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- Publisher Website: 10.1080/l2460125.2012.680355
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Article: A multi-dimensional decision framework to support corporate bond investment
Title | A multi-dimensional decision framework to support corporate bond investment |
---|---|
Authors | |
Keywords | Analytic Hierarchy Process Corporate Bond Investment Multi-Dimensional Decision Framework |
Issue Date | 2012 |
Citation | Journal Of Decision Systems, 2012, v. 21 n. 2, p. 161-170 How to Cite? |
Abstract | This paper constructs a multi-dimensional decision framework to support investment in corporate bonds. The Analytic Hierarchy Process (AHP) is first customized to accommodate six fundamental criteria governing investor behaviour. It is then shown that, after pairwise comparison of criteria and asset alternatives at appropriate framework levels, a set of weights can be calculated to prioritize the different bonds and allocate wealth over a portfolio which is best in terms of judgmental conformity with the individual's investment goal and investment criteria. Apart from the practical advantages following from ready operationalization and computation, our framework is analytically grounded on the Nobel Prize-winning paradigms of bounded rationality and rational expectations. In particular, an index can be obtained to test for sufficient decision consistency on the part of the bounded-rational individual, and a method is offered to rationally and operationally model changes in investor preferences, perceptions, and expectations under market dynamics and the impact of such changes on the demand for corporate bonds. © 2012 Taylor & Francis. |
Persistent Identifier | http://hdl.handle.net/10722/177801 |
ISSN | 2020 SCImago Journal Rankings: 0.353 |
References |
DC Field | Value | Language |
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dc.contributor.author | Liao, Z | en_US |
dc.contributor.author | Cheung, MT | en_US |
dc.date.accessioned | 2012-12-19T09:39:56Z | - |
dc.date.available | 2012-12-19T09:39:56Z | - |
dc.date.issued | 2012 | en_US |
dc.identifier.citation | Journal Of Decision Systems, 2012, v. 21 n. 2, p. 161-170 | en_US |
dc.identifier.issn | 1246-0125 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177801 | - |
dc.description.abstract | This paper constructs a multi-dimensional decision framework to support investment in corporate bonds. The Analytic Hierarchy Process (AHP) is first customized to accommodate six fundamental criteria governing investor behaviour. It is then shown that, after pairwise comparison of criteria and asset alternatives at appropriate framework levels, a set of weights can be calculated to prioritize the different bonds and allocate wealth over a portfolio which is best in terms of judgmental conformity with the individual's investment goal and investment criteria. Apart from the practical advantages following from ready operationalization and computation, our framework is analytically grounded on the Nobel Prize-winning paradigms of bounded rationality and rational expectations. In particular, an index can be obtained to test for sufficient decision consistency on the part of the bounded-rational individual, and a method is offered to rationally and operationally model changes in investor preferences, perceptions, and expectations under market dynamics and the impact of such changes on the demand for corporate bonds. © 2012 Taylor & Francis. | en_US |
dc.language | eng | en_US |
dc.relation.ispartof | Journal of Decision Systems | en_US |
dc.subject | Analytic Hierarchy Process | en_US |
dc.subject | Corporate Bond Investment | en_US |
dc.subject | Multi-Dimensional Decision Framework | en_US |
dc.title | A multi-dimensional decision framework to support corporate bond investment | en_US |
dc.type | Article | en_US |
dc.identifier.email | Cheung, MT: tmcheung@hkucc.hku.hk | en_US |
dc.identifier.authority | Cheung, MT=rp01054 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1080/l2460125.2012.680355 | en_US |
dc.identifier.scopus | eid_2-s2.0-84866278772 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-84866278772&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 21 | en_US |
dc.identifier.issue | 2 | en_US |
dc.identifier.spage | 161 | en_US |
dc.identifier.epage | 170 | en_US |
dc.publisher.place | France | en_US |
dc.identifier.scopusauthorid | Liao, Z=7203032568 | en_US |
dc.identifier.scopusauthorid | Cheung, MT=7201897422 | en_US |
dc.identifier.issnl | 1246-0125 | - |