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How the insights of behavioral finance make advisory services and new customer acquisition in private banking more profitable. Behavioral finance examines how psychological, emotional, and cognitive factors influence financial decision-making.
Goldman Sachs Group Inc, Morgan Stanley, Citigroup Inc and UBS Group AG are exploring the use of artificial intelligence software to judge applicants on traits – such as teamwork, curiosity and grit – that help in the workplace but don’t always show up on a resume or come through in an interview.
It has been well documented that investors, driven by fear or greed, often react to capital market gyrations by making investment decisions that undermine long-term investment performance. Goals-based wealth management can help combat this tendency by shifting the investor’s focus from short-term performance to meaningful long-term goals.
Whereas behavioral finance has focused on cognitive biases, little attention has been paid to personality characteristics and differences among individual market participants. Therefore, this study systematically explores the role of personality in the performance of professional traders in the real-life setting of the currency market.