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Abstract: A significant topic within the behavioral finance literature is the notion of perceived risk pertaining to novice investors (i.e. individuals, finance students) and investment professionals (i.e. financial planners, security analysts). The author provides an overview of the concepts of risk, perception, and risk perception with the financial scholar in mind. There is also a presentation on the behavioral finance concepts and themes that might influence an individual's perception of risk for different types of financial services and investment products. The next section presents a discussion of the significant risk perception research in the social sciences namely from psychology. This research work from psychology (i.e., risk perception studies in risky situations and hazardous activities) is the behavioral foundation for a substantial amount of the current contributions within the behavioral accounting and behavioral finance literature. In particular, the work of the Decision Research scholars including Paul Slovic and his co-authors on risk perception studies that have crossed over from psychology to the disciplines of behavioral accounting and behavioral finance (i.e. behavioral risk characteristics from psychology that are applied within a financial/investment decision making context). Within the last section of this paper, the author reveals the first of its kind thorough review of the academic research studies on perceived risk/risk perception from the disciplines of behavioral accounting since 1975 and behavioral finance since the late 1960s. This literature review incorporates 12 works from behavioral accounting and 71 endeavors from behavioral finance. In addition, the behavioral finance literature review section also includes approximately 10 narrative research reviews from risk perception studies in behavioral economics. A major facet of this paper was to bring together all the previous studies in the risk perception literature for the purpose of conducting a study based on the academic foundation of the main themes, research approaches, and findings from this collection of studies.
risk perception, perceived risk, risk analysis, behavioral risk characteristics, objective risk, subjective risk, behavioral accounting, behavioral economics, standard finance, behavioural finance, psychology, financial psychology, social sciences, risk, standard deviation, beta, Fama, French
Abstract: This paper provides a review of significant academic studies and non-academic research endeavors in the realm of negative emotions (with an emphasis on worry), gender, and decision making. The author encourages behavioral finance researchers to place greater attention into the development of new research studies and academic papers in the area of negative affect (feelings, emotions, moods). The financial psychology literature on gender and worry documents the emerging hypothesis that researchers should explore is women reveal greater degrees of worry than their male counterparts for different categories of financial services and investment products.
Finance, Investing, Worry, Gender, Risk, Negative Affect, Emotion, Behavioral Finance, Risk Tolerance, Children, Decision Making, Judgment, Anxiety, Stress, Depression, Fear, Behavioral Economics, Consumer Behavior, Money Sickness, Money Personality, Money Psychology, Consumer Spending, Happiness
Abstract: While conventional academic finance emphasizes theories such as Modern Portfolio Theory (MPT) and the Efficient Market Hypothesis (EMH), the emerging field of behavioral finance investigates the cognitive factors and emotional issues that impact the decision-making process of individuals, groups, and organizations. This paper presents an introduction to some general principles of behavioral finance including: overconfidence, cognitive dissonance, regret theory, and prospect theory. Also, this article provides strategies to assist individuals to resolve these mental errors and emotional pitfalls by recommending some important investment approaches for those who invest in stocks and mutual funds. Note: This paper serves as a very good introductory reading for an undergraduate class in finance and economics.
Behavioral Finance, Behavioural Finance, Behavioral Economics, Overconfidence, Financial Cognitive Dissonance, Regret Theory, Prospect Theory, Undergraduate, Graduate, Education, Students, Psychology, Overview, Introduction
Abstract: The first time this author became aware of behavioral finance was in June 1998. At that point of time, there was no apparent or precise source of information for a new scholar interested in the field to select a research starting point. It was the author's intention, by writing this paper, to provide a research starting point to new scholars, and inspire them to conduct research in this field. The author of this paper provides the reader with a discussion concerning the discipline of behavioral finance with the new scholar in mind. Behavioral finance investigates the cognitive factors and emotional issues that individuals, financial experts, and traders exhibit within the securities markets. Upon examination, the literature reveals that behavioral finance is based on the notion of interdisciplinary research from a wide range of fields. Therefore, there is a presentation of the substantive nature of the interdisciplinary philosophy, as well as the value and strong contributions this type of 'discipline borrowing' could have, within academic finance. Lastly, the author provides an extensive catalog of the concepts, and books by behavioral finance scholars, as well as a sample of influential papers and dissertations.
behavioral finance, standard finance, behavioural finance, experimental finance, behavioral economics, behavioral accounting, financial psychology, interdisciplinary research, books, dissertations, publications, bounded rationality, risk, learning, students
Abstract: The first time this author became aware of behavioral finance was in June 1998. At that point in time, there was no apparent or precise source of information for a new scholar interested in the field to select as a research starting point. For new scholars in the field, it was my intention by writing this paper to provide a research starting point and inspire them to conduct research in this field. The author of this paper provides the reader with a discussion concerning the discipline of behavioral finance with the new scholar in mind. Behavioral finance investigates the cognitive factors and emotional issues that individuals, financial experts, and traders exhibit within the securities markets. Upon examination, the literature reveals behavioral finance is based on the notion of interdisciplinary research from a wide range of fields. Therefore, there is a presentation of the substantive nature of the interdisciplinary philosophy as well as the value and strong contributions this type of discipline borrowing could have within academic finance. Lastly, the author provides an extensive catalog of the concepts, and books by behavioral finance scholars as well as a sample of influential papers and dissertations.
behavioral finance, behavioural finance, interdisciplinary, experimental research, behavioral finance dissertations, behavioral finance books, publications, behavioral economics, behavioral accounting, financial psychology, social sciences, literature review, students, bounded rationality, risk
Abstract: This is a PDF file of 'A Literature Review of Risk Perception Studies in Behavioral Finance: The Emerging Issues' slides from a presentation at the 25th Annual Meeting of the Society for the Advancement of Behavioral Economics (SABE) Conference hosted by New York University on May 15-18, 2007. The topic of risk perception is a noteworthy theme within the behavioral finance literature that examines the decision making process of unsophisticated and expert investors. The risk perception literature has a strong historical academic foundation that entails various attributes associated with the notion of the interdisciplinary and multidisciplinary perspective across the different fields such as behavioral finance, behavioral accounting, and psychology. The previous narrative risk perception literature review by Ricciardi (2004) demonstrated that scholars in financial psychology (behavioral finance), behavioral economics, and behavioral accounting have investigated and tested over 150 unique accounting, financial, and investment proxy risk factors (e.g., beta, current ratio) and more than 100 behavioral risk characteristics (e.g., overconfidence, familiarity bias). This presentation is a preliminary discussion that builds on the research work of Ricciardi (2004, 2006) and Ricciardi (2008). This presentation disclosed, 'What are the emerging issues within the behavioral finance risk perception literature?' In particular, this presentation provided an emerging collection of hypotheses based on the various theories, concepts, and themes from the earlier narrative literature review by Ricciardi (2004) and the forthcoming book chapter in Ricciardi (2008). Note: SSRN is experimenting with enabling the distribution of different types of files: slides, spreadsheets, video, etc. This is an upload of a PDF file of PowerPoint slides. We are interested in our users desires to distribute files that go beyond word processing text files. You can communicate with me on these issues via my email address below. We invite you to submit your own presentation slides.
risk perception, perceived risk, risk analysis, risk management, risk communication, objective risk, subjective risk, behavioral accounting, behavioral economics, standard finance, behavioural finance, psychology, financial psychology, social sciences, risk, beta
Abstract: This is a PDF file of 'Online vs. Face to Face: Is There a Difference in How Accounting and Finance Students Learn in an Online vs. Face-to-Face Setting?' slides from a presentation at the Innovative Teaching Methods Conference of the American Accounting Association: Southeast Region on March 31, 2006 in Knoxville, Tennessee. Scholars in behavioral accounting, finance, and economics have begun to investigate how novices and experts learn in a wide range of accounting and financial settings. This session provided an initial discussion of the different learning processes for accounting and finance students enrolled in online vs. in-class (face-to-face) formats. As educators, our primary goal is to facilitate the learning of our students. An emerging method of delivery known as online education, where the teacher and student may never have face-to-face contact; this online format is a increasingly provided by all different types of colleges and universities across the country. How does this alternate delivery method affect the learning process of students? Or does the learning technique of students have an influence on the way online courses are delivered? The focus of this session was to review the main studies within the literature of learning as it relates to online delivery and face-to-face delivery of courses. One outcome of the session was to share with participants the main themes and findings from this collection of studies. This discussion presented scholars with a future avenue of research and a valuable source for improving their own teaching experience. Note: SSRN is experimenting with enabling the distribution of different types of files: slides, spreadsheets, video, etc. This is an upload of a pdf file of an SSRN Workshop PowerPoint slides. We are interested in our users desires to distribute files that go beyond word processing text files. You can communicate with me on these issues via my email address below. We invite you to submit your own presentation slides.
Online class, Face to Face, Internet Classes, Learning, Education, Accounting, Finance, Students, Behavioral Finance, Behavioral Accounting, Behavioral Economics
Abstract: This is a PDF file of 'Facilitating Research with the Social Science Research Network: An Editor's Perspective' slides from a presentation at the Financial Services Institute Symposium hosted by St. John's University on September 8, 2006 in Manhattan, New York. The purpose of this presentation on the Social Science Research Network (SSRN) is to provide faculty and business professionals an initial overview of the research services and features of the SSRN eLibrary at www.ssrn.com. As an Editor and Subscriber of SSRN, Professor Ricciardi shares his insights concerning SSRN with conference attendees from a research, editorial, and teaching perspective. This presentation covers six main issues: What is an introductory resource for learning about the Social Science Research Network (SSRN)? What is the Social Science Research Network (SSRN)? What are some important aspects of SSRN for understanding and utilizing the SSRN website? What are some key tips for authors submitting a working paper or accepted paper abstract for distribution within a SSRN eJournal? What is my perspective as an Editor for the SSRN eJournals in Behavioral/ Experimental Finance, Economics & Accounting? What are some basic SSRN tools for facilitating your research agenda? Note: SSRN is experimenting with enabling the distribution of different types of files: slides, spreadsheets, video, etc. This is an upload of a PDF file of PowerPoint slides. We are interested in our users desires to distribute files that go beyond word processing text files. You can communicate with me on these issues via my email address below. We invite you to submit your own presentation slides.
SSRN, Social Science Research Network, Research, Training, Services, Journals, PowerPoint, Presentation, Education, Behavioral Finance, Behavioral Accounting, Behavioral Economics, Working Papers
Abstract: This is a PDF file of 'A Workshop on the Social Science Research Network' slides from a presentation for the School of Business faculty at Kentucky State University, October 31, 2005, Frankfort, KY. The purpose of this SSRN Workshop is to provide faculty, librarians, and graduate students an initial overview of the basic services and features of the SSRN e-Library. The SSRN Workshop covers four main issues: 1) What is the Social Science Research Network? 2) What are the basic features and services offered by SSRN? (Search, Sign On, Submit, Subscribe) 3) What are important tips and aspects of SSRN to consider? 4) What are the different contacts for customer service assistance from the SSRN Virtual Team? Note: SSRN is experimenting with enabling the distribution of different types of files: slides, spreadsheets, video, etc. This is an upload of a pdf file of an SSRN Workshop PowerPoint slides. We are interested in our users desires to distribute files that go beyond word processing text files. You can communicate with me on these issues via my email address below. We invite you to submit your own presentation slides.
SSRN, The Social Science Research Network, Workshop, Training, Services, Journals, PowerPoint, Presentation, Education, Behavioral Finance, Economics, Accounting
Abstract: Since the mid-1970s, hundreds of academic studies have been conducted in risk perception-oriented research within the social sciences (e.g., nonfinancial areas) across various branches of learning. The academic foundation pertaining to the "psychological aspects" of risk perception studies in behavioral finance, accounting, and economics developed from the earlier works on risky behaviors and hazardous activities. This research on risky and hazardous situations was based on studies performed at Decision Research (an organization founded in 1976 by Paul Slovic) on risk perception documenting specific behavioral risk characteristics from psychology that can be applied within a financial and investment decision-making context. A notable theme within the risk perception literature is how an investor processes information and the various behavioral finance theories and issues that might influence a person's perception of risk within the judgment process. The different behavioral finance theories and concepts that influence an individual's perception of risk for different types of financial services and investment products are heuristics, overconfidence, prospect theory, loss aversion, representativeness, framing, anchoring, familiarity bias, perceived control, expert knowledge, affect (feelings), and worry.
risk, perception, risk perception, perceived risk, judgment, decision making, behavioral decision theory (BDT) , behavioral accounting, standard finance, behavioral finance, behavioral economics, psychology, efficient market hypothesis, rationality, bounded rationality, classical decision theory
Abstract: The notion of risk encompasses a wide range of meanings across different disciplines, notably the social sciences and business administration fields. Within academic finance, the focal point of traditional (or standard) finance researchers involves the objective nature of risk. This traditional finance viewpoint encompasses a quantitative measure of risk (e.g., beta, standard deviation) which is based on a macro-level assessment of risk incorporating all the participants in the financial markets. A fundamental assumption in traditional finance is the linear (positive) relationship between risk and return. In contrast, behavioral finance academics provide an extensive examination in which risk is based on a combination of both subjective and objective factors. The behavioral finance perspective incorporates a qualitative aspect of risk (e.g., the influence of cognitive issues and emotional factors) that is highly significant if on a micro level it is acknowledged that the decision maker is an essential aspect of defining and understanding risk. An emerging topic of interest and exploration by researchers in the behavioral finance camp has been the assessment of an inverse (negative) relationship between perceived risk and expected return (perceived gain). Ultimately, financial and investment risk is a situational, multidimensional judgment process that is dependent on the specific characteristics of the investment product or financial service.
risk, uncertainty, objective risk, subjective risk, risk perception, perceived risk, risk-taking behavior, standard finance, behavioral finance, behavioral economics, financial psychology, modern portfolio theory, standard deviation, variance, semivariance, beta, capital asset pricing model
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