behavioural finance master thesis

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Bachelor's and master's thesis.

This section will inform you about the possibility of having your thesis supervised by the Behavioral Finance Research Group.

Building on our contents in teaching, we offer the opportunity to write a thesis at the Behavioral Finance Research Group.

Department's best thesis of 2019 supervised at the Behavioral Finance Research Group

Admission requirements 

Bachelor's thesis:

• Major "Accounting & Finance"
• Successful attendance of  Entrepreneurial Finance.  

Master's thesis :

• Successful attendance of one of the institute’s seminars .
• Attendance of  Behavioral Finance is strongly recommended.
• Attendance of  Quantitative Methods in Empirical Finance is strongly recommended.

Application deadline

Summer term: March 1st Winter term: September 1st  

Application procedure

Inhalt ausklappen Inhalt einklappen Application

The Application should consist of: - Letter of Motivation (max. one page) - CV - Current transcript of records (grades)

Inhalt ausklappen Inhalt einklappen Topic assignment

The assignment of the topics takes place in a personal meeting with a member of the chair The topics are oriented towards research topics of the chair: - Behavioral Finance - Entrepreneurial Finance - Household Finance Accepted thesis topics include a self-directed empirical analysis.

Inhalt ausklappen Inhalt einklappen Exposé creation

After the assignment of the topic an exposé (1-2 pages) has to be prepared. It should cover the following content: - Problem definition - Objectives - Procedure - Provisional structure - Basic literature

Inhalt ausklappen Inhalt einklappen Registration at the examination office

The application is done by submitting the application for admission to the Examination Office. The filing date is April 1st, or October 1st.

Please send your application to [email protected]  within the stated deadlines.

General Remarks:

• For Application forms go to the Download center of the examination office .
• Formal guideline for writing term papers and theses  and Write your best paper .

"The practical relevance of my thesis topic is particularly valuable"

"Fascinating question on a current topic"

"Theme requests will be taken into account when the works are allocated"

• International Center for Finance
• Research & Initiatives

Behavioral Finance Research

The International Center for Finance is a leading center for research in behavioral science – specifically, research in the fields of behavioral decision-making, behavioral economics, and behavioral finance. Behavioral decision-making studies the basic psychology of decision-making, while behavioral economics and behavioral finance study the role of irrational thinking in economic and financial decision-making, respectively. Yale’s research efforts in these fields have been helped immeasurably by the generous support of the Lynne & Andrew Redleaf Foundation (formerly Whitebox Advisors).

Yale Summer School in Behavioral Finance

The Yale Summer School in Behavioral Finance, which has been led since its inception in 2009 by Nicholas Barberis with support from the ICF’s outstanding staff members, is a one-week intensive course in behavioral finance for PhD students.

Lynne & Andrew Redleaf Foundation Student Fellows

Lynne & Andrew Redleaf Foundation Student Fellows (formerly Whitebox Advisors student fellows) are selected by a committee of Yale faculty and receive funding to help with their research.

Behavioral Research Projects

Behavioral research projects funded with the generous support of the Lynne & Andrew Redleaf Foundation (formerly Whitebox Advisors) that have been published either in journals or as working papers.

Lynne & Andrew Redleaf Foundation Graduate Student Conference

Since 2005, the annual Lynne & Andrew Redleaf Foundation Graduate Student Conference (formerly the Whitebox Advisors Graduate Student Conference) , held in conjunction with the Behavioral Science Conference, draws top doctoral students from around the world to present their research in the fields of behavioral economics, behavioral finance and behavioral marketing. The goal of the conference is to foster an environment to promote interaction amongst doctoral student researchers, and to provide feedback for students presenting their work in these fields.

Investment Decisions and Behavioral Finance

Program Fee: The program fee includes tuition, curricular materials and most meals. Housing is not included. 

Program Overview

Common biases. Irrational investment behaviors. Decision-trap situations. In today’s complex and rapidly changing financial markets, senior executives responsible for managing client assets need to understand these and other factors that can lead to sub-optimal outcomes for investors.

Investment Decisions and Behavioral Finance is an intensive two-day program from Harvard Kennedy School Executive Education. It will expose you to the central principles and latest findings of the psychology of decision making under conditions of risk and uncertainty.

Led by Faculty Chair Richard Zeckhauser, this on-campus program focuses on practical applications for professionals who manage assets and construct portfolios for investment clients. 

The previous session included:

Dinner Speaker:

• Seth Klarman , CEO & Portfolio Manager, The Baupost Group

Lunch Speaker: 

• Owen Lamont , Senior Vice President and Portfolio Manager, Acadian Asset Management

Senior Professor Faculty Speakers:

• Larry Summers , University Professor, Harvard University
• Richard Zeckhauser , Harvard Kennedy School
• Jason Furman , Harvard Kennedy School and Economics Department
• Iris Bohnet , Harvard Kennedy School
• Robin Greenwood , Harvard Business School
• Samuel Hanson , Harvard Business School
• David Laibson , Harvard Economics Department
• Nicholas Barberis , Yale School of Management
• Michael Mauboussin​​​​​​ , Morgan Stanley Investment Management, Columbia 
• Annie Duke , Poker World Champion

PROGRAM CURRICULUM

Developed by Harvard Kennedy School faculty, Investment Decisions and Behavioral Finance  explores the science behind investment decision making.

The program opens with a networking dinner, followed by two days of classroom sessions. You will take part in thought-provoking discussions and interactive learning exercises with leading behavioral finance professionals and academics.

Reflecting the most current research and issues in the financial markets, the curriculum focuses on:

• Behavioral insights into financial markets
• Crash beliefs from investor surveys
• Global outlook, debt cycles, and monetary policy
• The challenges and opportunities of the aging investor
• Gender retirement gaps
• Big data, smart beta, and other things investors fear
• Methods to improve decisions

LEARNING OBJECTIVES

Investment Decisions and Behavioral Finance will help you understand:

• The applied science of effective decision making
• How our brains are not wired to make the decisions that modern financial markets require—and ways to adjust for these shortcomings
• How and why financial bubbles develop and strategies for recognizing them
• The psychological reasons that lead investors to make severe investment errors

Application Information

Recommended applicants.

This on-campus program from Harvard Kennedy School Executive Education is designed for mid to senior level leaders and executives in the financial and investment community who are interested in hearing the perspectives of intellectual thought leaders and leading practitioners.

Professionals who would find value in this program include:

• Investment company presidents
• Chief investment officers
• Chief financial officers
• Investment strategists
• Portfolio and fund managers
• Pension plan executives
• Corporate investors
• Bankers and financial planners
• Junior financial officers

Sample Schedule

Immerse yourself with a cohort of fellow leaders on Harvard’s historic campus. View the draft  program schedule . Note that module titles, speakers, and sequence may change.

WHAT PARTICIPANTS ARE SAYING

"as a board member of one of the largest pension funds in america, i found this to be the most valuable class i have ever taken.", bruce perelman, former secretary of the board of investments, hear from the faculty chair.

Faculty Chair Richard Zeckhauser and Harvard Kennedy School Professor Dan Levy discuss the triumphs and failures of making important decisions in groups.

Faculty & Research

Faculty chair.

Richard Zeckhauser

Harvard faculty and guest speakers.

Iris Bohnet

Robin Greenwood

Jason Furman

David Laibson

Samuel Hanson

Lawrence H. Summers

Nicholas Barberis

Seth Klarman

Owen Lamont

Michael J. Mauboussin

Related research.

• Larry Summers details how Senate plan will reduce inflation - Lawrence H. Summers
• Summers Warns Fed on 1970s-Style Mistake With CPI Set to Slow
• When Managers Change Their Tone, Analysts and Investors Change Their Tune
• Less is more when it comes to Federal Reserve policy
• ‘Dumb Money’ and the Meme Stock Phenomenon
• Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections
• Investing in the Unknown and Unknowable
• Status Quo Bias in Decision Making
• The Value of Precision in Probability Assessment: Evidence from a Large-Scale Geopolitical Forecasting Tournament
• Issuer Quality and Corporate Bond Returns
• Predictable Financial Crises
• Incorporating DEI into Decision-Making
• Achieving Gender Balance at All Levels of Your Company
• How to Best Use Data to Meet Your DE&I Goals

Related Resources

Admissions & financial information, contact executive education.

• Harvard Business School →
• Behavioral Finance & Financial Stability →

Malcolm P. Baker

Marco Di Maggio

Robin Greenwood

Samuel G. Hanson

Victoria Ivashina

David S. Scharfstein

Andrei Shleifer

Erik Stafford

Jeremy C. Stein

Lawrence Summers

Adi Sunderam

Luis M. Viceira

Post doctoral.

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Spencer Kwon

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An Analytical Study on Behavioural Finance And Its Impact on Portfolio Investment Decisions – Evidence: India

2016, Savithribai Phule Pune University

Related Papers

Shabarisha Narayan

Decision-making is a versatile action. Decisions cannot be made in an annulled by relying on the personal resources and complex models, which do not take into consideration the situations. A situation based on decision-making activity encompasses not only the explicit dilemma faced by the individual but also drag out to the environment. The most decisive challenge faced by the investors is in the vicinity of investment decisions. In designing the investment portfolio, the investors should consider their financial and investment goals, risk forbearance level, and other constraints. In addition to that, they have to envisage the output return-risk optimization. This process is better suited for institutional investors; it often fails for individuals, who are vulnerable to heuristic and behavioural biases. The presence of frequently occurring anomalies in conventional economic theory was a big contributor to the configuration of behavioral finance. These ostensible anomalies, and their unrelenting subsistence, directly infringe modern financial and economic theories, which assume rational and logical behaviour. Such a decision-maker would consider all relevant information and come up with the best choice under the situations in a progression known as constrained optimization. The present paper spotlights on Heuristic and Biases Related to Financial Investment and the Role of Behavioural Finance in Investment.

TJPRC Publication

Behavioral finance is an open-minded finance which includes the study of psychology, sociology, and finance. Behavioral finance micro examines behavior or biases of investors and behavioral finance macro describe anomalies in the efficient market. Nowadays, behavioral finance is not a new concept, the existence, and impact of behavioral biases in investor's behavior and human judgment are huge. In this paper, we will review various studies in this area so as to have a clear understanding of the behavioral finance and its significance in the financial decision making of investors. JEL CLASSIFICATION: G11, G14

Nada Ibrahim

This study investigates the existence of behavioral biases in Amman Stock Exchange and their effect on investment performance from investor's point of view. In specific, the effects of overconfidence bias, familiarity bias, loss aversion bias, disposition bias, availability bias, representativeness bias, confirmation bias and herding bias are investigated. Moreover, the study inspects whether the behavioral biases differ between males and females. The results show that there is a statistically significant effect of overconfidence bias, familiarity bias, availability bias, representativeness bias and herding bias on investment performance (p≤5%). Moreover, disposition bias, confirmation bias and loss aversion bias significantly affect investment performance but at a critical level of (p≤10%). No statistically significant differences are found between the answers of males and females.

Imran Umer Chhapra

Investor’s irrationality is an inevitable reality that has been time and again highlighted by researchers (Statman, 2008). Therefore, this study is another effort to assess the role of behavioral biases in financial decision making in Pakistan Stock Exchange (PSX). A survey questionnaire is designed and used to collect responses using convenience sampling technique from sample of 250 investors of PSX. Behavioral biases include overconfidence, over thinking, herding, cognitive bias, and hindsight effect of investors. Multiple regression models are used to test influence of five behavioral biases on investment decision. The results show that overconfidence, over thinking, herding, cognitive bias, and hindsight effect have significant positive impact on investment decision. Overall results conclude that much change in investment decision is due to behavioral biases. This study will help financial advisors to better advice their clients. The one way to reduce these biases may be education and training of investors.

IJREAM EDITOR

Finance is the system that includes the granting of money and credit, making of investments and provision of banking facilities. Behavioral finance is a new academic discipline which seeks to apply the insights of the psychologists to understand the behavior of both investors and financial markets. This study analyse the Investors behavior through 600 respondents using Factor analysis test. The results of the study show that the 16 variables selected for the study had been reduced to 5 factor models using the principle component analysis such as Market Dynamics, Logical Analysis , Herding Bias, Regret Aversion and Heuristic Bias. Thus, Behavioral finance is becoming a primary part of the decision making process, since it influences investors' behavior greatly.

Journal of Research in Business

Abdu Seid Ali

This paper aims to assess whether there is a behavioral bias of Turkish FDI investors in Ethiopia. Besides, it addresses the influence of firm size, investment duration, target customers and amount of investment on the behavioral variables. In order to do so, a survey was conducted on a sample of Turkish FDI investors in Ethiopia which tries to examine their cognitive psychological factors towards their investment decisions. The survey result was analyzed using factor analysis. The statistical findings confirm that some psychological anomalies such as representativeness, herding, regret aversion and mental accounting have been observed on Turkish FDI investors. The regression analysis shows that amount of investment of the firms significantly and positively affects herding, representativeness, regret aversion and mental accounting behaviors. Furthermore, duration of investment in Ethiopia affects their representativeness and mental accounting behavioral biases of investors positively.

Sana Jameel

rayhan kabir

Salman Shahid

This research aims to investigate behavioral factors influencing the decisions of individual investors at the Securities Companies in Ho Chi Minh City, Vietnam. Data for this research was collated from 188 responses from individual investors, accounting for the response rate of 63%. There are five behavioral factors of individual investors at the Ho Chi Minh Stock Exchange: Herding, Market, Prospect, Overconfidence-gamble's fallacy, and Anchoring-ability bias. Securities Companies may also use the findings of this research for better understanding on investors' decision to give better recommendations to them. Stock prices then reflect their true value and Ho Chi Minh stock market becomes the yardstick of the economy's wealth and helps enterprises to raise capital for business activities.

Fitry Andry

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Essays on behavioral finance and corporate finance

• Research Group: Finance
• Center Ph. D. Students

Research output : Thesis › Doctoral Thesis

Access to Document

• 10.26116/dd2e-g320
• TiU_220207_CeNTER_proefschrift Lingbo Shen_digitaal Final published version, 1.32 MB

Fingerprint

• Corporate Finance Keyphrases 100%
• Executive Keyphrases 100%
• Behavioral Finance Keyphrases 100%
• Behavioural Finance Economics, Econometrics and Finance 100%
• Performance Difference Keyphrases 33%
• Conference Calls Keyphrases 33%
• Crisis Time Keyphrases 33%
• COVID-19 Pandemic Crisis Keyphrases 33%

T1 - Essays on behavioral finance and corporate finance

AU - Shen, Lingbo

N2 - This Ph.D. dissertation consists of three independent chapters in behavioral finance and corporate finance. The first chapter examines whether and how ethnicity similarity between analysts and executives affect their interactions in conference calls. The second chapter investigates firms' demand for inventor executives, executives with innovation experience, around firms' IPOs. The last chapter studies teams and individual analysts performance differences during the COVID-19 pandemic crisis time.

AB - This Ph.D. dissertation consists of three independent chapters in behavioral finance and corporate finance. The first chapter examines whether and how ethnicity similarity between analysts and executives affect their interactions in conference calls. The second chapter investigates firms' demand for inventor executives, executives with innovation experience, around firms' IPOs. The last chapter studies teams and individual analysts performance differences during the COVID-19 pandemic crisis time.

U2 - 10.26116/dd2e-g320

DO - 10.26116/dd2e-g320

M3 - Doctoral Thesis

SN - 978 90 5668 683 3

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

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Winners of The Malmsten Award for Best Master's Thesis 2024

On 13 June, the graduation ceremony was held for the School's master's programmes. In connection with this, the winners of The Malmsten Award for Best Mater's Thesis were also presented.

This prize is awarded annually for the best thesis within each of the nine master’s programmes at the School of Business, Economics and Law. In addition to the honor, the authors receive 10,000 SEK each. The prize is awarded by the Richard C. Malmsten Memorial Foundation.

The recipients were presented during the graduation ceremony held at the Gothenburg Concert Hall in the presence of students, family members, programme directors, and staff from the Graduate School.

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