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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) 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


Behavioural Finance and Ethics

Dates: Thursday 10 and Friday 11 June 2021 

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

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 £200, standard registration fee £300 after. Link to be provided shortly.

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

Submission: Submit your paper/ extended abstracts/papers in progress here Submission deadline Friday 8 January 2021

Accepted Papers from BFWG Conference 2020 remain accepted for 2021 as the conference is postponed due to the COVID-19 pandemic. Please confirm if you want to present in BFWG Conference 2021 by 8 January 2021 here or if you want to withdraw your paper here   


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.


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.

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.