Bridge over ocean
1 September 2012 Financial Analysts Journal Volume 68, Issue 5

Do Finance Professors Invest Like Everyone Else?

  1. Ann Marie Hibbert
  2. Edward R. Lawrence
  3. Arun J. Prakash

Comparing the results of the Fed’s Survey of Consumer Finances with those of a survey of finance professors at U.S. universities, the authors found that finance professors are significantly more likely than others to invest in equities. They also found that finance professors are less prone to behavioral biases because their decision not to invest in equities is based on neither the outcome of their past investments nor their short-term expectations of the market.

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