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Author
Opolski Krzysztof (Uniwersytet Warszawski), Potocki Tomasz (Uniwersytet Rzeszowski), Świst Tomasz (Narodowy Bank Polski)
Title
Teorie inwestycyjne w zarządzaniu bogactwem na przykładzie instytucji Wealth Management
Investment Theories in Wealth Management on the Example of Wealth Management Institutions
Source
Bank i Kredyt, 2010, nr 5, s. 77-99, wykr., tab., bibliogr. 41 poz.
Keyword
Alokacja kapitału, Teoria zachowań, Strategia inwestycyjna, Teoria portfelowa Markowitza
Capital allocation, Behaviour theory, Investment strategy, Markowitz portfolio theory
Note
streszcz., summ.
Abstract
Teorie preskryptywne bazujące na osiągnięciach nauk ścisłych przez ostatnie dekady XX w. determinowały optymalny proces inwestycyjny. Na podstawie rachunku zysków i strat pozwalały na jednoznaczne określenie optymalnej strategii alokacji kapitału. Wraz z rozwojem teorii inwestycyjnych zaobserwowano jednak wiele inklinacji behawioralnych, które stały się podstawą konstrukcji modeli deskryptywnych opierających się na rzeczywistych zachowaniach inwestorów. Strategie inwestycyjne wykorzystujące osiągnięcia ekonomii behawioralnej efektywnie adaptują się w środowisku, w którym konieczne jest zindywidualizowane i holistyczne podejście do inwestorów ze względu na ich duży zasób kapitałowy. Grupa HNWI (ang. High Net Worth Individual) przyciąga coraz większe zainteresowanie globalnych instytucji finansowych. Instytucje typu Wealth Management starają się konkurować przez wykorzystywanie w procesie zarządzania bogactwem osiągnięć nauk interdyscyplinarnych, takich jak teoria perspektywy. Na rynku zinstytucjonalizowanych usług dla HNWI modele preskryptywne ustępują miejsca modelom deskryptywnym i wraz z rozwojem ekonomii behawioralnej stają się podstawowym narzędziem w procesie Wealth Management. (abstrakt oryginalny)

Prescriptive theories, having their roots in the achievements of exact sciences, have determined the optimal investment process in the last decades of the 20th century. Basing on the loss and profit account they have enabled to define explicitly the optimal strategy of capital allocation. However, together with the evolution of investment theories, one could observe simultaneous occurrence of behavioural inclinations, which served as a basis for descriptive models constructed upon real investment behaviour. The evolution of investment process towards behavioural economics is adapted effectively to institutions, which deal with individualized and holistic approach to the investors operating large amounts of money. The High Net Worth Individuals group arouses more and more interest among global financial institutions. The Wealth Management institutions are competitive due to the fact that they rely in the wealth management process on the accomplishments of interdisciplinary sciences, such as prospect theory. Services offered by various institutions for HNWI have focused on descriptive models instead of prescriptive ones, and thanks to the progress of behavioural economics they become the main tool in the Wealth Management process. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
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ISSN
0137-5520
Language
pol
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