Principles of financesection 1chapter 7capital asset. The favorable reception of portfolio management formulas exceeded even the greatest expectation i ever had for the book. List of books and articles about maslows hierarchy of needs. Jan 05, 2018 in finance, the capital asset pricing model capm is used to determine a theoretically appropriate required rate of return of an asset, if that asset is to be added to an already welldiversified portfolio, given that assets nondiversifiable risk. A coherent approach to strategic asset allocation by philippe j. This proposal could be also an alternative concept to the behavioural portfolio theory. I conceive this lack of sound facts to be due primarily to the absence of a valid theory of motivation. The study intends to identify personal characteristics that drive the level of diversification and lead investors to allocate resources in risky assets in an emergent economy, deepening the discussion about investment decisions and bringing some behavioral insights to the debate. All knowledge and much more is also in my academic paper thinking coherently, and the papers referenced there, but these papers are much less readable for the nonmathematically trained reader. Maslows hierarchy of needs wikimili, the best wikipedia. Arguably the best known example of such a characteristic is selfactualization, an innate motivating force unique to the human species. An alternative formulation of the behavioural portfolio theory, and was first observed in behavioural finance and decision making in financial markets.
Maslowian portfolio theory, the author adds abframework that puts. Leading from the future as it emergesthe social technology of presencing. I proposed a new theory, that is an alteration to markovitz nobel prize winning theory of 1952. He modified the existing portfolios theories so that they could take into account the maslovs hierarchy of needs. The result is a new normative portfolio theory which confirms behavioural portfolio theory, draws attention to the importance of assetliability matching, and offers a natural framework for investoradviser dialogue and mathematical portfolio optimization. This best portfolio management book is not only a conglomeration of insights about how to multiple your return, but it is also the combination of great insights of finance, strategy, asset allocation, investment and management. Although mpt is widely used in practice in the financial industry and several of its creators won a nobel memorial prize 1.
Numerous and frequentlyupdated resource results are available from this search. Society for organizational learning, 2007, xxiv, 533 pages. Finance addresses the ways in which individuals and organizations raise and allocate monetary resources over time, taking into account the risks entailed in their projects. Empirical tests show market anomalies like the size and value effect that cannot be explained by the capm 9. Maslows most popular book is toward a psychology of being. Maslowian portfolio theory an study the impact on investment advice. Sustainability free fulltext maslow portfolio selection for.
Time to question the concept of systematic risk seeking. This alternative formulation, called maslowian portfolio theory mapt, yields the same results but adds some interesting insight and practical applications for the financial advisor. In finance, the capital asset pricing model capm is a model used to determine a theoretically appropriate required rate of return of an asset, to make decisions about adding assets to a welldiversified portfolio. J lowry, it was an assembly of eight articles that were written by maslow and his research on humans and the character structure. Time to question the concept of systematic risk seeking alpha. Search portfolio from our rareoutofprint book search system. Thinking coherently for everyone vlerick business school. A leader in the school of humanistic psychology, maslow is best known for his theory of human motivation, which led to a therapeutic. The model takes into account the assets sensitivity to nondiversifiable risk also known as systematic risk or market risk. Maslowian portfolio theory 852 words no match in snippet view article find links to article maslowian portfolio theory mapt creates a normative portfolio theory based on human needs as described by abraham maslow. Risk aversion and lifecycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Samuelson 38 years before and had remained unsolved until then.
With maslowian portfolio theory the author adds a framework that puts emphasis on needs and in a natural way brings hierarchy in the goals as well as makes sure that no goals are missed. However, formatting rules can vary widely between applications and fields of interest or study. Maslows hierarchy of needs, represented as a pyramid with the more basic needs at the bottom. The main idea is that the investment goal is the most important parameter in order to decide on investmentsnot the investors psychology. Another theoretical concept which includes not only the hierarchy of needs but the. As the name suggests, humanistic theory concerns itself with characteristics which are distinctly human. Asset allocation, valuation, portfolio construction, and strategies. Discover librarianselected research resources on maslows hierarchy of needs from the questia online library, including fulltext online books, academic journals, magazines, newspapers and more. In this paper, we extend maslows need hierarchy theory and the twolevel optimization approach by developing the framework of the maslow portfolio selection.
Capital asset pricing model, modern portfolio theory, postmodern portfolio theory, maslowian portfolio theory. Implementing and attempt replacing capital asset pricing. The model takes into account the assets sensitivity to nondiversifiable risk also known as systematic risk or market risk, often represented. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration. Maslow has 32 books on goodreads with 37639 ratings. A practical guide to modern portfolio theory, asset allocation and retirement planning in plain english, second editio. The following outline is provided as an overview of and topical guide to finance. Dec 08, 2016 the result supports the notion that the concept of systematic risk is a poor descriptor of risk for companies with alternative drivers of growth.
The book should also be of interest to academics, investors, and students. Pdf the maslowian portfolio theory versus the pyramid portfolio. Pages in category portfolio theories the following 38 pages are in this category, out of 38 total. Further, the paper shows what implications can be derived from this maslowian portfolio theory mapt, and tries to conclude with practical advice for financial advisors. Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. Proposal for a practical implementation of maslowian portfolio theory wniosek dotyczacy praktycznego wdrozenia maslowian portfolio theory, problemy zarzadzania, university of warsaw, faculty of management, vol. Maslows hierarchy of needs is the theory in psychology that abraham maslow proposed in his 1943 paper a theory of human motivation. The results of the research may help the manner investors make investing determinations and can assist portfolio director or institutional investor identified undervalued or overvalued assets. It is in general agreement with behavioral portfolio theory, and is explained in maslowian portfolio theory. In finance, the capital asset pricing model capm is a model used to determine a theoretically appropriate required rate of return of an asset, to make decisions about adding assets to a welldiversified portfolio overview. This alternative formulation, called maslowian portfolio theory mapt, yields the same.
Content on this site is licensed under a creative commons attributionsharealike 4. The book will cover the major principles of investor psychology, including heuristics, bounded rationality, regret theory, mental accounting, framing, prospect theory, and loss aversion. Home browse psychology personality and emotions maslows hierarchy of needs. Oclcs webjunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Finance and the behavioral prospect book depository. Maslowian portfolio theory mapt creates a normative portfolio theory based on human needs as described by abraham maslow. Maslows hierarchy of needs wikimili, the best wikipedia reader.
This paper aims to offer an alternative formulation of the behavioural portfolio theory as formulated by hersh shefrin and meir statman 2000 via the theory of needs from abraham maslow 1943. One can say that here we find the portfolio that is needed by the investor. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. The author formulates a theory of human motivation in line with the basic propositions and with the known facts derived from observation and experiment. There are 5 sets of goals basic needs which are related to each other and are arranged in a hierarchy of prepotency. Highly intellectual and theoretical writing on maslows hierarchy of needs. Capm model economics bibliographies cite this for me. The maslowian portfolio theory versus the pyramid portfolio. Finance and the behavioral prospect by james ming chen, 97833198516, available at book depository with free delivery worldwide. It was in this landmark publication that maslow provided the first published representation of self. Application of maslows hierarchy of needs in finance. Modern portfolio theory and investment analysis 9780471007432. A theory of human motivation get any book for free on.
Modern portfolio theory mpt is a theory of investment which attempts to maximize portfolio expected return for a given amount of portfolio risk, or equivalently minimize risk for a given level of expected return, by carefully choosing the proportions of various assets. I had written it to promote the concept of optimal f and begin to immerse readers in portfolio theory and its missing relationship with optimal f. Apr 22, 20 all knowledge and much more is also in my academic paper thinking coherently, and the papers referenced there, but these papers are much less readable for the nonmathematically trained reader. Maslowian portfolio theory as presented in this paper, and further referred to as mapt explains how our basic hierarchy of needs can be translated to financial needs. Discover book depositorys huge selection of vub university press books online. Is fundamental and technical analysis redundant in the light of behavioural finance. An alternative formulation of the behavioural portfolio theory, 2 and was first observed in behavioural finance and decision making in financial markets. The book is a significant contribution to the growing body of research and literature which suggests that if we. Mostly this is because of the very serious lack of sound data in this area. This book puts financial investment into perspective. This book presents a comprehensive picture of mpt in a manner that can be effectively used by financial practitioners and understood by students. Is fundamental and technical analysis redundant in the. This alternative formulation, called maslowian portfolio theory.
An alternative formulation of the behavioural portfolio theory journal of asset. This paper aims to offer an alternative formulation of the behavioural portfolio theory as formulated by hersh shefrin and meir statman 2000 via the theory of. Speakers 9th aspire annual conference 18th june 2019. An alternative formulation of the behavioural portfolio theory, and was first observed in behavioural finance. This study sheds light on the investment portfolios decisions through behavioral insights.
The result supports the notion that the concept of systematic risk is a poor descriptor of risk for companies with alternative drivers of growth. Portfolio books, book price comparison at bookstores. Click and collect from your local waterstones or get free uk delivery on orders over. In finance, the capital asset pricing model capm is used to determine a theoretically appropriate required rate of return of an asset, if that asset is to be added to an already welldiversified portfolio, given that assets nondiversifiable risk. Information about the openaccess article the maslowian portfolio theory versus the pyramid portfolio in doaj. Scharmers book on the u process comes across as part theory, part manifesto for social change and part personal odyssey. For a university level introduction to the mathematics behind it, i recommend my book maslowian portfolio theory. He modified the existing portfolios theories so that they. The aim of this paper is to propose a practical implementation of maslowian portfolio theory an study the impact on investment advice.
1181 585 1167 118 879 549 1523 1196 329 794 397 1434 547 750 1283 1426 1213 1098 746 27 216 625 797 536 1496 278 928 776 469 386 143 517 19 239 792 585