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Behavioural Finance and Investors’ Psychology


Special issue call for papers from Qualitative Research in Financial Markets

Guest Editors:

Dr Satish Kumar, National Institute of Industrial Engineering, Vihar Lake, Mumbai, India
Dr Gabriela Chmelíková, Mendel University, Czech Republic

Despite extensive high-quality research in financial market activity, global problems in the sector, the drastic devaluation of asset values, plus substantial growth in the volatility of stock/commodity prices markets all give rise to questions that remain unanswered.

Interest in the predictions and explanations offered by behavioural finance has increased exponentially over the last few decades against this backdrop of empirical puzzles. Many articles in, and special issues of, leading journals have focussed on the pricing of financial assets, portfolio choices and the trading decisions made by individual investors, firms’ managers and institutional investors (see, for example, Shefrin & Statman, 2000; Shapira & Venezia, 2001; Lin, 2005). Much of this research has addressed cognitive and emotional biases such as overconfidence, reference points, loss aversion, mental accounting, representativeness, status-quo bias, self-attribution, gambler’s fallacy, framing effect, familiarity bias and over-optimism etc. (Kahneman & Lovallo, 1993; Barber & Odean, 2000; Dhar & Zhu, 2002; Shefran et al. 2009).

In this context of a renewed quest for meaningful understanding of observed behaviour that does not fit with the classical paradigm of human rationality, Qualitative Research in Financial Markets requests submissions for a special issue devoted to Behavioural Finance and Investor Psychology. This special issue invites theoretical, empirical, case study, interview based and experimental works that involve the application of psychology, as well as neuroscience, to all areas of financial decision-making. The list of topics covered (non-exhaustive) in this special issue are:-

* Judgement and Decision Making;
* Investors’ Behaviour and Sentiments;
* Risk measurement and asset pricing;
* Anomalies in Financial Market;
* Behavioural Corporate Finance;
* Nudging Clients/Understanding Clients Behavior;
* Retirement Saving and Planning for Individuals;

Articles of 5,000-9,000 words for consideration for publication should be submitted via the journal's online system at: https://mc.manuscriptcentral.com/qrfm by 31st of March 2018. Before submitting please follow the author guidelines described here.  All articles will go through the double blind peer review process.

For further information, please contact the editor of the Special Issue: Dr. Satish Kumar at skumar.dms@mnit.ac.in or scholar.satish@gmail.com. Full information for authors and further details about the journal are available at: http://www.emeraldgrouppublishing.com/qrfm.htm

Selected References:
* Barber, B.M. & Odean, T. (2000). “Investors, Trading is Hazardous to your Wealth: The Common Stock Investment Performance of Individual”, The Journal of Finance, Vol. 55, No. 2, pp. 773-806.
* Dhar, R. & Zhu, N. (2002). “Up Close And Personal: An Individual Level Analysis of the Disposition Effect”, Yale ICF Working Paper No. 02-20  available on http://papers.ssrn.com/sol3/papers.cfm?abstract_id=302245
* Kahneman, D. & Lovallo, D. (1993). “Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking”, Management Science, Vol. 39 No. 1, pp. 17-31.
* Kahneman, D. & Tversky, A. (1979). “Prospect Theory: An Analysis of Decision under Risk”, Econometrica: Journal of the Econometric Society, Vol. 47, No. 2, pp. 263-291.
* Lin, M.C. (2005). “Returns and Investor Behavior in Taiwan: Does Overconfidence Explain this Relationship?”, Review of Pacific Basin Financial Markets and Policies, Vol. 8 No. 3, pp. 405-446.
* Odean, T. (1999). “Do Investors Trade too Much?”, The American Economic Review, Vol. 89 No. 5, pp. 1279-1299.
* Shafran, S., Benzion, U. & Shavit, T. (2009). “Investors' Decision to Trade Stocks-An Experimental Study”, The Journal of Behavioral Finance, Vol. 10 No. 2, pp. 81-88.
* Shapira, Z. & Venezia, I. (2001). “Patterns of Behavior of Professionally Managed and Independent Investors”, Journal of Banking & Finance, Vol. 25, No. 8, pp. 1573-1587.
* Shefrin, H. & Statman, M. (1985). “The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence”, The Journal of Finance, Vol. 40, No. 3, pp. 777-790.
* Shefrin, H. & Statman, M. (2000). “Behavioral Portfolio Theory”, Journal of Financial and Quantitative Analysis, Vol. 35, No. 2, pp. 127-151.
* Statman, M., Thorley, S. & Vorkink, K. (2006). “Investor Overconfidence and Trading Volume”, Review of Financial Studies, Vol. 19 No. 4, pp. 1531-65.