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1、±±±±±±±±±±±±±±±±±±±IMPLICATIONSOF±±±±±±CHAPTER±±±±8±±±±HEURISTICSANDBIASES±FORFINANCIALDECISION-MAKING8.1INTRODUCTIONAswesawinChapter5,whileheuristicsareusuallyexcellenttime-andeffort-savingdecision-makingmechanisms,theysometimesappeartoleadinvestorsinu
2、nfortunatedirections.Inthisandlaterchapters,wereturntotheseheuristicswhenweinvestigatetheirpotentialimpactonthebehaviorofinvestors,futureretirees,analysts,andmanagers,andhowtheymaypotentiallyimpactmarketout-comes.Thefocusofthischapterishowheuristicsinfl
3、uenceinvestorfinancialdecision-making,withtheinvestmentdecisionsoffutureretireesreservedforChapter17.Section8.2dealswithfinancialbehaviorsstemmingfromfamiliarity.Oneaspectoffamiliarityishomebias,thetendencytooverinvestdomesticallyandlocally.Whileinvestm
4、entclosetohomecanstemfromaninformationaladvantage,thisisprobablynotthewholeanswer.Relatedtohomebiasisthetendencytoinvestincompaniesyouworkfororbrandsyouknow.InSection8.3,weturntobehaviorsstemmingfromrepresentativenessandrelatedbiases.Thetendencytooveres
5、timatepredictabilitylikelyinducesinvestorstobelievethatgoodcompaniesaregoodinvestments.This,coupledwithrecency,persuadespeopletobelievethatgoodrecentstockmarketperformersaregoodbuys.Andtheavailabilitybiaspushespeopleintoconcentratingoninvestmentsinsecur
6、itiesforwhichinformationisfreelyavailable.InSection8.4,weshowthatanchoringcausespeopletobeexcessivelyinfluencedbysuggestedoravailablecues,insteadofrelyingontheirownopinionorexpertise.Thisisdemonstratedinthecontextofexpertviewsofrealestatevalue.137138CHA
7、PTER88.2FINANCIALBEHAVIORSSTEMMINGFROMFAMILIARITYHOMEBIASThoughpreferencesareslowlychanginginthisregard,itcontinuestobetruethatdomesticinvestorsholdmostlydomesticsecurities—thatis,AmericaninvestorsholdmostlyU.S.securities;JapaneseinvestorsholdmostlyJapa
8、nesesecurities;Brit-ishinvestorsholdmostlyU.K.securities;andsoon.KennethFrenchandJames1Poterbadocumentedthistendency.ReferringtothefirstnumericalcolumnofTable8.1,weseedisplayedtheaggregatemarketvaluesofthesixbiggeststockmarketsin
