The influence of Culture & Religion over Finance and Investment
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Dr. Berger on Religion and Economic Development - YouTube

At the Nov. 2011 session of EPPC's semi-annual Faith Angle Forum on Religion, Politics, and Public Life, Dr. Peter Berger of Boston University presented on t...
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Famous French Professor Pierre Berger exposes its view on Culture, Religion and Economics  in  "Six Decades as a Worldwide Religion Watcher: Observations and Lessons Learned."  at Nov. 2011 session of EPPC's semi-annual Faith Angle Forum on Religion, Politics, and Public Life.

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Faith And Finance: How Religious People Use Their Money

Faith And Finance: How Religious People Use Their Money | The influence of Culture & Religion over Finance and Investment | Scoop.it
It's fascinating to see a rising current of people of faith and spirituality not taking poverty vows, not separating finance and faith, but embracing capital as a potent vehicle for the expression of their belief....
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An informal press publication on how religious people use their money. Money and faith the new combo.

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The Effects of Culture on Decision Making and Judgement

 

People with different cultural backgrounds have different expectations, norms and values, which in turn have the potential to influence their judgements and decisions as well as their subsequent behaviour. European Americans, for example, are generally influenced by the positive consequences of a decision, whereas Asians appear to be more influenced by the negative consequences that may occur due to a decision or line of action. Asians are therefore more "prevention" focused, manifesting a greater tendency to compromise, seek moderation or to postpone decisions if it is possible.

However, recent research shows that cultural norms and values are not the only criteria to influence behaviour. The extent to which they come into play also depend on situational factors, and how much the situation calls these norms and values to mind when the judgement or decision is being made.

The research commenced at the Hong Kong University of Science and Technology over six years ago with two separate grants from the Research Grants Council (RGC). It set out to better understand how cultural and individual difference factors have an influence on consumers' decision-making processes, a relatively new area of study. Initial research in this area was stimulated by Professor Donnel Briley's dissertation on the subject. Published by the Journal of Consumer Research (JCR) in 2000, it won the Robert Ferber Award for the best dissertation-related paper published in the Journal that year.

Subsequent work examined the implications of this research, demonstrating that motivational as well as chronic culture-related differences have an impact on consumer choice behaviour.

Titled Effects of Cultural Salience on Goal Pursuits: Implications for Behavioural Decisions and Judgements, the research identified several factors that influence how cultural norms are applied – these include the language spoken as well as the perception of the criteria to be applied in a given situation. It was also found that while cultural norms are more likely to play a role if the decision makers are asked to think carefully about the decisions they are called upon to make, both groups become more "prevention" focused when their cultural identity is impressed upon them.

Proving that language does indeed play a part in cultural behaviour, the study found that different languages, Chinese and English for example, activated cultural norms associated with the language in question. Bilingual and bicultural Hong Kong participants in the study were more likely to engage in "prevention" focused behaviour when communicating in Chinese than when using English. This is attributed in part to the fact that presenting information in a given language activates expectations and perceptions of the norms and values that should guide their decisions. Participants thus tended to comply with these expectations – that is they would conform to what they considered was socially desirable behaviour for the situation.

The studies also showed that cultural differences existed when responding to "promotion versus prevention" focused advertising, but these differences disappeared when participants had an opportunity to think carefully about their judgements.

Commenting on these conclusions, Prof Briley said, "Our studies suggest that the effects of cultural norms and values on the processing of information are not ‘hard-wired' into our systems. Rather, their influence depends on situational factors and the extent and ease to which these situations bring the relevant norms and values to mind."

Prof. Donnel Briley

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An interesting development on how culture affects our decision making and judgement by Pr D.Briley from Hong Kong University GC.
Nice to find publication from Hong Kong where I spent 6 months last year ! 

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How Culture Influences Our Financial Decisions - The New Yorker

How Culture Influences Our Financial Decisions - The New Yorker | The influence of Culture & Religion over Finance and Investment | Scoop.it
For many Americans, Friday, December 13th, 2013, will be a day of moderate trauma. The same was true of Friday, September 13th, and will be true again of Friday, June 13th, 2014. These people, known as friggatriskaidekaphobics, are so afraid of Friday the Thirteenth that some suffer panic attacks and alter their daily routines. One study even found that stock-market returns are far lower on Friday the Thirteenths than on other Fridays.
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How our cultural heritage and belief can influence our financial decision at a simple individual level. 

A quick and simple reading as an introduction to start with the influence of culture (and religion) on investment and finance.

By The New Yorker 

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Larry Iannaccone talks to Oliver Marc Hartwich on the Economics of Religion - YouTube

Larry Iannaccone talks to Oliver Marc Hartwich on the Economics of Religion
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L. Iannaccone interview about Religion and Economy.
The Modern economic theory (religion has an influence on social decisions)  

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Is Your Religion Your Financial Destiny?

Is Your Religion Your Financial Destiny? | The influence of Culture & Religion over Finance and Investment | Scoop.it
The economic differences among the country’s various religions are strikingly large.
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A quick show on how religion can affect individuals financial future.

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Religion ‘of critical importance’ in business, says Islamic finance expert | Video

Religion ‘of critical importance’ in business, says Islamic finance expert | Video | The influence of Culture & Religion over Finance and Investment | Scoop.it
World Finance interviews Harris Irfan, author of Heaven's Bankers: Inside the Hidden World of Islamic Finance and Managing Director of European Islamic Investment Bank, to find out whether Islamic finance can live up to its hype
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Harris Irfan, Managing Director at the European Investment Bank explain us the importance of Religion in Business, with the growing importance of muslim population (22% of world population) and the ethical approach of the Islamic Finance that its non incompatibility with Capitalism. 

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Behavioral Finance and Investment Strategy

Greg LaBlanc, Lecturer, Economic Analysis and Policy Group, Haas School of Business The emerging field of Behavioral Finance has developed a wide range of in...
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How behavioral Finance influence the investment strategy

An interesting conference encompassing how our personal belief can influence our investment decision, our aversion and likely hood regarding risks, "Game Theory" etc..

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