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Title:Does training on behavioral finance influence fund managers' perception and behavior? PDF Logo
Authors:Nikiforow, Marina
Issue Date:2009
Series/Report no.:Discussion papers // School of Economics and Management of the Hanover Leibniz University 419
Abstract:This paper provides survey evidence on the influence of training on behavioral finance on professional fund managers' perception and investment behavior. In particular, it examines whether 'trained' fund managers differ from the 'untrained' ones in their perception of markets and themselves as well as in their choice of information sources and investment strategies. Additionally, the influence of integration of behavioral finance approaches into investment processes is also considered. The results reveal that training on behavioral finance basically intensifies the perception of biases in the behavior of others, i.e. the reflection effect and the home bias. Training also reduces the affinity to conformity, leading to less reliance on colleagues and other market participants as information sources. However, pure training is insufficient to significantly affect fund managers' investment behavior, but behavioral finance approaches need to be integrated into investment processes.
Subjects:behavioral finance
fund managers
biases
training
integration
JEL:G10
D83
Document Type:Working Paper
Appears in Collections:Diskussionspapiere, Wirtschaftswissenschaftliche Fakultät, Universität Hannover

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