Trust is essential to whether individuals prepare for retirement, people born with the "warrior gene" will take more risks, and an individual may be more likely to hold on to a money-losing investment if he or she bought it themselves rather than inherited it, according to a new book, Investor Behavior: the Psychology of Financial Planning and Investing.
The edited volume explores research on several aspects of behavioral finance and examines the role of psychology, sociology, neurology and other related fields in how and why people behave around money.
The 30 chapters of Investor Behavior, written by practitioners and academics, include topics such as personality traits; demographic and socioeconomic factors of investors, the effect of religion on financial and investing decisions; neurofinance; post-crisis investor behavior; and money and happiness.
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The research tries to explain why financial decisions are not always rational, are often filled with emotion, and can be very predictable.
Compiled for financial planners and investment professionals, the book was edited by two finance professors, H.Kent Baker of American University's Kogod School of Business and Victor Ricciardi of Goucher College.
The book was published by Wiley as part of the Wiley Finance Series.
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