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Behavioural Finance Working Group


Behavioural finance is a topic that has gained considerable attention in recent years. It studies human behaviour in financial markets. As such, it is a truly interdisciplinary field at the cross section of finance, psychology, economics and sociology.

The Behavioural Finance Working Group (BFWG) was established in January 2008. It is led by Professor Gulnur Muradoglu at the School of Business and Management, Queen Mary, University of London.

BFWG exists to perform world leading research in Behavioural Finance. It brings together practitioners with internationally respected academics in finance, psychology, sociology and economics through discussion groups, workshops and conferences. We also provide specialist consultancy on financial decision making processes to financial services industry and regulatory agencies. We have sponsors from industry, we organise conferences with practitioner talks and dedicated PhD sessions as well as regular sessions where academic papers are presented. This makes us an ideal hub for research students in Behavioural Finance.

The group aims to:

  • Facilitate interdisciplinary work by integrating finance, psychology, sociology and economics
  • Promote the field of behavioural finance
  • Facilitate interaction between academia and industry to ensure that we have a better understanding of the world around us
  • Develop models that can be successfully implemented.

Contact us at

BFWG has more than six hundred members from all over the world including academics in Finance, Psychology, Sociology, Economics and Accounting, PhD students, and Practitioners.

How to become a member?

If you would like more information on the group or would like to join the BFWG please send your CV by email to along with the following with the following information: 

  • Affiliation
  • Job Title
  • Department
  • Message (max 250 words). 

Upon receipt of your email your request will be evaluated and you will be contacted by a member of staff.

Current members include:

International Institutions

  • Meir Statman, Santa Clara University, USA
  • Hersh Shefrin, Santa Clara University, USA
  • Richard Thaler, Chicago School of Business, USA
  • Werner DeBondt, DePaul University, Chicago, US
  • David Hirshleifer, University of California, Irvine, USA
  • Brian Kluger, University of Cincinnati, USA
  • John Nofsinger, College of Business, Washington State University, USA
  • Betty Simkins, Department of Finance, Oklahoma State University, USA
  • Richard Ackley, The Chicago School of Professional Psychology, USA
  • Donald Hantula, Temple University, Philadelphia, USA
  • Nigel Harvey, University College London, UK
  • David Tuckett, University College London, UK
  • Alex Preda, Kings College London, UK
  • Robert Olsen, Institute of Behavioral Finance, USA
  • Greg Davies, Barclays Wealth, UK
  • Charles MacKinnon, Thurleigh Investment Managers
  • Stuart Trow, European Bank for Reconstruction and Development, UK
  • Bilgehan Yazici, CitiGroup, Switzerland

Queen Mary University of London

PhD Students

  • Alain Wouassom, School of Business and Management, Queen Mary, University of London
  • Bayan Alsedais, School of Business and Management, Queen Mary, University of London
  • Duanjinyu Yin, School of Business and Management, Queen Mary, University of London
  • Fan Wang, School of Business and Management, Queen Mary, University of London


2017 Conference - Sentiment and mood finance

Date: 12-13 June 2017
Location: Queen Mary University of London
Keynote speaker:  Malcolm Baker (Harvard Business School)
Organisers: Gulnur Muradoglu (QMUL) and Darren Duxbury (Newcastle University Business School)
Special issue: Accepted papers will be considered for a special issue of The European Journal of Finance which will publish a selection of research presented at the conference.
Conference Fee: Early bird registration fee £200 before 15 May 2017,  Standard registration fee £300 from 16 May- 11 June 2017. Register.

In this two-day meeting, we will consider how the fields of behavioural finance, economic psychology, financial socio-analysis and other related areas can enhance our understanding of financial behaviours. Papers exploring any Behavioural Finance issue will be considered, but those related to the influence of sentiment and mood on the decision-making of individuals (e.g. consumption, saving, borrow, investing) and/or corporations (e.g. financing, investing, pay-out policy), and the implications of such for markets and economic policy, will be particularly welcomed.

As usual, we will consider papers in all areas of common concern to those working in behavioural finance and related areas. These include processes underlying the financial judgments and decisions involved in investing, trading, forecasting, risk assessment, asset valuations, acquisitions, IPOs, asset pricing bubbles, financial crises, and other financial behaviours. As well as such associated cognitive phenomena as overconfidence, framing, loss aversion, herding, optimism, biased information search, and the money illusion, we are equally interested in drawing on emotional and psychodynamic perspectives, group psychology, personality theory including narcissism and psychopathology, and narratology in the context of the role story telling plays in all financial activity. We seek contributions relating to these issues at the level of markets and institutions of various types, households, corporations, boards and other financially active groups, individual and institutional investors and traders.

We will have dedicated PhD sessions supported by ICAEW’s Charitable Trusts and a Practitioner’s Round Table.

Special Issue: Accepted papers will be considered for a special issue of Review of Behavioural Finance which will publish a selection of research presented at the conference.

Best Paper Awards: Two best paper awards will be given for the papers presented at the conference. Review of Behavioural Finance will give a Best Quantitative Paper Award and the Qualitative Research in Financial Markets will give a Best Qualitative Paper award.

Deadline: We invite you to submit extended abstracts, papers-in-progress or full papers by the deadline of March 3rd 2017.

The organizers will come back with a decision within two weeks after this deadline. To submit a paper or extended abstract for consideration please email a PDF version of the manuscript to

Accepted Papers

Session 1A: Behavioural Biases 1

The Disposition Effect in Social Trading: Influence of Transparency on Investment Decisions [PDF 1,840KB]

The impact of cognitive abilities on financial behavior and well-being [PDF 846KB]

A sistematic test for myopic loss aversion and the equity premium puzzle [PDF 256KB]

Session 1B: Trading Strategies

IPO lockups and insider trading [PDF 829KB]

Momentum Effects in China: A Review of the Literature and an Empirical Explanation of Prevailing Controversies [PDF 1,582KB]

Hispanic Culture, Local Return Chasing, and Momentum Returns [PDF 307KB]

Session 1C: Investor Behaviour

Survey Study in an Emerging Market: Crisis Expectation and Demographic Data [PDF 308KB]

Stock market participation among French retail clients of a commercial bank [PDF 6,795KB]

Analysing Financial Herding Through Network Analysis [PDF 5,159KB]

Session 2A: Investor Behaviour 1

Prevailing behavioral biases and investor profiles: A survey to Professional Investors [PDF 619KB]

Google Search Volume and Individual Investor Trading [PDF 612KB]

Behaviour on the Boards: Motivations for Information-Sharing within Online Communities and Intraday Securities Pricing Effects [PDF 10KB]

Session 2B: Fund and Portfolio Management

UK-authorised unit trusts performance evaluation: evidence from daily returns' [PDF 2,663KB]

On the Impact of Country ETFs’ Premiums and Discounts over Feedback Trading [PDF 918KB]

The Influence of Foreign Portfolio Investors on Tax Policy [PDF 840KB]

Session 2C: Behavioural Biases 2

Capability Satisficing in High Frequency Trading [PDF 734KB]

The Impact of the Format of the Financial Statements on the Disposition Effect [PDF 609KB]

The Mortgage Illusion [PDF 520KB]

Session 3A: Sentiment 1

Technical Analysis, Sentiment and the Cross-sectional Stock Returns [PDF 84KB]

Beyond Market Mood: Stock Sentiment and the Response to Corporate Earnings Announcements [PDF 1,029KB]

Sentiment, stock returns, and regime-varying impact [PDF 191KB]

Investor Sentiment: Does it augment the performance of asset pricing models? [PDF 349KB]

Session 3B: Emotions

Influence of Extraversion and Neuroticism on Risk Attitude, Risk Perception and Return Expectations [PDF 873KB]

Traders, emotions and risk behaviours [PDF 308KB]

Asset Pricing Bubbles and Investor Emotions: An Empirical Analysis of the 2014 – 2016 Chinese Stock Market Bubble [PDF 1,311KB]

Information Cascades, Herding and Emotional Investors in an IPO: Rational Decision-Making Distorted by Phantasy [PDF 637KB]

Session 3C: Experimental Finance

Implied Volatility and Investor Beliefs in Experimental Asset Markets [PDF 1,033KB] 

Young Adults’ Subjective and Objective Risk Attitude in Financial Decision Making: Evidence from the Lab and the Field [PDF 782KB] 

Capital Gains Overhang with a Dynamic Reference Point [PDF 93KB]

Session 4A: Financial Markets

The quiet revolution: AIM SMEs rule the UK SEO market [PDF 1,355KB]

Irrational Exuberance in Financial Markets: Empirical Evidence from Investor Sentiment in the Shanghai Stock Exchange [PDF 395KB]

Determinants of holiday effects in mainland Chinese and Hong-Kong markets [PDF 485KB]

Session 4B: M&A

Relative Reference Prices and M&A Misvaluations [PDF 1,183KB]

Merger synergies, bidding competition and industry characteristics [PDF 174KB]

Product similarity and the motives for related mergers [PDF 420KB] 

Session 4C: Corporate Finance

LinkedIn, CEO narcissism and corporate risk [PDF 627KB]

Is Good News for a Firm also Good News for a Nearby Firm? Geography and Comovement of Stock Returns [PDF 458KB]

The Investment Flexibility of Zero-leverage Firms [PDF 100KB]

Session 5A: Bond and Futures Investments

Risk-Taking Behavior and Profitability: A Trade-by-Trade Examination of Retail Traders in Futures Market [PDF 859KB]

What Drives the Concentration of Households’ Investments in Bank Bonds? [PDF 772KB]

Exploiting Uncertainty with Market Timing in Corporate Bond Markets [PDF 357KB]

Session 5B: Risk Behaviour

Effects Of Culture On Individual Financial Risk Tolerance Across The Life Span: Does Cushion Wear Out Over Time? [PDF 85KB]

Why are older investors less willing to take financial risks? [PDF 1,531KB] 

Risky Choice in Dyads Related to Individual Risk Preference, Social Comparison, and Competition [PDF 37KB] 

Session 5C: Sentiment 2

Can Social Media Sentiment Predicts Futures Returns? [PDF 1,666KB]

Investor Sentiment regimes, Monetary Policy Shocks, and Stock Price Reaction [PDF 443KB]

Analyst Forecast Error and investor sentiment in cross- sectional returns [PDF 795KB]

Session 6A: Professional Investors

Robo Advisers vs. Humans: Which Make the Better Financial Advisers? [PDF 485KB] 

How do financial analysts and equity salespeople make sense and cope with uncertainty? [PDF 418KB] 

Wall Street Crosses Memory Lane: How Witnessed Returns Affect Professionals' Expected Returns [PDF 604KB] 

Session 6B: Corporate Finance

Corporate Social Responsibility, Firm Value and External Corporate Governance [PDF 283KB]

Does ‘Puffery’ Matter? Positive Framing and Market Conditioning Prior to SEOs [PDF 1,752KB]

The Determinants of Equity Market Timing: Evidence from IPOs and SEOs in Thailand [PDF 143KB] 

Session 6C: Investor Behaviour 2

All That Glitters is Not Gold: Asymmetric Investor Attention in the Stock Market [PDF 1,440KB] 

The First Cut is the Deepest: Primacy Effect in Stock Market Participation [PDF 1,603KB]

Investor Attention and Short-Term Price Reversals [PDF 306KB] 

Session 8A: Ethical Investing

Socially Responsible Investments: Are households willing to pay? [PDF 354KB]

Feedback Trading and the Ramadan Effect in International Islamic Financial Markets [PDF 216KB]

Fair Value Accounting (FVA) in the S&P500: Value relevant information for investors or hazard to society when installed in financialized firms [PDF 667KB] 

Session 8B: Stock Returns

Wage Gap and Stock Returns [PDF 394KB] 

The Pathology of a Residential Real Estate Bubble and its Dramatic Consequences: An Emotional Rollercoaster [PDF 892KB]

The gross profitability anomaly: UK evidence [PDF 162KB]

Session 8C: Financial Behaviour

How does Consumer Vulnerability Impact Financial Outcomes? The Mediating and Moderating Role of Psychological Characteristics [PDF 145KB]

Wealthy investors and financial advice: Variations in self and social perceptions [PDF 210KB] 

Financial Attention and the Disposition Effect



Does Self-Control Predict Financial Behavior and Financial Well-Being? [PDF 736KB]


2016 Conference - Financial regulation and the politics of finance
Organised and chaired by Dr Kim Kaivanto, Lancaster University, and Professor Gulnur Muradoglu, Queen Mary University of London.
2016 BFWG Conference Programme [PDF 502KB]

2015 Conference - Financial regulation in response to the financial crisis: seven years on
Organised and chaired by Professor William Forbes, Loughborough University, Professor Joanna Gray, Newcastle University, and Professor Gulnur Muradoglu, Queen Mary University of London.
Conference programme [PDF] [PDF 547KB]

2014 Conference - Emotions in finance
Organised and chaired by Professor Richard Taffler, Edinburgh University, and Professor Gulnur Muradoglu, Queen Mary University of London.
Download [PDF 370KB]

2013 Conference - How the poor manage their finances
Organised and chaired by Professor Peter Ayton, School of Psychology, City University London, and Professor Gulnur Muradoglu, Queen Mary University of London.
Conference programme [PDF] [PDF 457KB]

2012 Conference - Behavioural corporate finance
Organised and chaired by Professor Scott Moeller, Cass Business School, and Professor Gulnur Muradoglu, Cass Business School.
BFWG & MARC June 2012 Conference [DOC 203KB]

2011 Conference - Behavioural finance and economic psychology: Recent developments
Organised and chaired by Professor Nigel Harvey, University College London Psychology Department and Professor Gulnur Muradoglu, Cass Business School.
Behavioural Finance and Economic Psychology: Recent Developments [DOC 105KB]

2010 Conference - Fairness, trust and emotions in finance
Organised and chaired by Dr Richard Fairchild, School of Management, University of Bath and Professor Gulnur Muradoglu, Cass Business School.
Conference programme [.docx]

2009 Conference - Behavioural perspectives on the financial crisis
Organised and Chaired by Professor William Forbes, Loughborough University and Professor Gulnur Muradoglu Cass Business School.
Behavioural Perspectives on the Financial Crisis [PDF 89KB]

2009 - Behavioural Finance Working Group First Meeting
Organised by Professor Gulnur Muradoglu, Cass Business School.
Behavioural Finance Working Group Meeting [DOC 80KB]

Forthcoming seminars

There are currently no seminars confirmed.

Past seminars

Monday 8 July 2013
Seminar title - Incorporation in Offshore Financial Centers: Naughty or Nice?
Speaker - Professor Warren Bailey, Cornell University
Location - School of Business and Management, Mile End Campus, Queen Mary University of London, E1 4NS

Warren Bailey, born and raised in Brooklyn,  is a Professor of Finance at the Samuel Curtis Johnson Graduate School of Management of Cornell University. Professor Bailey's interests include international finance, international securities markets, and investments. He has a special interest in emerging capital markets, particularly in Asia. He has published widely in all top finance journals. He has been featured and quoted extensively in the financial and mainstream press, including The New York Times, The Economist, and The Far Eastern Economic Review, and television interviews on CNN-FN and CNBC. He is an associate editor of The Journal of Financial and Quantitative Analysis and The Pacific Basin Finance Journal and the co-editor of Journal of Financial Services Research. He received the Class of 1992 Award for Teaching Excellence and the Stephen Russell Distinguished Teaching Award in 1999

Seminar Abstract:
Incorporation in Offshore Financial Centers: Naughty or Nice? by Warren Bailey and Edith X. Liu  (both Cornell University)
We study associations between measures of firm value and quality and the firm’s choice of legal and regulatory environment though incorporation in an offshore financial center. Preliminary empirical results suggest that incorporation in such a jurisdiction, or switching incorporation to one, is associated with lower value as measured by Tobin’s q and poor corporate governance as measured by higher insider holdings. These effects vary with the quality of the firm’s home country environment and the offshore domicile it selects.

Monday 21 June 2013
Seminar title - How do we reverse the current economic malaise?
Speaker - Professor Werner F.M.  De Bondt, Driehaus Center for Behavioral Finance, DePaul University in Chicago
Location - School of Business and Management, Mile End Campus, Queen Mary University of London, E1 4NS

Werner F.M. De Bondt is director of the Richard H. Driehaus Center for Behavioral Finance at DePaul University in Chicago. He is also the Driehaus Professor of Behavioral Finance. De Bondt is an economist who studies the psychology of financial decision-making. He is one of the founders of behavioral finance.. De Bondt’s research articles have appeared in many books and scholarly journals, including the Journal of Finance, the Financial Analysts Journal, the American Economic Review, and the European Economic Review. His work on stock market overreaction and the speculative dynamics of world financial markets has received a great deal of attention. Werner De Bondt is a frequent speaker to academics and investment professionals around the world. He holds a Ph.D. in Business Administration from Cornell University (1985). In past years, he was a member of the faculty at various universities in Europe, e.g., the KU Leuven (Belgium) and the University of Zurich (Switzerland). Between 1992 and 2003, he was the Frank Graner Professor of Investment Management at the University of Wisconsin-Madison.

Seminar Abstract:
“We failed as regulators, we failed as supervisors, we failed as corporate governance managers, we failed as risk managers, and we also failed in the allocation of roles and responsibilities for international economic organisations.”Angel Gurria, Secretary General, OECD

The world is out of kilter. Confusion and disorder reign at all levels: economic, social, political, and moral. The crisis that started in 2007, preceded by many years of economic stagnation in the industrialized nations, has revealed the fragility of our market-based society. In the United States, Europe, and Japan, anger about the past and anxiety about the future is widespread. Many people are in pain, yet also feel powerless. Today’s capitalism, they believe, is inherently unstable, inefficient, unfair, and corrupt. A more responsible capitalism is sorely needed. Democracy has to be strengthened. Trust in business corporations, financial institutions, and government has to be restored. In order to realize this utopian vision, the world needs authentic thought leadership and the moral regeneration of its power elite.

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