Professionals’ endorsement of behavioral finance:Does it impact their perception of markets and themselves?

This paper provides evidence on the hypothesis that many behavioral finance patterns are sodeeply rooted in human behavior that they are difficult to overcome by learning. We test thison a target group which has undoubtedly very strong incentives to learn efficient behavior,i.e. fund managers. We split this group into endorsers and non-endorsers of behavioral finance.Endorsers do, indeed, view markets differently as they regard stronger influencesfrom behavioral biases.[...]