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This book looks at financial advisory from a behavioural perspective, and focuses on how the nature of the relationship between advisors and clients may affect the ability of the advisor to perform its functions. Broken into three key parts, the book looks at the client, the advisor, and the relationship between the two. Chapters review relevant theories of decision-making under risk to understand the nature of clients’ decisions. The literature on advisors’ functions and the normative landscape regulating financial advisory are also addressed. Finally, this book reviews how behavioural finance has traditionally addressed portfolio selection and explains how trust can be seen as a viable avenue to maximize advisors’ effectiveness and pursue clients’ needs. This book will be of interest to both behavioural finance scholars and practitioners interested in understanding what the future of financial advisory may have in stock.
The field of artificial economics (AE) embraces a broad range of methodologies relying on computer simulations in order to model and study the complexity of economic and social phenomena. The overarching principle of AE is the analysis of aggregate properties of artificial economies populated by adaptive agents that are equipped with behavioural rules and specific individual targets. These aggregate properties are neither foreseen nor intended by the artificial agents; conversely they are emerging characteristics of such artificially simulated systems. The book presents a peer-reviewed collection of papers addressing a variety of issues related to macroeconomics, industrial organization, networks, management and finance, as well as purely methodological issues.
This book explores the evolution of the banking sector and the financing tools it fosters, addressing the impact of new regulations and the ensuing opportunities for financial institutions, firms, and individuals. Written in two parts, the project includes papers presented at the 2019 Annual Conference of the Wolpertinger Club - The European Association of University Teachers in Banking and Finance. The first part addresses the impact of policy changes on banks and financial institutions, particularly the impact of recent changes in European policy. The authors explore how policy has been, and is, communicated and how it shapes new incentives and challenges for the banking sector and institu...
This book revolves around the concept of financial risk tolerance and its role in financial markets. Bridging different literatures and reviewing in detail the impact of European regulation on the evolution of risk tolerance assessment, this book discusses the intersection of scholarly research, practitioner experience and current and likely normative developments. In particular, the book focuses on the evolution of the debate on the suitability questionnaire – a key tool introduced with the Markets in Financial Instruments Directive (MiFID) and further developed with MiFID’s successor - comparing it with empirical evidence on financial risk tolerance determinants, spanning from sociodem...
Financial markets are complex. Regulators strive to predict ways in which they can malfunction and create rules to prevent this from happening, yet behavioural impacts are often overlooked. This book explores how behavioural finance can go hand-in-hand with traditional methods to help banks and regulators create better policies. It also demonstrates how the behavioural finance revolution has opened the way to a more integrated approach to the analysis of economic phenomena.
In recent years, disaster events spreading across national borders have increased, which requires improved collaboration between countries. By means of an agent-based simulation and an empirical study, this thesis provides valuable insights for decision-makers in order to overcome barriers in cross-border cooperation and thus, enhance borderland resilience for future events. Finally, implications for today's world in terms of globalization versus emerging nationalism are discussed.
This book explores the basic traits of inter-organizational networks, examining the interplay between structure, dynamics, and performance from a governance perspective. The book assumes a novel theoretical angle based on the interpretation of networks as multiple systems, and advances the theory in the realm of network effectiveness and failure. Composed of two parts, theoretical and empirical, The Network Organization clarifies the literature on networks, offering a systematic review, and provides a new perspective on their integration with other streams of research focusing on under-studied issues such as agency, micro-dynamics, and network effectiveness. The second part proposes the analysis of the tourism destination of Venice, with a specific focus on the network between the Venice Film Festival, the hospitality system, and the local institutions. By exploring the pervasion of networks in modern social and economic life, this book will be valuable to students, researchers, practitioners and policy-makers.
This book, divided into three main parts, will offer a complete overview of the concept of corporate financial distress, emphasizing the different typologies of corporate paths included in this broad concept. It will reorganize and update academic literature about the evaluation of corporate financial distress from the first studies about failure prediction to the most recent contributions. It will also provide evidence about the evolution of going concern standards in both international and U.S. contexts. Moreover, an in-depth analysis of this broad concept will permit the identification of a set of research questions to be investigated from both theoretical and empirical points of view, and will be of interest to academic researchers and doctoral students of accounting, auditing and finance, professionals, and standard setters.
While technology is developing at a fast pace, urban planners and cities are still behind in finding effective ways to use technology to address citizen’s needs. Multiple aspects of sustainable urbanism are brought together in this book, along with advanced technologies and their connections to urban planning and management. It integrates urban studies, smart cities, AI, IoT, remote sensing, and GIS. Highlights include land use planning, spatial planning, and ecosystem-based information to improve economic opportunities. Urban planners and engineers will understand the use of AI in disaster management and the use of GIS in finding suitable landfill sites for sustainable waste management. F...
This book revolves around the concept of financial risk tolerance and its role in financial markets. Bridging different literatures and reviewing in detail the impact of European regulation on the evolution of risk tolerance assessment, this book discusses the intersection of scholarly research, practitioner experience and current and likely normative developments. In particular, the book focuses on the evolution of the debate on the suitability questionnaire – a key tool introduced with the Markets in Financial Instruments Directive (MiFID) and further developed with MiFID’s successor - comparing it with empirical evidence on financial risk tolerance determinants, spanning from sociodem...