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Experimenting with financial professionals

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  • Huber, Christoph
  • König-Kersting, Christian
  • Marini, Matteo M.

Abstract

As key players in financial markets and the broader industry, financial professionals are increasingly used as experimental research participants. We review over 50 studies comparing financial professionals to laypeople and conduct meta-analyses of 22 eligible studies spanning from 1986 to 2023. Our findings reveal persistent and robust support for financial professionals being more risk-loving, but little evidence of superior forecasting accuracy. Further analyses indicate that larger monetary payments result in greater behavioral differences between financial professionals and laypeople, suggesting an increased susceptibility to incentives among professionals. This systematic review not only synthesizes experimental results, contributing to recent discussions about external validity and generalizability, but also highlights critical methodological considerations when experimenting with financial professionals.

Suggested Citation

  • Huber, Christoph & König-Kersting, Christian & Marini, Matteo M., 2025. "Experimenting with financial professionals," Journal of Banking & Finance, Elsevier, vol. 170(C).
    • Handle: RePEc:eee:jbfina:v:170:y:2025:i:c:s0378426624002437
    DOI: 10.1016/j.jbankfin.2024.107329
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    2. Matteo M. Marini & Giulia Ulivieri, 2024. "Meta-analyses in Economic Psychology: A sustainable approach to cross-cultural differences," MUNI ECON Working Papers 2024-01, Masaryk University.
    3. Huber, Christoph & Kirchler, Michael, 2023. "Experiments in finance: A survey of historical trends," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    4. Bao, Te & Füllbrunn, Sascha & Pei, Jiaoying & Zong, Jichuan, 2024. "Reading the market? Expectation coordination and theory of mind," Journal of Economic Behavior & Organization, Elsevier, vol. 219(C), pages 510-527.
    5. Sébastien Duchêne & Adrien Nguyen-Huu & Dimitri Dubois & Marc Willinger, 2022. "Risk-return trade-offs in the context of environmental impact: a lab-in-the-field experiment with finance professionals," Working Papers hal-03883121, HAL.
    6. Ben Neilson, 2022. "Progress towards Recognised Professional Status: The Australian Financial Planning Landscape in 2022," International Journal of Economics and Financial Issues, Econjournals, vol. 12(5), pages 21-28, September.
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    More about this item

    Keywords

    Experimental finance; Experimental methodology; Finance industry; Generalizability; Meta-analysis;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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