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Focus of Talk
Research
Why is Understanding Financial Decision Making
Important? (So What)
Main Themes for Today
Specific Financial Decision Making Research Projects
Other Research Interests and Topics
p
Implications
Concluding Remarks
2009 Copyright by Vicki Bogan.
Investing in stocks
Buying bonds
Saving
Accumulating credit card debt
Lowered
L
d ttransaction
ti costs
t
Lowered information costs
Made access easier
Percent o
of Total Daily Avg. Trades
80.0
70.0
60.0
50.0
40.0
30 0
30.0
20.0
10.0
0.0
1995
1996
1997
1998
1999
2000
2001
2002
Year
On-line Trades
Telebroker & Phone Trades
Service Ctr., Branch Offices, & Other Trades
*Investor trading data from Charles Schwab Corporation. Leading U.S. brokerage firm with over 8 million active client accounts.
Enacted to
Create an
investment
vehicle that
would
encourage
parental saving
for college
Microfinance
Capital Structure Decisions
2009 Copyright by Vicki Bogan.
10
Implications
Academics
Model certain frictions (transaction costs) and biases to help
improve theory and reconcile theory with real world
Policy Makers
Shape regulatory environment such that policies (e.g.,
consumer tax breaks) provide the intended benefits to
households
Households
Make good decisions by understanding fees associated
with investments and that biases often affect financial
decisions
2009 Copyright by Vicki Bogan.
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Contact Information
Vicki Bogan,
Bogan Ph.D.
Ph D
Assistant Professor
454 Warren Hall
Cornell University
Ithaca, NY 14853
(607) 254-7219
vlb23@cornell.edu
www.aem.cornell.edu/faculty_sites/bogan
Thank You
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