押题行为金融第三个reading 1.2

嗨，努力学习的PZer你好：

同学可能把几个知识点放到一起混淆了哈

1

这道题考查的知识点，是说针对不同的投资者分类，投资顾问建议的教育沟通方式，结论是：当向 emotional 的投资者提供建议时，顾问应着重解释正在创建的投资方案如何影响诸如财务安全、退休或未来几代人的问题，而不是专注于标准偏差和夏普比率等定量细节。量化措施对有 cognitive bias 的投资者来说效果更好

请参考原版书 P117 "When advising emotionally biased investors, advisers should focus on explaining how the investment program being created affects such issues as financial security, retirement, or future generations rather than focusing on such quantitative details as standard deviations and Sharpe ratios. Quantitative measures work better with cognitively biased investors."

2

而同学说的 "michael donnelly也不能通过education来纠正啊？"，

我猜测同学说的是另一个知识点 "Behaviorally Modified Asset Allocation"，在基础班讲义 P113

结论是：在资产配置过程中，moderate 或 adapt 客户的行为偏差的决定，从根本上取决于客户表现出的行为偏差的类型。具体来说，表现出 cognitive bias 的客户应该被 moderate，而表现出 emotional bias 的客户应该被 adapt

请参考原版书 P88 "The decision to moderate or adapt to a client’s behavioral biases during the asset allocation process depends fundamentally on the type of behavioral bias the client exhibits. Specifically, clients exhibiting cognitive errors should be moderated, and those exhibiting emotional biases should be adapted to."

3

还有一个知识点：传统风险容忍度调查问卷的限制 "Limitations of Traditional Risk Tolerance Questionnaires"，请参考基础班讲义 P134

从行为金融学的角度来看，与个人投资者相比，风险容忍度问卷作为机构投资者的诊断工具可能效果更好

这种差异是因为，机构投资者熟悉均值-方差优化并思考风险问题。对他们来说，风险分析是一个认知的过程 "cognitive process"

个人投资者更可能对风险是从感觉上去理解，对他们来说，风险分析是一个情感过程 "emotional process"

因此，风险容忍度调查表可能会对有 emotional bias 的人不管用 "risk tolerance questionnaires may fail emotionally biased individuals."

请参考原版书 P123

"Individual investors are more likely to have feelings about risk, and for them risk analysis is an emotional process. Thus, risk tolerance questionnaires may fail emotionally biased individuals."

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