Behaving Badly

16 Pages Posted: 23 Mar 2006

See all articles by James Montier

James Montier

Dresdner Kleinwort Wasserstein - Global Equity Strategy

Date Written: February 2, 2006


Over 300 professional fund managers have taken a test to measure the scale of behavioural biases. This paper presents the results. Amongst other finds we show fund managers seem to suffer from over-optimism, representativeness, framing and anchoring. We also use Fredericks Cognitive Reflection Task to show that the degree of susceptibility to biased behaviour is captured by the CRT.

Suggested Citation

Montier, James, Behaving Badly (February 2, 2006). Available at SSRN: or

James Montier (Contact Author)

Dresdner Kleinwort Wasserstein - Global Equity Strategy ( email )

20 Fenchurch Street
London EC3P 3DB
United Kingdom
02074756821 (Phone)

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