Abstract: A crucial component to the success of any financial advising relationship is for the financial professional to understand the perceptions, preferences and thought-processes carried by the financial clients they serve. Armed with this information, financial professionals are more quickly able to understand how they can tailor their approach to best match the individual preferences and needs of each personal investor. Our research explores the use of a quantitative assessment tool in the financial services industry to assist in the identification of the personal investor’s consumer behaviors, especially in terms of financial risk tolerance, as it relates to their financial decision making. Through this process, the Unitifi Consumer Insight Tool (UCIT) was created and refined to capture and categorize personal investor financial behavioral categories and the financial personality tendencies of individuals prior to the initiation of a financial advisement relationship. This paper discusses the use of this tool to place individuals in one of four behavior-based financial risk tolerance categories. Our discoveries and research were aided through administration of a web-based survey to a group of over 1,000 individuals. Our findings indicate that it is possible to use a quantitative assessment tool to assist in predicting the behavioral tendencies of personal consumers when faced with consumer financial risk and decisions.
Abstract: The paper analyses the usage of the Internet by university students in Visegrad Countries (4V Countries) who study economic fields in their formal and informal financial education and captures the areas of untapped potential of Internet in educational processes. Higher education and training, technological readiness, and the financial market development are in the group of pillars, that are key for efficiency driven economies. These three pillars have become an inspiration to the research on using the Internet in the financial education among economic university students as the group of the best educated people in finance. The financial education is a process that allows for improving the level of financial literacy. In turn, the financial literacy it is the set of financial knowledge, skills, awareness and patterns influencing the financial decisions. The level of financial literacy influences the level of financial well-being of individuals, determines the scale of saving of households and at the same time gives the greater chance for sustainable and more predictable development of the financial market with the positive impact on economy. The financial literacy is necessary for each group of society but its appropriate level is desirable especially in respect of economics students as future participants of financial markets as well as the experts and advisors in financial decision making. The low level of financial literacy is the great problem of many target groups in both developing and developed countries and the financial education is seen as the best way of improving this situation. Also the financial inclusion plays the special role in enhancing the level of financial literacy in the aspect of education by practice as well as due to interrelation between level of financial literacy and degree of financial inclusion. Despite many initiatives under financial education, the level of financial literacy is still very low. Scientists still search for new ways of solving this problem. One of the proposal is more effective usage of the new technology in financial education, especially the Internet, because of the growing popularity of e-learning and the increasing number of Internet users, especially among young people who are called the Generation Net. Due to special role of the university students studying the economics fields for the future financial markets, students of four universities from Visegrad Countries (Czech Republic, Hungary, Poland and Slovakia) were invited to participate in the survey. The aim of the article is to present the level and ways of using the Internet technology in financial education and indicating the so far unused or underused opportunities.
Abstract: We present the induced generalized hybrid
averaging (IGHA) operator. It is a new aggregation operator
that generalizes the hybrid averaging (HA) by using
generalized means and order inducing variables. With this
formulation, we get a wide range of mean operators such as
the induced HA (IHA), the induced hybrid quadratic
averaging (IHQA), the HA, etc. The ordered weighted
averaging (OWA) operator and the weighted average (WA)
are included as special cases of the HA operator. Therefore,
with this generalization we can obtain a wide range of
aggregation operators such as the induced generalized OWA
(IGOWA), the generalized OWA (GOWA), etc. We further
generalize the IGHA operator by using quasi-arithmetic
means. Then, we get the Quasi-IHA operator. Finally, we also
develop an illustrative example of the new approach in a
financial decision making problem. The main advantage of the
IGHA is that it gives a more complete view of the decision
problem to the decision maker because it considers a wide
range of situations depending on the operator used.
Abstract: This paper is motivated by the aspect of uncertainty in
financial decision making, and how artificial intelligence and soft
computing, with its uncertainty reducing aspects can be used for
algorithmic trading applications that trade in high frequency.
This paper presents an optimized high frequency trading system that
has been combined with various moving averages to produce a hybrid
system that outperforms trading systems that rely solely on moving
averages. The paper optimizes an adaptive neuro-fuzzy inference
system that takes both the price and its moving average as input,
learns to predict price movements from training data consisting of
intraday data, dynamically switches between the best performing
moving averages, and performs decision making of when to buy or
sell a certain currency in high frequency.
Abstract: We present a new intuitionistic fuzzy aggregation
operator called the intuitionistic fuzzy ordered weighted
averaging-weighted average (IFOWAWA) operator. The main
advantage of the IFOWAWA operator is that it unifies the OWA
operator with the WA in the same formulation considering the degree
of importance that each concept has in the aggregation. Moreover, it is
able to deal with an uncertain environment that can be assessed with
intuitionistic fuzzy numbers. We study some of its main properties and
we see that it has a lot of particular cases such as the intuitionistic
fuzzy weighted average (IFWA) and the intuitionistic fuzzy OWA
(IFOWA) operator. Finally, we study the applicability of the new
approach on a financial decision making problem concerning the
selection of financial strategies.
Abstract: Financial literacy is one of the key factors needed in making informed financial decisions. As businesses continue to be more profit driven, more financial and economic intrigues arise that continue to put individuals at the risk of spending more and more without considering the short term and long term effects. We conducted a study to assess financial literacy and financial decision making among Emiratis. Our results show that financial literacy is lacking among Emiratis. Also, almost half of respondents owe loans to other peoples and 1/5 of them have bank loans. We expect that the outcome of this research will be useful for designing educational programs and policies to promote financial planning and security among Emiratis. We also posit that deeper and more informed understanding of this problem is a precursor for developing effective financial education programs with the aim of improving financial decision- making among Emiratis.