A comprehensive review of behavioral biases in financial decision-making: from classical finance to behavioral finance perspectives
Abstract
This paper offers a detailed analysis of the evolution of financial decision-making theories, focusing on the shift from classical finance to behavioral finance. Classical finance theories, including the Efficient Market Hypothesis and Modern Portfolio Theory, assume that investors behave rationally and that the market is efficient. However, these theories have faced criticisms highlighting the importance of considering irrational behaviors in financial markets. Behavioral finance addresses this gap by integrating psychological insights into financial decision-making. This study systematically reviews the literature on behavioral biases that affect individual investors, identifying fundamental biases and their impact on investment decisions. The analysis emphasizes the role of cognitive limitations and psychological tendencies in shaping market dynamics, influencing asset pricing, investment strategies, and market returns. The research also notes a shift in focus from market-level outcomes to the behavior of individual investors, with an increase in publications. The paper concludes that understanding investors’ biases is crucial for developing effective risk management strategies and investment recommendations, ultimately leading to improved market performance. The findings underscore the growing importance of behavioral finance in explaining investor behavior and market anomalies, highlighting areas for future research in this evolving field.
Keyword : behavioral finance, investment decision-making, behavioral biases, classical finance theories, pompian’s framework, investor personality, rationality in finance
How to Cite
Kanapickienė, R., Vasiliauskaitė, D., Keliuotytė-Staniulėnienė, G., Špicas, R., Kaab Omeir, A., & Kanapickas, T. (2024). A comprehensive review of behavioral biases in financial decision-making: from classical finance to behavioral finance perspectives. Journal of Business Economics and Management, 25(5), 1006–1029. https://doi.org/10.3846/jbem.2024.22314
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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de Dreu, J., & Bikker, J. A. (2012). Investor sophistication and risk taking. Journal of Banking and Finance, 36(7), 2145–2156. https://doi.org/10.1016/j.jbankfin.2012.03.023
de Venter, G., & Michayluk, D. (2008). An insight into overconfidence in the forecasting abilities of financial advisors. Australian Journal of Management, 32(3), 545–557. https://doi.org/10.1177/031289620803200309
Dhingra, B., Yadav, M., Saini, M., & Mittal, R. (2024). A bibliometric visualization of behavioral biases in investment decision-making. Qualitative Research in Financial Markets, 16(3), 503–526. https://doi.org/10.1108/QRFM-05-2022-0081
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Gerth, F., Lopez, K., Reddy, K., Ramiah, V., Wallace, D., Muschert, G., Frino, A., & Jooste, L. (2021). The behavioural aspects of financial literacy. Journal of Risk and Financial Management, 14(9), Article 395. https://doi.org/10.3390/jrfm14090395
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Graham, B. (1939). Review of The Theory of Investment Value, by J. B. Williams. Journal of Political Economy, 47(2), 276–278. https://doi.org/10.1086/255367
Jain, J., Walia, N., Kaur, M., & Singh, S. (2022). Behavioural biases affecting investors’ decision-making process: A scale development approach. Management Research Review, 45(8), 2040–8269. https://doi.org/10.1108/MRR-02-2021-0139
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Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making – a systematic literature review. Qualitative Research in Financial Markets, 7(1), 88–108. https://doi.org/10.1108/QRFM-07-2014-0022
Kunjal, D., & Peerbhai, F. (2021). Investor overconfidence in the South African exchange traded fund market. Cogent Economics and Finance, 9(1), Article 1978190. https://doi.org/10.1080/23322039.2021.1978190
Lis, A. (2018). Keywords co-occurrence analysis of research on sustainable enterprise and sustainable organisation. Journal of Corporate Responsibility and Leadership, 5(2), 47–66.
Majewski, S. (2018). Confirmation bias in valuation of footballers’ performance rights. In K. Nermend & M. Latuszynska (Eds.), Problems, methods and tools in experimental and behavioral economics. CMEE 2017. Springer Proceedings in Business and Economics (pp. 249–259). Springer, Cham. https://doi.org/10.1007/978-3-319-99187-0_18
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Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Merton, R. C. (1985, October). On the current state of the stock market rationality hypothesis (Woring Paper 1717-85). Alfred P. Sloan School of Management, Massachusetts Institute of Technology. http://hdl.handle.net/1721.1/2125
Mintzberg, H., Raisinghani, D., & Theoret, A. (1976). The structure of “unstructured” decision processes. Administrative Science Quarterly, 21(2), 246–275. https://doi.org/10.2307/2392045
Mittal, S. K. (2022). Behavior biases and investment decision: Theoretical and research framework. Qualitative Research in Financial Markets, 14(2), 213–228. https://doi.org/10.1108/QRFM-09-2017-0085
Moutzouris, I. C., & Nomikos, N. K. (2020). Asset pricing with mean reversion: The case of ships. Journal of Banking and Finance, 111, Article 105708. https://doi.org/10.1016/j.jbankfin.2019.105708
Mundi, H. S., Kaur, P., & Murty, R. L. N. (2022). A qualitative inquiry into the capital structure decisions of overconfident finance managers of family-owned businesses in India. Qualitative Research in Financial Markets, 14(3), 357–379. https://doi.org/10.1108/QRFM-02-2020-0019
Mushinada, V. N. C. (2020). Are individual investors irrational or adaptive to market dynamics? Journal of Behavioral and Experimental Finance, 25, Article 100243. https://doi.org/10.1016/j.jbef.2019.100243
Mushinada, V. N. C., & Veluri, V. S. S. (2018). Investors overconfidence behaviour at Bombay Stock Exchange. International Journal of Managerial Finance, 14(5), 613–632. https://doi.org/10.1108/IJMF-05-2017-0093
Mushinada, V. N. C., & Veluri, V. S. S. (2019). Elucidating investors rationality and behavioural biases in Indian stock market. Review of Behavioral Finance, 11(2), 201–219. https://doi.org/10.1108/RBF-04-2018-0034
Mushinada, V. N. C., & Veluri, V. S. S. (2020). Self-attribution, overconfidence and dynamic market volatility in Indian stock market. Global Business Review, 21(4), 970–989. https://doi.org/10.1177/0972150918779288
Nobel Prize Outreach AB. (2023a). Daniel Kahneman – Facts. https://www.nobelprize.org/prizes/economic-sciences/2002/kahneman/facts/
Nobel Prize Outreach AB. (2023b). Richard H. Thaler – Facts. https://www.nobelprize.org/prizes/economic-sciences/2017/thaler/facts
Nyakurukwa, K., & Seetharam, Y. (2022). Does online investor sentiment explain analyst recommendation changes? Evidence from an emerging market. Managerial Finance, 49(1), 187–204. https://doi.org/10.1108/MF-05-2022-0221
Ossareh, A., Pourjafar, M. S., & Kopczewski, T. (2021). Cognitive biases on the iran stock exchange: Unsupervised learning approach to examining feature bundles in investors’ portfolios. Applied Sciences, 11(22), Article 10916. https://doi.org/10.3390/app112210916
Pompian, M. M. (2006). Behavioral finance and wealth management. John Wiley & Sons, Inc. https://doi.org/10.1002/9781119202400
Rasool, N., & Ullah, S. (2020). Financial literacy and behavioural biases of individual investors: Empirical evidence of Pakistan stock exchange. Journal of Economics, Finance and Administrative Science, 25(50), 261–278. https://doi.org/10.1108/JEFAS-03-2019-0031
Rzeszutek, M., & Szyszka, A. (2020). Overconfidence and initial public offering (IPO) decisions: A behavioural corporate finance survey among polish managers. Argumenta Oeconomica, 1(44), 227–257. https://doi.org/10.15611/aoe.2020.1.10
Sahi, S. K. (2017). Psychological biases of individual investors and financial satisfaction. Journal of Consumer Behaviour, 16, 511–535. https://doi.org/10.1002/cb.1644
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