Annotation

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.

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.