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К оглавлению1 2 3 4 5 6 7 8The Vanguard Group
Tanja Wranik
University of Geneva, Switzerland
Peter Salovey
Yale University
Emotional Intelligence and Investor Behavior - John Ameriks
Neither the Research Foundation, CFA Institute, nor the publication’s
editorial staff is responsible for facts and opinions presented in this
publication. This publication reflects the views of the author(s) and does
not represent the official views of the Research Foundation or CFA Institute.
The Research Foundation of CFA Institute and the Research Foundation logo are trademarks
owned by The Research Foundation of CFA Institute. CFA®, Chartered Financial Analyst®,
AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a
list of CFA Institute trademarks and the Guide for the Use of CFA Institute Marks, please visit
our website at www.cfainstitute.org.
©2009 The Research Foundation of CFA Institute
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system,
or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording,
or otherwise, without the prior written permission of the copyright holder.
This publication is designed to provide accurate and authoritative information in regard to the
subject matter covered. It is sold with the understanding that the publisher is not engaged in
rendering legal, accounting, or other professional service. If legal advice or other expert assistance
is required, the services of a competent professional should be sought.
ISBN 978-1-934667-22-4
7 January 2009
Editorial Staff
Statement of Purpose
The Research Foundation of CFA Institute is a
not-for-profit organization established to promote
the development and dissemination of relevant
research for investment practitioners worldwide.
Elizabeth Collins
Book Editor
David Hess
Assistant Editor
Cindy Maisannes
Publishing Technology Specialist
Lois Carrier
Production Specialist
Biographies
John Ameriks is a principal of The Vanguard Group and head of Vanguard’s
Investment Counseling & Research Group. He serves as one of Vanguard’s experts on
retirement advice, retirement income management, and other investment issues. Before
joining Vanguard, Dr. Ameriks was a senior research fellow at the TIAA-CREF
Institute. His works examining individual and household financial decisions about
saving and portfolio allocation have been published in the American Economic Review,
the Quarterly Journal of Economics, the Review of Economics and Statistics, and the Journal
of Financial Planning. Dr. Ameriks is co-editor with Olivia Mitchell of Recalibrating
Retirement Spending and Saving (Oxford University Press, 2008). His current research
interests include target date funds, managed payout funds, income-generating strategies
for retirees, and the financial behavior and decisions of individual investors. Dr.
Ameriks holds an AB from Stanford University and a PhD in economics from
Columbia University.
Tanja Wranik is a senior researcher at the Swiss National Center of Affective Sciences,
a research associate affiliated with Yale University, and a senior lecturer at the University
of Geneva. In addition to research in behavioral economics and finance, Dr. Wranik
investigates the regulation of anger, conflict, and emotion at work. She regularly advises
European corporations about decision-making and management practices and teaches
executive workshops in English, German, and French. Dr. Wranik started her career
working in human resources and public affairs for international corporations in Germany
and Belgium. She has received several grants to conduct interdisciplinary research
to examine the influence of emotions and personality on economic and financial
decision making. Dr. Wranik received a bachelor’s degree from Bucknell University,
an MBA from the University of Brussels, Belgium, and a PhD from the University of
Geneva, Switzerland.
Peter Salovey, provost of Yale University, is the Chris Argyris Professor of Psychology
at Yale. Professor Salovey is the founding editor of the Review of General Psychology
and an associate editor of the Emotion and Psychological Bulletin. He has authored or
edited 13 books (translated into 11 languages) and published more than 300 journal
articles and essays focused primarily on human emotion and health behavior. Professor
Salovey has served on the National Science Foundation’s Social Psychology Advisory
Panel, the National Institute of Mental Health Behavioral Science Working Group,
and the National Advisory Mental Health Council of the National Institute of Mental
Health. He received a National Science Foundation Presidential Young Investigator
Award, a National Cancer Institute CIS (Cancer Information Service) Partner in
Research Award, and a Substance Abuse and Mental Health Services Administration
Excellence Award. Professor Salovey has won both the William Clyde DeVane Medal
for Distinguished Scholarship and Teaching at Yale College and the Lex Hixon ’63
Prize for Teaching Excellence in the Social Sciences. He received an AB and MA from
Stanford University and a PhD from Yale.
The Vanguard Group
Tanja Wranik
University of Geneva, Switzerland
Peter Salovey
Yale University
Emotional Intelligence and Investor Behavior - John Ameriks
Neither the Research Foundation, CFA Institute, nor the publication’s
editorial staff is responsible for facts and opinions presented in this
publication. This publication reflects the views of the author(s) and does
not represent the official views of the Research Foundation or CFA Institute.
The Research Foundation of CFA Institute and the Research Foundation logo are trademarks
owned by The Research Foundation of CFA Institute. CFA®, Chartered Financial Analyst®,
AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a
list of CFA Institute trademarks and the Guide for the Use of CFA Institute Marks, please visit
our website at www.cfainstitute.org.
©2009 The Research Foundation of CFA Institute
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system,
or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording,
or otherwise, without the prior written permission of the copyright holder.
This publication is designed to provide accurate and authoritative information in regard to the
subject matter covered. It is sold with the understanding that the publisher is not engaged in
rendering legal, accounting, or other professional service. If legal advice or other expert assistance
is required, the services of a competent professional should be sought.
ISBN 978-1-934667-22-4
7 January 2009
Editorial Staff
Statement of Purpose
The Research Foundation of CFA Institute is a
not-for-profit organization established to promote
the development and dissemination of relevant
research for investment practitioners worldwide.
Elizabeth Collins
Book Editor
David Hess
Assistant Editor
Cindy Maisannes
Publishing Technology Specialist
Lois Carrier
Production Specialist
Biographies
John Ameriks is a principal of The Vanguard Group and head of Vanguard’s
Investment Counseling & Research Group. He serves as one of Vanguard’s experts on
retirement advice, retirement income management, and other investment issues. Before
joining Vanguard, Dr. Ameriks was a senior research fellow at the TIAA-CREF
Institute. His works examining individual and household financial decisions about
saving and portfolio allocation have been published in the American Economic Review,
the Quarterly Journal of Economics, the Review of Economics and Statistics, and the Journal
of Financial Planning. Dr. Ameriks is co-editor with Olivia Mitchell of Recalibrating
Retirement Spending and Saving (Oxford University Press, 2008). His current research
interests include target date funds, managed payout funds, income-generating strategies
for retirees, and the financial behavior and decisions of individual investors. Dr.
Ameriks holds an AB from Stanford University and a PhD in economics from
Columbia University.
Tanja Wranik is a senior researcher at the Swiss National Center of Affective Sciences,
a research associate affiliated with Yale University, and a senior lecturer at the University
of Geneva. In addition to research in behavioral economics and finance, Dr. Wranik
investigates the regulation of anger, conflict, and emotion at work. She regularly advises
European corporations about decision-making and management practices and teaches
executive workshops in English, German, and French. Dr. Wranik started her career
working in human resources and public affairs for international corporations in Germany
and Belgium. She has received several grants to conduct interdisciplinary research
to examine the influence of emotions and personality on economic and financial
decision making. Dr. Wranik received a bachelor’s degree from Bucknell University,
an MBA from the University of Brussels, Belgium, and a PhD from the University of
Geneva, Switzerland.
Peter Salovey, provost of Yale University, is the Chris Argyris Professor of Psychology
at Yale. Professor Salovey is the founding editor of the Review of General Psychology
and an associate editor of the Emotion and Psychological Bulletin. He has authored or
edited 13 books (translated into 11 languages) and published more than 300 journal
articles and essays focused primarily on human emotion and health behavior. Professor
Salovey has served on the National Science Foundation’s Social Psychology Advisory
Panel, the National Institute of Mental Health Behavioral Science Working Group,
and the National Advisory Mental Health Council of the National Institute of Mental
Health. He received a National Science Foundation Presidential Young Investigator
Award, a National Cancer Institute CIS (Cancer Information Service) Partner in
Research Award, and a Substance Abuse and Mental Health Services Administration
Excellence Award. Professor Salovey has won both the William Clyde DeVane Medal
for Distinguished Scholarship and Teaching at Yale College and the Lex Hixon ’63
Prize for Teaching Excellence in the Social Sciences. He received an AB and MA from
Stanford University and a PhD from Yale.