• 1. Introduction
  • 2. Data
  • 3. Formation of comparison groups
  • 3.1 “Trained” versus “Untrained” fund managers (Analysis I)
  • 3.2 “Trained experts” versus “Untrained experts” (Analysis II)
  • 3.3 “Trained and BF integrated” versus “Trained and BF not integrated” (Analysis III)
  • 4. Trained fund mangers’ perception of markets and their self-assessment
  • 4.1 Perception of markets
  • 4.2 Self-assessment
  • 5. Consequences on the investment behavior
  • 6. Conclusion
  • References