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Article

Behavioral Finance Lessons for Asset Managers

Meir Statman
The Journal of Portfolio Management Summer 2018, 44 (7) 135-147; DOI: https://doi.org/10.3905/jpm.2018.44.7.135
Meir Statman
is the Glenn Klimek Professor of Finance in the Leavey School of Business at Santa Clara University in Santa Clara, CA. mstatman@scu.edu
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Abstract

Typical asset managers operate within standard finance, wherein investors are described as rational, or within the first generation of behavioral finance, wherein they are described as irrational. Asset managers do well, however, to operate within the second generation of behavioral finance, presented briefly here and in detail in the author’s book Finance for Normal People. That generation describes investors as normal, with a wide range of normal wants, such as hope for riches and freedom from the fear of poverty, being true to values, and gaining high social status. Asset managers who enter the second generation of behavioral finance understand the importance of marketing in identifying investors’ wants, and they understand the importance of educating investors about financial facts and human behavior and helping them avoid errors on the way to satisfying wants.

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The Journal of Portfolio Management: 44 (7)
The Journal of Portfolio Management
Vol. 44, Issue 7
Summer 2018
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Behavioral Finance Lessons for Asset Managers
Meir Statman
The Journal of Portfolio Management Jul 2018, 44 (7) 135-147; DOI: 10.3905/jpm.2018.44.7.135

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Behavioral Finance Lessons for Asset Managers
Meir Statman
The Journal of Portfolio Management Jul 2018, 44 (7) 135-147; DOI: 10.3905/jpm.2018.44.7.135
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  • Article
    • Abstract
    • STANDARD FINANCE AND THE FIRST AND SECOND GENERATIONS OF BEHAVIORAL FINANCE
    • MARKETING ASSET MANAGEMENT
    • COGNITIVE SHORTCUTS AND ERRORS
    • EMOTIONAL SHORTCUTS AND ERRORS
    • CORRECTING COGNITIVE AND EMOTIONAL ERRORS
    • THE MARKETING MODEL OF ASSET MANAGERS
    • CONCLUSION
    • REFERENCES
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More in this TOC Section

  • Introduction: Special Issue on Multi-Asset Strategies
  • INVITED EDITORIAL COMMENT: Order from Chaos: How Data Science Is Revolutionizing Investment Practice
  • INVITED EDITORIAL COMMENT: What We Still Have to Learn from the Credit Collapse (and Other Market Crises)
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