Behavioral Finance and Wealth Management How to Build Optimal Portfolios That Account for Investor Biases

ISBN-10: 1118014324

ISBN-13: 9781118014325

Edition: 2nd 2012

List price: $96.00 Buy it from $44.89
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Description:

Fear and greed drive markets, and also good and bad investment decision-making. Academics such as Daniel Kahneman, Richard Thaler, Robert Schiller, and Meir Statman have certainly put the subject of behavioral finance--the study of fear and greed and other human decision-making quirks--on the map. In contrast, 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. Pompian, in fact, offers investors the first "self-help" book that helps them properly modify their asset allocations decisions based on the latest cutting-edge research into the behavioral anomalies of individual investors. This book provides investors and financial advisors with the tools and applications guidelines they need to employ behavioral finance research in the investment decisions made by their clients. The second crash in this decade and the associated market volatility has pushed behavioral finance even more to the forefront of the minds of investors and advisors.  The updates in this book will identify how this is taking place (chapter 1) and why.  It will contain some introduction material on behavioral investor types (almost a primer for the next book) as well as updated examples and new research on biases.  Also addressed are new topics in Behavioral Finance such as new developments in Neuroeconomics and Adaptive market hypothesis.
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Book details

List price: $96.00
Edition: 2nd
Copyright year: 2012
Publisher: John Wiley & Sons Canada, Limited
Publication date: 1/3/2012
Binding: Hardcover
Pages: 352
Size: 6.25" wide x 9.00" long x 1.25" tall
Weight: 1.232

Preface
Acknowledgments
Introduction to Behavioral Finance
What Is Behavioral Finance?
Behavioral Finance: The Big Picture
Standard Finance versus Behavioral Finance
The Role of Behavioral Finance with Private Clients
How Practical Application of Behavioral Finance Can Create a Successful Advisory Relationship
Notes
The History of Behavioral Finance Micro
Historical Perspective on the Link between Psychology and Economics
Modern Behavioral Finance
Psychographic Models Used in Behavioral Finance
Notes
Introduction to Behavioral Biases
Introduction
Behavioral Biases Defined
Why Understanding and Identifying Behavioral Biases Is Important
Categorization of Behavioral Biases
Differences between Cognitive and Emotional Biases
Difference among Cognitive Biases
Emotional Biases
A Final Word on Biases
Summary of Part One
Belief Perseverance Biases Defined and Illustrated
Cognitive Dissonance Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Conclusion
Notes
Conservatism Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Confirmation Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Representativeness Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Illusion of Control Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Final Thought
Notes
Hindsight Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Information Processing Biases Defined and Illustrated
Overview of the Structure of Chapters 10 through 16
Mental Accounting Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
The Behavioral Finance Approach to Asset Allocation based on Mental Accounting
Notes
Anchoring and Adjustment Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Bonus Discussion: Investment Strategies that Leverage Anchoring and Adjustment Bias
Notes
Framing Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Availability Bias
Bias Description
Practical Application
Research Review
Diagnostic Test
Advice
Notes
Self-Attribution Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Outcome Bias
Bias Description
Diagnostic
Notes
Recency Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Emotional Biases Defined and Illustrated
Loss Aversion Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Overconfidence Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
A Final Word on Overconfidence
Notes
Self-Control Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Status Quo Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Endowment Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Regret Aversion Bias
Bias Description
Practical Application
Research Review
Diagnostic Testing
Advice
Notes
Affinity Bias
Bias Description
Research Review
Diagnostic Testing
Advice
Notes
Application of Behavioral Finance to Asset Allocation and Case Studies
Application of Behavioral Finance to Asset Allocation
Practical Application of Behavioral Finance
Best Practical Allocation
Guidelines for Determining Best Practical Asset Allocation
Quantitative Guidelines for Incorporating Behavioral Finance in Asset Allocation
Investment Policy and Asset Allocation
Notes
Case Studies
Case Study A: Mr. Nicholas
Case Study B: Mrs. Alexander
Summary of Case Studies
Behavioral Investor Types
Behavioral Investor Type Diagnostic Process
Background of the Development of Behavioral Investor Types
Psychographic Models of Investor Behavior
Early Psychographic Models
The Behavioral Alpha Process: A Top-Down Approach
The BIT Identification Process
Summary
Notes
Behavioral Investor Types
Introduction
Preserver
Follower
Independent
Accumulator
Summary
Index
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