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Does Social Conformity Influence Portfolio Choice Evidence From 401k Allocations
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Book Synopsis Does Social Conformity Influence Portfolio Choice? Evidence from 401(K) Allocations by : Charles Favreau
Download or read book Does Social Conformity Influence Portfolio Choice? Evidence from 401(K) Allocations written by Charles Favreau and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial researchers agree that allocating money to employer stock in a 401(k) plan is a poor strategy, yet many employees do so. Not only does this investment strategy bear unrewarded idiosyncratic risk, but it also correlates employees' retirement portfolios with their human capital. I find evidence that social conformity contributes to this selection. Specifically, the percentage allocated to company stock by employees in the 401(k) plan is positively related to both the net open-market purchases of company stock by management and the percentage of the defined benefits plan invested in company stock. Surprisingly, the allocation to company stock in 401(k) plans increases with investment in employee stock ownership plans (ESOPs), which are a dominant substitute since they often offer stock at a discount. Lastly, I provide additional support for the social conformity hypothesis through interaction tests. The relationship between employees and management is influenced by geographic dispersion and trust within the firm -- two factors that alter group cohesion and, in turn, social conformity.
Book Synopsis Do Peer Effects Influence Portfolio Choice? Evidence from 401(k) Allocations by : Charles Matthew Favreau
Download or read book Do Peer Effects Influence Portfolio Choice? Evidence from 401(k) Allocations written by Charles Matthew Favreau and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial researchers agree that allocating money to employer stock in a 401(k) plan is a poor strategy, yet many employees do so. Not only does this investment strategy bear unrewarded idiosyncratic risk, but it also correlates employees' retirement portfolios with their human capital. I find evidence that this selection is influenced by the investment preferences of peers, which includes both management at the firm and employees at other firms headquartered in the same city. Specifically, the percentage allocated to company stock by employees in the 401(k) plan is positively related to both the net open-market purchases of company stock by management and the average allocation to company stock in 401(k) plans by employees at other firms headquartered in the same city. Surprisingly, the allocation to company stock in 401(k) plans increases with investment in employee stock ownership plans (ESOPs), which are a dominant substitute since they often offer stock at a discount. To identify the cause of this relationship between employees and management, I provide additional support for the peer effects hypothesis through interaction tests. The relationship between employees and management is influenced by distance between peers and trust within the firm - two factors that alter group cohesion and, in turn, the effect of peer influence. These results are robust to size of the firm and also exist for the subsample of firms that have only made matching contributions in cash. Consistent with our understanding of the inertia that exists in employee investment decisions, employee allocations to company stock are influenced for many years by management's initial investment choices made near the time of going public. Lastly, alternative methodologies, including propensity score matched samples and panel regressions, yield the same conclusions.
Book Synopsis Behavioralizing Finance by : Hersh Shefrin
Download or read book Behavioralizing Finance written by Hersh Shefrin and published by Now Publishers Inc. This book was released on 2010 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioralizing Finance provides a structured approach to behavioral finance in respect to underlying psychological concepts, formal framework, testable hypotheses, and empirical findings.
Book Synopsis Policy and Choice by : William J. Congdon
Download or read book Policy and Choice written by William J. Congdon and published by Brookings Institution Press. This book was released on 2011 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
Book Synopsis Inside the Investor's Brain by : Richard L. Peterson
Download or read book Inside the Investor's Brain written by Richard L. Peterson and published by John Wiley & Sons. This book was released on 2011-01-11 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unique insights into how the mind of an investor operates and how developing emotional awareness leads to long-term success Inside the Investor's Brain provides readers with specific techniques for understanding their financial psychology, so that they can improve their own performance and learn how to outsmart other investors. Chapter by chapter, author Richard Peterson addresses various mental traps and how they play a role in investing. Through examples, such as a gambling experiment with playing cards, the author shows readers how being aware of the subconscious can separate the smart investors from the average ones. This book also contains descriptions of the work of neuroscientists, financial practitioners, and psychologists, offering an expert's view into the mind of the market. Innovative and accessible, Inside the Investor's Brain gives investors the tools they need to better understand how emotions and mental biases affect the way they manage money and react to market moves.
Download or read book World Development Report 1978 written by and published by World Bank Publications. This book was released on 1978 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first report deals with some of the major development issues confronting the developing countries and explores the relationship of the major trends in the international economy to them. It is designed to help clarify some of the linkages between the international economy and domestic strategies in the developing countries against the background of growing interdependence and increasing complexity in the world economy. It assesses the prospects for progress in accelerating growth and alleviating poverty, and identifies some of the major policy issues which will affect these prospects.
Book Synopsis Handbook of Financial Markets: Dynamics and Evolution by : Thorsten Hens
Download or read book Handbook of Financial Markets: Dynamics and Evolution written by Thorsten Hens and published by Elsevier. This book was released on 2009-06-12 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: The models of portfolio selection and asset price dynamics in this volume seek to explain the market dynamics of asset prices. Presenting a range of analytical, empirical, and numerical techniques as well as several different modeling approaches, the authors depict the state of debate on the market selection hypothesis. By explicitly assuming the heterogeneity of investors, they present models that are descriptive and normative as well, making the volume useful for both finance theorists and financial practitioners. - Explains the market dynamics of asset prices, offering insights about asset management approaches - Assumes a heterogeneity of investors that yields descriptive and normative models of portfolio selections and asset pricing dynamics
Book Synopsis Handbook of Behavioral Industrial Organization by : Victor J. Tremblay
Download or read book Handbook of Behavioral Industrial Organization written by Victor J. Tremblay and published by Edward Elgar Publishing. This book was released on 2018 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
Author :United States. Congress. Joint Committee on Taxation Publisher :Joint Committee on Taxation ISBN 13 : Total Pages :450 pages Book Rating :4.F/5 ( download)
Book Synopsis Options to Improve Tax Compliance and Reform Tax Expenditures by : United States. Congress. Joint Committee on Taxation
Download or read book Options to Improve Tax Compliance and Reform Tax Expenditures written by United States. Congress. Joint Committee on Taxation and published by Joint Committee on Taxation. This book was released on 2005 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Describes proposals to to reduce the size of the Federal tax gap by curtaling tax shelters, closing unintended loopholes, addressing other areas of noncompliance with current tax law, and reforming certain areas of tax expenditures.
Book Synopsis Handbook of Consumer Finance Research by : Jing Jian Xiao
Download or read book Handbook of Consumer Finance Research written by Jing Jian Xiao and published by Springer. This book was released on 2016-05-30 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of the authoritative resource summarizes the state of consumer finance research across disciplines for expert findings on—and strategies for enhancing—consumers’ economic health. New and revised chapters offer current research insights into familiar concepts (retirement saving, bankruptcy, marriage and finance) as well as the latest findings in emerging areas, including healthcare costs, online shopping, financial therapy, and the neuroscience behind buyer behavior. The expanded coverage also reviews economic challenges of diverse populations such as ethnic groups, youth, older adults, and entrepreneurs, reflecting the ubiquity of monetary issues and concerns. Underlying all chapters is the increasing importance of financial literacy training and other large-scale interventions in an era of economic transition. Among the topics covered: Consumer financial capability and well-being. Advancing financial literacy education using a framework for evaluation. Financial coaching: defining an emerging field. Consumer finance of low-income families. Financial parenting: promoting financial self-reliance of young consumers. Financial sustainability and personal finance education. Accessibly written for researchers and practitioners, this Second Edition of the Handbook of Consumer Finance Research will interest professionals involved in improving consumers’ fiscal competence. It also makes a worthwhile text for graduate and advanced undergraduate courses in economics, family and consumer studies, and related fields.
Book Synopsis Financial Literacy in Europe by : Gianni Nicolini
Download or read book Financial Literacy in Europe written by Gianni Nicolini and published by Routledge. This book was released on 2019-01-23 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are people ready to take pivotal financial decisions like choosing a mortgage, saving for retirement, or investing their savings? How does the degree of knowledge about financial products and services affect the quality of their choices? Can financial fraud be prevented by increasing consumer financial knowledge? Financial Literacy in Europe addresses these important questions and more. In the first part, the author investigates the concept of financial literacy by analyzing its components and comparing different definitions from previous studies. This then forms a comprehensive measure of financial literacy to be applied in empirical studies that analyze the role of financial literacy in explaining consumers’ financial behaviors. In the second part of the study, the author uses brand new data collected by the Consumer Finance Research Center (CFRC) from several European countries (the UK, Germany, France, Italy, Sweden, and Spain) to assess financial literacy in Europe and highlight similarities and differences across countries. Filling an important gap in previous research, the author develops a rigorous approach in the measurement of financial literacy in order to examine European financial literacy issues in great detail. This book, therefore, is a useful resource for assessing the effectiveness of single financial education programs or planning national strategies on financial education. It can also support policy makers in developing financial regulation and consumer protection strategies, considering the consumer perspective and their ability to deal with financial markets and institutions.
Book Synopsis The New Financial Order by : Robert J. Shiller
Download or read book The New Financial Order written by Robert J. Shiller and published by Princeton University Press. This book was released on 2009-02-09 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.
Book Synopsis Financing Social Protection by : Michael Cichon
Download or read book Financing Social Protection written by Michael Cichon and published by International Labour Organization. This book was released on 2004 with total page 702 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication considers the range of financing options available for the design of cost-effective and equitable social welfare systems, giving a thorough analysis of their advantages and disadvantages and their financial and economic implications. Written by practitioners for practitioners, the book discusses the design and maintenance of national social protection systems that seek to ensure effective and efficient use of available resources at the community, national and international levels while supporting long-term economic development. The book explores theoretical and practical policy questions, as well as looking at the policy process that determines the affordable levels of and scope of social protection in a given country.
Book Synopsis Single Best Investment by : Lowell Miller
Download or read book Single Best Investment written by Lowell Miller and published by Adams Media. This book was released on 1999-04-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: The perfect book for investors shaken by recent market turbulence. Investment professional Miller shows how to invest and profit from long-term stocks without anxiety.
Book Synopsis Regulatory Capitalism by : John Braithwaite
Download or read book Regulatory Capitalism written by John Braithwaite and published by Edward Elgar Publishing. This book was released on 2008 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this sprawling and ambitious book John Braithwaite successfully manages to link the contemporary dynamics of macro political economy to the dynamics of citizen engagement and organisational activism at the micro intestacies of governance practices. This is no mean feat and the logic works. . . Stephen Bell, The Australian Journal of Public Administration Everyone who is puzzled by modern regulocracy should read this book. Short and incisive, it represents the culmination of over twenty years work on the subject. It offers us a perceptive and wide-ranging perspective on the global development of regulatory capitalism and an important analysis of points of leverage for democrats and reformers. Christopher Hood, All Souls College, Oxford, UK It takes a great mind to produce a book that is indispensable for beginners and experts, theorists and policymakers alike. With characteristic clarity, admirable brevity, and his inimitable mix of description and prescription, John Braithwaite explains how corporations and states regulate each other in the complex global system dubbed regulatory capitalism. For Braithwaite aficionados, Regulatory Capitalism brings into focus the big picture created from years of meticulous research. For Braithwaite novices, it is a reading guide that cannot fail to inspire them to learn more. Carol A. Heimer, Northwestern University, US Reading Regulatory Capitalism is like opening your eyes. John Braithwaite brings together law, politics, and economics to give us a map and a vocabulary for the world we actually see all around us. He weaves together elements of over a decade of scholarship on the nature of the state, regulation, industrial organization, and intellectual property in an elegant, readable, and indispensable volume. Anne-Marie Slaughter, Princeton University, US Encyclopedic in scope, chock full of provocative even jarring claims, Regulatory Capitalism shows John Braithwaite at his transcendental best. Ian Ayres, Yale Law School, Yale University, US Contemporary societies have more vibrant markets than past ones. Yet they are more heavily populated by private and public regulators. This book explores the features of such a regulatory capitalism, its tendencies to be cyclically crisis-ridden, ritualistic and governed through networks. New ways of thinking about resultant policy challenges are developed. At the heart of this latest work by John Braithwaite lies the insight by David Levi-Faur and Jacint Jordana that the welfare state was succeeded in the 1970s by regulatory capitalism. The book argues that this has produced stronger markets, public regulation, private regulation and hybrid private/public regulation as well as new challenges such as a more cyclical quality to crises of market and governance failure, regulatory ritualism and markets in vice. However, regulatory capitalism also creates opportunities for better design of markets in virtue such as markets in continuous improvement, privatized enforcement of regulation, open source business models, regulatory pyramids with networked escalation and meta-governance of justice. Regulatory Capitalism will be warmly welcomed by regulatory scholars in political science, sociology, history, economics, business schools and law schools as well as regulatory bureaucrats, policy thinkers in government and law and society scholars.
Book Synopsis Bounded Rationality by : Sanjit Dhami
Download or read book Bounded Rationality written by Sanjit Dhami and published by MIT Press. This book was released on 2022-07-12 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”
Book Synopsis Stock-market Psychology by : Karl Erik W‹rneryd
Download or read book Stock-market Psychology written by Karl Erik W‹rneryd and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Stock-Market Psychology gives an excellent overview of the state-of-the-art literature on this subject in the fields of economics, psychology and finance. . . a comprehensive overview of the behavior of investors in the stock market. As such, this book is valuable for the classroom. . . Stock-Market Psychology provides researchers with numerous ideas for future research and readers with useful and fun tips without taking away our hopes of ever becoming rich from investing in stocks. What more is there to ask from a book?' - Joost M.E. Pennings, Journal of Economic Psychology 'George Goodman (Adam Smith) once wrote, "you can find out who you are by investing in the stock market, but it will be an expensive lesson". It is far smarter and cheaper to read Wärneryd's book instead. At a time when global stock markets are driven by emotions and passions, and are highly volatile, Chapter Six will tell you why, far better than a hundred analysts' reports.' - Shlomo Maital, TIM-Technion Institute of Management and the Samuel Neaman Institute for Advanced Studies in Science and Technology, Israel The rationale behind how people value and trade stocks is of unparalleled interest to governments, companies and other participants in stock markets. The book focuses on the way in which investors process information and form expectations about future gains. It argues that humans fall short of the perfect information processing required by theory, and that their expectations are based on more than just future company earnings.
