**CLICK HERE TO REGISTER**
Date: 19 November 2019, Tuesday
Time: 12pm to 2pm (Registration and Lunch starts at 12pm; Talk begins at 12.30pm)
Venue: Qanvast, OUE Downtown Gallery, #02-09/10, 6A Shenton Way, Singapore 068815
Speaker: Rick Di Mascio
Most research on heuristics and biases in financial decision-making comes from non- experts, such as retail investors who hold modest portfolios. We use a unique data set to show that financial market experts – institutional investors with portfolios averaging $573 million – exhibit costly, systematic biases. A striking finding emerges: while in- vestors display clear skill in buying, their selling decisions underperform substantially – even relative to strategies involving no skill such as random selling. We present evi- dence for limited attention as the driver of this discrepancy, with investors devoting more attentional resources to buy decisions than sell decisions. A salience heuristic explains much of the underperformance in selling: investors are prone to sell assets with extreme returns across all specifications. This strategy is a mistake, resulting in substantial losses relative to randomly selling assets to raise the same amount of money. In contrast to selling decisions, the salience heuristic does not appear to drive buying decisions, which are not affected by prior returns.
TERMS AND CONDITIONS
•Registration will only be confirmed upon receipt of the registration form and full payment.
•If any registered participant is unable to attend, a replacement is welcome, but a top-up may apply depending on the membership category of the replacement participant. However, no refund would be made.
•Registration of a non-member needs to be recommended by a member of CFA Society Singapore.
•CFA Society Singapore reserves the right to:
*cancel, postpone or make any changes to the terms of the event at its sole discretion without giving any prior notice;
*reject any registrations;
*collect payment shortfall in accordance to the actual membership status of participants.
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*Kindly note that photographs and video may be taken during the event for use on our website, newsletter, social media, publicity and other related purposes by CFA Society Singapore.
GLOBAL PASSPORT PROGRAMME
The Global Passport Program allows members of participating CFA societies to attend each other's society events at the local member price.