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Emotional finance and the fiduciary responsibility of asset managers
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Eshraghi, Arman and Taffler, Richard J. (2014) Emotional finance and the fiduciary responsibility of asset managers. In: Hawley, James P. and Hoepner, Andreas G. F. and Johnson, Keith L. and Sandberg, Joakim and Waitzer, Edward J., (eds.) Cambridge Handbook of Institutional Investment and Fiduciary Duty. Cambridge: Cambridge University Press, pp. 254-262.
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Official URL: http://dx.doi.org/10.1017/CBO9781139565516.023
Abstract
All investments have the potential to generate high levels of excitement and anxiety. Using the language of psychoanalysis, investments can become phantastic objects, a term we will carefully define in the next section. Emotional finance helps us better understand how investors in general, and fiduciary investors in particular, can be swayed in their investment decisions by feelings of which they are consciously aware, and specially by those unconscious needs, drives and fears not directly accessible to conscious thought. What does this mean for the clients of investment funds as well as the investment industry more generally? From the perspective of responsible ownership, we argue that all investors, and fiduciaries in particular, have a social, ethical and legal responsibility to explicitly acknowledge the key role emotions, both conscious and unconscious, play in their investment decision-making.
| Item Type: | Book Item | ||||
|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
| Publisher: | Cambridge University Press | ||||
| Place of Publication: | Cambridge | ||||
| Book Title: | Cambridge Handbook of Institutional Investment and Fiduciary Duty | ||||
| Editor: | Hawley, James P. and Hoepner, Andreas G. F. and Johnson, Keith L. and Sandberg, Joakim and Waitzer, Edward J. | ||||
| Official Date: | 5 April 2014 | ||||
| Dates: |
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| Page Range: | pp. 254-262 | ||||
| DOI: | 10.1017/CBO9781139565516.023 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published |
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