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Investment Professionals' Ability to Detect Deception: Accuracy, Bias and Metacognitive Realism

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  • Maria Hartwig
  • Jason A. Voss
  • Laure Brimbal
  • D. Brian Wallace

Abstract

In the first empirical study on the topic, the authors examined the ability of investment professionals to distinguish between truthful and deceptive statements. A random sample of 154 investment professionals made judgments about a series of truthful and deceptive statements, some of which involved financial fraud. Investment professionals' lie detection accuracy was poor; participants performed no better than would be expected by chance. Accuracy in identifying lies about financial fraud was especially poor. Further, participants displayed poor metacognitive realism when assessing their own performance. The theoretical and practical implications for lie detection in the financial industry are discussed.

Suggested Citation

  • Maria Hartwig & Jason A. Voss & Laure Brimbal & D. Brian Wallace, 2017. "Investment Professionals' Ability to Detect Deception: Accuracy, Bias and Metacognitive Realism," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 18(1), pages 1-13, January.
    • Handle: RePEc:taf:hbhfxx:v:18:y:2017:i:1:p:1-13
    DOI: 10.1080/15427560.2017.1276069
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    Cited by:

    1. Triki, Anis, 2019. "Examining the effect of deception detection decision aids on investors' perceptions of disclosure credibility and willingness to invest," International Journal of Accounting Information Systems, Elsevier, vol. 33(C), pages 1-15.

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