Behavioural Finance for Private Banking - download pdf or read online

By Thorsten Hens

ISBN-10: 0470779993

ISBN-13: 9780470779996

ISBN-10: 1118467329

ISBN-13: 9781118467329

Content material:
Chapter 1 creation (pages 1–9):
Chapter 2 selection concept (pages 11–66):
Chapter three Behavioural Biases (pages 67–104):
Chapter four possibility Profiling (pages 105–134):
Chapter five Product layout (pages 135–155):
Chapter 6 Dynamic Asset Allocation (pages 157–185):
Chapter 7 existence Cycle making plans (pages 187–206):
Chapter eight established Wealth administration strategy (pages 207–227):
Chapter nine end and Outlook (pages 229–230):

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Extra resources for Behavioural Finance for Private Banking

Example text

Overall, if an agent has constant absolute risk aversion (CARA), then he will invest the same absolute amount in risky assets when his wealth changes. e. he holds the share of wealth invested in risky asset constant. 7 Intertemporal decisions and updating Most economic choices yield costs and benefits that are incurred at different points in the future. To make choices, people must weigh the utilities of these future costs and benefits in some way. Rational evaluation of future consequences assumes exponential discounting— future utilities u(xt ) are discounted by a weight δ t which is an exponentially declining function of t.

G. a broadly diversified index). The benchmark represents a relative reference point. The following example illustrates the importance of absolute and relative reference points. 7: Absolute and relative reference points Suppose that there is a hedge fund achieving a positive return in each market phase and an index fund following the movements of the market. 5 Hedge fund Index fund 2% 8% 1% −5 % Note that the choice of this reference point is typically enforced by banks: on their account statements it is pointed out at which price an asset has been bought.

The columns marked “SD’’ give the standard deviations of the equity premiums relative to bills and bonds. 0 The equity markets in the United States and in the United Kingdom have performed well in the past. However, the difference from other countries is not large. e. 2 % for the United Kingdom. 5 %. The equity premium measured relative to long-term bonds is similar. In the past, equities paid more than less risky assets such as government bonds. Why should a long-term investor hold anything else but stocks?

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Behavioural Finance for Private Banking by Thorsten Hens

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