Resumen de Does training on behavioural finance influence fund managers' perception and behaviour?

Marina Nikiforow

• This article provides survey evidence on the influence of training on Behavioural Finance (BF) on professional fund managers' perception and investment behaviour. 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 BF approaches into investment processes is also considered. The results reveal that training on BF basically intensifies the perception of biases in the behaviour 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 behaviour, but BF approaches need to be integrated into investment processes.