Risk Management and the Financial Crisis

PRMIA Webinar –

Risk Management & The Financial Crisis：A Behavioral Perspective

Professor Hersh Shefrin of Santa Clara

University looks at the cognitive dissonance that overwhelms our species and the interplay with the Financial Crisis.
風險管理與金融危機：行為透視
赫什Shefrin聖克拉拉大學教授著眼於金融危機壓垮我們的物種之間相互影響的認知失調。

http://prmia.org/events/view_events.php?eventID=T4586

Original webcast occured October 26, 2011 

      No physical events, such as a tsunami, war, or climate change precipitated the global financial crisis, whose effects will continue for many years. Instead, the root cause of that crisis was psychological. In the events which led up to the crisis, heuristics, biases, and framing effects strongly influenced the practice of risk management within key financial firms and rating agencies. Examples involving Merrill Lynch, UBS, Citigroup, Standard & Poor’s, and AIG illustrate this point. The associated risk management practices represent low hanging behavioral fruit. There are also deeper structural behavioral issues lying at the intersection between the financial system and political system.

     

       沒有物理事件，如海嘯，戰爭，氣候變化加速了全球性的金融危機，其影響將持續多年。相反，這一危機的根本原因是心理的。在事件而導致的危機，啟發式，偏見和框架效應的強烈影響，在主要金融機構和評級機構的風險管理實踐。包括美林，瑞銀，花旗集團（Citigroup），標準普爾和AIG的例子說明了這一點。相關的風險管理做法表示低掛行為。也有深層次的結構性行為趴在路口之間的金融制度和政治制度的問題。

Risk Management and the Financial Crisis by Hersh Shefrin of NYU

http://www.youtube.com/watch?v=qLnXesxOnHs