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The Journal of Wealth Management

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Prevailing Behavioral Biases and Investor Profiles: A Survey of Professional Investors

Manuel González-Igual, Teresa Corzo Santamaría and Patricia Castán Agustín
The Journal of Wealth Management Winter 2017, 20 (3) 10-23; DOI: https://doi.org/10.3905/jwm.2017.20.3.010
Manuel González-Igual
is chief of staff to the CEO at AVANGRID and a PhD candidate at Universidad Pontificia Comillas ICADE in Madrid, Spain
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Teresa Corzo Santamaría
is a professor and head of the department of financial management at Universidad Pontificia Comillas ICADE in Madrid, Spain
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Patricia Castán Agustín
is a data scientist at Telefonica Digital in Madrid, Spain
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Abstract

This article analyzes the relevance of behavioral finance in the functioning of financial markets. Using the empirical evidence from four surveys of professional investors with an average of 92 respondents, the authors aim to enhance the structure and systematization in the field. They first study the awareness of and level of education in behavioral finance, determining a clear gap of learning experience for professional investors. They also analyze the main cognitive and emotional biases, identifying representativeness, loss aversion, and herding as the most relevant ones in the decision-making process. Moreover, the authors evaluate the prevalence of under- and overreaction through several financial scenarios and the lack of ability to anticipate the market. Finally, they classify professional investors through their investment profile, applying the BB&K five-way model. They identify overconfidence as being a predominant bias affecting investors and find a clear disconnect between investors and their clients.

TOPICS: Wealth management, in wealth management

  • © 2017 Pageant Media Ltd
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The Journal of Wealth Management: 20 (3)
The Journal of Wealth Management
Vol. 20, Issue 3
Winter 2017
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Prevailing Behavioral Biases and Investor Profiles: A Survey of Professional Investors
Manuel González-Igual, Teresa Corzo Santamaría, Patricia Castán Agustín
The Journal of Wealth Management Oct 2017, 20 (3) 10-23; DOI: 10.3905/jwm.2017.20.3.010

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Prevailing Behavioral Biases and Investor Profiles: A Survey of Professional Investors
Manuel González-Igual, Teresa Corzo Santamaría, Patricia Castán Agustín
The Journal of Wealth Management Oct 2017, 20 (3) 10-23; DOI: 10.3905/jwm.2017.20.3.010
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  • Article
    • Abstract
    • OVER- AND UNDERREACTION
    • COGNITIVE AND EMOTIONAL BIASES IN IRRATIONAL BEHAVIOR
    • INVESTOR’S PROFILES: BB&K FIVE-WAY MODEL
    • MEASURING INVESTOR SENTIMENT: INSTITUTIONAL INVESTOR CONFIDENCE INDEX
    • SURVEY DESIGN
    • THEORETICAL BASIS FOR STATISTICAL ANALYSIS
    • EMPIRICAL EVIDENCE: ACKNOWLEDGMENT AND EDUCATION IN BEHAVIORAL FINANCE
    • PREVAILING BEHAVIORAL BIASES
    • PREVALENCE OF OVERREACTION VERSUS UNDERREACTION
    • INVESTOR AND CLIENT’S PROFILES: ADVENTURERS VERSUS GUARDIANS
    • CONCLUSIONS
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

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