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Informationen zum Autor Thorsten Hens! born in Germany 1961! is SFI Professor of Financial Economics at the University of Zurich's Swiss Banking Institute! a Fellow of CEPR and Adjunct Professor of Finance at the Norwegian Business School in Bergen. He studied at Bonn and Paris and held professorships in Stanford! Bielefeld and Zurich. Since 2007 he is the Director of the Swiss Banking Institute and since 2003 the scientific coordinator of NCCR-Finrisk. His research areas are -- among others -- behavioural and evolutionary finance. Thorsten Hens is ranked among the top 10 economics professors in the German spoken area (Germany! Switzerland and Austria). In researching how investors make their decisions! Professor Hens draws on work in psychology and applies insights from biology in order to understand the dynamics of financial markets. His consulting experience includes application of behavioural finance for private banking and evolutionary finance for asset management.Kremena Bachmann! born in Bulgaria in 1976! currently holds a postdoctoral position at the University of Zurich's Swiss Banking Institute. She received an MS in Finance from the University of St. Gallen (HSG) and a PhD in Finance from the University of Zurich! where she held a research position at the Institute for Empirical Research in Economics. Her research interests are behavioural finance and investment management. Mrs. Bachmann worked on different projects for Credit Suisse Asset Management and Bank Wegelin. Her teaching experience includes lectures on behavioural finance and wealth management at the University of Zurich and the Swiss Training Centre for Investment Professionals (AZEK). Klappentext Behavioural Finance for Private Banking provides advisors of private clients with both the appropriate framework for their task as well as a collection of practical tools to support their work.The book begins with a brief introduction to the current challenges of the private banking industry before identifying the foundations of behavioural finance - decision theory. The book addresses the many psychological traps (behavioural biases) that are commonly observed along a typical decision-making process and in particular! how these biases differ across different cultures! something which is of vital importance for any bank offering private banking services worldwide. The authors then show how to integrate these insights into a tool of highly practical relevance - a risk profiler. The book also covers structured products - and how to evaluate them both from an expected utility theory perspective and from a prospect theory point of view. Moreover! the authors explain how to design structured! tailor-made products for private clients. The dynamics of investing are then explored by demonstrating which investor will rebalance their portfolio during the course of investments and which one will take their profits or increase risks providing a foundation for common investment advice like the age rule. The book concludes with wealth management showing how a typical advisory process should be structured to make the best use of the services the bank can offer! integrating personal asset-liability management! life cycle aspects! a risk profiler! a strategy implementation! and a well-suited documentation.In particular! readers will learn:* How to assess the client's risk profile;* How to find an optimal asset allocation according to client's risk profile;* Which investment products are optimal from client's perspective;* When it is wise to rebalance the portfolio during the course of investments! and when it is better to take the profits or to increase the risks;* The foundation of some commonly used rules of thumb and when are they wrong;* How to adjust the asset allocation over the life cycleA balance is made throughout the book between written explanations! examples! and case studies! with the use of some mathematics to deepen ...
