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Benchmarks and indexing: A behavioural perspective

Author

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  • H Shefrin

    (Mario L Belotti Professor of Finance, Santa Clara University, Leavey School of Business and Administration)

Abstract

The psychology of risk explains a great deal about the manner in which all types of investors, from individuals to plan sponsors, structure portfolios. In this paper, I draw on core ideas in behavioural decision making to explain the psychology that underlies the use of benchmarks in evaluating and selecting portfolios. The reasons for the influence on portfolio choice of a combination of emotional and cognitive factors are discussed.

Suggested Citation

  • H Shefrin, 2000. "Benchmarks and indexing: A behavioural perspective," Journal of Asset Management, Palgrave Macmillan, vol. 1(1), pages 19-38, July.
    • Handle: RePEc:pal:assmgt:v:1:y:2000:i:1:d:10.1057_palgrave.jam.2240003
    DOI: 10.1057/palgrave.jam.2240003
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    Cited by:

    1. Jem Tugwell, 2011. "Skill or luck? The role of strategies and scenario analysis as a competitive differentiator for fund management firms," Journal of Asset Management, Palgrave Macmillan, vol. 12(4), pages 281-291, September.

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