Which are the investment fund managers in Brazil behavioral investing biases and their characteristics?

Abstract

Behavioral Investing Biases are cognitive and emotional aspects than may intervene in investment decisions. Searching for evidences of behavioral biases in the Investment Fund managers (IFM) in Brazil, it was created a 28 questions survey, sent to 936 IFM and 98 responses were obtained. Biases like Optimism and Regret Aversion were present in more than 75% of the respondents. On the other hand, Overconfidence and Status Quo were present in less than 10%. Respondents were 90% male, 36 years-old average, BA bachelors, with Master Degree. Their personal investments are conservative despite of the majority are Equities or Multi-Markets IFM.