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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) 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 the 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 seven 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


Behavioural Finance and Ethics

Dates: Thursday 10 and Friday 11 June 2021 

Location: Online Event 

Keynote Speakers:  Professor Max Bazerman (Harvard Business School) and Professor Boudewijn de Bruin (University of Groningen)

Organisers: Gulnur Muradoglu (Queen Mary, University of London, UK) and Daphne Sobolev (University College London, UK)

Conference fee: Early bird registration fee £100 by Friday 9 April, standard registration fee £200 after. Register here or copy the following link into your browser: Fee waivers are available for PhD students. Visit the registration link to apply

Call for Papers: Call for Papers BFWG 2021 [DOC 57KB]

Submission: Submissions for BFWG 2021 have now closed. Submissions for BFWG 2022 will open later in the year

Accepted Papers from BFWG Conference 2020 remain accepted for 2021 as the conference is postponed due to the COVID-19 pandemic. In order to present you must register to attend the conference via the QMUL eshop.

The Behavioural Finance Working Group (BFWG) conference is a two-day meeting, jointly organized by the BFWG and School of Business and Management, Queen Mary University of London, UK. It examines a wide range of behavioural finance topics, ranging between financial decision making and biases, herding, corporate finance, fund management, asset pricing, financial forecasting, volatility, and market sentiment.

This year, the meeting would focus on the way individuals, financial practitioners (e.g. investors and traders) and markets interact with ethics in financial contexts. Thus, we will consider submissions exploring how ethics affect individual investors’ and practitioners’ expectations, decisions and behaviour. Submissions examining these topics, as well as the ethicality of the financial markets, financial regulation and governance, 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 and emotional phenomena as overconfidence, framing, loss aversion, herding, sentiment, optimism, biased information search, over/under reaction, the money illusion and other biases, 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 expected to be supported by ICAEW’s Charitable Trusts and Practitioner’s Round Table.   

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 January 8  2021 via completing the following web form and attaching a PDF version of the manuscript here or by pasting the following link into your browser:  

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

Any queries email   

Extended abstracts, papers-in-progress or full papers will be considered for the conference program with the understanding that they will be finished by the time of the conference.

All sessions for the conference

SessionSpeaker and Link to Paper
1. Financial ethics, crime
and regulation I                                              

Erin So Hong, Kong Baptist University Does the Nature of Political Connection Matter for Corporate Social Responsibility [PDF 574KB]

Rafia Afrin Queen Mary University of London An Attributional Model of CSR Explaining market reactions to corporate water actions... [DOC 147KB]

Victoria Gevorkova, ICMA Centre, Henley Business School, University of Reading Cleansing your conscience The effects of guilt on Socially Responsible Investment decisions [PDF 104KB]

2. Attention effects I

Abhinav Sharma, Indian Institute of Management Ahmedabad Option Repricing & Investor attention [PDF 389KB]

Ahmed Ameya Prapan, University of Glasgow Attention in the overnight period and bidder abnormal returns [PDF 684KB]

Huai Qin, Queen Mary University of London Investor Attention and Early Announcements in Mergers and Acquisitions [PDF 381KB]

3. Individual differences I

Louis Williams, University of Reading & Dynamic Planner The Impact of Personality Traits on Attitude to Financial Risk [PDF 784KB]

Matthias Pelster, Paderborn University Dark triad personality traits and selective hedging [PDF 760KB]

Tom Aabo, Aarhus University Big-Five and Corporate Multinationality [PDF 591KB]

4. Market behaviour 

Rafael M. Zacherl, LMU Munich Going with the flow: Peer effects in an online social investor network [PDF 500KB]

Marouane Rzem, IUT 2 Grenoble Multidimensional information disseminated on stock exchange websites An exploratory study [PDF 741KB]

Sidika Basci, EISTI Detecting Unknown Change Points for Heteroskedastic Data [PDF 510KB]  

5. Financial ethics, crime
and regulation II

Paweł Niszczota, Poznan University of Economics and Business Computer algorithms are less permitted to invest in controversial stocks than humans [PDF 267KB]

Ekaterina Svetlova, University of Twente, Netherlands Ethics of artificial intelligence in finance On responsibility for ignorant actions [DOC 80KB]

Matthias Horn, Univesity of Bamberg Investor characteristics and their impact on the decision to use a robo-advisor [PDF 132KB] 

6. Attention effects II 

Jiacui Li, David Eccles School of Business, University of Utah Attention Discrimination Under Time Constraints: Evidence from Retail Lending [PDF 1,454KB]

Martijn de Vries, Tilburg University Limited Attention and the dynamics of Probability Weighting [PDF 480KB]

Gabor Neszveda, Corvinus University of Budapest Attractiveness to optimists and stocks as lotteries [PDF 540KB]

7.Individual differences II

Marie-Helene Broihanne, Strasbourg University Testing the gender gap in subjective financial literacy of spouses [PDF 333KB]

Sonal Kumar, Bryant University Obstacles beyond Glass Ceiling The impact of Women's leadership on Earnings Management [PDF 240KB]

8. Sentiment and emotion I

James Bowden, University of Strathclyde Sentiment and Trading Decisions in an Ambiguous Environment A Study on Cryptocurrency Traders [PDF 355KB]

William Forbes, Kingston University Sentiment within investment mandates and stock price movements. Does truth dominate noise [PDF 997KB]

Maurizio Montone, Utrecht University Risk, Return, and Sentiment in a Virtual Financial Market [PDF 229KB]

9. Financial ethics, crime
and regulation III

Daphne Sobolev, University College London Judgment of predatory trading [PDF 543KB]

Robert Hudson, University of Hull An Overview of UK Retail Financial Scandals in recent decades Uses and abuses of Behavioral Finance [PDF 219KB]

John R. Huck, University of Wisconsin Taking a Beating on the Stock Market [PDF 1,950KB]

10. Policies and contracts 

Alessandro Melone, Vienna Graduate School of Finance (VGSF) Monetary Policy and Bond Prices with Drifting Equilibrium Rates and Diagnostic Expectations [PDF 591KB]

Spencer Barnes, Florida State University Employee Discrimination and Corporate Morale [PDF 727KB]

11. Individual differences III 

Christophe Volonté, University of Basel/University of Konstanz Do Anglo Saxons Affect Corporate Policies [PDF 375KB]

Rafael Ribas, University of Amsterdam Cultural Productivity and Short-Term Financial Commitment [PDF 898KB]

Emre Tarim, Lancaster University Putting down roots How migrants perceptions and experiences of UK's socio economic and financial systems relate to their investments [DOC 21KB]

12. Sentiment and emotion II 

Keer Yang, University of Minnesota Trust as an Entry Barrier Evidence from FinTech Adoption [PDF 2,318KB]

Junaid Arshad, University of St Andrews Psychological and Social Motivations in Microfinance Contracts Theory and Evidence [PDF 430KB]

Philip Courtenay, King's College London “Financial Advice or Emotional Containment? Exploring the Real Role of the Financial Advisor [PDF 390KB]

13. Herding and overreaction 

Weinan Zheng, The University of Hong Kong The Term Structure of Mutual Fund Herding [PDF 564KB] 

Hannes Mohrschladt, University of Münster Maxing Out Investor Overreaction and the Cross Section of Expected Returns [PDF 674KB]

Vasileios Kallinterakis, University of Liverpool How high on Herding are Cannabis Stocks [DOC 110KB]

14. Behavioural biases
and anomalies 

Avanidhar Subrahmanyam, University of California at Los Angeles Momentum, Reversals, and Investor Clientele [PDF 755KB]

Arbab Cheema, Cardiff University Thunder in a Quiet Night: Macro News and Monday Synchronicity [PDF 3,778KB]

Hang Wang, University of New South Wales Long Live Hermes Mercury Retrograde and Equity Prices [PDF 1,370KB]

15. Learning  

Chi-Yang Tsou, Hong Kong University of Science and Technology Learning and the Anatomy of the Profitability Premium [PDF 702KB]

Gleb Gertsman, Tilburg University Selective Learning and Price Over- and Under-reaction [PDF 504KB]

Kremena Bachmann, ZHAW Active Choice, Beliefs.... [PDF 113KB]

16. Trading in difficult times 

Daniel Borup, Aarhus University, CREATES, DFI Tell me a story Quantifying economic narratives [PDF 2,817KB]

Sandra Ferreruela, University of Zaragoza Herding in the bad times [PDF 930KB]

Dimuthu Ratnadiwakara, Louisiana State University Flooded Social Connections [PDF 1,497KB]

17. Financial ethics, crime and
regulation IV 

Isabella Kooij, University of Zurich Sustainability Information and Investment Decisions [PDF 697KB]

Karsten Paetzmann, Frankfurt School of Finance & Management European Green Deal and Private Equity Sustainable Investment Practices and ESG Disclosure Regulation [PDF 248KB]

Xianmin Liu, Queen Mary University of London  Why does corporate social responsibility matter in cross-border M&A Evidence from China [PDF 1,924KB]

18. Households and

Andreas Oehler, Bamberg University Can DownsidevRisk Measures Help to Explain the Reluctance of Households to Invest in XTFs An Empirical Study Using the SHS base [PDF 810KB]

Tim Herberger, Andrássy University Budapest Is Customer Recovery Management in Retail Banking Worth the Investment Lessons from the Field [PDF 498KB]

Alexey Upravitelev, Saint Petersburg University Digital nudge in online microfinance interfaces [PDF 68KB]

19. Mutual funds 

Xin Liu, Renmin University of China Does Liquidity Management Induce Fragility in Treasury Prices Evidence from Bond Mutual Funds [PDF 1,134KB]

Asli Eksi, Salisbury University Reference Dependent Preferences and Mutual Fund Flows [PDF 741KB]

Jin Guo, Frankfurt School of Finance and Management Investor Behavior under Prospect Theory: Evidence from Mutual Funds [PDF 444KB]

20. Issues in Behavioural Finance I  

Gordon Menzies, University of Technology Sydney The Ethical Implications of the Principal Agent Model [DOC 249KB]

Michael Ehrmann, European Central Bank Voting right rotation, behavior of committee members and financial market reactions: Evidence from the U.S. FOMC [PDF 442KB]

Mustabsar Awais, Sheffield University Management School Crowdsourced Investors' Recommendations and Stock Return Synchronicity [PDF 825KB]

21. Financial ethics, crime
and regulation V: Ethics, misconduct, and regulation  

John Thanassoulis, University of Warwick Competition and Misconduct [PDF 934KB]

Misa Tanaka, Bank of England Does bonus regulation curb risk-taking? Evidence from a lab experiment [PDF 937KB]

Richard Fairchild, University of Bath Social investing mindsets and nudges [PDF 2,006KB]

22. Saving and payment

Marcel Lukas, University of St Andrews Waiting for Payday, Again - Predicting and Managing Consumption Smoothing [PDF 2,214KB]

Darren Duxbury, Newcastle University Business School The Influence of Behavioural Factors on Payment Method Choice A survey of UK adults attitudes and intentions [PDF 106KB]

William  L. Skimmyhorn, Mason School of Business, College of William & Mary How do Behavioral Approaches to Increase Savings Compare Evidence from Multiple Interventions in the U.S. Army [PDF 2,826KB]

23. Financial decision
making I 

Sze Nie Ung, Newcastle University Business School Bad Beta and Good Beta Revisited Rational and Irrational Expectations [PDF 1,057KB]

Jie Ying, Southern Illinois University Edwardsville Institutional Trading on Information Diffusion across Fundamentally Related Firms [PDF 619KB]

Rui Gong, Ohio State University Return Chasing of Hedge Fund Investors [PDF 389KB]

24. Issues in Behavioural Finance II 

Kamrul Hassan Sunon, University of Leeds Manager Sentiment and Corporate Merger and Acquisition Activities [PDF 217KB]

Antonia Grohmann, Aarhus University The Effect of Social Comparison on Debt TakingExperimental Evidence [PDF 1,355KB]

Mustabsar Awais, Sheffield University Management School Does Divergence of Opinions make better minds? Evidence from Social Media [PDF 1,389KB]

25. Corporate finance
and CEO behaviour  

Indrajeet Mohite, ICMA Centre, Henley Business School Do CEOs Learn from their Deal Making Experience [PDF 861KB]

Paul H. Décaire, Arizona State University Ceo Pet Project [PDF 1,487KB]

Chunling Xia, Queen Mary University of London Insiders trades in acquiring firms full scale auctions versus restricted competition sales [PDF 380KB]

26. Overconfidence and the disposition effect 

Christoph Merkle, Aarhus University Earn more tomorrow Overconfidence, income expectations and consumer indebtedness [PDF 2,300KB]

Zack Enslin, University of Pretoria Management accountants susceptibility to overconfidence: the overplacement perspective [PDF 301KB]

Mercy Omuyoma, Strathmore University Disposition Effect in Group Versus Individual Financial Decision-Making [PDF 530KB]  

27. Financial decision
making II 

Julian Schneider, Bamberg University Social Trading: Do Signal Providers Trigger Gambling? [PDF 105KB]

Arati Kale, The University of Texas at Arlington Is Beauty Skin Deep [PDF 1,096KB]

William Forbes, Queen Mary University of London Unconscious thoughts as a spur and halt on good financial decisioning making [PDF 48KB]




2019 Conference - Can Behavioural Finance inform Volatility Modeling/Forecasting?
Organised and chaired by Vasileios Kallinterakis (University of Liverpool, UK), Dimos Kambouroudis (University of Stirling, UK) and Professor Gulnur Muradoglu, Queen Mary University of London.

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.