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Investor decision-making and the role of the financial advisor : a behavioural finance approach / / Caterina Cruciani
| Investor decision-making and the role of the financial advisor : a behavioural finance approach / / Caterina Cruciani |
| Autore | Cruciani Caterina |
| Edizione | [1st ed. 2017.] |
| Pubbl/distr/stampa | Cham, Switzerland : , : Palgrave Macmillan, , [2017] |
| Descrizione fisica | 1 online resource (XIII, 161 p. 2 illus. in color.) |
| Disciplina | 332.6 |
| Soggetto topico |
Investments - Psychological aspects
Investments |
| ISBN | 3-319-68234-2 |
| Formato | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
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. |
| Record Nr. | UNINA-9910255052603321 |
Cruciani Caterina
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| Cham, Switzerland : , : Palgrave Macmillan, , [2017] | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
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Understanding financial risk tolerance : institutional, behavioral and normative dimensions / / Caterina Cruciani, Gloria Gardenal, Giuseppe Amitrano
| Understanding financial risk tolerance : institutional, behavioral and normative dimensions / / Caterina Cruciani, Gloria Gardenal, Giuseppe Amitrano |
| Autore | Cruciani Caterina |
| Pubbl/distr/stampa | Cham, Switzerland : , : Palgrave Macmillan, , [2022] |
| Descrizione fisica | 1 online resource (193 pages) |
| Disciplina | 910.5 |
| Soggetto topico | Financial risk management |
| ISBN | 3-031-13131-2 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Intro -- Preface -- Acknowledgments -- Contents -- About the Authors -- List of Figures -- List of Tables -- 1 Financial Risk Tolerance: Where Does It All Start From? -- 1 A Crossroad: Why Looking at Risk Tolerance? -- 1.1 The Economists' View -- 1.2 The Macroeconomic Perspective -- 1.3 The Regulator's View -- 2 Trends in Financial Risk Tolerance -- 2.1 Definitions of Risk Tolerance -- 2.2 Risk Tolerance Determinants -- 2.2.1 Socio-Demographic Factors -- 2.2.2 Economic Factors -- 2.2.3 Personality Psychology -- 2.3 Measurement Tools -- 2.3.1 Choice Dilemmas -- 2.3.2 Expected-Utility-Based Tools -- 2.3.3 Objective Measures -- 2.3.4 Heuristic Methods -- 2.3.5 Self-Reported/Subjective Risk Measures -- 2.3.6 Risk-Behavior Scales -- 3 Conclusions and Roadmap of the Book -- References -- 2 Risk Tolerance Tools: From Academia to Regulation and Back -- 1 The Market in Financial Instruments Directive (MiFID) and its Impact on Risk Tolerance Measurement -- 1.1 Introducing MiFID -- 1.1.1 A Brief History, Context, and Content -- 1.1.2 Classification of Clients, Disclosure Obligations, Assessment of Appropriateness and Suitability -- 1.2 MiFID and the Suitability Questionnaire -- 1.2.1 Questionnaire Overview -- 1.2.2 Implementing the Directive: Empirical Evidence and Practitioners' Views -- 2 The Academic Debate After MiFID -- 2.1 Socio-Demographic Variables -- 2.2 Life Events -- 2.3 Behavioral and Personality Factors -- 2.4 Risk Tolerance: Stable Trait or Adaptive Feature? -- 3 The Market in Financial Instruments Directive 2 (MiFID2) -- 3.1 MiFID2, Context and Content -- 3.2 Suitability and MiFID2 -- 3.3 Implementing the Directive: Empirical Evidence and Practitioners' Views -- 4 The Academic Debate After MiFID2 -- 4.1 Socio-Demographic Factors -- 4.2 Life Events -- 4.3 Behavioral and Personality Factors.
4.4 Risk Tolerance: Stable Trait or Adaptive Feature? -- 5 Taking Stock and Looking at the Challenges Ahead -- References -- 3 Challenges and Opportunities in the Regulation of Financial Instruments Post-MiFID2-Sustainable Finance -- 1 Sustainable Finance in a Sustainable Union -- 1.1 Sustainable Development in the European Union Legislation -- 1.2 From Theory to Action: The EU Action Plan on Sustainable Development -- 1.3 Setting the Plan into Action -- 1.3.1 Goal 1-Re-Orienting Investment Toward Sustainable Finance -- 1.3.2 Goal 2-Sustainability in Risk Management -- 1.3.3 Goal 3-Fostering Transparency and Long-Termism -- 1.4 The Action Plan and Investor Protection: Taking Stock and Moving Forward -- 2 Investing in Sustainability-Investor Preferences, Risk Tolerance, and Investment Behavior -- 2.1 Sustainability Investment-Where Does Europe Stand? -- 2.2 Sustainable Investors-Who Are They and Why Do They Choose Sustainable Products? -- 2.2.1 Demographic Characteristics -- 2.2.2 Economic Reasons -- 2.2.3 Social Reasons -- 2.3 Are Sustainable Investors Biased? -- 2.3.1 Updating Information and the Role of the Past -- 2.3.2 The Disposition Effect and Emotions -- 3 Implications for Financial Risk Tolerance and Investment Choices -- References -- 4 The Digital Challenge: How Are New Technologies Shaping the Financial Industry? -- 1 The Technological Revolution of the Financial Services Industry -- 1.1 The Digitalization and Open Challenges -- 2 Fintech -- 2.1 A Definition -- 2.2 Fintech Users -- 2.3 Fintech Services -- 2.4 The Academic Point of View on Fintech -- 3 Open Banking and Open Finance -- 3.1 A Definition of Open Banking -- 3.2 The Evolution of Open Banking: Toward Open Finance -- 3.3 The Academic Point of View on Open Banking -- 4 Robo Advisory -- 4.1 A Definition of Robo-Advisory Services -- 4.2 Business Models for Robo Advisory. 4.3 The Academic Point of View on Robo Advisory -- 5 The Regulatory Framework -- 5.1 The Payment Services Directive (PSD2) -- 5.2 The Revised Guidelines on Suitability by ESMA (2018) -- 6 Conclusions -- References -- 5 Challenges and Opportunities for the Future Investor: A Practitioner's Guide -- 1 The Survey -- 1.1 Some Reasons Why -- 1.2 Survey Structure and Participant Pool -- 1.2.1 General Information -- 1.2.2 The Sustainable-Finance Section -- 1.2.3 Robo Advisory and Open Finance -- 1.2.4 Socio-Demographic Characteristics -- 2 Survey Results -- 2.1 Participants Overview -- 2.2 Sustainable Finance -- 2.3 Robo Advisory and Open Finance -- 3 Final Discussion and Conclusions -- Appendix: The Questionnaire -- Index. |
| Record Nr. | UNINA-9910616377003321 |
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Cruciani Caterina
|
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| Cham, Switzerland : , : Palgrave Macmillan, , [2022] | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
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