Financial Behavior: Players Services Products and Markets (Financial Markets and Investments)

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Financial Behavior: Players Services Products and Markets (Financial Markets and Investments)

H. Kent Baker, Greg Filbeck, Victor Ricciardi

Oxford University Press

2017

Abstract

Financial Behavior: Players Services Products and Markets (Financial Markets and Investments)

With diverse concepts and topics, the book brings together noted scholars and practitioners so readers can gain an in-depth understanding about this topic from experts from around the world.

In today's financial setting, the discipline of behavioral finance is an ever-changing area that continues to evolve at a rapid pace. This book takes readers through the core topics and issues as well as the latest trends, cutting-edge research developments, and real-world situations. Additionally, discussion of research on various cognitive and emotional issues is covered throughout the book.

Thus, this volume covers a breadth of content from theoretical to practical, while attempting to offer a useful balance of detailed and user-friendly coverage. Those interested in a broad survey will benefit as will those searching for more in-depth presentations of specific areas within this field of study. As the seventh book in the Financial Markets and Investment Series, Financial Behavior: Players, Services, Products, and Markets offers a fresh looks at the fascinating area of financial behavior.

Among the many other topics, the books covers are the psychology of women investors and millennials, behavioral aspects of investing in collectibles, and financial psychopaths. (The chapter covering the last topic cites one researcher’s opinion “that the stock exchange itself would be his preferred location to study psychopaths outside the prison environment.”)

Within the chapters dealing specifically with behavioral finance, the enumerated cognitive and emotional errors are already familiar to CFA charterholders from the CFA Program exam curriculum. Anyone who reads the book from cover to cover will grow considerably more familiar with them. Several chapters begin with miniature primers on behavioral finance, a repetition that arises from the book’s structure as a compilation of articles by multiple authors.

Although some of Financial Behavior’s content may be old hat, a number of recent research findings recounted by the contributors will be news to most investment professionals. For instance, one study found that individuals with certain types of brain damage, which render them incapable of experiencing anxiety or fear, achieve higher returns in an investment simulation than investors in normal and control groups. Another team of researchers concluded that in US regions where the Catholic/Protestant ratio is high, the propensity of investors to own lottery-like stocks is greater than elsewhere in the United States.

Findings on a wide range of topics, from the genetic basis of performance chasing to the superior investment results of women mutual fund managers, will interest a wide variety of investment professionals. Financial planners and private wealth managers, though, are the practitioners most likely to find the content of Financial Behavior applicable to their work. For instance, one chapter emphasizes that clients will not follow a financial plan that focuses solely on such items as assets, expenses, and tax circumstances. The authors offer ways of broadening the client data-gathering process to include beliefs and values. Another chapter focuses on the practical challenges of implementing behavioral finance, viewing it as a companion to traditional approaches rather than a methodology to be used in isolation.

Citation

H. Kent Baker, Greg Filbeck, Victor Ricciardi, Financial Behavior: Players Services Products and Markets (Financial Markets and Investments), Oxford University Press, 2017.

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