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Finance
The IUP Journal of Behavioral Finance

December' 08
Focus

Research in behavioral finance is growing and is helping in understanding the relationship between the decision-making processes and psychological aspects.

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Stochastic Processes in Finance and Behavioral Finance
50
Wealth Management and Behavioral Finance: The Effect of Demographics and Personality on Investment Choice Among Indian Investors
50
Perceptions of Financial Risk: Axioms and Affect
50
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Stochastic Processes in Finance and Behavioral Finance

-- Matjaz Steinbacher

In this paper, an attempt has been made to study asset pricing and finance as a stochastic and behavioral process. In such a process, preferences and psychology of agents represent the most important factor in the decision making of people. Individuals have their own way of getting the information they need, of dealing with them and of making predictions and decisions. People usually do not behave consistently, but they do learn. Therefore, in order to understand their behavior on the markets, a new paradigm is needed.

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50

Wealth Management and Behavioral Finance: The Effect of Demographics and Personality on Investment Choice Among Indian Investors

-- Meenu Verma

With the growth of the Indian economy and the rise in the wealth of the people, there is a growing demand for Wealth Management functions. Wealth Management involves understanding the clients' financial and investment requirements and accordingly providing financial planning and portfolio management services. The practical experiences of Wealth Management professionals emphasize that customer behavior and psychology play a very prominent role in successfully building and sustaining a Wealth Management relationship. Behavioral finance is a nascent but growing discipline, which studies investor's psychology while making financial decisions. Demographic profile and investor personality can be the two determinants for making perception about the investor psychology, which if scientifically studied could help the Wealth Management professionals to advice their clients better. This paper aims to investigate the effect of demographic profile and personality type of the investor on investment choice. Such understanding could prove to be a boon for the burgeoning Wealth Management industry in India. This study is solely based on the information obtained through a survey process in India.

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50

Perceptions of Financial Risk: Axioms and Affect

-- Robert A Olsen

The generally accepted financial risk metrics, such as variance and Beta are mathematical axiomatic constructions. As such they have mathematical validity but can be questioned on behavioral grounds. This paper suggests a broader alternative approach. Specifically, per ceived financial risk is hypothesized as a response to potential loss that is modulated by an inborn dual decision-making process. Thus, of necessity, perceptions of risk contain both cognitive and affective attributes. Since man is by nature a social creature, perceived risk also entails risk attributes that manifest group concerns. These hypotheses are supported by an extensive literature review. Evidence is presented suggesting that this new perspective may parsimoniously explain many of the current `risk/return' anomalies.

© 2008 IUP . All Rights Reserved.

Article Price : Rs.50
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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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