Portfolio theory, behavioral finance, investment decisions.teoría del portafolio, finanzas del comportamiento, decisiones de inversión.teoria do portfólio, finanças comportamentais, decisões de investimento.

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50, 179-211.
Akerlof, G. A., and Dickens, W. T. (1982). The economic consequences of cognitive dissonance. American Economic Review, 72 (3), 307-319.
Arcos, M., Benavides, J., and Breggrun, L. (2010). Optimal portfolio allocation for Latin Ameri¬can stock indices. Cuadernos de Administración, 23 (40), 191-214.
Auðunsdóttir, E. (2011). Modern portfolio theory: Does it work? Tesis doctoral. University of Iceland, Reikiavik, Islandia. Recuperado el 22 de julio de 2015 de: http://hdl.handle. net/1946/7233
Baker, K. H., and Nofsinger, J. R. (2002). Psychological biases of investors. Financial Services Review, 11 (2), 97-116.
Baker, K. H., and Ricciardi, V. (2014). Investor behavior: The psychology of financial planning and investing (1st ed.). Hoboken: John Wiley & Sons.
Baker, M. P., and Wurgler, J. (2013). Behavioral corporate finance: An updated survey. In: G. M. Constantinides, M. Harris, and R. M. Stulz (Eds.), Handbook of the Economics of Finance, Vol. 2A (pp. 357-424). Amsterdam: Elsevier Press.
Barber, B. M., and Odean, T. (2000). Trading is hazardous to your wealth: The Common stock in-vestment performance of individual investors. The Journal of Finance, 55 (2), 773-806.
Barber, B. M., and Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116 (1), 261-292.
Barberis, N., and Huang, M. (2008). Stocks as lotteries: The implications of probability weigh¬ting for security prices. American Economic Review, 98 (5), 2066-2100.
Barberis, N., and Thaler, R. (2003). A survey of behavioral finance. In: G. M. Constantinides, M. Harris, and R. M. Stulz (Eds.), Handbook of the Economics of Finance (pp. 1053-1123). Amsterdam: Elsevier.
Barberis, N., and Xiong, M. (2012). Realization utility. Journal of Financial Economics, 104 (2012), 251-271.
Bell, D. (1982). Regret in decision making under uncertainty. Operations Research, 30 (5), 961-981.
Ben Mohamed, E., and Abdelfatteh, B. (2012). Portfolio selection between rational and be-havioral theories emergent markets case. Management Science Letters, 2 (4), 1219-1232.
Beyer, S., and Bowden E. M. (1997). Gender differences in self-perceptions: Convergent evi-dence from three measures of accuracy and bias. Personality and Social Psychology Bu¬lletin, 23 (2), 157-172.
Bishop, R. C. (2007). The Philosophy of the Social Sciences. London: Continuum International Publishing Group.
Black, F., and Litterman, R. (1991). Asset allocation: Combining investors views with market equilibrium. The Journal of Fixed Income, 1 (2), 7-18.
Bourachnikova, O. (2002). Weighting function in the Behavioral Portfolio Theory. Département d’Economie Appliquée de l’Université Libre de Bruxelles, Working Paper 07-07 RS. Recu-perado el 22 de julio de 2015 de: http://dev.ulb.ac.be/dulbea/fr/workingpaper.php
Brennan, T. J., and Lo, A. W. (2011). An evolutionary model of bounded rationality and intelli¬gence. PLOS ONE, 7 (11), 1-8.
Bruhin, A., Hehr-Duda, H., and Epper T. (2009). Uncertainty breeds decreasing impatience: The role of risk preferences in time discounting. University of Zurich, Working Paper No. 412. Recuperado el 22 de julio de 2015 de: http://ssrn.com/abstract=1416007
Chandra, A. (2008). Decision making in the stock market: Incorporating psychology with finance. National Conference on Forecasting Financial Markets of India, 2008. Recuperado el 22 de julio de 2015 de: http://ssrn.com/abstract=1501721
Cooke, R., and Sheeran, P. (2004). Moderation of cognition-intention and cognition behaviour relations: A meta-analysis of properties of variables from the theory of planned be-haviour. British Journal of Social Psychology, 43 (2), 159-186.
Curtis, G. (2004). Modern portfolio theory and behavioral finance. The Journal of Wealth Man-agement, 7 (2), 16-22.
Daniel, K., Hirshleifer, D., and Teoh, S. (2002). Investor psychology in capital markets: Evidence and policy implications. Journal of Monetary Economics, 49 (2002), 139-209.
De Bondt, W. (1998). A portrait of the individual investor. European Economic Review, 42, 831-844.
De Bondt, W., and Thaler, R. H. (1985). Does the stock market overreact? The Journal of Fi-nance, 40 (3), 793-805.
De Brouwer, P. J. S. (2009). Maslowian portfolio Theory: An alternative formulation of the Be-havioural Portfolio Theory. Journal of Asset Management, 9 (6), 359-365.
De Giorgi, E. (2011). A behavioral explanation of the asset allocation puzzle. Investment Man-agement and Financial Innovations 8 (4), 36-44.
Diecidue, E., and Van de Ven, J. (2008). Aspiration level, probability of success and failure, and expected utility. International Economic Review, 49 (2), 683-700.
Dowling, M., and Lucey, B. (2005). The role of feelings in investor decision-making. Journal of Economic Surveys, 19 (2), 211-237.
Dubova, I. (2005). La validación y aplicabilidad de la Teoría de Portafolio en el caso colombiano. Cuadernos de Administración, 18 (30), 241-279.
Eagles, J. (1994). The relationship between mood and daily hours of sunlight in rapid cycling bipolar illness. Biological Psychiatry, 36 (6), 422-424.
Edmans, A., García, D., and Norli, O. (2007). Sports sentiment and stock returns. The Journal of Finance, 62 (4), 1967-1998.
Fairchild, R., Muradoglu, G., and Chena, X. (2014). Between fear and hope: Optimal portfolio choice in a model combining expected utility and safety first preferences. Working Pa¬per. University of Bath / Queen Mary University of London. Recuperado el 16 de julio de 2015 de: http://www.busman.qmul.ac.uk/research/Behavioural%20Finance%20Wor-king%20Group/132889.pdf
Fan, Y., Ying, S., Wang, B., and Wei, Y. (2009). The effect of investor psychology on the com-plexity of stock market: An analysis based on cellular automaton model. Computers & Industrial Engineering, 56 (1), 63-69.
Fazio, R. H. (1986). How do attitude guide behavior? In: R. Sorrentino, and E. T. Higgins (Eds.), Handbook of motivation and cognition: Foundation of social behavior (pp. 204-243). New York: Guilford Press.
Fischhoff, B. (1982). For those condemned to study the past: Heuristics and biases in hindsight. In: D. Kahneman, P. Slovic, and A. Tversky (Eds.), Judgment under Uncertainty: Heuristics and Biases (pp. 80-98). Cambridge: Cambridge University Press.
Fishbein, M., and Ajzen, I. (1975). Belief, attitude, intention and behavior: An introduction to theory and research. Reading: Addison-Wesley.
Fong, W. M. (2014). The lottery mindset: Investors, gambling and the stock market. Basingstoke: Palgrave Macmillan.
Forgas, J. (1995). Mood and judgment: The affect illusion model (Aim). Psychological Bulletin, 117 (1), 39-66.
Frijns, B.; Koellen, E., and Lehnert, T. (2008). On the determinants of portfolio choice. Journal of Economic Behavior & Organization, 66 (2), 373-386.
González, M. y Nave, J. M. (2014). ¿Los índices de mercado son carteras eficientes? El caso es-pañol del IBEX-35. Cuadernos de Administración, 27 (48), 183-226.
Haley, M. R.; Paarsch, H. J., and Whiteman, C. H. (2013). Smoothed safety first and the holding of assets. Quantitative Finance, 13 (2), 167-176.
Hirshleifer, D. (2001). Investor psychology and Asset Pricing. Journal of Finance, 56 (5), 1533- 1597.
Jaye, N. (2014). The next paradigm. CFA Institute Magazine, 25 (5), 28-31.
Johnson, E., and Tversky, A. (1983). Affect, generalization and perception of risk. Journal of Personality and Social Psychology, 45 (1), 20-31.
Jolls, C., Sunstein, C. R., and Thaler, R. H. (1998). A behavioral approach to law and economics. Stanford Law Review, 50 (5), 1471-1550.
Kahneman, D., and Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Eco-nometrica, 47 (2), 263-291.
Kahneman, D., and Tversky, A. (1981). The framing of decisions and the psychology of choice. Science, 211 (4481), 453-458.
Kahneman, D., and Tversky, A. (1986). Rational choice and the framing of decisions. The Journal of Business, 59 (4), S251-S278.
Kamstra, M. J., Kramer, L. A., and Levi, M. D. (2003). Winter Blues: A SAD Stock Market Cycle. American Economic Review, 93 (1), 1257-1263.
Kreps, D. M. (2012). Microeconomic Foundations I: Choice and Competitive Markets. Princeton: Princeton University Press.
Kuhnen, C. M., and Knutson, B. (2011). The influence of affect on beliefs, preferences, and finan-cial decisions analysis. Journal of Financial and Quantitative Analysis, 46 (3), 605-626.
Lakonishok, J., Shleifer, A., and Vishny, R. W. (1994). Contrarian investment, extrapolation, and risk. Journal of Finance, 49 (5), 1541-1578.
Langer, E., and Roth, J. (1975). Heads I win tails it’s chance: The illusion of control as a function. Journal of Personality and Social Psychology, 32 (6), 951-955.
Levy, H., and Levy, M. (2009). The safety first expected utility model: Experimental evidence and economic implications. Journal of Banking & Finance, 33 (8), 1494-1506.
Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47 (1), 13-37.
Lo, A. W. (2005). Reconciling efficient markets with behavioral finance: The adaptive markets hypothesis. Journal of Investment Consulting, 7 (2), 21-44.
Loewenstein, G., Hsee, C., Weber, E., and Welsh, N. (2001). Risk as feelings. Psychological Bu¬lletin, 127 (2), 267-286.
Lopes, L. (1987). Between hope and fear: The psychology of risk. Advances in Experimental So¬cial Psychology, 20, 255-295.
Lopes, L., and Oden, G. (1999). The role of aspiration level in risk choice: A comparison of Cu-mulative Prospect Theory and SP/A Theory. Journal of Mathematical Psychology, 43 (2), 286-313.
Majewski, S. M. (2010). Methodological aspects of behavioural portfolio with multitasking. Folia Oeconomica Stetinensia, 9 (1), 24-33.
Majewski, S. M. (2014). The Maslowian Portfolio Theory Versus the Pyramid Portfolio. Folia Oe-conomica Stetinensia, 14 (1), 91-101.
Malevergne, Y., and Sornette, D. (2005). Higher-moment portfolio theory. The Journal of Port¬folio Management, 31 (4), 49-55.
Markowitz, H. M. (1952). Portfolio Selection. The Journal of Finance, 7 (1), 77-91.
Markowitz, H. M. (1959). Portfolio Selection: Efficient Diversification of Investments (2nd Ed.). Malden: Wiley / Yale University Press.
Mas-Colell, A., Whinston, M. D., and Green, J. R. (1995). Microeconomic Theory. Oxford: Oxford University Press.
Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50 (4), 370-396.
Mayfield, C., Perdue, G., and Wooten, K. (2008). Investment management and personality type. Financial Services Review, 17 (3), 219-236.
Merton, R. C. (1969). Lifetime portfolio selection under uncertainty: The continuous-time case. Review of Economics and Statistics, 51 (3), 247-257.
Miller, D., and Ross, M. (1975). Self-serving bias in attribution of causality: Fact or fiction? Psy-chological Bulletin, 82 (2), 213-225.
Mossin, J. (1966). Equilibrium in a Capital Asset Market. Econometrica, 34 (4), 768-783.
Nawrocki, D., and Viole, F. (2014). Behavioral finance in financial market theory, utility theory, portfolio theory and the necessary statistics: A review. Journal of Behavioral and Ex-perimental Finance, 2 (2014), 10-17.
Nofsinger, J. R. (2001). Investment Madness. How Psychology Affects Your Investing. London: Prentice Hall.
Nofsinger, J. R. (2002). Do optimists make the best investors? Corporate Finance Review, 6 (4), 11-17.
Nofsinger, J. R. (2012). The Psychology of Investing (5th ed.). New York: Pearson.
Nofsinger, J. R., and Sias, R. W. (1999). Herding and feedback trading by institutional and in-dividual investors. Journal of Finance, 54 (6), 2263-2295.
Olsen, R. (1997). Investment Risk: The experts perspective. Financial Analyst Journal, 53 (2), 62-66.
Pascual-Ezama, D., Gil-Gómez de Liaño, B., and Scandroglio, B. (2015). The role of emotions arising from instability in investment behaviour / El papel de la carga emocional de la inestabilidad en el comportamiento de inversión. Estudios de Psicología, 36 (3), 656-682.
Pascual-Ezama, D., Pavonni, M., y Gil-Gómez de Liaño, B. (2010). Inversiones financieras y compor¬tamiento del inversor: Behavioral Finance. Análisis Financiero Internacional, 140, 17-29.
Payne, J. W. (2005). It is whether you win or lose: The importance of the overall probabilities of winning or losing in risky choice. Journal of Risk and Uncertainty, 30 (1), 5-19.
Pyle, D. H., and Turnovsky, S. J. (1970). Safety-first expected utility maximization in mean-stan-dard deviation portfolio analysis. Review of Economics and Statistics, 52, 75-81.
Rabin, M. (1998). Psychology and Economics. Journal of Economic Literature, 36 (1), 11-46.
Richards, T. (2014). Investing Psychology: The Effects of Behavioral Finance on Investment Choice and Bias. Hoboken: John Wiley & Sons.
Roy, A. D. (1952). Safety first and the holding of assets. Econometrica, 20 (3), 431-450.
Russell, T., and Thaler, R. H. (1985). The relevance of quasi rationality in competitive markets. The American Economic Review, 75 (5), 1071-1082.
Samuelson, P. (1969). Lifetime portfolio selection by dynamic stochastic programming. Review of Economics and Statistics, 51 (3), 239-246.
Sapienza, P., and Zingales, L. (2013). Economic experts versus average Americans. American Economic Review, 103 (3), 636-642.
Schulmerich, M., Leporcher, Y. M., and Eu, C. H. (2015). Applied Asset and Risk Management: A Guide to Modern Portfolio Management and Behavior-Driven Markets. Berlin: Springer.
Sharpe, W. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19 (3), 425-442.
Shefrin, H. (2007). Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. New York: Oxford University Press.
Shefrin, H. (2008). A Behavioral Approach to Asset Pricing. Burlington: Academic Press.
Shefrin, H. (2010). Behavioralizing Finance. Foundations and Trends in Finance 4. Hanover: Now Publishers Inc.
Shefrin, H., and Statman, M. (2000). Behavioral Portfolio Theory. The Journal of Finance and Quantitative Analysis, 35 (2), 127-151.
Shiller, R. J. (1990). Market Volatility and Investor behavior. American Economic Review, 80 (2), 58-62.
Shiller, R. J. (2003). Finance, Optimization, and the Irreducibly Irrational Component of Human Behavior. In: G. M. Constantinides, M. Harris, and R. M. Stulz (Eds.), The Handbook of the Economics of Finance (pp. 1125-1128). Amsterdam: Elsevier.
Sias, R. W. (2004). Institutional Herding. The Review of Financial Studies, 17 (1), 165-206.
Simon, H. A. (1993). Altruism and Economics. The American Economic Review, 83 (2), 156-161.
Stael von Holstein, C. A. S. (1972). Probability forecasting: An experiment related to the stock market. Organizational Behavior and Human Performance, 8 (1), 139-158.
Statman, M. (2002). How much diversification is enough? Santa Clara University, Working Paper. Recuperado el 14 de julio de 2015 de: https://ssrn.com/abstract=365241.
Statman, M. (2014). Behavioral finance: Finance with normal people. Borsa Istanbul Review, 14 (2), 65-73.
Swedish Academy (2015), All Prizes in Economic Sciences. Recuperado el 22 de julio de 2015 de: http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/
Szyszka, A. (2013). Behavioral Finance and Capital Markets: How Psychology Influences Investors and Corporations. New York: Palgrave Macmillan.
Taffler, R. J., and Tuckett, D. A. (2010). Emotional finance: The role of the unconscious in finan¬cial decisions. In: H. K. Baker, and J. R. Nofsinger (eds.), Behavioral Finance. Investors, Corporations, and Markets (pp. 95-112). Hoboken: John Wiley & Sons Inc.
Taylor, S., and Brown, J. (1988). Illusion and well-being: A social psychological perspective on mental health. Psychological Bulletin, 103 (2), 193-210.
Thaler, R. H. (1980). Toward a positive theory of consumer choice. Journal of Economic Behavior & Organization, 1 (1), 39-60.
Thaler, R. H. (1985). Mental accounting and consumer choice. Marketing Science, 4 (3), 199-214.
Thaler, R. H. (1990). Savings, fungibility, and mental accounts. Journal of Economic Per-spective, 4 (1), 193-205.
Thaler, R. H. (1999). The end of behavioral finance. Financial Analyst Journal, 55 (6), 12-17.
Thaler, R. H. (2000). From Homo Economicus to Homo Sapiens. Journal of Economic Per-spectives, 14 (1), 133-141.
Tversky, A., and Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185 (4157), 1124-1131.
Tversky, A., and Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5 (4), 297-323.
Wright, W., and Bower, G. (1992). Mood effects on subjective probability assessment. Organiza-tional Behavior and Human Decision Processes, 52 (2), 276-291.
Yuan, K., Zheng, L., and Zhu, Q. (2006). Are investors moonstruck? Lunar phases and stock re-turns. The Journal of Empirical Finance, 13 (1), 1-23.
Zhang, S., Jin, H., and Zhou, X. (2011). Behavioral portfolio selection with loss control. Acta Mathematica Sinica, English Series, 27 (2), 255-274.

Vol. 28 Núm. 51 (2015)