Professionals' endorsement of behavioral finance: Does it impact their perception of markets and themselves?

Lukas Menkhoff () and Marina Nikiforow ()

Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover from Universität Hannover, Wirtschaftswissenschaftliche Fakultät

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 to their endorsement.

Keywords: behavioral finance; fund managers; biasess (search for similar items in EconPapers)
JEL-codes: G10 D83 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe and nep-evo
Date: 2008-03
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Journal Article: Professionals' endorsement of behavioral finance: Does it impact their perception of markets and themselves? (2009)
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Persistent link: http://EconPapers.repec.org/RePEc:han:dpaper:dp-392

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