I am a PhD student at the Center for Media and Economic Psychology. I started the PhD program because I wanted to deepen my knowledge about professional investor behavior.
In my master’s thesis I investigated what influence the intrinsic value had on ethical equity investment decisions of fund managers. The main conclusion was that it was actually the benchmark index that had the largest influence. In effect, the fund managers showed a compensating behavior; they tried to compensate for prohibited securities by investing in related companies or sectors. Further important findings are presented in my published article in Balans (pp. 49-51).
Thanks to the Johan & Jakob Söderbergs Stiftelse I have been given the opportunity to further explore the findings in a PhD dissertation. Broadly, my dissertation aims to describe and analyze how equity fund managers make their judgments and decisions, using a psychological and economic framework. I am specifically interested in the role of different activities and sources of information to the investment decisions of active fund managers. Active fund management is a well-debated issue, and just recently the Nobel laureate William F. Sharpe claimed, at a conference in Stockholm, that fund savers should go for index funds rather than active management. By examining active fund managers on an individual level, I aim to shed light on the debate and possibly find behavioral patterns among them that lead to better performance.
I have also had the privilege to be part of a research project investigating how financial analysts evaluate corporate acquisitions. As part of the project, I developed an interactive web application in which financial analysts evaluated a fictive acquisition while their behavior and valuations were tracked. Financial support was gratefully received from Handelsbankens Research Foundations. Results are published in the 'Accounting & Finance' journal (pp.1-45, DOI: 10.1111/acfi.12189).
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