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OverviewThe psychological dimension of managing risk is of crucial importance, and its study has led to the identification of specific do's and don'ts. Those with an understanding of the psychology underlying risk and the skills to recognize its manifestation in practice, have the opportunity to develop frameworks that embody the do's and don'ts, thereby producing sound judgments and good decisions. Those lacking the understanding and the skills are destined to be more hit and miss in their approach to risk management, doing the don'ts and not doing the do's. Virtually every major risk management catastrophe in the last fifteen years has psychological pitfalls at its root. The list of catastrophes includes the 2008 bankruptcy of Lehman Brothers and subsequent global financial crisis, the 2010 explosion at BP's Macondo well in the Gulf of Mexico and the 2011 nuclear meltdown at the Fukushima Daiichi power plant. A critical lesson from psychological studies for those involved in risk management is that people's judgments and decisions about risk vary with type of circumstance. In Behavioral Risk Management readers will learn that there are specific actions that organizations can undertake to incorporate understanding, recognition, and behavioral interventions into the practice of risk management. There are many examples throughout the book that illustrate doing the don'ts. The chapters in the first part of the book introduce the main ideas, and the chapters in the latter part provide insight into how to apply those ideas to the practical world in which risk managers operate. Full Product DetailsAuthor: Hersh ShefrinPublisher: Palgrave Macmillan Imprint: Palgrave Macmillan Edition: 1st ed. 2016 ISBN: 9781349554201ISBN 10: 1349554200 Pages: 518 Publication Date: 25 January 2017 Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsPreface 1. Introduction 2. Three Key Emotions 3. Prospect Theory: Three Cognitive Issues 4. Personality and Risk 5. Biases and Risk 6. Process, Pitfalls, and Culture 7. Minsky, the Financial Instability Hypothesis, and Risk Management 8. Psychology and Ponzi Finance at UBS and Merrill Lynch 9. Moody's and S&P 10. Fannie, Freddie, and AIG 11. RBS, Fortis, and ABN AMRO 12. Behavioral Dimension of Systemic Risk 13. Financial Regulation and Psychology 14. Risk of Fraud, Madoff, and the SEC 15. Risk, Return, and Individual Stocks 16. How Psychology Brought Down MF Global 17. JP Morgan's Whale of a Risk Management Failure 18. Con Ed, BP and MMS 19. Southwest Airlines, General Motors, and the Agencies that Regulate Them 20. Conclusion Appendices?ReviewsBehavioral Risk Management is a thought-provoking book that advances the behavioral finance literature by moving beyond the historical focus on asset pricing to examine operational risk within a number of institutions. The book effectively demonstrates that investment managers need to understand not only the quantitative tools, such as conditional value at risk, but also the psychology of risk management. (Mark K. Bhasin, Financial Analysts Journal, Vol. 12 (1), 2017) Author InformationHersh Shefrin is the Mario L. Belotti Professor of Finance at Santa Clara University, USA. He is one of the pioneers in the behavioral approach to economics and finance. His book Beyond Greed and Fear provided the first comprehensive treatment of behavioral finance, and was written for practitioners as well as academics. In 2009, JP Morgan Chase placed it among the top ten books published since 2000. Among Shefrin's other books are A Behavioral Approach to Asset Pricing, Behavioral Corporate Finance, Ending the Management Illusion, and Behavioralizing Finance. Shefrin has spent his entire career studying risk from different angles. His work in mathematics has focused on Bayesian combinatorics. His work in economics has focused on uncertainty. His work in finance has focused on the psychology of risk. In addition to his experience as audit committee chair, his consulting work with large financial institutions has focused on behavioral risk management. He is currently teaching full-length professional development courses for executives in behavioral risk management at NYU and the Amsterdam Institute of Finance. Tab Content 6Author Website:Countries AvailableAll regions |
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