Investors can use leverage to increase the returns and profit of an investment. The so-called Kelly criterion is traditionally used to determine the optimal leverage factor for maximizing an investor’s absolute wealth. However, using the Kelly criterion may lead to too risky decisions for rational investors without log utility, rendering it not applicable for risk averse investors. Further, investor success is more often than not evaluated as the relative performance against a benchmark, making the case for maximizing relative wealth rather than absolute wealth. We propose a risk-adjusted Kelly criterion based on quadratic utility for maximizing the investors’ wealth relative to a generic reference. Our model enables us to derive the optimal leverage decision for rational investors seeking to maximize relative wealth given investor risk aversion, thereby allowing risk averse investors to benefit from leverage. Quadratic utility also enables optimizing of leverage independent of the returns-density-function assumption so that the skewness and kurtosis of asset returns do not violate the assumptions of the model. Our findings demonstrate the rationale for risk averse investors to use leverage in maximizing relative wealth. Our study provides useful understanding of relative wealth accumulation using leverage and the role of risk aversion.
{"title":"Maximizing Relative Wealth Using Leverage: The Role of Risk Aversion","authors":"Christian Lundström Tjurhufvud, J. Peltomäki","doi":"10.2139/ssrn.3869589","DOIUrl":"https://doi.org/10.2139/ssrn.3869589","url":null,"abstract":"Investors can use leverage to increase the returns and profit of an investment. The so-called Kelly criterion is traditionally used to determine the optimal leverage factor for maximizing an investor’s absolute wealth. However, using the Kelly criterion may lead to too risky decisions for rational investors without log utility, rendering it not applicable for risk averse investors. Further, investor success is more often than not evaluated as the relative performance against a benchmark, making the case for maximizing relative wealth rather than absolute wealth. We propose a risk-adjusted Kelly criterion based on quadratic utility for maximizing the investors’ wealth relative to a generic reference. Our model enables us to derive the optimal leverage decision for rational investors seeking to maximize relative wealth given investor risk aversion, thereby allowing risk averse investors to benefit from leverage. Quadratic utility also enables optimizing of leverage independent of the returns-density-function assumption so that the skewness and kurtosis of asset returns do not violate the assumptions of the model. Our findings demonstrate the rationale for risk averse investors to use leverage in maximizing relative wealth. Our study provides useful understanding of relative wealth accumulation using leverage and the role of risk aversion.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131494832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We propose a measure of investors’ climate sentiment by performing sentiment analysis on StockTwits posts on climate change and global warming. We find that investors’ climate sentiment generates a mispricing in the Emission-minus-Clean (EMC) portfolio (Choi et al.,2020), the portfolio that invests in emission stocks and goes short on clean stocks. Specifically, when investors share a positive attitude towards climate change, they tend to overvalue the negative externalities produced by emission stocks. Moreover, we show that carbon prices area successful incentive to reduce CO2 emissions. Finally, a portfolio strategy that uses information on investors’ climate sentiment and carbon prices generates a return of 9.77% annually.
我们通过对StockTwits上关于气候变化和全球变暖的帖子进行情绪分析，提出了一种衡量投资者气候情绪的方法。我们发现投资者的气候情绪导致了排放减清洁(EMC)投资组合的错误定价(Choi et al.，2020)，该投资组合投资于排放股并做空清洁股。具体而言，当投资者对气候变化持积极态度时，他们倾向于高估排放股产生的负外部性。此外，我们表明碳价格是减少二氧化碳排放的成功激励。最后，利用投资者气候情绪和碳价格信息的投资组合策略每年产生9.77%的回报。
{"title":"Investors' Climate Sentiment and Financial Markets","authors":"Caterina Santi","doi":"10.2139/ssrn.3697581","DOIUrl":"https://doi.org/10.2139/ssrn.3697581","url":null,"abstract":"We propose a measure of investors’ climate sentiment by performing sentiment analysis on StockTwits posts on climate change and global warming. We find that investors’ climate sentiment generates a mispricing in the Emission-minus-Clean (EMC) portfolio (Choi et al.,2020), the portfolio that invests in emission stocks and goes short on clean stocks. Specifically, when investors share a positive attitude towards climate change, they tend to overvalue the negative externalities produced by emission stocks. Moreover, we show that carbon prices area successful incentive to reduce CO2 emissions. Finally, a portfolio strategy that uses information on investors’ climate sentiment and carbon prices generates a return of 9.77% annually.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134186982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The paper investigates the relation between retail investors’ participation in trading and aggregate stock market liquidity. The findings show a positive and significant relation between retail investors’ trading and stock market liquidity. Examination of the determinants of retail investors’ trading reveals that, on average, retail investors with more diversified trading activity tend to trade when liquidity is higher, the frequency of their arrival to the market is not affected by the level of liquidity, and retail investors are willing to trade at a lower liquidity level as sellers than as buyers. Moreover, retail investors’ trading does not create price noise at the aggregate market level. Overall, the evidence suggests that retail investors contribute to market quality.
{"title":"Retail Investors’ Trading and Stock Market Liquidity","authors":"M. Abudy","doi":"10.2139/ssrn.3698911","DOIUrl":"https://doi.org/10.2139/ssrn.3698911","url":null,"abstract":"Abstract The paper investigates the relation between retail investors’ participation in trading and aggregate stock market liquidity. The findings show a positive and significant relation between retail investors’ trading and stock market liquidity. Examination of the determinants of retail investors’ trading reveals that, on average, retail investors with more diversified trading activity tend to trade when liquidity is higher, the frequency of their arrival to the market is not affected by the level of liquidity, and retail investors are willing to trade at a lower liquidity level as sellers than as buyers. Moreover, retail investors’ trading does not create price noise at the aggregate market level. Overall, the evidence suggests that retail investors contribute to market quality.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130497316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the effects of a large U.S. hybrid robo-adviser on the portfolios of previously self- directed investors. Across all investors, robo-advising reduces investors’ holdings in money market mutual funds and increases bond holdings. It also reduces idiosyncratic risk by lowering the holdings of individual stocks and US and international active mutual funds and raising exposure to low-cost indexed mutual funds. It further eliminates home bias by significantly increasing international equity and fixed income diversification. Finally — over our sample period — it increases investors’ overall risk-adjusted performance, mainly by lowering investors’ portfolio risk. We use a machine learning algorithm, known as Boosted Regression Trees (BRT), to explain the cross-sectional variation in the effects of advice on portfolio allocations and performance. Investors who benefit from advice are those with little self-directed investment experience on the platform, those with prior high cash holdings, and those with high trading volume before adopting advice. Individuals invested in high-fee active mutual funds also display significant performance gains. Finally, we study the determinants of investors’ sign-up and attrition. Investors who benefit more from robo-advising are also more likely to sign-up and less likely to quit the service.
{"title":"Who Benefits from Robo-advising? Evidence from Machine Learning","authors":"Alberto G. Rossi, Stephen Utkus","doi":"10.2139/ssrn.3552671","DOIUrl":"https://doi.org/10.2139/ssrn.3552671","url":null,"abstract":"We study the effects of a large U.S. hybrid robo-adviser on the portfolios of previously self- directed investors. Across all investors, robo-advising reduces investors’ holdings in money market mutual funds and increases bond holdings. It also reduces idiosyncratic risk by lowering the holdings of individual stocks and US and international active mutual funds and raising exposure to low-cost indexed mutual funds. It further eliminates home bias by significantly increasing international equity and fixed income diversification. Finally — over our sample period — it increases investors’ overall risk-adjusted performance, mainly by lowering investors’ portfolio risk. We use a machine learning algorithm, known as Boosted Regression Trees (BRT), to explain the cross-sectional variation in the effects of advice on portfolio allocations and performance. Investors who benefit from advice are those with little self-directed investment experience on the platform, those with prior high cash holdings, and those with high trading volume before adopting advice. Individuals invested in high-fee active mutual funds also display significant performance gains. Finally, we study the determinants of investors’ sign-up and attrition. Investors who benefit more from robo-advising are also more likely to sign-up and less likely to quit the service.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116364859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper identifies the risk perception of individual investors in Delhi NCR. Investment decision plays a significant role in one`s life and it is affected by various factors, risk perception being one of the most important factor. It is a complex process. As far as risk is concerned, human behaviour has changed drastically over the time and an effort has been made to explore its effect on investment decision. An interview and well-structured questionnaire will be distributed among 352 investors.
{"title":"Effect of Demographic Factors in Investment Decisions of Individual Investors – A Case Study in Delhi NCR","authors":"Aarzoo Sharma","doi":"10.2139/ssrn.3559248","DOIUrl":"https://doi.org/10.2139/ssrn.3559248","url":null,"abstract":"In this paper identifies the risk perception of individual investors in Delhi NCR. Investment decision plays a significant role in one`s life and it is affected by various factors, risk perception being one of the most important factor. It is a complex process. As far as risk is concerned, human behaviour has changed drastically over the time and an effort has been made to explore its effect on investment decision. An interview and well-structured questionnaire will be distributed among 352 investors.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125065959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Behavioral finance presented in this book is the second-generation of behavioral finance. The first generation, starting in the early 1980s, largely accepted standard finance’s notion of people’s wants as “rational” wants—restricted to the utilitarian benefits of high returns and low risk. That first generation commonly described people as “irrational”—succumbing to cognitive and emotional errors and misled on their way to their rational wants. The second generation describes people as normal. It begins by acknowledging the full range of people’s normal wants and their benefits—utilitarian, expressive, and emotional—distinguishes normal wants from errors, and offers guidance on using shortcuts and avoiding errors on the way to satisfying normal wants. People’s normal wants include financial security, nurturing children and families, gaining high social status, and staying true to values. People’s normal wants, even more than their cognitive and emotional shortcuts and errors, underlie answers to important questions of finance, including saving and spending, portfolio construction, asset pricing, and market efficiency.
{"title":"Behavioral Finance: The Second Generation","authors":"M. Statman","doi":"10.2139/ssrn.3668963","DOIUrl":"https://doi.org/10.2139/ssrn.3668963","url":null,"abstract":"Behavioral finance presented in this book is the second-generation of behavioral finance. The first generation, starting in the early 1980s, largely accepted standard finance’s notion of people’s wants as “rational” wants—restricted to the utilitarian benefits of high returns and low risk. That first generation commonly described people as “irrational”—succumbing to cognitive and emotional errors and misled on their way to their rational wants. The second generation describes people as normal. It begins by acknowledging the full range of people’s normal wants and their benefits—utilitarian, expressive, and emotional—distinguishes normal wants from errors, and offers guidance on using shortcuts and avoiding errors on the way to satisfying normal wants. People’s normal wants include financial security, nurturing children and families, gaining high social status, and staying true to values. People’s normal wants, even more than their cognitive and emotional shortcuts and errors, underlie answers to important questions of finance, including saving and spending, portfolio construction, asset pricing, and market efficiency.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"38 16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120955433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-15DOI: 10.1108/JEFAS-10-2018-0111
R. Isidore, Patrick Christie
Purpose The purpose of this paper is to test the relationship between the annual income earned by the investors and eight behavioural biases exhibited by the investors such as mental accounting, anchoring, gambler’s fallacy, availability, loss aversion, regret aversion, representativeness and overconfidence. Design/methodology/approach The relationship is derived based on a questionnaire survey conducted on 436 secondary equity investors residing in Chennai, India. Findings Analysis of variance test was performed on the normalised and non-normalised version of the biases divided in terms of the annual income earned by the investor. The test found that for the significant biases except the overconfidence bias, the investors with higher annual income were less prone to the biases when compared to investors with lower annual income. On the other hand, with respect to the overconfidence bias, the investors with higher annual income were prone to exhibit overconfidence bias when compared to the investors with lower annual income. Correlation analysis showed that the investors with high annual income were more likely to exhibit higher overconfidence bias but lower representativeness, loss aversion, availability and mental accounting biases. Originality/value A contribution in the financial and economic front which would benefit the financial advisors to now consider the income earned by the clients as an important factor while giving financial advice to the clients and while guiding them about the biases they are prone to exhibit.
{"title":"The Relationship between the Income and Behavioural Biases","authors":"R. Isidore, Patrick Christie","doi":"10.1108/JEFAS-10-2018-0111","DOIUrl":"https://doi.org/10.1108/JEFAS-10-2018-0111","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to test the relationship between the annual income earned by the investors and eight behavioural biases exhibited by the investors such as mental accounting, anchoring, gambler’s fallacy, availability, loss aversion, regret aversion, representativeness and overconfidence.\u0000\u0000\u0000Design/methodology/approach\u0000The relationship is derived based on a questionnaire survey conducted on 436 secondary equity investors residing in Chennai, India.\u0000\u0000\u0000Findings\u0000Analysis of variance test was performed on the normalised and non-normalised version of the biases divided in terms of the annual income earned by the investor. The test found that for the significant biases except the overconfidence bias, the investors with higher annual income were less prone to the biases when compared to investors with lower annual income. On the other hand, with respect to the overconfidence bias, the investors with higher annual income were prone to exhibit overconfidence bias when compared to the investors with lower annual income. Correlation analysis showed that the investors with high annual income were more likely to exhibit higher overconfidence bias but lower representativeness, loss aversion, availability and mental accounting biases.\u0000\u0000\u0000Originality/value\u0000A contribution in the financial and economic front which would benefit the financial advisors to now consider the income earned by the clients as an important factor while giving financial advice to the clients and while guiding them about the biases they are prone to exhibit.\u0000","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124373337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
English Abstract: This study explores the relationships between Korean baby boomers’ retirement preparation and a) subjective financial literacy, b) psychological factors and c) demographic factors. In particular, this study focuses on how imperfect understanding of an economic problems and psychological factors can affect retirement preparation and be associated with inaction.
Psychological factors included future time perspective, aging anxiety, and subjective life expectancy. For demographic factors, education level, number of dependent children, subjective health status, age, gender, and income levels were considered.
Using data collected from the Aging Institute of Seoul National University(n = 2933), this study analyzed how such factors are related to Korean baby boomers’ retirement savings rate, sufficiency of economic preparation, calculation of required retirement funds, and retirement planning and information gathering. Furthermore, Korean baby boomers’ economic preparation behavior was categorized into three types(preparing and sufficient, preparaing but not sufficient, and not preparing) for further analysis of inactive behavior and shortage in economic preparation.
OLS and logistic regression results showed that subjective financial literacy and psychological factors have significant relation to both economic preparation for retirement and retirement planning and information gathering. People with higher subjective financial literacy showed higher level of sufficiency of economic preparation, were more likely to have caclulated required retirement funds, showed less inaction, and tended to be more active in information gathering. People with longer future time perspective and lower aging anxiety were more sufficiently prepared, whereas low subjective life expectancy was highly related to inaction. Demographic factors such as education level, income level, number of dependent children were important predictors of economic preparation. People with bad subjective health status showed inaction behavior, which can be associated with subjective life expectancy via ‘sense of control’.
Korean Abstract: 본 연구는 한국 베이비부머 패널 조사 2014년도 자료를 활용하여 한국 베이비부머의 은퇴 준비 행동이 개인의 주관적 금융이해력과 은퇴 관련 심리적 요인들과 어떤 관계를 갖는지 분석하였다. 특히 은퇴 준비 유형화를 통해 이러한 요인들이 은퇴 준비를 전혀 하지 않는 무대책과 어떤 관련성을 가졌는지 확인하고자 하였다. 은퇴 관련 심리적 요인들로는 주관적 기대수명, 미래 시간 관점, 노화 불안을 중심으로 살펴보았다. 분석 결과, 주관적 금융이해력은 은퇴를 위한 저축 등 경제적 은퇴 준비뿐만 아니라 은퇴 관련 정보 탐색 및 활용과 같은 경제 외적인 은퇴 준비와도 밀접한 관련이 있었다. 주관적 금융이해력이 높은 사람일수록 은퇴 준비를 잘하는 것으로 나타났으며, 주관적 금융이해력이 낮을수록 은퇴 준비를 전혀 하지 않는 무대책 그룹에 속할 가능성이 컸다. 심리적 요인의 경우 미래 시간 관점은 은퇴 준비 행동에 상반된 효과를 나타냈으나 전반적으로 미래를 장기적으로 보고 기회가 많다고 보는 사람일수록 은퇴 준비 수준이 높았으며 무대책의 확률이 낮았다. 노화 불안이 높은 사람일수록 은퇴 준비 수준은 낮았으며 무대책의 확률이 높았다. 한편 주관적 기대수명은 은퇴 준비를 하는지 여부와 관련성이 높았는데, 주관적 기대수명이 짧은 사람들은 은퇴 준비를 전혀 하지 않을 가능성이 컸다. 그 외에도 교육수준, 소득, 비독립 자녀수 등이 경제적 은퇴 준비에 중요한 요인으로 나타났으며 주관적 건강이 나쁜 사람들일수록 은퇴 준비를 전혀 하지 않을 가능성이 큰 것으로 나타났다. 이러한 분석 결과는 완벽한 금융이해력을 가지고 합리적 행동을 한다는 경제학적
{"title":"Subjective Financial Literacy and Psychological Factors on Korea Baby Boomers’ Retirement Preparation (한국 베이비부머의 은퇴 준비와 주관적 금융이해력, 심리적 요인과의 관계)","authors":"Jinho Cho","doi":"10.2139/ssrn.3408647","DOIUrl":"https://doi.org/10.2139/ssrn.3408647","url":null,"abstract":"<b>English Abstract:</b> This study explores the relationships between Korean baby boomers’ retirement preparation and a) subjective financial literacy, b) psychological factors and c) demographic factors. In particular, this study focuses on how imperfect understanding of an economic problems and psychological factors can affect retirement preparation and be associated with inaction.<br><br>Psychological factors included future time perspective, aging anxiety, and subjective life expectancy. For demographic factors, education level, number of dependent children, subjective health status, age, gender, and income levels were considered. <br><br>Using data collected from the Aging Institute of Seoul National University(n = 2933), this study analyzed how such factors are related to Korean baby boomers’ retirement savings rate, sufficiency of economic preparation, calculation of required retirement funds, and retirement planning and information gathering. Furthermore, Korean baby boomers’ economic preparation behavior was categorized into three types(preparing and sufficient, preparaing but not sufficient, and not preparing) for further analysis of inactive behavior and shortage in economic preparation. <br><br>OLS and logistic regression results showed that subjective financial literacy and psychological factors have significant relation to both economic preparation for retirement and retirement planning and information gathering. People with higher subjective financial literacy showed higher level of sufficiency of economic preparation, were more likely to have caclulated required retirement funds, showed less inaction, and tended to be more active in information gathering. People with longer future time perspective and lower aging anxiety were more sufficiently prepared, whereas low subjective life expectancy was highly related to inaction. Demographic factors such as education level, income level, number of dependent children were important predictors of economic preparation. People with bad subjective health status showed inaction behavior, which can be associated with subjective life expectancy via ‘sense of control’.<br><br><b>Korean Abstract:</b> 본 연구는 한국 베이비부머 패널 조사 2014년도 자료를 활용하여 한국 베이비부머의 은퇴 준비 행동이 개인의 주관적 금융이해력과 은퇴 관련 심리적 요인들과 어떤 관계를 갖는지 분석하였다. 특히 은퇴 준비 유형화를 통해 이러한 요인들이 은퇴 준비를 전혀 하지 않는 무대책과 어떤 관련성을 가졌는지 확인하고자 하였다. 은퇴 관련 심리적 요인들로는 주관적 기대수명, 미래 시간 관점, 노화 불안을 중심으로 살펴보았다.<br>분석 결과, 주관적 금융이해력은 은퇴를 위한 저축 등 경제적 은퇴 준비뿐만 아니라 은퇴 관련 정보 탐색 및 활용과 같은 경제 외적인 은퇴 준비와도 밀접한 관련이 있었다. 주관적 금융이해력이 높은 사람일수록 은퇴 준비를 잘하는 것으로 나타났으며, 주관적 금융이해력이 낮을수록 은퇴 준비를 전혀 하지 않는 무대책 그룹에 속할 가능성이 컸다. 심리적 요인의 경우 미래 시간 관점은 은퇴 준비 행동에 상반된 효과를 나타냈으나 전반적으로 미래를 장기적으로 보고 기회가 많다고 보는 사람일수록 은퇴 준비 수준이 높았으며 무대책의 확률이 낮았다. 노화 불안이 높은 사람일수록 은퇴 준비 수준은 낮았으며 무대책의 확률이 높았다. 한편 주관적 기대수명은 은퇴 준비를 하는지 여부와 관련성이 높았는데, 주관적 기대수명이 짧은 사람들은 은퇴 준비를 전혀 하지 않을 가능성이 컸다. 그 외에도 교육수준, 소득, 비독립 자녀수 등이 경제적 은퇴 준비에 중요한 요인으로 나타났으며 주관적 건강이 나쁜 사람들일수록 은퇴 준비를 전혀 하지 않을 가능성이 큰 것으로 나타났다. <br>이러한 분석 결과는 완벽한 금융이해력을 가지고 합리적 행동을 한다는 경제학적 ","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129123186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-11-15DOI: 10.4172/2168-9601.1000261
Sterling Raskie
The aging US population increases the need for caregiving for this expanding demographic. People with or without long-term care insurance will still need care from professional caregivers or family. Caregiving from family members, while having some rewards, may cause stress and depression that leads to overall poorer quality of life for caregivers. The paper starts with a focus on defining and observing caregiver stress, as well as its symptoms and effects. The paper transitions to a guide for consumers and financial advisors, giving recommendations and resources beneficial for assisting consumers in the caregiver role and in need of help.
{"title":"Managing the Stress of Caregiving: A Guide for Consumers and Financial Advisors","authors":"Sterling Raskie","doi":"10.4172/2168-9601.1000261","DOIUrl":"https://doi.org/10.4172/2168-9601.1000261","url":null,"abstract":"The aging US population increases the need for caregiving for this expanding demographic. People with or without long-term care insurance will still need care from professional caregivers or family. Caregiving from family members, while having some rewards, may cause stress and depression that leads to overall poorer quality of life for caregivers. The paper starts with a focus on defining and observing caregiver stress, as well as its symptoms and effects. The paper transitions to a guide for consumers and financial advisors, giving recommendations and resources beneficial for assisting consumers in the caregiver role and in need of help.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131443822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Academics and financial experts advocate for the abolition of cash money. By this, individuals cannot withdraw money from the bank when interest rates become negative. Further arguments claim that cash money is solely used for tax evasion and criminal acts. However, not all agree. Some argue that such claims should not be made without a deeper understanding of consumers’ preferences. While some research exists regarding consumers’ payment habits, a study regarding the attitude to a cashless world or a world with cash is missing. To fill this gap, this study reports findings from a study of 24 countries on four continents. Cash payment habits were assessed, and respondents revealed their opinions about their preference for cash. These preferences could be ascribed to cultural differences, gender, and age. The overall framework was dominated by the notion of psychological ownership, which lets individuals prefer tangible cash.
{"title":"They Still Want to Have Cash - A Case of Psychological Ownership","authors":"Theo Lieven","doi":"10.2139/ssrn.3888666","DOIUrl":"https://doi.org/10.2139/ssrn.3888666","url":null,"abstract":"Academics and financial experts advocate for the abolition of cash money. By this, individuals cannot withdraw money from the bank when interest rates become negative. Further arguments claim that cash money is solely used for tax evasion and criminal acts. However, not all agree. Some argue that such claims should not be made without a deeper understanding of consumers’ preferences. While some research exists regarding consumers’ payment habits, a study regarding the attitude to a cashless world or a world with cash is missing. To fill this gap, this study reports findings from a study of 24 countries on four continents. Cash payment habits were assessed, and respondents revealed their opinions about their preference for cash. These preferences could be ascribed to cultural differences, gender, and age. The overall framework was dominated by the notion of psychological ownership, which lets individuals prefer tangible cash.","PeriodicalId":358728,"journal":{"name":"FinPlanRN: Client Psychology (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131435601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：