Construcción de portafolios de inversión desde las finanzas del comportamiento: una revisión crítica

Translated title of the contribution: Investment portfolio elaboration with a behavioral finance approach: A critical review

Research output: Contribution to journalArticlepeer-review

2 Scopus citations

Abstract

The aim of this paper is to present a critical review of the most relevant theories for portfolio selection built on the Behavioral Finance approach, in which the influence of emotional and psychological factors over financial decisions is analyzed. The traditional Modern Portfolio Theory approach is contrasted with behavioral models such as Safety First, Security-Potential/Aspiration (SP/A), Behavioral Portfolio, and Maslowian Portfolio, to conclude that the optimal mean-variance allocation does not necessarily correspond to those found under behavioral assumptions. This article provides conceptual elements for a better understanding of the profiles and interests of the investor, as a basis for future applied research oriented to support the investment advice process in financial institutions.
Translated title of the contributionInvestment portfolio elaboration with a behavioral finance approach: A critical review
Original languageSpanish
Pages (from-to)11-43
Number of pages33
JournalCuadernos de Administracion
Volume28
Issue number51
DOIs
StatePublished - Dec 1 2015

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