Home: Graduate Diploma in Financial Planning: FPBF501A Behavioural Finance

Prescribed Texts

Behavioural finance (2019) - Book by Simon Russell

Recommended Texts

Cyborg : how to optimally integrate human and machine investment decision-making (2017)

Readings

Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 2. Traditional and behavioral finance
Chapter 3 Behavioral economics, thinking processes, decision-making, and investment behavior
Kahneman, D 2012, Thinking, fast and slow,
Penguin, London.
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Chapter 1 The characters of the story
Chapter 2 Attention and effort
Chapter 3 The lazy controller
Chapter 25 Bernoulli's errors
Chapter 26 Prospect theory
Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
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Preface, pp. v - xi
Russell, S 2015, The financial advice industry needs more Jedis, but fewer mind tricks,
Professional Planner, 6 November, viewed 8 August 2024, <https://www.professionalplanner.com.au>.
Russell, S 2016, How the super industry is like the Titanic,
10 August, viewed 8 August 2024, <https://www.linkedin.com>.
Russell, S 2016, What CIOs need to know about behavioural finance,
Investment Magazine, 28 September, viewed 8 August 2024, <https://www.investmentmagazine.com.au>.

Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 9 Money and happiness: implications for investor behavior
Chapter 10 Motivation and satisfaction
Kahneman, D 2012, Thinking, fast and slow,
Penguin, London.
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Chapter 35 Two selves
Chapter 36 Life as a story
Chapter 37 Experienced well-being
Chapter 38 Thinking about life
Locke, EA & Latham, GP 2006, ‘New directions in goal-setting theory’,
Current Directions in Psychological Science, vol 15, no.5, pp. 265-268, doi:10.1111/j.1467-8721.2006.00449.x
Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
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Chapter 3

Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 4 Financial literacy and education
Australian Securities & Investment Commission 2011, Report 230: financial literacy and behavioural change,
ASIC, viewed 1 October 2020, <https://download.asic.gov.au/media/1343582/rep230-financial-literacy-and-behavioural-change.pdf>.
Clark, G 2013, 'Working paper: a review of retirement savings investment behaviours',
CSIRO‐Monash Superannuation Research Cluster Project, viewed 1 October 2020, <https://pdfs.semanticscholar.org/>.
Fernandes, D, Lynch, JG & Netemeyer, RG 2014, ‘Financial literacy, financial education, and downstream financial behaviors’,
Management Science, vol. 60, no. 8, pp. 1861-1883, doi:10.1287/mnsc.2013.1849
Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
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Chapter 4

Benartzi, S & Thaler, RH 1995, ‘Myopic loss aversion and the equity premium puzzle’,
Quarterly Journal of Economics, vol. 110, no. 1, p. 73, doi:10.2307/2118511
Grosshans, D and Zeisberger, S 2017, 'All's well that ends well: on the importance of how returns are achieved,
Journal of Banking and Finance, 2018, no. 87, pp. 397-410, viewed 1 October 2020, <https:www.researchgate.net>.
Download PDF upon registration.
Tetlock, PE 2017, Expert political judgment : how good is it? How can we know?,
eBook, viewed 29 September 2023, ProQuest eBook Central.

Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 15 Advising the behavioral investor: lessons from the real world, pp. 278-281
Chapter 20 Human psychology and market seasonality
Chapter 27 Trading and investment strategies in behavioral finance
Russell, SC 2016, Applying behavioural finance in Australia,
Simon Christopher Russell, Melbourne.
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Chapter 1. Capture the value of the value effect
Chapter 4. Steady as she goes : low volatility and quality strategies
Chapter 5. Ride the momentum effect
Chapter 7. Be smart about the tricky business of market timing
Chapter 12. Improve asset manager assessment
Russell, S 2017, What investment puzzle is hidden in your pizza,
24 February, viewed 1 October 2020, <https://www.linkedin.com>.
Russell, S 2017, How to spot the subconscious CEO,
14 June, viewed 1 October 2020, <https://www.linkedin.com/pulse/how-spot-subconscious-ceo-simon-russell?trk=portfolio_article-card_title>.
Russell, S 2015, 2 questions you should ask your fund manager,
10 June, viewed 1 October 2020, <https://www.linkedin.com>.
Russell, S 2016, How to capture the benefits of diverse thinking in asset management,
24 November, viewed 1 October 2020, <https://www.linkedin.com>.
Russell, S 2017, Behavioural finance tips for Australian share investors: episode 4,
online video, viewed 1 October 2020, <https://www.youtube.com/watch?v=IAOz-ynDM68>.

Extension reading

Montier, J 2007, Behavioural investing: a practitioner's guide to applying behavioural finance,
eBook, viewed 29 September 2023, ProQuest eBook Central.

Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 22 Diversification and asset allocation puzzles
Benartzi, S & Thaler, RH 2001, ‘Naive diversification strategies in defined contribution saving plans’,
American Economic Review, vol. 91, no. 1, pp. 79-98, doi:10.1257/aer.91.1.79
Foerster, S, Linnainmaa, JT & Melzer, BT 2017, 'Retail financial advice: does one size fit all?',
The Journal of Finance, vol. 72. no. 4, viewed 1 October 2020, <https://www.researchgate.net>.
Hand, G 2015, 'Let's debunk this myth about SMSFs and global shares',
Firstlinks, 17 July, viewed 1 October 2020, <https://www.firstlinks.com.au/debunk-myth-smsfs-global-shares>.
Kahneman, D 2012, Thinking, fast and slow,
Penguin, London.
more...less...
Chapter 5
Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 7
Chapter 15
Russell, SC 2016, Applying behavioural finance in Australia,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 6

Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 25 The psychology of trading and investing
Chapter 30 Real estate investment decision-making in behavioral finance
Kahneman, D, & Riepe, MW 1998, 'Aspects of investor psychology',
Journal of Portfolio Management, vol. 24, no. 4, pp. 52-65, viewed 1 October 2020, ProQuest Central.
Lord, CG & Lepper, MR 1984, 'Considering the opposite: a corrective strategy for social judgment',
Journal of Personality and Social Psychology, vol. 47, no. 6, pp. 1231-1243, viewed 1 October 2020, <http://citeseerx.ist.psu.edu>.
Moore, DA & Healy, PJ 2008, 'The trouble with overconfidence',
Psychological Review, vol. 115, no. 2, pp. 502-517, viewed 1 October 2020, <https://pdfs.semanticscholar.org>.
Northcraft, GB & Neale, MA 1987, 'Experts, amateurs, and real estate ',
Organizational Behavior and Human Decision Processes, no. 39, pp. 84-97, viewed 1 October 2020, <http://web.missouri.edu>
Russell, S 2018, Episode 1: who is really making the decisions when you bid at auction?,
video podcast, The Elephant in the Room, viewed 1 October 2020, <https://www.theelephantintheroom.com.au/podcasts/1>.
Russell, S 2017, Behavioural finance tips for Australian share investors: episode 3,
online video, viewed 1 October 2020, <https://www.youtube.com/watch?v=asIDCqw0220>.
Russell, S 2015, How advisers can tap into overconfidence bias for new client opportunities,
26 August, viewed 1 October 2020, <https://www.linkedin.com>.
Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
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Chapter 8
Chapter 9
Russell, SC 2016, Applying behavioural finance in Australia,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 2
Chapter 3
Chapter 8
Thaler, RH 1999, ‘Mental accounting matters’,
Journal of Behavioral Decision Making, vol. 12, no. 3, pp. 183-206, viewed 1 October 2020, Business Source Complete.

Extension reading

Barber, BM & Odean, T 2001, 'Boys will be boys: gender, overconfidence, and common stock investment',
The Quarterly Journal of Economics, February, viewed 1 October 2020, <https://faculty.haas.berkeley.edu>.
Kahneman, D 2012, Thinking, fast and slow,
Penguin, London.
more...less...
Chapter 11 Anchors
Chapter 13 Availability, emotion, and risk
Lord, CG & Lepper, MR 1984, 'Considering the opposite: a corrective strategy for social judgment',
Journal of Personality and Social Psychology, vol. 47, no. 6, pp. 1231-1243, viewed 1 October 2020, <http://citeseerx.ist.psu.edu>.

Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 10
Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 16 Retirement planning : contributions from the field of behavioral finance and economics
Benartzi, S 2010, 'Behavioral finance and the post-retirement crisis',
Allianz of America, 29 April, viewed 1 October 2020, doi:10.1.1.169.5017
Thaler, RH 1999, ‘Mental accounting matters’,
Journal of Behavioral Decision Making, vol. 12, no. 3, pp. 183-206, viewed 1 October 2020, Business Source Complete.
Russell, S 2015, 'How time travel can help clients save for retirement',
Professional Planner, 4 February, viewed 1 October 2020, <https://www.professionalplanner.com.au>.
Russell, S 2015, How your brain may prevent you making good retirement choices,
3 February, viewed 1 October 2020, <https://www.linkedin.com/pulse/how-your-brain-my-prevent-you-making-good-retirement-choices-russell/?trk=mp-reader-card>.

Extension reading

Agarwal, S, Driscoll, JC, Gabaix, X, Laibson, D, Dell'Ariccia, G & Pence, KM 2009, 'The age of reason',
Brookings Papers on Economic Activity, no.2, pp. 51-117, viewed 1 October 2020, Proquest Central.
Benartzi, S 2012, Save more tomorrow: practical behavioral finance solutions to improve 401(k) plans,
eBook, viewed 29 September 2023, ProQuest eBook Central.
Choi, J, Haisley, E, Kurkoski, J & Massey, C 2017, 'Small cues change savings choices',
Journal of Economic Behavior & Organization, no. 142, pp. 378-395, viewed 1 October 2020, <https://faculty.wharton.upenn.edu>.
Cronqvist, H & Siegel, S 2015, ‘The origins of savings behavior’,
Journal of Political Economy, vol. 123, no. 1, pp. 123-169, doi:10.1086/679284
Dolan, P, Hallsworth, M, King, D & Vlaev, I 2010, Mindspace: influencing behaviour through public policy,
Institute for Government, viewed 1 October 2020, <https://www.instituteforgovernment.org.uk>.
Thaler, RH & Benartzi, S 2004, ‘Save more tomorrow: using behavioral economics to increase employee saving’,
Journal of Political Economy, vol. 112, no. 1, pp. 164-187, doi:10.1086/380085

Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 11
Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 11 Policy-based financial planning: decision rules for a changing world
Russell, SC 2016, Applying behavioural finance in Australia,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 13
Chapter 14
Davies, GB & Brooks, P 2018, Chapter 29. Practical challenges of implementing behavioral finance : reflections from the field,
14 September, <https://www.researchgate.net>.
Dolan, P, Hallsworth, M, King, D & Vlaev, I 2010, Mindspace: influencing behaviour through public policy,
Institute for Government, viewed 1 October 2020, <https://www.instituteforgovernment.org.uk>.
Hunt, K, Brimble, M & Freudenberg, B 2011, ‘Determinants of client-professional relationship quality in the financial planning setting’,
Australasian Accounting Business & Finance Journal, vol. 5, no. 2, pp. 69-99, viewed 1 October 2020, Business Source Complete.
Linnainmaa, JT, Melzer, BT & Previtero, A 2018, 'Research paper no. 18-9. The misguided beliefs of financial advisors',
Kelley School of Business Research, 27 January, viewed 1 October 2020, <https://pdfs.semanticscholar.org>.
Russell, S 2015, 'Limiting choices: why less is more for clients and advisers',
Professional Planner, 25 May, viewed 1 October 2020, <https://www.professionalplanner.com.au>.
Russell, S 2017, 'A beginner’s guide to behavioural fintech for super funds',
Investment Magazine, 30 August, viewed 1 October 2020, <https://www.investmentmagazine.com.au>.
Russell, S 2017, Behavioural finance tips for Australian share investors : episode 5,
online video, <https://youtu.be/kM3RDPXc2WU>.
Russell, S 2018, 'The psychology behind why some client-centric strategies don’t translate into good client outcomes',
14 September, viewed 1 October 2020, <https://www.linkedin.com>.
Russell, S 2018, 8 gaps in the way asset managers use behavioural finance,
27 January, viewed 1 October 2020, <https://www.linkedin.com/pulse/8-gaps-way-asset-managers-use-behavioural-finance-simon-russell/>.

Extension reading

Auh, S, Bell, SJ, McLeod, CS & Shih, E 2007, 'Co-production and customer loyalty in financial services',
Journal of Retailing, vol. 83, no. 3, pp. 359-370, DOI:10.1016/j.jretai.2007.03.001
Blenden, H, Brooks, AW, Gino, F, Logg, JM & John L 1994, 'Seeker beware: the interpersonal costs of ignoring advice',
Psychological Bulletin, Vol. 116, no. 3, pp. 457-475, <https://www.hbs.edu>.
Cialdini, R 2007, Influence: the psychology of persuasion,
eBook, viewed 29 September 2023, ProQuest eBook Central.
Collins, NL & Miller, LC 1994, 'Self-disclosure and liking: a meta-analytic review',
Psychological Bulletin, vol. 116, no. 3 pp. 457-475, <https://www.researchgate.net>.
Gino, F & Moore, DA 2007, ‘Effects of task difficulty on use of advice’,
Journal of Behavioral Decision Making, vol. 20, no. 1, pp. 21-35, doi:10.1002/bdm.539
Gino, F 2008, 'Do we listen to advice just because we paid for it?: the impact of advice cost on its use',
Organizational Behavior and Human Decision Processes, no. 107, pp. 234-245, viewed 1 October 2020, <https://static1.squarespace.com>.
Martin, S, Goldstein, N & Cialdini, RB 2014, The small big: small changes that spark big influence,
eBook, viewed 29 September 2023, EBSCO eBooks.

Russell, SC 2019, Behavioural finance: a guide for financial advisers,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 12
Chapter 13
Baker, HK & Ricciardi, V (eds) c2014, Investor behaviour : the psychology of financial planning and investing,
eBook, viewed 8 August 2024, EBSCO eBooks.
Chapter 28 Ethical and socially responsible investing
Russell, SC 2016, Applying behavioural finance in Australia,
Simon Christopher Russell, Melbourne.
more...less...
Chapter 10
Davies, GB 2016, 'Shiny new toys: does wealth management need A.I.?',
November, Cognitive Finance, <http://www.centapse.com/wp-content/uploads/2016/11/Shiny-new-toys-final.pdf>.
Linnainmaa, JT, Melzer, BT & Previtero, A 2018, 'Research paper no. 18-9. The misguided beliefs of financial advisors',
Kelley School of Business Research, 27 January, viewed 1 October 2020, <https://pdfs.semanticscholar.org>.
Russell, S 2015, 'Managed accounts in a behavioural world',
The Journal for Managed Account Professionals, vol. 2, no. 1., pp. 30-32, viewed 1 October 2020, <https://www.fsmanagedaccounts.com.au>.
Russell, S 2018, 5 steps for machine/human collaboration,
13 February, viewed 1 October 2020, <https://www.linkedin.com/pulse/5-steps-machinehuman-collaboration-simon-russell/>.
Russell, S 2018, Conflicts of interest - just another bias?,
13 November, viewed 1 October 2020, <https://www.linkedin.com/pulse/conflicts-interest-just-another-bias-simon-russell/>.
Russell, S 2018, The human psychology at the centre of the CBA machine,
11 May, viewed 1 October 2020, <https://www.linkedin.com/pulse/human-psychology-centre-cba-machine-simon-russell/>.
Russell, S 2018, The psychology of financial automation: 7 strategies,
10 April, viewed 1 October 2020, <https://www.linkedin.com>.
Russell, S 2018, To leverage your knowledge and expertise in an increasingly digital financial world, don’t learn to code,
viewed 11 October, viewed 1 October 2020, <https://www.linkedin.com>.
Russell, S 2018, Who wins when a human, an algorithm and a cyborg drive to the airport?,
16 March, viewed 1 October 2020, <https://www.linkedin.com>.

Extension reading

Cyborg : how to optimally integrate human and machine investment decision-making (2017)
Simon Christopher Russell, Box Hill, Vic.
more...less...
Book available in library collection.
Sah, S 2018, 'Conflicts of interest and disclosure: research paper',
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, viewed 1 October 2020, <https://financialservices.royalcommission.gov.au>.
Sunstein, CR & Hastie, R 2014, Wiser: getting beyond groupthink to make groups smarter,
eBook, viewed 29 September 2023, ProQuest Ebook Central.