Behavioral mediators of financial decision making – a state-of-art literature review

Behavioral mediators of financial decision making – a state-of-art literature review PurposeThe purpose of this paper is to review the insights provided by behavioral finance studies conducted in the last decade (2006-2015) examining behavioral variables in financial decision making.Design/methodology/approachThe literature review assesses 623 qualitative and quantitative studies published in various international refereed journals and identifies possible scope of future work.FindingsThe paper identifies stock market anomalies which contradict rational agents of modern portfolio theory at an aggregate level and behavioral mediators, influencing the financial decision making at an investor level. The paper also attempts to classify different dimensions of risk as professed by the investor.Originality/valueThe authors synthesize the contribution made by behavioral finance studies in extending the knowledge of financial market and investor behavior. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Behavioral Finance Emerald Publishing

Behavioral mediators of financial decision making – a state-of-art literature review

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1940-5979
D.O.I.
10.1108/RBF-07-2016-0047
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to review the insights provided by behavioral finance studies conducted in the last decade (2006-2015) examining behavioral variables in financial decision making.Design/methodology/approachThe literature review assesses 623 qualitative and quantitative studies published in various international refereed journals and identifies possible scope of future work.FindingsThe paper identifies stock market anomalies which contradict rational agents of modern portfolio theory at an aggregate level and behavioral mediators, influencing the financial decision making at an investor level. The paper also attempts to classify different dimensions of risk as professed by the investor.Originality/valueThe authors synthesize the contribution made by behavioral finance studies in extending the knowledge of financial market and investor behavior.

Journal

Review of Behavioral FinanceEmerald Publishing

Published: Mar 12, 2018

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