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Professionals’ endorsement of behavioral finance : does it impact their perception of markets and themselves?

[journal article]

Menkhoff, Lukas; Nikiforow, Marina

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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-292291

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Abstract This paper provides evidence on the hypothesis that many behavioral finance patterns are so deeply rooted in human behavior that they are difficult to overcome by learning. We test this on a target group which has undoubtedly very strong incentives to learn efficient behavior, i.e. fund managers. We split this group into endorsers and non-endorsers of behavioral finance. Endorsers do, indeed, view markets differently as they regard stronger influences from behavioral biases. However, when it comes to the perception of one's own behavior the endorsement of behavioral finance becomes almost meaningless, even though endorsers otherwise do adapt behavior towards their conviction.
Classification Applied Psychology; National Economy
Free Keywords Behavioral finance; Fund managers; Biases
Document language English
Publication Year 2009
Page/Pages p. 318-329
Journal Journal of Economic Behavior & Organization, 71 (2009) 2
DOI http://dx.doi.org/10.1016/j.jebo.2009.04.004
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)