Behavioural Finance for Private Banking

Behavioural Finance for Private Banking

Volumn , Issue , 2012, Pages

  Hens, Thorsten ^a   Bachmann, Kremena ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84891583700     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1002/9781118467329     Document Type: Book

References (111)

1. Aaker, J. L. and P. Williams (1998). Empathy versus Pride: The Influence of Emotional Appeals across Cultures. Journal of Consumer Research 25: 241-261.
2. Ackert, L. F., B. K. Church, J. Tompkins and P. Zhang (2004). What's in a Name? An Experimental Examination of Investment Behavior. FRB of AtlantaWorking Paper No. 2003-12.
3. Artzner, P., F. Delbaen, J. M. Eber and D. Heath (1999). Coherent Measures of Risk. Mathematical Finance 9: 203-228.
4. Banz, R.W. (1981). The Relationship Between Return and Market Value of Common Stocks. Journal of Financial Economics 9: 3-18.
5. Barber, B. and T. Odean (2000). Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Journal of Finance 55: 773-806.
6. Barber, B. and T. Odean (2001): Boys will be Boys: Gender, Overconfidence, and Common Stock Investment. Quarterly Journal of Economics 116: 261-292.
7. Barber, B. and T. Odean (2005). All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors. Mimeo, Haas School of Business, Berkeley University.
8. Barberis, N., M. Huang, and T. Santos (2001). Prospect Theory and Asset prices. Quarterly Journal of Economics 116: 1-53.
9. Barberis, N. and H. Ming (2004). Stocks as Lotteries: The Implications of Probability Weighting for Security Prices. AFA 2005 Philadelphia Meetings Paper.
10. Barberis, N. andW. Xiong (2008). Realization Utility. Working Paper.
11. Benartzi, S. and R. H. Thaler (1995). Myopic Loss Aversion and the Equity Premium Puzzle. Quarterly Journal of Economics 110: 73-92.
12. Benartzi, S. and R. H. Thaler (2001). Naïve Diversification Strategies in Defined Contribution Saving Plans. American Economic Review 91: 79-98.
13. Benartzi, S. and R. H. Thaler (2004). Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving. Journal of Political Economy 112: S164-S187.
14. Bernard, V. L. and J. K. Thomas (1990). Evidence that Stock Prices do not Fully Reflect the Implications of Current Earnings for Future Earnings. Journal of Accounting and Economics 13: 305-340.
15. Berry, J. W., P. R. Dasen and T. S. Sarawathi (1997). Handbook of Cross-Cultural Psychology, 2nd edition. Allyn & Bacon.
16. Bontempo, R. N.,W. P. Bottom and E. U.Weber (1997). Cross-Cultural Differences in Risk Perception: A Model Based Approach. Risk Analysis 17: 479-488.
17. Brunel, J. L. P. (2003). Revising the Asset Allocation Challenge Through a Behavioral Finance Lens. Journal of Wealth Management, (Fall): 10-20.
18. Brunel, J. L. P. (2006). Integrated Wealth Management: The New Direction for Portfolio Managers, 2nd edition. Euromoney Institutional Investor Plc.
19. Brunnermeier, M. K. and S. Nagel (2004). Hedge Funds and the Technology Bubble. Journal of Finance 59: 2013-2040.
20. Caliskan, N., E. De Giorgi, T. Hens and T. Post (2008). A Prospect Theory Explanation of Three Asset Pricing Puzzles. Mimeo, University of Zurich.
21. Capgemini and Merrill Lynch (2007).WorldWealth Report.
22. Capgemini and Merrill Lynch (2008).WorldWealth Report.
23. Campbell, J. Y. and L. M. Viceira (2002). Strategic Asset Allocation. Oxford University Press.
24. Canner, N., N. G. Mankiw and D. N. Weil (1997). An Asset Allocation Puzzle. American Economic Review 87: 181-191.
25. Carhart, M. (1997). On Persistence of Mutual Fund Performance. Journal of Finance 52: 57-82.
26. Chan, K., V. Covrig and L. Ng (2005). What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide. Journal of Finance 60: 1495-1534.
27. Choi, I. and R. E. Nisbett (2000). Cultural Psychology of Surprise: Holistic Theories and Recognition of Contradiction. Journal of Personality and Social Psychology 79: 890-905.
28. Chui, A. C.W., S. Titman and K. C. J.Wei (2005). Momentum Around theWorld. Mimeo, University of Texas.
29. Cocca, T. D. and H. Geiger (2007). The International Private Banking Study 2007. Available at www.isb.uzh.ch.
30. Daniel, K., D. Hirshleifer andA. Subrahmanyam (1998). Investor Psychology and Security Market underand Overreactions. Journal of Finance 53: 1839-1885.
31. De Bondt,W. F. M. and R. H. Thaler (1985). Does the Stock Market Overreact? Journal of Finance 40: 793-808.
32. De Georgi, E., T. Hens and H. Levy (2004). Prospect Theory and the CAPM: A Contradiction or Coexistence? NCCRWorking Paper No. 85, University of Zurich.
33. De Georgi, E., T. Hens and J. Meier (2006): ABehavioral Foundation of Reward-Risk Portfolio Selection and the Asset Allocation Puzzle, NCCRWorking Paper No. 286, University of Zurich.
34. Detlefsen, K., W. Härdle and R. A. Moro (2007). Empirical Pricing Kernels and Investor Preferences. Discussion Papers SFB 649 DP2007-017, Humboldt University, Berlin.
35. Dimson, E., P. Marsh and M. Staunton (2003). Global Evidence on the Equity Risk Premium. Journal of Applied Corporate Finance 15 (4): 8-19.
36. Dimson, E., P. Marsh, and M. Staunton (2006). The Worldwide Equity Premium: A Smaller Puzzle. Working Paper, London Business School.
37. Douglas, M. and A. B.Wildavsky (1982). Risk and Culture: An Essay on the Selection of Technical and Environmental Dangers. Berkeley: University of California Press.
38. Eichberger, J. and I. R. Harper (1997). Financial Economics. Oxford University Press.
39. Eisenführ, F. and M.Weber (2003). Rationales Entscheiden. Berlin: Springer.
40. Fama, E. F. and K. R. French (1992). The Cross-Section of Expected Stock Returns. Journal of Finance 47: 427-465.
41. Fama, E. F. and K. R. French (1998). Value versus Growth: The International Evidence. Journal of Finance 53: 1975-1999.
42. Fan, J. X. and J. J. Xiao (2005). Cross-cultural Differences in Risk Tolerance: A Comparison Between Chinese and Americans. available at SSRN: http://ssrn.com/bstrct=939438.
43. Fischhoff, B. (1980). For Those Condemned to Study the Past: Reflections on Historical Judgments in: R. A. Shweder and D. Fiske: New Directions for Methodology of Behavioral Sciences: Fallible Judgment in Behavioral Research. San Francisco: Jossey-Bass.
44. French, K. R. and J. M. Poterba (1991). Investor Diversification and International Equity Markets. The American Economic Review 81(2). Papers and Proceedings of the Hundred and Third Annual Meeting of the American Economic Association: 222-226.
45. Griffin, J. M., X. Ji and J. S. Martin (2003). Momentum Investing and Business Cycle Risk: Evidence from Pole to Pole. Journal of Finance 58: 2515-2547.
46. Grinblatt, M. and M. Keloharju (2001). How Distance, Language, and Culture Influence Stockholdings and Trade. Journal of Finance 56: 1053-1073.
47. Gupta, V., P. J. Hanges and P. Dorfman (2002). Cultural Clusters: Methodology and Findings. Journal of World Business 37: 11-15.
48. Haigh, M. S. and J. A. List (2005). Do Professional Traders Exhibit Myopic Loss Aversion? An Experimental Analysis. Journal of Finance 60: 523-534.
49. Hens, T. (1992). A Note on Savage's Theorem with a Finite Number of States. Journal of Risk and Uncertainty 4: 63-71.
50. Hens, T. and M. O. Rieger (2008). The Dark Side of the Moon: Structured Products from the Customers' Perspective. NCCRWorking Paper No. 459, University of Zurich.
51. Hens, T. and M. Vlcek (2005). Does Prospect Theory Explain the Disposition Effect? NCCR Working Paper No. 247, University of Zurich.
52. Hens, T. and M. Wang (2007). Does Finance have a Cultural Dimension? in: B. Strebel-Aerni: International Finance. Zurich: Schulthess.
53. Hodges, S. H., R. G. Tompkins and W. T. Ziemba (2008). The Favorite-Longshot Bias in S&P 500 and FTSE 100 Index Futures Options: The Return to Bets and the Cost of Insurance. In Handbook of Sports and Lottery Markets. Elsevier.
54. Hofstede, G. (2001): Culture's Consequences: Comparing Values, Behaviors, Institutions and Organizations across Nations, 2nd edition. Sage Publications.
55. Huber, J. (2006). J-shaped Returns to Timing Advantage in Access to Information-Experimental Evidence and a Tentative Explanation. Working Paper, Yale University and University of Innsbruck.
56. How America Saves (2007). A Report on Vanguard 2006. Defined Contribution Plan Data.
57. Jagannathan, R. and Z. Wang (1996). The Conditional CAPM and the Cross-Sections of Expected Returns. Journal of Finance 51: 3-53.
58. Jegadeesh, N. and S. Titman (1993). Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency. Journal of Finance 48: 65-91.
59. Jegadeesh, N. and S. Titman (2001). Profitability of Momentum Strategies: An Evaluation of Alternative Explanations. Journal of Finance 54: 699-720.
60. Jungermann, H., H.-R. Pfister and K. Fischer (1998). Die Psychologie der Entscheidung. Heidelberg: Spektrum.
61. Kahneman, D., J. Knetsch and R. H. Thaler (1990). Experimental Test of the Endowment Effect and the Coase Theorem. Journal of Political Economy 98: 1325-1348.
62. Kahneman, D. and A. Tversky (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica 47: 263-291.
63. Kahneman, D. and A. Tversky (1992). Advances in Prospect Theory: Cumulative Representation of Uncertainty. Journal of Risk and Uncertainty 5: 297-323.
64. Karmakar, U. S. (1978). SubjectivelyWeighted Utility: A Descriptive Extension of the Expected Utility Model. Organizational Behavior and Human Performance 21: 61-72.
65. Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. New York: Harcourt.
66. Kindleberger, C. (1978). Manias, Panics, and Crashes: A History of Financial Crises. New York: Basic Books.
67. Knight, F. H. (1921). Risk, Uncertainty, and Profit. Boston and New York: Houghton Mifflin.
68. Laibson, D. (1997). Golden Eggs and Hyperbolic Discounting. Quarterly Journal of Economics 112: 443-477.
69. Lakonishok, J., A. Shleifer and R. F. Vishny (1994). Contrarian Investment, Extrapolation, and Risk. Journal of Finance 49: 1541-1578.
70. Levinson, J. D. and K. Peng (2006). Valuing Cultural Differences in Behavioral Economics. SSRN Working Paper, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=899688.
71. Markowitz, H. (1952). Portfolio Selection. Journal of Finance 7: 77-91.
72. Merton, R. C. (1969). Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case. Review of Economics and Statistics 51 (August).
73. Montier, J. (2007). Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance. John Wiley and Sons Ltd.
74. Montier, J. (2002). Behavioural Finance: A User's Guide. JohnWiley and Sons Ltd.
75. Nevins, D (2004). Goal-Based Investing: Integrating Traditional and Behavioural Finance. The Journal of Wealth Management 6 (4): 8-23.
76. Nisbett, R. E., K. Peng, I. Choi and A. Norenzayan (2001). Culture and Systems of Thought: Holistic vs. Analytic Cognition. Psychological Review 108: 291-310.
77. Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? Journal of Finance 53: 1775-1798.
78. Papa, B. (2004). Stock Market Volatility: A Puzzle? An Investigation into the Causes and Consequences of Asymmetric Volatility. Master Thesis For the Master of Advanced Studies in Finance, University of Zurich and Swiss Federal Institute of Technology Zurich.
79. Pasteur, L. (2004).Was There a NASDAQ Bubble in the Late 1990s? Chicago Business SchoolWorking Paper.
80. Post, Th., M. J. van den Assem,G. Baltussen, and R. H. Thaler (2008). Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show. American Economic Review 98 (1): 38-71.
81. Prelec, D. (1998). The ProbabilityWeighting Function. Econometrica 60: 497-528.
82. PriceWaterhouseCoopers (2007). Global Private Banking/Wealth Management Survey.
83. Rieger, M. O. and M. Wang (2006). Cumulative Prospect Theory and the St. Petersburg Paradox. Economic Theory 28: 665-679.
84. Rouwenhorst, K. G. (1998). International Momentum Strategies. Journal of Finance 53: 267-284.
85. Roy, A. D. (1952). Safety First and the Holding of Assets. Econometrica 20: 431-449.
86. Russo, J. E. and P. J. H. Schoemaker (1992). Managing Overconfidence. Sloan Management Review 33: 7-17.
87. Samuelson, P. (1969). Lifetime Portfolio Selection by Dynamic Stochastic Programming. Review of Economics and Statistics 51 (3): 239-46.
88. Savage, L. J. (1954). The Foundations of Statistics. New York:Wiley and Sons Inc.
89. Shefrin, H. M. (2000). Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. Harvard Business School Press.
90. Shefrin, H. M. (2005). A Behavioral Approach to Asset Pricing. Academic Press.
91. Shefrin, H. M. and M. Statman (2000). Behavioral Portfolio Theory. Journal ofFinancial and Quantitative Analysis 35 (2): 127-151.
92. Shefrin, H. M. and R. Thaler (1988). The Behavioral Life-Cycle Hypothesis. Economic Inquiry 26 (4): 609-643.
93. Shleifer, A. (2000). Inefficient Markets: An Introduction to Behavioral Finance. Oxford University Press.
94. Siebenmorgen, N. and M. Weber (2003). A Behavioral Model for Asset Allocation. Financial Markets and Portfolio Management 17 (1): 15-42.
95. Sirri, E. R. and P. Tufano (1998). Costly Search and Mutual Fund Flows. Journal of Finance 53: 1589-1622.
96. Stephan, E. and G. Kiell (1997). Urteilsprozesse bei Professionellen Akteuren im Finanzmarkt (Abschlussbericht einer experimentellen Studie mit Trade-und Sales-Personal einer Deutschen Geschäftsbank). University of Cologne.
97. Strohm, V. (2003). Die Suche nach der richtigen Bank. Stocks issue 41-42: 32-37.
98. Thaler, R. H. (1985). Mental Accounting and Consumer Choice. Marketing Science 4 (3): 199-214.
99. Thaler, R. H. (1999). Mental Accounting Matters. Journal of Behavioral Decision Making 12: 183-206.
100. Thaler, R. H. and E. J. Johnson (1990). Gambling with the House Money and Trying to Break Even: The Effect of Prior Outcomes on Risky Choice. Management Science 36: 643-660.
101. Thaler, R. H. and W. T. Ziemba (1988). Anomalies: Pari-mutuel Betting Markets: Racetracks and Lotteries. Journal of Economic Perspectives 2: 161-174.
102. Tobin, J. (1958). Liquidity Preference as Behavior Towards Risk. Review of Economic Studies 25 (1): 65-86.
103. Tversky, A. (1969). Intransitivity of Preferences. Psychological Review 76: 31-48.
104. Tversky, A. and D. Kahneman (1981). The Framing of Decisions and the Rationality of Choice. Science 211: 455-458.
105. Tversky, A. and D. Kahneman (1992). Advances in Prospect Theory: Cumulative Representation of Uncertainty. Journal of Risk and Uncertainty 5: 297-323.
106. Von Neumann, J. and O. Morgenstern (1944). Theory of Games and Economic Behavior. Princeton University Press.
107. Wang, M. and P. Fishbeck (2004). Similar in How to Frame but Different in What to Choose. Marketing Bulletin 15 Article 2: 1-12.
108. Weber, E. U. and C. K. Hsee (1998). Cross-Cultural Differences in Risk Perception, but Cross-Cultural Similarities in Attitudes towards Perceived Risk. Management Science 44: 1205-1217.
109. Wright, G. N. and L. D. Phillips (1980). Cultural Variation in Probabilistic Thinking: Alternative Ways of Dealing with Uncertainty. International Journal of Psychology 15: 239-257.
110. Yates, J. F., J.-W. Lee and H. Shinotsuka (1996). Beliefs about Overconfidence, Including Cross-national Variations. Organizational Behavior and Human Decision Processes 65 (2): 138-147.
111. Yeniavci, H. (2002). Die Bewertung und Analyse des Ladder-Pop. Master Thesis, University of Zurich.