How do financial analysts make decisions? A process model of the investment screening decision
Twelve financial analysts from New York and San Francisco with an average of 16 years' experience were asked to review a package of financial materials typical of the type and magnitude of information that they normally review. Transcripts from interviews with the analysts were used to increase understanding of the financial screening task and to disaggregate complex investment screening decisions into component processes and strategies. The analysts' search strategies, task-specific knowledge, and the vehicles they use to guide their information search are explored. Three search direction vehicles were identified: (1) checklists, (2) themes, and (3) 'conditional' checklists, items about which analysts want to know more. Analysts tend to make heavy use of 'financial templates,' memory structures accumulated from their experience as analysts.
Publication Name: Accounting, Organizations and Society
Dynamic asset allocation and fixed income management
A model concerning fixed-income investments and asset allocation is presented with investment horizon maturity. Issues of implementation and mean-variance problems are also presented, along with a quasi-dynamic application.
Publication Name: Journal of Financial and Quantitative Analysis
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