Behavioral Finance from 2001-2012: Concepts, Themes and Academic Production

22 Pages Posted: 1 Oct 2013

See all articles by Andre Nardy

Andre Nardy


Rubens Fama

University of Sao Paulo

Date Written: September 29, 2013


We discuss the role of Behavioral Finance in the broader context of Finance. We present a dual approach: the use of concepts from psychology to the understanding of financial decisions, markets and asset pricing; and as a process of building a new paradigm, consistent with proposed by De Bondt and others (2008) and Shefrin (2010). A conceptual definition for Behavioral Finance is set to define scope and conduct this research. A sample of scientific papers from 2001 to 2012 is evaluated under these criteria, divided in two equal time periods, also compared by country and academic production. Effects of Preferences, and the study of effects in beliefs in financial decisions, and in portfolio selection, are dominant in the studies. Non-US research spreads, especially in China and EU, but US is still dominant in the role of providing academic texts. A research agenda is presented on developing studies on cross cultural aspects of biases, corporate finance and on the role of education in behavioral aspects of financial decisions.

Keywords: behavioral finance, bibliometric study, beliefs, process, decisions

Suggested Citation

Nardy, Andre and Fama, Rubens, Behavioral Finance from 2001-2012: Concepts, Themes and Academic Production (September 29, 2013). Available at SSRN: or

Andre Nardy (Contact Author)

PUC-SP ( email )

Rua Monte Alegre
984, Perdizes
São Paulo, 05014-901
55 11 9 9984-0227 (Phone)

PUC-SP ( email )

Rua Monte Alegre, 984
Sao Paulo, 01309001
55 11 9 9984-0227 (Phone)

Rubens Fama

University of Sao Paulo

Rua Luciano Gualberto, 315
São Paulo, São Paulo 14800-901

Register to save articles to
your library


Paper statistics

Abstract Views
PlumX Metrics