Part II: The Advisor -- 3: Financial Advisory: Basic Roles and Functions -- 1 Introduction -- 2 The Financial Advice Industry -- 2.1 The Context -- 2.2 Roles and Functions of Financial Advisors: Improving Financial Performance -- 2.3 Additional Roles of Financial Advisory Practice -- 2.3.1 Rationale -- 2.3.2 Information Provision -- 2.3.3 Financial Education -- 2.3.4 Addressing Behavioural Biases 2.3.5 The Role of Mediator in Collective Decision-Making -- 2.3.6 Some Concluding Remarks on Ancillary Roles -- 3 A Fiduciary Relationship -- 4 Summary and Conclusions -- References -- 4: Financial Advisory: Normative Developments and Incentives -- 1 Introduction -- 2 The Financial Advisory Industry: A Historical Overview -- 2.1 Rationale -- 2.2 The American Context -- 2.2.1 Building the Profession -- 2.2.2 Current Challenges -- 2.3 The European Context -- 2.3.1 Creating a Common Financial Market -- 2.3.2 Formal Regulation of the Financial Advice Industry: The MiFID Directive -- 2.3.3 MiFID II: Redefining Financial Advisory Practice -- 2.3.4 MiFID II: Challenges and Opportunities -- 2.3.5 Implementation of MiFID II Across the Member States -- 3 Financial Advisory Practice: Regulation and Behavioural Considerations -- 3.1 Rationale -- 3.2 Implementing the Suitability Requirement -- 3.3 Conflict of Interest -- 4 Summary and Conclusions -- References -- Part III: Behavioural Financial Advisory Practice -- 5: Behavioural Financial Advisory Practice -- 1 Introduction -- 2 Operationalizing Behavioural Finance -- 2.1 Debiasing Approaches -- 2.2 Managing Biases -- 3 Behavioural Portfolio Theory -- 3.1 The Antecedents of Behavioural Portfolio Theory -- 3.2 Behavioural Portfolio Theory -- 4 Behavioural Financial Advisory Practices -- 4.1 The Rationale -- 4.2 Minimizing the Impact of Biases -- 4.3 Bypassing Biases: Financial Advisors as Money Doctors -- 4.3.1 The Rationale -- 4.3.2 Modelling Trust -- 4.3.3 Trust and Financial Intermediaries -- 5 Summary and Conclusions -- Bibliography -- Index |
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| dewey-full | 332.6 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.6 |
| dewey-search | 332.6 |
| dewey-sort | 3332.6 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | DE-604.BV047693922 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T18:57:27Z |
| indexdate | 2024-07-10T09:19:21Z |
| institution | BVB |
| isbn | 9783319682341 |
| language | English |
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| spelling | Cruciani, Caterina Verfasser aut Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach Cham Springer International Publishing AG 2017 ©2017 1 online resource (170 pages) txt rdacontent c rdamedia cr rdacarrier Description based on publisher supplied metadata and other sources Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- Part I: The Investor -- 1: Understanding Investor Behaviour -- 1 Financial Advisory Practice and Investor Behaviour -- 2 The Departure from Traditional Models of Decision-Making Under Risk -- 3 Understanding How People Think Under Risk -- 3.1 The Rationale -- 3.2 Seminal Biases and Heuristics -- 3.3 Other Financially Relevant Biases -- 4 Understanding How People Choose Under Risk -- 4.1 Rationale -- 4.2 Prospect Theory: The Modelling Framework -- 4.3 Prospect Theory: Implications for Behavioural Finance -- 4.3.1 Framing Effects -- 4.3.2 Mental Accounting -- 4.3.3 The Equity Premium Puzzle -- 4.4 Ambiguity Aversion -- 5 Summary and Conclusion -- Bibliography -- 2: Different Views on Economic Rationality: Affect and Emotions -- 1 Introduction -- 2 Are Biases Truly Irrational? An Evolutionary Perspective -- 3 Emotions and Decision-Making -- 3.1 Rationale -- 3.2 Expected Emotions: Regret Aversion -- 3.3 The Affect Heuristic -- 3.4 Emotional Finance and Financial Advisors -- 4 An Alternative View on Heuristic Decision-Making: Heuristics as Satisficing Responses -- 4.1 Rationale -- 4.2 The Adaptive Toolbox -- 4.3 Finance and Fast and Frugal Heuristics -- 4.4 Evolutionary Foundations of Ecological Rationality -- 5 The Last Piece of the Puzzle: Investor Personality -- 6 Summary and Conclusions -- Bibliography -- Part II: The Advisor -- 3: Financial Advisory: Basic Roles and Functions -- 1 Introduction -- 2 The Financial Advice Industry -- 2.1 The Context -- 2.2 Roles and Functions of Financial Advisors: Improving Financial Performance -- 2.3 Additional Roles of Financial Advisory Practice -- 2.3.1 Rationale -- 2.3.2 Information Provision -- 2.3.3 Financial Education -- 2.3.4 Addressing Behavioural Biases 2.3.5 The Role of Mediator in Collective Decision-Making -- 2.3.6 Some Concluding Remarks on Ancillary Roles -- 3 A Fiduciary Relationship -- 4 Summary and Conclusions -- References -- 4: Financial Advisory: Normative Developments and Incentives -- 1 Introduction -- 2 The Financial Advisory Industry: A Historical Overview -- 2.1 Rationale -- 2.2 The American Context -- 2.2.1 Building the Profession -- 2.2.2 Current Challenges -- 2.3 The European Context -- 2.3.1 Creating a Common Financial Market -- 2.3.2 Formal Regulation of the Financial Advice Industry: The MiFID Directive -- 2.3.3 MiFID II: Redefining Financial Advisory Practice -- 2.3.4 MiFID II: Challenges and Opportunities -- 2.3.5 Implementation of MiFID II Across the Member States -- 3 Financial Advisory Practice: Regulation and Behavioural Considerations -- 3.1 Rationale -- 3.2 Implementing the Suitability Requirement -- 3.3 Conflict of Interest -- 4 Summary and Conclusions -- References -- Part III: Behavioural Financial Advisory Practice -- 5: Behavioural Financial Advisory Practice -- 1 Introduction -- 2 Operationalizing Behavioural Finance -- 2.1 Debiasing Approaches -- 2.2 Managing Biases -- 3 Behavioural Portfolio Theory -- 3.1 The Antecedents of Behavioural Portfolio Theory -- 3.2 Behavioural Portfolio Theory -- 4 Behavioural Financial Advisory Practices -- 4.1 The Rationale -- 4.2 Minimizing the Impact of Biases -- 4.3 Bypassing Biases: Financial Advisors as Money Doctors -- 4.3.1 The Rationale -- 4.3.2 Modelling Trust -- 4.3.3 Trust and Financial Intermediaries -- 5 Summary and Conclusions -- Bibliography -- Index Investments-Psychological aspects.. Investments-Decision making Erscheint auch als Druck-Ausgabe Cruciani, Caterina Investor Decision-Making and the Role of the Financial Advisor Cham : Springer International Publishing AG,c2017 9783319682334 |
| spellingShingle | Cruciani, Caterina Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach Intro -- Preface -- Acknowledgements -- Contents -- List of Figures -- Part I: The Investor -- 1: Understanding Investor Behaviour -- 1 Financial Advisory Practice and Investor Behaviour -- 2 The Departure from Traditional Models of Decision-Making Under Risk -- 3 Understanding How People Think Under Risk -- 3.1 The Rationale -- 3.2 Seminal Biases and Heuristics -- 3.3 Other Financially Relevant Biases -- 4 Understanding How People Choose Under Risk -- 4.1 Rationale -- 4.2 Prospect Theory: The Modelling Framework -- 4.3 Prospect Theory: Implications for Behavioural Finance -- 4.3.1 Framing Effects -- 4.3.2 Mental Accounting -- 4.3.3 The Equity Premium Puzzle -- 4.4 Ambiguity Aversion -- 5 Summary and Conclusion -- Bibliography -- 2: Different Views on Economic Rationality: Affect and Emotions -- 1 Introduction -- 2 Are Biases Truly Irrational? An Evolutionary Perspective -- 3 Emotions and Decision-Making -- 3.1 Rationale -- 3.2 Expected Emotions: Regret Aversion -- 3.3 The Affect Heuristic -- 3.4 Emotional Finance and Financial Advisors -- 4 An Alternative View on Heuristic Decision-Making: Heuristics as Satisficing Responses -- 4.1 Rationale -- 4.2 The Adaptive Toolbox -- 4.3 Finance and Fast and Frugal Heuristics -- 4.4 Evolutionary Foundations of Ecological Rationality -- 5 The Last Piece of the Puzzle: Investor Personality -- 6 Summary and Conclusions -- Bibliography -- Part II: The Advisor -- 3: Financial Advisory: Basic Roles and Functions -- 1 Introduction -- 2 The Financial Advice Industry -- 2.1 The Context -- 2.2 Roles and Functions of Financial Advisors: Improving Financial Performance -- 2.3 Additional Roles of Financial Advisory Practice -- 2.3.1 Rationale -- 2.3.2 Information Provision -- 2.3.3 Financial Education -- 2.3.4 Addressing Behavioural Biases 2.3.5 The Role of Mediator in Collective Decision-Making -- 2.3.6 Some Concluding Remarks on Ancillary Roles -- 3 A Fiduciary Relationship -- 4 Summary and Conclusions -- References -- 4: Financial Advisory: Normative Developments and Incentives -- 1 Introduction -- 2 The Financial Advisory Industry: A Historical Overview -- 2.1 Rationale -- 2.2 The American Context -- 2.2.1 Building the Profession -- 2.2.2 Current Challenges -- 2.3 The European Context -- 2.3.1 Creating a Common Financial Market -- 2.3.2 Formal Regulation of the Financial Advice Industry: The MiFID Directive -- 2.3.3 MiFID II: Redefining Financial Advisory Practice -- 2.3.4 MiFID II: Challenges and Opportunities -- 2.3.5 Implementation of MiFID II Across the Member States -- 3 Financial Advisory Practice: Regulation and Behavioural Considerations -- 3.1 Rationale -- 3.2 Implementing the Suitability Requirement -- 3.3 Conflict of Interest -- 4 Summary and Conclusions -- References -- Part III: Behavioural Financial Advisory Practice -- 5: Behavioural Financial Advisory Practice -- 1 Introduction -- 2 Operationalizing Behavioural Finance -- 2.1 Debiasing Approaches -- 2.2 Managing Biases -- 3 Behavioural Portfolio Theory -- 3.1 The Antecedents of Behavioural Portfolio Theory -- 3.2 Behavioural Portfolio Theory -- 4 Behavioural Financial Advisory Practices -- 4.1 The Rationale -- 4.2 Minimizing the Impact of Biases -- 4.3 Bypassing Biases: Financial Advisors as Money Doctors -- 4.3.1 The Rationale -- 4.3.2 Modelling Trust -- 4.3.3 Trust and Financial Intermediaries -- 5 Summary and Conclusions -- Bibliography -- Index Investments-Psychological aspects.. Investments-Decision making |
| title | Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach |
| title_auth | Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach |
| title_exact_search | Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach |
| title_exact_search_txtP | Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach |
| title_full | Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach |
| title_fullStr | Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach |
| title_full_unstemmed | Investor Decision-Making and the Role of the Financial Advisor A Behavioural Finance Approach |
| title_short | Investor Decision-Making and the Role of the Financial Advisor |
| title_sort | investor decision making and the role of the financial advisor a behavioural finance approach |
| title_sub | A Behavioural Finance Approach |
| topic | Investments-Psychological aspects.. Investments-Decision making |
| topic_facet | Investments-Psychological aspects.. Investments-Decision making |
| work_keys_str_mv | AT crucianicaterina investordecisionmakingandtheroleofthefinancialadvisorabehaviouralfinanceapproach |