School of Business and Management

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

  • 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


Can Behavioural Finance inform Volatility Modeling/Forecasting?

Dates: 6-7 June 2019

Location: Queen Mary University of London, Graduate Centre, 327 Mile End Road, London E1 4NS 

Keynote Speaker:  Richard Sias (University of Arizona)

Practitioner Keynote: Emily Haisley (Blackrock)

Organisers: Gulnur Muradoglu (Queen Mary, University of London, UK), Vasileios Kallinterakis (University of Liverpool, UK) and Dimos Kambouroudis (Stirling University, UK

Conference fee: Early bird registration fee £200 before 29 March 2019, standard registration fee £300 after 30 March- 7 June 2019. Register here

Submission: To submit a paper or extended abstract for consideration complete the following online form and submit your final call for papers (ONCE SUBMITTED NO AMENDMENTS OR ALTERATIONS CAN BE MADE TO THE TITLE OR CONTENThere

Call for Papers: Call for papers BFWG 2019 updated [DOC 67KB]


In this two-day meeting jointly organized by the Behavioural Finance Working Group (BFWG) and Queen Mary, University of London, UK, 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 contributions of behavioural finance (e.g. via sentiment, over/under reaction, specific biases/heuristics etc) to informing the modelling and forecasting of volatility in various asset classes (e.g. equities, fixed-income, derivatives, exchange-traded funds and currencies, to mention but a few) will be particularly welcome.

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 also have:

  • dedicated PhD sessions supported by ICAEW’s Charitable Trusts and
  • a Practitioner’s Round Table chaired by Dr Céline Chi-Hae Wong (UBS Switzerland)

Special Issue: Accepted papers will be considered for a special issue of the Review of Behavioural Finance which will publish a selection of research presented at the conference. Further information about the submission process will be shared during the conference and emailed to the participants.

Special issue journal website:

Review of Behavioural Finance:

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 February 1st, 2019.

The organizers will come back with a decision within three weeks after this deadline.

To submit a paper or extended abstract for consideration complete the following online form and submit your final call for papers (ONCE SUBMITTED NO AMENDMENTS OR ALTERATIONS CAN BE MADE TO THE TITLE OR CONTENT) here 

Any issues with submitting your paper, please email a PDF version of the manuscript to:

BFWG 2019 Conference Programme [PDF 2,710KB]

BFWG 2019 Conference Sessions

Thursday 6 June 2019

Timings Session A Session B Session C

Session 1A: Herding and Feedback Trading
Feedback Trading and the Ramadan Effect [PDF 1,099KB]

Do close-end fund investors herd? [PDF 789KB] 

The Effect of FSAP directives on Stock Market Herding [PDF 2,501KB]

Session 1B: Behavioural Decision Making
Non-consequential reasoning and state-dependence in investment choice: new experimental evidence from a ‘portfolio game’. [PDF 477KB]

Revealed Heuristics: Evidence from Investment Consultants’ Search Behavior [PDF 1,940KB] 

Paying Attention [PDF 622KB]


Session 2A: Behavioral Corporate Finance
Mergers and Acquisitions in Sin industries... [PDF 369KB]

Fear and media coverage: The case of insider trading in takeover targets [PDF 1,382KB] 

Shareholder Reaction to Corporate Water Actions and the Reputational Effects of CSR [PDF 762KB] 

Session 2B: Fund Management
When investors call for climate responsibility, how do mutual funds respond? [PDF 894KB]

Peer Effects in Investment Manager Selection: Evidence from University Endowments [PDF 220KB] 

Stock-specific determinants of the disposition effect in fund managers [PDF 92KB]

Session 2C: Behavioural Corporate Finance
What Do Employees Know? Employee Opinions in Firms Going Public [PDF 457KB]

Ultimate Control and Firm Performance: An Empirical Analysis of Listed Firms in China [PDF 2,222KB]

Relationship between realised returns of UK unit trust and its unsystematic risk [PDF 117KB]


Session 3A: Forecasting Behaviour
From Gut Feelings to Considered Forecasts: The Effects of Incentivizing and Unpacking the Forecasting Question [PDF 512KB]

Forecasting practices and portfolio company performance in Private Equity (PE) – a practical rationality perspective [PDF 53KB]

Illumination or Illusion? Placebic Information and Stock Price Forecasts [PDF 274KB]  

Session 3B: Behavioural Anomalies
Value Bubbles [PDF 619KB] 

Investor Target Prices [PDF 802KB]


Variance after-effects, portfolio turnover and excess volatility [PDF 360KB] 


Session 4A: Volatility
A Comparative GARCH Analysis of Macroeconomic Variables and Returns on modelling the kurtosis of FTSE 100 Implied Volatility Index [PDF 936KB]

How volatility can arise from sudden change in conviction narratives [PDF 460KB] 

Institutional investor sentiment and the meanvariance relation: Some global evidence [PDF 330KB] 

Session 4B: Financial Behaviour
Disposition Effect – Behavioural Evidence from Consecutive Trades within a Dynamic Panel Quantile Regression with Attrition [PDF 256KB]

Fraud-perception, superegos, and cultural spread of unethical behavior: theory and evidence from Enron [PDF 616KB] 

How Well Do Traders Condition on the Uniqueness of Their Signals? [PDF 632KB] 

Session 4C: Behavioural Biases
Behavioural Finance Biases in the Decisions of Pension Fund Trustees [PDF 331KB]

How Reference Points Determine the Prospect Theory Value of a Stock [PDF 400KB] 

Narrative Economics and Investor Emotions: An Empirical Analysis [PDF 1,222KB]


Friday 7 June 2019

Timings Session A Session B Session C Session D

Session 5A: Behavioral Corporate Finance
How Leverage Plays its role in R&D related Firm Performance [PDF 763KB]

Financial firms and Behaviour in Finance [PDF 469KB]

Managerial Opportunism: The Interface of Manager Optimism and Investor Sentiment [PDF 141KB]

Session 5B Emotions and Gender
The impact of emotions towards investments and towards life on attitude to financial risk [PDF 283KB]

Gender based attitudes: Financial Advisor Responsiveness to Training Intervention [PDF 132KB]

Emotions, Uncertainty, Gender and Residential Real Estate Prices: Evidence from a Bubble Market [PDF 1,291KB]

Session 5C Behavioural Corporate Finance
Investor sentiment, information uncertainty and initial Public Offering mispricing in China Stock Markets [PDF 300KB]

The Invisible Burden: Goodwill and the Cross- Section of Stock Returns [PDF 453KB]

What were they thinking? Firms’ expectations on the availability of external finance [PDF 606KB]

Session 5D Biases and Decision Making
Does credit card repayment behavior depend on the presentation of interest payments? The cuckoo fallacy [PDF 2,161KB]

Geography, Local Sentiment, and Market Anomalies [PDF 469KB]

Rise of the androids: Individual differences and similarities in HFT codes and strategies [PDF 425KB]


Session 6A: Behavioural Asset Pricing
Beta, Value, and Growth [PDF 348KB]

Fast and slow investment in asset markets: How does risk taking change? [PDF 53KB]

Implication of Regret on Mutual Fund Managers’ Risk-Shifting Decisions [PDF 370KB]

Session 6B: Volatility
Individual Stock Liquidity The Role of Implied Volatility, Market and Industry Liquidity. A Multi-Country Approach [PDF 782KB] 

The Role of Individual and Institutional Investors on Return and Volatility: Evidence from an Emerging Market [PDF 480KB]

Volatility Forecasting and Performance comparisons: Socially Responsible versus Conventional and Market indices [PDF 625KB]

Session 6C: Sentiment
Investor Sentiment and the Pricing of Macro Risks for Hedge Funds [PDF 711KB]

Credit Rating Changes and Stock Market Reaction: The Impact of Investor Sentiment [PDF 566KB]

The role of risk and emotional engagement in trading behaviour and manifestation of behavioural biases by investors [PDF 283KB] 

Session 6D: Behavioural Corporate Finance
Do foreign institutional investors improve board monitoring? [PDF 894KB]

Does Easing Controls on Foreign Currency Borrowings Boost Exporting Intensity of Indian Firms? [PDF 405KB] 

Growth Opportunity Bias [PDF 440KB] 


Session 7A: Behavioural Corporate Finance
CEO’s compensation and risk taking in UK firms [PDF 1,266KB]

CEO reference points and strategic risk taking: Market reaction to M&A announcements [PDF 185KB]

Employee Sentiment and Asset Prices [PDF 476KB]

Session 7B: Behavioural Strategies
Quarterly Seasonality and the Relative Performance of Momentum Strategies [PDF 397KB]

Underreaction to Macroeconomic News Announcements and the Downward-Sloping Security Market Line [PDF 252KB]

Gambling with Lottery Stocks? [PDF 502KB]

Session 7C: Financial Behaviour 
Choosing to Disagree [PDF 622KB]

Diversification in Lottery-Like Features and Portfolio Pricing Discounts [PDF 528KB]

Currency Anomalies 





2018 Conference - Behavioural finance in advanced and emerging markets
Organised and chaired by Professor Ali M. Kutan (Southern Illinois University Edwardsville, USA) and Professor Gulnur Muradoglu, Queen Mary University of London.

2017 Conference - Sentiment and mood finance 
Organised and chaired by Professor Darren Duxbury, Newcastle University Business School and Professor Gulnur Muradoglu, Queen Mary University of London.

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.

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.

2014 Conference - Emotions in finance
Organised and chaired by Professor Richard Taffler, Edinburgh University, and Professor Gulnur Muradoglu, Queen Mary University of London.

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.

2012 Conference - Behavioural corporate finance
Organised and chaired by Professor Scott Moeller, Cass Business School, and Professor Gulnur Muradoglu, Cass Business School.

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.

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.

2009 - Behavioural Finance Working Group First Meeting
Organised by Professor Gulnur Muradoglu, Cass Business School.

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.