LEADER 05251nam 2200745 a 450 001 9910138906903321 005 20230721023423.0 010 $a1-283-17501-0 010 $a9786613175014 010 $a1-118-46732-9 010 $a0-470-74207-0 035 $a(CKB)2400000000003267 035 $a(EBL)698236 035 $a(OCoLC)796002050 035 $a(SSID)ssj0000481404 035 $a(PQKBManifestationID)11332444 035 $a(PQKBTitleCode)TC0000481404 035 $a(PQKBWorkID)10469098 035 $a(PQKB)11244817 035 $a(MiAaPQ)EBC698236 035 $a(Au-PeEL)EBL698236 035 $a(CaPaEBR)ebr10484638 035 $a(CaONFJC)MIL317501 035 $a(EXLCZ)992400000000003267 100 $a20080904d2008 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBehavioural finance for private banking$b[electronic resource] /$fThorsten Hens and Kremena Bachmann 210 $aChichester [England] ;$aHoboken, N.J. $cJohn Wiley & Sons$dc2008 215 $a1 online resource (271 p.) 225 1 $aThe Wiley finance series 300 $aDescription based upon print version of record. 311 $a0-470-77999-3 320 $aIncludes bibliographical references and index. 327 $aBehavioural Finance for Private Banking; Contents; List of Figures; List of Tables; Notation; Preface; 1 Introduction; 1.1 The private banking business; 1.2 Current challenges in private banking; 1.3 Improving service quality with behavioural finance; 1.4 Conclusion; 2 Decision Theory; 2.1 Introduction; 2.2 Mean-variance analysis; 2.3 Expected utility theory; 2.4 Prospect theory; 2.5 Prospect theory and the optimal asset allocation; 2.6 A critical view on mean-variance theory; 2.7 A critical view on expected utility axioms 327 $a2.8 Comparison of expected utility, prospect theory, and mean-variance analysis 2.9 Conclusion; 3 Behavioural Biases; 3.1 Information selection biases; 3.2 Information processing biases; 3.3 Decision biases; 3.4 Decision evaluation biases; 3.5 Biases in intertemporal decisions; 3.6 Behavioural biases and speculative bubbles; 3.7 Cultural differences in the behavioural biases; 4 Risk Profiling; 4.1 Dealing with behavioural biases; 4.2 The risk profiler and its benefits; 4.3 Designing a risk profiler: Some general considerations; 4.4 Implemented risk profilers: Case study of the former Bank 327 $a4.5 A risk profiler based on the mean-variance analysis 4.6 Integrating behavioural finance in the risk profiler; 4.7 Case study: Comparing risk profiles; 4.8 Conclusion; 5 Product Design; 5.1 Case study: "Ladder Pop"; 5.2 Case study: "DAX Sparbuch''; 5.3 Optimal product design; 5.4 Conclusion; 6 Dynamic Asset Allocation; 6.1 The optimal tactical asset allocation; 6.2 The optimal strategic asset allocation; 6.3 Conclusion; 7 Life Cycle Planning; 7.1 Case study: Widow Kassel; 7.2 Main decisions over time; 7.3 Consumption smoothing; 7.4 The life cycle hypothesis 327 $a7.5 The behavioural life cycle hypothesis 7.6 The life cycle asset allocation problem; 7.7 The life cycle asset allocation of an expected utility maximizer; 7.8 The life cycle asset allocation of a behavioural investor; 7.9 Life cycle funds; 7.10 Conclusion; 8 Structured Wealth Management Process; 8.1 The benefits of a structured wealth management process; 8.2 Problems implementing a structured wealth management process; 8.3 Impact of the new process on conflicts of interests; 8.4 Learning by "cycling'' through the process; 8.5 Case study: Credit Suisse 327 $a8.6 Mental accounting in the wealth management process 8.7 Conclusions; 9 Conclusion and Outlook; 9.1 Recapitulation of the main achievements; 9.2 Outlook of further developments; References; Index 330 $aA complete framework for applications of behavioral finance in private banking, Behavioural Finance for Private Banking considers client needs specific to private banking like personal circumstances, objectives, and attitude to risk. This book includes the theoretical foundations of investment decision-making, an introduction to behavioral biases, an explanation of cultural differences in global business, a guide to asset allocation over the life cycle of the investment, and several case studies to illustrate how can be applied. A must-read for anyone in private banking, this book demonstrates 410 0$aWiley finance series. 606 $aPrivate banks 606 $aInvestments$xPsychological aspects 606 $aFinance$xPsychological aspects 606 $aBanks and banking$xCustomer services 606 $aWealth$xManagement 615 0$aPrivate banks. 615 0$aInvestments$xPsychological aspects. 615 0$aFinance$xPsychological aspects. 615 0$aBanks and banking$xCustomer services. 615 0$aWealth$xManagement. 676 $a332.1/230688 676 $a332.1230688 700 $aHens$b Thorsten$0792835 701 $aBachmann$b Kremena$0986650 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910138906903321 996 $aBehavioural finance for private banking$92254990 997 $aUNINA