Pub. Date:
Macmillan Education UK
Personal Investment: financial planning in an uncertain world

Personal Investment: financial planning in an uncertain world


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Product Details

ISBN-13: 9780230246607
Publisher: Macmillan Education UK
Publication date: 05/15/2010
Edition description: 2010
Pages: 448
Product dimensions: 7.40(w) x 9.60(h) x 1.00(d)

About the Author

MARIANAMAZZUCATO is Professor of Economics of Innovation at The Open University. She is the coordinator of a European Commission collaborative project on Finance, Innovation and Growth, and Director of The Open University's research centre on Innovation, Knowledge and Development. Her work on the relationship between technological innovation and stock price volatility has been published in various journals. She is the author of Firm Size, Innovation and Market Structure: The Evolution of Market Concentration and Instability (Edward Elgar, 2000) and co-editor of Knowledge Accumulation and Industry Evolution: Pharma-Biotech (Cambridge University Press, 2006).

JONQUIL LOWE is a Lecturer in Personal Finance at The Open University and a personal finance practitioner, specialising in consumer research and financial capability resources. Her recent book publications include The Pension Handbook (Which?, 2006), Save and Invest (Which?, 2008), The Personal Finance Handbook (Child Poverty Action Group, 2009) and, with Sara Williams, The Financial Times Guide to Personal Tax (Pearson Education, 2009).

ALAN SHIPMANis a Lecturer in Economics at The Open University. A former emerging-markets analyst and consultant, his publications include The Market Revolution (Routledge, 1999), The Globalization Myth (Icon, 2002) and Knowledge Monopolies (Imprint Academic, 2006).

ANDREW TRIGGis Senior Lecturer in Economics at The Open University. He is co-editor of Economics and Changing Economies (Thomson, 1996) and Microeconomics: Neoclassical and Institutionalist Perspectives on Economic Behaviour (Thomson, 2001); and author of Marxian Reproduction Schema: Money and Aggregate Demand in a Capitalist Economy (Routledge, 2006).

Table of Contents

Contributors ix

Preface xi

Introduction 1

1 Themes in personal investment 6

2 Structure of the book 17

References 19

Part 1 Products and Players 21

Chapter 1 From saving to investment 25

1 Introduction 27

2 High-street banks: the first place to save? 31

3 Risk and return in banking 38

4 Banks and financial markets 55

5 Conclusion 62

References 64

Chapter 2 Investment choices 67

1 Introduction 69

2 Investment choices 71

3 Understanding risk 81

4 Evaluating risk and return 91

5 Non-financial investments 106

6 Conclusion 109

References 110

Part 2 Strategies and Markets 113

Chapter 3 Risk-return strategies 117

1 Introduction 119

2 Taxation and transaction costs 121

3 Building a portfolio 126

4 Balancing risk and return 138

5 Measuring investment performance 148

6 Investment in practice 157

7 Conclusion 162

References 163

Chapter 4 Markets and players 165

1 Introduction 167

2 What financial markets are intended to provide 169

3 Derivative markets 176

4 Financial market efficiency 188

5 Active investment management in the light of the EMH 195

6 'Infomediaries' and the problem of unbiased information 199

7 Conclusion 204

References 205

Part 3 Bubbles and the Economy 209

Chapter 5 Economic fluctuations 213

1 Introduction 215

2 Economic fluctuations 217

3 Are economies self-correcting? 222

4 Economic indicators 235

5 Fiscal and monetary policy 242

6 The open economy 250

7 Conclusion 254

References 255

Chapter 6 Bubbles and investment behaviour 259

1 Introduction 261

2 Bubbles in historical perspective 265

3 Categorising asset bubbles 273

4 Overvalued compared to what? 277

5 Volatility and animal spirits 280

6 Efficiency or madness of crowds? 283

7 Behavioural finance 285

8 Implications for personal investment strategies 296

9 Conclusion 300

References 301

Part 4 Regulation and the Long Term 305

Chapter 7 Regulating the financial system 309

1 Introduction 311

2 Financial markets and financial regulation 313

3 Financial liberalisation in the UK 322

4 UK financial regulation 325

5 Regulatory challenges 334

6 International financial regulation 346

7 Conclusion 353

References 355

Chapter 8 Conclusion: investing for the long term 359

1 Introduction 361

2 Retirement planning for the individual investor 364

3 Retirement as a social challenge: the case of pensions 372

4 Conclusion 385

References 386

Glossary 389

Acknowledgements 429

Index 431

What People are Saying About This

From the Publisher

The authors unlock the doors to the secrets of what every private investor should know - how to secure a more certain tomorrow by embracing the risks and perils of a less-than-certain world today. – David Kuo, Investment Expert, The Motley Fool,

A refreshing, smart, investment book. The recession starkly revealed most economists didn't get it right. This book, drawing from sociology, psychology, and institutional economics shows the challenges real people in real lives face as they increasingly try and fail to manage life risk's through commercial and unstable financial markets. - Teresa Ghilarducci, Schwartz Professor of Economic Analysis, The New School, USA

Explaining the complexities of personal investment is a challenge in itself but to locate these decisions in their political and sociological context is a stunning achievement. This is a remarkable and fascinating book that will appeal equally to finance practitioners and students of social change. - Peter Howells, Professor of Monetary Economics, Centre for Global Finance, Bristol Business School, UK

An excellent undergraduate text which links the practical aspects of personal finance and investment with the relevant socio-economic theory in an intellectually stimulating manner guaranteed to engage students - Dr. Jim Mallon, Lecturer in Financial Services, School of Accounting, Economics& Statistics, Edinburgh Napier University, UK

The Personal Finance Society supports the Open University and Palgrave's aim to improve understanding and inspire confidence in personal investment decision making. Personal Investment - Financial Planning in an Uncertain World will provide a good introduction to many of the key considerations underlying personal investment planning. As the UK's leading professional body for the financial advisory profession, the Personal Finance Society's mission is to improve consumer trust in personal finance by setting high technical and ethical standards for those working in the sector. In recent years financial planning has made considerable advances from a sales-led industry to a valued advisory profession. The advent of Chartered status for financial planners, and a commitment to higher professional standards, has made a career in financial planning an attractive and highly respected option for graduates. - Fay Goddard, Chief Executive, the Personal Finance Society, UK

This book not only explains personal finance to those who may be confused, but also helps the reader understand why it can be so confusing. Using a thematic approach to the topic, addressing important and universal issues of risk, uncertainty and ethics, this book is more than just a traditional primer or guide to personal financial issues. It explains simply and clearly a range of concepts from economics and finance that underpin our everyday personal experience of financial services. With a broad range of topical and everyday examples, it thus sets the issue of personal finance in its wider economic and social context, providing a book that is informative and critical as well as being (importantly for this area) an accessible and enjoyable read. A good introductory textbook for universities and colleges, with a wide range of potential application, it will also be a source of guidance for those seeking a better understanding of how to cope with the risks and uncertainties that bedevil all of our personal finances. - Patrick Ring, Senior Lecturer in Financial Services, Programme Leader, Finance, Investment and Risk, Caledonian Business School, Glasgow, Scotland, UK

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