phd research topics in behavioural finance

• International Center for Finance
• Research & Initiatives

Behavioral Finance Research

The International Center for Finance is a leading center for research in behavioral science – specifically, research in the fields of behavioral decision-making, behavioral economics, and behavioral finance. Behavioral decision-making studies the basic psychology of decision-making, while behavioral economics and behavioral finance study the role of irrational thinking in economic and financial decision-making, respectively. Yale’s research efforts in these fields have been helped immeasurably by the generous support of the Lynne & Andrew Redleaf Foundation (formerly Whitebox Advisors).

Yale Summer School in Behavioral Finance

The Yale Summer School in Behavioral Finance, which has been led since its inception in 2009 by Nicholas Barberis with support from the ICF’s outstanding staff members, is a one-week intensive course in behavioral finance for PhD students.

Lynne & Andrew Redleaf Foundation Student Fellows

Lynne & Andrew Redleaf Foundation Student Fellows (formerly Whitebox Advisors student fellows) are selected by a committee of Yale faculty and receive funding to help with their research.

Behavioral Research Projects

Behavioral research projects funded with the generous support of the Lynne & Andrew Redleaf Foundation (formerly Whitebox Advisors) that have been published either in journals or as working papers.

Lynne & Andrew Redleaf Foundation Graduate Student Conference

Since 2005, the annual Lynne & Andrew Redleaf Foundation Graduate Student Conference (formerly the Whitebox Advisors Graduate Student Conference) , held in conjunction with the Behavioral Science Conference, draws top doctoral students from around the world to present their research in the fields of behavioral economics, behavioral finance and behavioral marketing. The goal of the conference is to foster an environment to promote interaction amongst doctoral student researchers, and to provide feedback for students presenting their work in these fields.

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Behavioral Finance & Financial Stability

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Bubbles for Fama

Do Fire Sales Create Externalities?

The Impact of Pensions and Insurance on Global Yield Curves

Crisis of Beliefs: Investor Psychology and Financial Fragility

• SUMMER 2018

Measuring Credit Sentiment

Equity Market Sentiment

Leverage and the Beta Anomaly

Partial Deregulation and Competition: Effects on Risky Mortgage Origination

The relevance of broker networks for information diffusion in the stock market, brokers and order flow leakage: evidence from fire sales, about the project  , research  .

Invisible Primes: Fintech Lending with Alternative Data

Stock market stimulus, loan types and the bank lending channel, predictable financial crises, segmented arbitrage, business credit programs in the pandemic era, large banks and small firm lending, bank balance sheet constraints and bond liquidity, diagnostic bubbles, the cross-section of bank value, rate-amplifying demand and the excess sensitivity of long-term rates, can policy tame the credit cycle, real credit cycles, sizing up corporate restructuring in the covid crisis, overreaction in macroeconomic expectations.

The Pass-through of Uncertainty Shocks to Households

Stock market returns and consumption, monetary policy and global banking, a quantity-driven theory of term premia and exchange rates, u.s. monetary policy and emerging market credit cycles, weak credit covenants, financial market risk perceptions and the macroeconomy, how quantitative easing works: evidence on the refinancing channel.

Do Banks have an Edge?

Reflexivity in credit markets.

Asset Price Dynamics in Partially Segmented Markets

A Crisis of Beliefs: Investor Psychology and Financial Fragility

Pension Policy and the Financial System

Rethinking stabilization policy: evolution or revolution.

Strengthening and Streamlining Bank Capital Regulation

Interest Rate Conundrums in the Twenty-First Century

The Fed, the Bond Market, and Gradualism in Monetary Policy

• BFFS WP #010

The Financial Regulatory Reform Agenda in 2017

• BFFS WP #009

• BFFS WP #008

Rethinking Operational Risk Capital Requirements

• BFFS WP #006

Credit Migration and Covered Interest Rate Parity

• BFFS WP #007

The Importance of Unemployment Insurance as an Automatic Stabilizer

A Model of Credit Market Sentiment

• BFFS WP #002

• BFFS WP #004

The Private Costs of Highly Levered Banks

Does Reserve Accumulation Crowd Out Investment

Secular Stagnation in the Open Economy

Covenant-Light Contracts and Creditor Coordination

• 31 MAR 2016

Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815-2015

Forward Guidance and the Yield Curve: Short Rates versus Bond Supply

• 07 DEC 2015

Extrapolation and Bubbles

Dollar Funding and the Lending Behavior of Global Banks

A Comparative Advantage Approach to Government Debt Maturity

Dealing with Debt

• 09 JAN 2015

Reforming LIBOR and Other Financial Market Benchmarks

Research Topics & Ideas: Finance

120+ Finance Research Topic Ideas To Fast-Track Your Project

If you’re just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you’ve come to the right place. In this post, we’ll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

If this sounds foreign to you, check out our free research topic webinar that explores how to find and refine a high-quality research topic, from scratch. Alternatively, if you’d like hands-on help, consider our 1-on-1 coaching service .

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

If you need a helping hand, feel free to check out our private coaching service here.

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Tepper School of Business

Behavioral Economics

The field of Behavioral Economics was pioneered by our own Carnegie Mellon faculty Herbert Simon (a Nobel Prize winner in Economics) and George Loewenstein . While Behavioral Economics started as a small movement in the 1970s, it has made an enormous impact on academic research and research in Behavioral Economics papers regularly appears in the top economics journals. Behavioral Economics research has been used to help governments enact better public policy and operate more efficiently, to help businesses improve their profitability, and to help individuals make better decisions.

Joint Program Details

This program builds on the world-renowned Behavioral Economics faculty from the Department of Social and Decision Sciences and the outstanding Economics faculty from the Tepper School of Business . Students in this joint program will have access to world-renowned experts in decision science, organizational behavior, statistics, marketing and many other areas. Research facilities like the Center for Behavioral and Decision Research and the BEDR Policy Lab will also be key resources for students.

As a joint program, oversight will be handled by the Joint Program Oversight Committee (JPOC). This committee is comprised of the Director of Graduate Studies at SDS, the head of the Tepper School Ph.D. Committee, and one faculty liaison between these areas. Most decisions regarding Ph.D. students in this program will be handled by the JPOC. However, it is important to note that students are considered members of both the Tepper School and SDS. This means that decisions regarding Ph.D. education made by those schools separately also apply to students in this joint program. That is, the Graduate Education Committee (GEC) at SDS and the Ph.D. committee at the Tepper School may make changes to the general requirements for ALL graduate students in their respective areas. These changes also apply to joint program students.

P lease visit our Ph.D. Student Profiles page t o view the profiles of our current doctoral candidates. 

Program details.

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Behavioural Finance Working Group

17th annual conference.

6–7 June 2024 – Holiday Inn, Kensington, London

The Behavioural Finance Working Group conference is a two-day international meeting organized by the BFWG. It examines a wide range of behavioural finance topics within financial decision making, biases, experimental finance, corporate finance, fund management, asset pricing, forecasting, volatility, market sentiment and sociology of finance. We consider papers in all areas of interest to those working in behavioural finance and related areas.

The Conference also features support for selected PhD students by ICAEW Charitable Trusts

As in previous years, the Conference promises to bring together a vibrant community of academics and practitioners in finance, economics, psychology and decision sciences, featuring regular and poster paper presentations, keynote lectures and research awards.

Professor Arman Eshraghi Cardiff University, UK. Editor, International Review of Economics and Finance

Professor Gulnur Muradoglu Queen Mary, University of London, UK. Editor, Review of Behavioral Finance

Professor Alexa Preda Lingnan University, Hong Kong and King’s College, London. Author, The Spectacle of Expertise .

Keynote Speakers

We are delighted to have three keynote speakers at the conference: Professor Marcin Kacperczyk (Imperial College London and CEPR), Managing Editor, Review of Finance , Associate Editor, Journal of Financial and Quantitative Analysis ; Professor Donald MacKenzie (University of Edinburgh), Author, Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets ; and Ian Taylor, Head of Crypto and Digital Assets at KPMG, Board Adviser and former CEO of Crypto UK.

Marcin Kacperczyk Imperial College London & CEPR

Donald MacKenzie University of of Edinburgh

Ian Taylor KPMG 

Call for Papers

This year we particularly welcome submissions related to our conference theme: Sociology of Finance . However, as usual, we will consider papers in all areas of common concern to those working in behavioural finance and related areas.

You can submit papers in progress or full papers by 31 January 2024 . Extended abstracts will also be considered with the understanding that they will be finished by the time of the conference. Early submissions are encouraged!

Download the Call for Papers .

Best Paper Awards

Two best paper awards—Best Quantitative Paper Award and Best Qualitative Paper Award—will be given for papers presented at the conference.

Registration

The fee for the conference is £450. Early Bird registration is available for £350 until 31 March 2024 .

Affiliated Journals

Accepted papers may be invited to a special issue of:

International Review of Financial Analysis

International Review of Economics and Finance

Global Finance Journal

Review of Behavioural Finance

Qualitative Research in Financial Markets

Further information about the submission process will be shared during the conference.

Our Supporters

Investment Decisions and Behavioral Finance

Program Fee: The program fee includes tuition, curricular materials and most meals. Housing is not included. 

Program Overview

Common biases. Irrational investment behaviors. Decision-trap situations. In today’s complex and rapidly changing financial markets, senior executives responsible for managing client assets need to understand these and other factors that can lead to sub-optimal outcomes for investors.

Investment Decisions and Behavioral Finance is an intensive two-day program from Harvard Kennedy School Executive Education. It will expose you to the central principles and latest findings of the psychology of decision making under conditions of risk and uncertainty.

Led by Faculty Chair Richard Zeckhauser, this on-campus program focuses on practical applications for professionals who manage assets and construct portfolios for investment clients.

Dinner Speaker:

• Seth Klarman , CEO & Portfolio Manager, The Baupost Group

Lunch Speaker: 

• Owen Lamont , Senior Vice President and Portfolio Manager, Acadian Asset Management

Senior Professor Faculty Speakers:

• Larry Summers , University Professor, Harvard University
• Richard Zeckhauser , Harvard Kennedy School
• Jason Furman , Harvard Kennedy School and Economics Department
• Iris Bohnet , Harvard Kennedy School
• Robin Greenwood , Harvard Business School
• Samuel Hanson , Harvard Business School
• David Laibson , Harvard Economics Department
• Nicholas Barberis , Yale School of Management
• Michael Mauboussin​​​​​​ , Morgan Stanley Investment Management, Columbia 
• Annie Duke , Poker World Champion

PROGRAM CURRICULUM

Developed by Harvard Kennedy School faculty, Investment Decisions and Behavioral Finance  explores the science behind investment decision making.

The program opens with a networking dinner, followed by two days of classroom sessions. You will take part in thought-provoking discussions and interactive learning exercises with leading behavioral finance professionals and academics.

Reflecting the most current research and issues in the financial markets, the curriculum focuses on:

• Behavioral insights into financial markets
• Crash beliefs from investor surveys
• Global outlook, debt cycles, and monetary policy
• The challenges and opportunities of the aging investor
• Gender retirement gaps
• Big data, smart beta, and other things investors fear
• Methods to improve decisions

LEARNING OBJECTIVES

Investment Decisions and Behavioral Finance will help you understand:

• The applied science of effective decision making
• How our brains are not wired to make the decisions that modern financial markets require—and ways to adjust for these shortcomings
• How and why financial bubbles develop and strategies for recognizing them
• The psychological reasons that lead investors to make severe investment errors

Application Information

Recommended applicants.

This on-campus program from Harvard Kennedy School Executive Education is designed for corporate executives in the financial and investment community who are interested in hearing the perspectives of intellectual thought leaders and leading practitioners.

Professionals who would find value in this program include:

• Investment company presidents
• Chief investment officers
• Investment strategists
• Portfolio and fund managers
• Pension plan executives
• Corporate investors

Sample Schedule

Immerse yourself with a cohort of fellow leaders on Harvard’s historic campus. View the draft  program schedule . Note that module titles, speakers, and sequence may change.

WHAT PARTICIPANTS ARE SAYING

"as a board member of one of the largest pension funds in america, i found this to be the most valuable class i have ever taken.", bruce perelman, former secretary of the board of investments, hear from the faculty chair.

Faculty Chair Richard Zeckhauser and Harvard Kennedy School Professor Dan Levy discuss the triumphs and failures of making important decisions in groups.

Faculty & Research

Faculty chair.

Richard Zeckhauser

Harvard faculty and guest speakers.

Iris Bohnet

Robin Greenwood

Jason Furman

David Laibson

Samuel Hanson

Lawrence H. Summers

Nicholas Barberis

Seth Klarman

Owen Lamont

Michael J. Mauboussin

Related research.

• Larry Summers details how Senate plan will reduce inflation - Lawrence H. Summers
• Summers Warns Fed on 1970s-Style Mistake With CPI Set to Slow
• When Managers Change Their Tone, Analysts and Investors Change Their Tune
• Less is more when it comes to Federal Reserve policy
• ‘Dumb Money’ and the Meme Stock Phenomenon
• Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections
• Investing in the Unknown and Unknowable
• Status Quo Bias in Decision Making
• The Value of Precision in Probability Assessment: Evidence from a Large-Scale Geopolitical Forecasting Tournament
• Issuer Quality and Corporate Bond Returns
• Predictable Financial Crises
• Incorporating DEI into Decision-Making
• Achieving Gender Balance at All Levels of Your Company
• How to Best Use Data to Meet Your DE&I Goals

Related Resources

Admissions & financial information, contact executive education.

Programs & Working Groups

Research programs are the backbone of the NBER. Each of the 19 programs corresponds loosely to a traditional field of study within economics. Each NBER affiliate is associated with one or more programs. Programs are led by a Director or co-Directors, and host at least two meetings each year, including one at the NBER Summer Institute.

Working Groups

Working groups are less formal than programs. They do not have affiliated researchers. Their directors  convene one or two meetings each year, bringing together both NBER affiliates and other researchers who are working on particular topic areas.

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In addition to working papers , the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter , the NBER Digest , the Bulletin on Retirement and Disability , the Bulletin on Health , and the Bulletin on Entrepreneurship  — as well as online conference reports , video lectures , and interviews .

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Behavioral Finance: Biases, Emotions and Financial Behavior

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What Is Behavioral Finance?

Understanding behavioral finance, behavioral finance concepts.

• Biases Studied
• The Stock Market
• Behavioral Finance FAQs

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

Behavioral finance, a subfield of behavioral economics , proposes that psychological influences and biases affect the financial behaviors of investors and financial practitioners. Moreover, influences and biases can be the source for the explanation of all types of market anomalies and specifically market anomalies in the stock market, such as severe rises or falls in stock price. As behavioral finance is such an integral part of investing, the Securities and Exchange Commission has staff specifically focused on behavioral finance.

Key Takeaways

• Behavioral finance is an area of study focused on how psychological influences can affect market outcomes.
• Behavioral finance can be analyzed to understand different outcomes across a variety of sectors and industries.
• One of the key aspects of behavioral finance studies is the influence of psychological biases.
• Some common behavioral financial aspects include loss aversion, consensus bias, and familiarity tendencies.
• The efficient market theory which states all equities are priced fairly based on all available public information is often debunked for not incorporating irrational emotional behavior.

Behavioral finance can be analyzed from a variety of perspectives. Stock market returns are one area of finance where psychological behaviors are often assumed to influence market outcomes and returns but there are also many different angles for observation. The purpose of the classification of behavioral finance is to help understand why people make certain financial choices and how those choices can affect markets.

Within behavioral finance, it is assumed that financial participants are not perfectly rational and self-controlled but rather psychologically influential with somewhat normal and self-controlling tendencies. Financial decision-making often relies on the investor's mental and physical health. As an investor's overall health improves or worsens, their mental state often changes. This impacts their decision-making and rationality towards all real-world problems, including those specific to finance.

One of the key aspects of behavioral finance studies is the influence of biases. Biases can occur for a variety of reasons. Biases can usually be classified into one of five key concepts. Understanding and classifying different types of behavioral finance biases can be very important when narrowing in on the study or analysis of industry or sector outcomes and results.

Read about Investopedia's 10 Rules of Investing by picking up a copy of our special issue print edition.

Behavioral finance typically encompasses five main concepts:

• Mental accounting : Mental accounting refers to the propensity for people to allocate money for specific purposes.
• Herd behavior : Herd behavior states that people tend to mimic the financial behaviors of the majority of the herd. Herding is notorious in the  stock market  as the cause behind dramatic rallies and sell-offs.
• Emotional gap : The emotional gap refers to decision-making based on extreme emotions or emotional strains such as anxiety, anger, fear, or excitement. Oftentimes, emotions are a key reason why people do not make rational choices.
• Anchoring : Anchoring refers to attaching a spending level to a certain reference. Examples may include spending consistently based on a budget level or rationalizing spending based on different satisfaction utilities. 
• Self-attribution : Self-attribution refers to a tendency to make choices based on overconfidence in one's own knowledge or skill. Self-attribution usually stems from an intrinsic knack in a particular area. Within this category, individuals tend to rank their knowledge higher than others, even when it objectively falls short.

Behavioral finance is exploited through credit card rewards, as consumers are more likely to be willing to spend points, rewards, or miles as opposed to paying for transactions with direct cash.

Some Biases Revealed by Behavioral Finance

Breaking down biases further, many individual biases and tendencies have been identified for behavioral finance analysis. Some of these include:

Confirmation Bias

Confirmation bias  is when investors have a bias toward accepting information that confirms their already-held belief in an investment. If information surfaces, investors accept it readily to confirm that they're correct about their investment decision—even if the information is flawed.

Experiential Bias

An experiential bias occurs when investors' memory of recent events makes them biased or leads them to believe that the event is far more likely to occur again. For this reason, it is also known as recency bias or availability bias.

For example, the financial crisis in 2008 and 2009 led many investors to exit the stock market. Many had a dismal view of the markets and likely expected more economic hardship in the coming years. The experience of having gone through such a negative event increased their bias or likelihood that the event could reoccur. In reality, the economy recovered, and the market bounced back in the years to follow.

Loss Aversion

Loss aversion occurs when investors place a greater weighting on the concern for losses than the pleasure from market gains. In other words, they're far more likely to try to assign a higher priority to avoiding losses than making investment gains.

As a result, some investors might want a higher payout to compensate for losses. If the high payout isn't likely, they might try to avoid losses altogether even if the investment's risk is acceptable from a rational standpoint.

Applying loss aversion to investing, the so-called disposition effect occurs when investors sell their winners and hang onto their losers. Investors' thinking is that they want to realize gains quickly. However, when an investment is losing money, they'll hold onto it because they want to get back to even or their initial price. Investors tend to admit they are correct about an investment quickly (when there's a gain).

However, investors are reluctant to admit when they made an investment mistake (when there's a loss). The flaw in disposition bias is that the performance of the investment is often tied to the entry price for the investor. In other words, investors gauge the performance of their investment based on their individual entry price disregarding fundamentals or attributes of the investment that may have changed.

Familiarity Bias

The familiarity bias is when investors tend to invest in what they know , such as domestic companies or locally owned investments. As a result, investors are not diversified across multiple sectors and types of investments, which can reduce risk. Investors tend to go with investments that they have a history or have familiarity with.

Familiarity bias can occur in so many ways. You may resist investing in a specific company because of what industry it is in, where it operates, what products it sells, who oversees the management of the company, who its clientele base is, how it performs its marketing, and how complex its accounting is.

Behavioral Finance in the Stock Market

The  efficient market hypothesis (EMH) says that at any given time in a highly  liquid market , stock prices are efficiently valued to reflect all the available information. However, many studies have documented long-term historical phenomena in securities markets that contradict the efficient market hypothesis and cannot be captured plausibly in models based on perfect investor rationality.

The EMH is generally based on the belief that market participants view stock prices rationally based on all current and future intrinsic and external factors. When studying the stock market, behavioral finance takes the view that markets are not fully efficient. This allows for the observation of how psychological and social factors can influence the buying and selling of stocks.

The understanding and usage of behavioral finance biases can be applied to stock and other trading market movements on a daily basis. Broadly, behavioral finance theories have also been used to provide clearer explanations of substantial market anomalies like bubbles and deep recessions. While not a part of EMH, investors and portfolio managers have a vested interest in understanding behavioral finance trends. These trends can be used to help analyze market price levels and fluctuations for speculation as well as decision-making purposes. 

What Does Behavioral Finance Tell Us?

Behavioral finance helps us understand how financial decisions around things like investments, payments, risk, and personal debt, are greatly influenced by human emotion, biases, and cognitive limitations of the mind in processing and responding to information.

How Does Behavioral Finance Differ From Mainstream Financial Theory?

Mainstream theory, on the other hand, makes the assumptions in its models that people are rational actors, that they are free from emotion or the effects of culture and social relations, and that people are self-interested utility maximizers. It also assumes, by extension, that markets are efficient and firms are rational profit-maximizing organizations. Behavioral finance counters each of these assumptions.

How Does Knowing About Behavioral Finance Help?

By understanding how and when people deviate from rational expectations, behavioral finance provides a blueprint to help us make better, more rational decisions when it comes to financial matters.

What Is an Example of a Finding in Behavioral Finance?

Investors are found to systematically hold on to losing investments far too long than rational expectations would predict, and they also sell winners too early. This is known as the disposition effect, and is an extension of the concept of loss aversion to the domain of investing. Rather than locking in a paper loss, investors holding lose positions may even double down and take on greater risk in hopes of breaking even.

• Behavioral Finance: Biases, Emotions and Financial Behavior 1 of 27
• An Introduction to Behavioral Finance 2 of 27
• Understanding Investor Behavior 3 of 27
• Market Psychology: What Is It and Predictions 4 of 27
• How the Power of the Masses Drives the Market 5 of 27
• How to Read the Psychological State of the Market with Technical Indicators 6 of 27
• Herd Instinct: Definition, Stock Market Examples, & How to Avoid 7 of 27
• Financial Markets: When Fear and Greed Take Over 8 of 27
• 4 Behavioral Biases and How to Avoid Them 9 of 27
• How to Avoid Emotional Investing 10 of 27
• 8 Psychological Traps Investors Should Avoid 11 of 27
• 3 Psychological Quirks That Can Affect Your Trading 12 of 27
• Removing the Barriers to Successful Investing 13 of 27
• How to Break Bad Trading Habits 14 of 27
• Random Reinforcement: Why Most Traders Fail 15 of 27
• How to Develop a "Trading Brain" 16 of 27
• Let Your Profits Run: Overview, History, Example 17 of 27
• The Art of Cutting Your Losses 18 of 27
• Positive Feedback: What it is, How it Works 19 of 27
• Loss Aversion: Definition, Risks in Trading, and How to Minimize 20 of 27
• Psychological Coping Strategies for Handling Losses 21 of 27
• Regret Avoidance: Meaning, Prevention, Market Crashes 22 of 27
• Technical Analysis That Indicates Market Psychology 23 of 27
• The Psychology of Support and Resistance Zones 24 of 27
• Going All-in: Investing vs. Gambling 25 of 27
• The Downward Spiral of Trading Addiction 26 of 27
• The Casino Mentality in Trading 27 of 27

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Top 20 Behavioural Finance Dissertation Topics for your Next Assignment Submission

• October 15, 2021 October 15, 2021

The maintenance of wealth is as challenging as earning the same. Behavioural finance is a branch of financial management which helps in drawing the line of difference between the expectations of rational and efficient investor behaviour and the actual behaviour. The integration of behavioural finance into the modern corporate practices has turned out to be one of the founding pillars of improving the overall client experience, their constant retention, deepening the relationships, and not to mention, potentially rendering better outcomes.

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Behavioural finance is one of the important branches of finance offering career opportunities to the freshly graduated students. That is also one of the prominent reasons why students seek assignment help from our experts to excel in their grade points and gain a competitive edge for better career opportunities. Behavioural finance is rightly meant to check the standard pattern of financial decisions taken by an individual. It is regarded more as a psychological arm of finance in comparison to conventional finance, which is more focussed towards the economic models, mathematical calculations, and interpretation of the market behaviour.

Introduction

Behavioural finance is a finance with rational people in it. It helps in setting the benchmarks on the grounds of which the investors judge, forecast, analyse, and review the procedures for financial decision making. The practices include investment psychology, gathering of information, defining, and understanding, as well as to conduct research and analysis. These practices help in safeguarding the interests of the investors by keeping a check over the decision-making biases and the information processing errors impacting their financial decision-making prowess.

Here, moving forward with our legacy of offering free assistance to our students in terms of advising the correct dissertation format or selection of the right dissertation topic, we have brought you the list of top 20 behavioural finance topics for your reference. The best part is that these topics can be used for different assignment writing formats. In case there is paid assignment service requirement for the students to complete their behavioural finance dissertation at any stage, then our assignment writing services can undeniably be a game changer for them.

The Ever-Expanding Scope of Behavioural Finance in Career Opportunities

The study and the degree of behavioural finance open new avenues of career opportunities for the students. The following are some of the important fields of job opportunities that students can always explore once passing out with a degree.

• Stock Broker: The job opportunity of buying and selling the stocks at the direction of the concerned clients.
• Financial Analyst: A professional undertaking the task of financial analysis for internal and external clients in the given organization.
• Behavioural Economics Researcher: The goal of a behavioural economic researcher is to gain a better insight about the human decision-making skill. It helps to economically shape the social phenomena, including the investment activities in private pensions, decisions on finance, health care and education.
• Investment Manager: The manager of a financial institution taking the charge of the asset management of different kinds of securities. These include bonds, shareholdings, and the assets like the real estate.
• Financial Associate: The career opportunities in the jobs of managing the financial tasks within an organization. These include the creation of budgets, planning the investments and making payments.
• Personal Financial Advisor: Offering personalised services to the selective clients with the need for financial advice and services. These are meant to address their money management specific needs, customising the solutions as per the individual needs to prevent costly mistakes, and to mitigate risk.

Students from all parts of the world seek online assignment help from our agency to successfully forge careers in one of the said career streams. They can always ask for a free sample of our work and get a free online quote with reasonable rates to confirm down the order.

Are you struggling to find the right topic for your next financial management dissertation? Reach the below link and explore the most suited one from the hand-picked titles by the experts. 

Must read: top 100 finance dissertation topics trending in the year 2021, top 20 behavioural finance assignment topics for your next submission.

The following is the list of behavioural finance assignment topics that can offer you necessary dissertation help at the time of assignment completion. Now, it is fully anticipated that your topic selection needs will not bother you anymore.

• Reaching out to the decisions of an organizational enterprise for its profit on the grounds of the statistical data
• What is the role of quantitative behavioural finance in terms of maximization of profit of a business enterprise?
• Effective utilization of the quantitative data by an individual of a business enterprise to take into account the necessary decision for the thriving business based upon his own logical thinking
• The influence of empirical knowledge on the grounds of the decision taken by a person about the significant subject of the business
• Throw some light upon the application of the decision theory of behavioural finance in the creation of business associated decision by a person
• What is the role of game theory in behavioural finance and its application in the market forces for supply and demand?
• What is the role of public choice theory in behavioural finance and how to realise its modern context of the business?
• The theory of behavioural finance is identified as the finest theory for the decision making processes of the business: Comment
• The significance of the application of behavioural finance psychology in the process of decision making of a business organization
• How the authenticity of data is managed and its application by an individual for the objective of quantitative behavioural finance?
• The function of conventional methods for the successful creation of the business related decisions through behavioural finance
• The significance of research to render new theories in the field of behavioural finance
• The theories of behavioural finance that required to be substituted after conducting the research in them
• Discuss behavioural analytics theory in behavioural finances by citing pertinent real/ hypothetical examples
• What is the role of psychology in successful thriving of a business with the most suitable examples
• The risk related with behavioural finance on the basis of the psychology of a single individual
• The psychology of a multiple number of people in behavioural finance to decide upon specific matters of the business
• Discuss some of the milestone research successfully conducted in the field of behavioural finance in the contemporary period of time
• Behavioural finance has proven to be important in certain cases for the sake of development: Elaborate
• Economic behavioural finance is catching every eye in the nook and corner nowadays for inclusive financial participation: Discuss the statement with the help of examples

And with that, we come to the end of the list prepared by our expert financial researchers and writers for the sake of your behavioural finance topic selection necessities as a student. While preparing upon the list, we have taken special care to make the topics useful for not only your dissertation writing needs, but also other assignment writing formats as well. In case you are seeking case study help , essay help , research paper writing help , thesis help as well as for the term paper writing help, then also these assignment writing topics can turn out to be more relevant than a source elsewhere.

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Must read: manage budgets and financial plans – sample.

The selection of the right behavioural finance topic helps in saving precious amounts of time and efforts that play a critical role in completion of the task within the stipulated deadline. The subject helps us understand how the decisions on financial matters such as payments, investments, personal debt, and risk are greatly impacted by the human emotion. Mastering the core concepts of the subject can help us keep a check on the cognitive limitations and the biases in responding and processing of the information.

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Announcing the 2024 John Edwardson, ’72, Social New Venture Challenge Finalists

Seven mission-driven uchicago teams advance to compete for $150,000 in startup funding..

• By Sujatha Shenoy
• May 15, 2024
• Rustandy Center - Social Entrepreneurship
• Share This Page

Seven mission-driven teams with innovative ideas, including leveraging AI to aid career development, efficient waste management in Indonesia, and a curriculum for social media literacy, will advance to the John Edwardson, ’72, Social New Venture Challenge (SNVC) Finals on Tuesday, May 21. The teams were selected from 18 Phase II ventures.

Student finalists will compete for at least $150,000 in startup capital during the 14th annual Edwardson SNVC, which is the social impact track of the University of Chicago’s nationally ranked business launch program, the New Venture Challenge. Hosted by the Rustandy Center and the Polsky Center, the SNVC has jump-started more than 200 game-changing, mission-driven ventures who have raised more than $168 million.

Congratulations to the 2024 SNVC finalists:

Blueline creates the throughline between campaigns, retaining Democrats’ best talent in the off-year, by matching staff with participating employers for a short-term contract. It ensures that staffers maintain meaningful employment between election cycles.

Iziko Ryacu is a social enterprise that produces and distributes energy efficient clay-based cooking briquettes for rural Rwandan households. It aims to educate people on the benefits of clean cooking and climate action while creating jobs and other income opportunities for local residents.

KindEd is a nonprofit that aims to equip and empower young people to become agents of change by providing a social media literacy curriculum for schools and advocating for policy changes across Illinois school districts. The curriculum seamlessly integrates literacy and social-emotional learning standards.

Nosso is a subscription service that gives people the option to borrow products that are used infrequently (folding chairs, tools, board games, select kitchen appliances) and thus not worth buying. Nosso’s goal is to reduce the number of things people living in urban areas buy.

Ohr empowers all professionals through proactive, empathetic, AI-driven support, helping employees and employers connect across expectations for today, ambitions for tomorrow, and the challenges in between. Ohr provides equal opportunity to everyone starting their career journey and ultimately increases the diversity of senior leadership teams at the world’s biggest companies, all through the power of behavioral science.

Sirkularis combines efficient waste management solutions tailored for middle-to-low-income communities in Indonesia with cutting-edge SaaS tools for circular economy businesses. It empowers households and local businesses to responsibly manage waste while aiding businesses in optimizing resource usage, fostering a greener and more sustainable future for all.

The Dev Difference provides a simulated mock interview environment, allowing candidates to practice interview scenarios, receive immediate feedback, and enhance communication skills. This user-friendly platform is tailored for students and career transitioners, offering valuable resources to first-time interviewees who may not have an established network for technical interviews.

Register to attend the 2024 Edwardson SNVC Finals in person at the Harper Center or tune in online.

This event is open to all members of the UChicago community and the general public.

The SNVC is the cornerstone of the Rustandy Center’s Edwardson Social Entrepreneurship Program at the University of Chicago, an initiative named in recognition of a 2016 gift by John Edwardson, ’72, retired chairman and CEO of CDW and co-chair of Advance Illinois.

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Celebrating the 2024 Graduating Class

By Kelly Jordan

“Health is a human right,” Dean M. Daniele Fallin told graduating Rollins School of Public Health students and their friends and family at a packed ceremony celebrating the class of 2024.   

In a departure from previous commencements, this year’s ceremony took place at Gas South Convention Center in Duluth to enhance the safety for all graduates and guests. This decision was made in reaction to heightened tensions on university campuses across the country—including Emory’s.

Watch the full commencement ceremony

Fallin acknowledged the “challenging time” facing the world and the strong emotions and perspectives shared among members of the Rollins community.  

“Violence across the globe, and here in Atlanta, against individuals, groups, or communities jeopardizes that right and can impact those involved, those exposed, and even those in the future. Peace is a tool for public health.”

Fallin reminded guests that peaceful forms of protest were allowed and protected during the event—this was also noted in an insert included in the commencement program.

She closed by saying, “I believe in each of you. I believe in your passion for public health, your future impact on public health, your care for each other and your eagerness to celebrate your accomplishments together in this space today.”

 Encouraging Leadership, Bravery

Jason Carter, chairman of the Carter Center Board of Trustees and grandson of President Jimmy Carter, delivered an inspiring commencement address speaking to the wisdom of grandparents—that of his own, and of a grandmother in South Africa he met during his time in the Peace Corps—and how their small-town upbringings and community focus led to impactful lives. “Their greatest lesson in power is seeing it in everyone. And recognizing that the power of a small-town person or single human person to change their own community is just as important as other types of power.”

Peppering his speech with personal anecdotes, humor, and heart, Carter encouraged graduates to recognize the possibilities ahead are endless. “I hope you won’t be consumed by this quest for wealth and power... because the question is not how do you get it, but what do you do with it.”

Student speaker Edediong Ekarika, MD, followed Carter with a speech that implored graduates to find guidance through their personal mission. “Together, we cultivated a legacy at Rollins,” she said. “One defined by compassion, empathy, and commitment to driving equity and justice in public health.  Let your mission and individual purpose be your guide. Show up. Move with compassion. And be the change you desire.”

Recognizing Excellence 

Carmen Marsit, PhD, executive associate dean for faculty affairs and research strategy, recognized a number of award-winners—including several honored during this year’s RSPH Annual Awards Ceremony . Major awards announced for the first time during commencement were: the Charles Shepard Award winner, Sophia Garbarino; Provost’s Distinguished Teaching Award for Excellence in Graduate and Professional Education winner, Lauren Christiansen-Lindquist, PhD, assistant teaching professor; and Vulcan Materials Company Teaching Excellence Award winner, Yang Liu, PhD, Chair and Gangarosa Distinguished Professor in the Gangarosa Department of Environmental Health. The department capstone award winners, Rollins LEAD award recipients, and student organization officers were also asked to rise to receive recognition.

Each department chair gave brief remarks before students from the department crossed the stage to receive their diploma from Fallin. Commencement celebrations proceeded peacefully, while giving students the space for quiet dissent. Approximately 56 students handed Fallin small Palestinian flags as they crossed the stage to receive their diplomas, and others wore Palestinian flags, messages, or keffiyeh scarves on their regalia.

Of 577 MPH and MSPH graduates, approximately 477 celebrated in person. The graduating class was 80% women, and represented 41 different states and 27 countries. The youngest graduate was 21 and the oldest was 64. Rollins alumni now number more than 12,000 and work in settings around the world.

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Lifestyle Interventions for Obesity in the Era of GLP-1 Receptor Agonists

• 1 Department of Epidemiology and Prevention, Wake Forest University School of Medicine, Winston-Salem, North Carolina
• 2 Department of Implementation Science, Wake Forest University School of Medicine, Winston-Salem, North Carolina
• Original Investigation Text Messages With Financial Incentives for Men With Obesity Pat Hoddinott, MB, BS, PhD; Catriona O’Dolan, PhD; Lisa Macaulay, PhD; Stephan U. Dombrowski, PhD; James Swingler, MSc; Seonaidh Cotton, PhD; Alison Avenell, MD, MB, BS; Abraham M. Getaneh, PhD; Cindy Gray, PhD; Kate Hunt, PhD; Frank Kee, MD; Alice MacLean, PhD; Michelle McKinley, PhD; Claire Torrens, MSc; Katrina Turner, PhD; Marjon van der Pol, PhD; Graeme MacLennan, MSc JAMA
• Original Investigation An Adaptive Behavioral Intervention for Weight Loss Management Bonnie Spring, PhD; Angela F. Pfammatter, PhD; Laura Scanlan, BA; Elyse Daly, BA; Jean Reading, PhD; Sam Battalio, MS; H. Gene McFadden, BA; Don Hedeker, PhD; Juned Siddique, PhD; Inbal Nahum-Shani, PhD JAMA

A central goal of obesity treatment is sustaining weight loss of at least 5%, with at least 10% weight loss conferring greater cardiometabolic health benefits. 1 As new pharmacological antiobesity therapies emerge, including incretin-based treatments that produce a mean of 15% to 21% weight loss, 2 , 3 the utility of lower-intensity, lifestyle-based interventions could be questioned. In this issue of JAMA , Hoddinott et al 4 and Spring et al 5 present results from 2 remotely delivered behavioral weight loss interventions. Hoddinott et al compared 2 weight loss interventions to a wait-list control group in middle-aged men with obesity in the United Kingdom. The first intervention delivered approximately 1 behaviorally focused text message per day along with a financial incentive and the second intervention delivered 1 behaviorally focused text message per day without the financial incentive. At 12-month follow-up, text messaging combined with financial incentives reduced weight by a mean (SD) of 4.8% (6.1%), which was a mean difference of −3.2% (97.5% CI, −4.6% to −1.9%; P  < .001) compared with the wait-list control group. Text messaging without the financial incentive reduced weight by 1.4% (97.5% CI, −2.9% to 0.0%; P  = .05) compared with the wait-list control group.

In the study by Spring et al, adults aged 18 to 60 years with a mean (SD) body mass index (BMI) of 34.4 (4.3) received a 12-week intervention using a wireless monitoring feedback system with or without weekly personal coaching. Individuals who did not respond to their initial treatment were reassigned to modest or vigorous stepped-up increases in treatment. The mean weight change at 6 months was −2.8 (95% CI, −3.5 to −2.0) kg for those assigned to the wireless monitoring feedback system alone and −4.8 (95% CI, −5.5 to −4.1) kg for the wireless monitoring feedback system with coaching. At 6 months, there was no difference in weight change using the stepped-based approach for initial treatment nonresponders. These treatment effects are modest relative to contemporary pharmacologic therapies, and the likelihood that these lifestyle interventions could lead to long-term weight loss maintenance is low. 6 , 7

Despite modest treatment effects, the studies present interesting innovations that have implications for the practice of obesity medicine, even as more biologically focused prescription therapeutics are available. In a field in which studies of behavioral interventions and noncardiovascular outcome trials typically include majority-female populations, Hoddinott et al successfully engaged a male population. The use of financial incentives added benefit to the text messaging alone intervention, but only 14% of those randomized to receive text messaging with financial incentives earned the full incentive, which required that participants completed an in-person weigh-in at follow-up in addition to losing 5% of weight at 3 months, losing 10% of initial weight at 6 months, and maintaining at least 10% weight loss at 12 months. Although the technology and financial incentive approach used in this trial could be scaled to reach broad audiences, questions remain about the durability of the effect, particularly in a competitive and crowded phone app market. For instance, the typical smartphone user does not use 62% of the apps on their phone, and less than one-third of apps are retained 3 months after being downloaded. 8 There is concern for maladaptive behaviors, such as overly restrictive eating or excessive exercise, motivated by the financial incentive.

The study by Spring et al used scalable technology to identify nonresponders early, implementing a change in treatment within as little as 2 weeks. As noted by the authors, early treatment response is predictive of better longer-term response. 9 In this study, nonresponse was solely defined by rate of weight loss; however, future interventions might include some patient-centric measures of treatment response related to obesity-related symptom control such as hunger, satiation, management of food cravings, control of eating, and well-being. Some people may be willing to accept less weight loss in exchange for significant improvements in these types of symptoms that may improve quality of life. Given that many patients with obesity do not want or cannot access medical or surgical treatments, innovative and effective behavioral interventions that are low-intensity and relatively easy to disseminate, such as those described in these studies, may still be important in the evolving landscape of obesity treatment.

The concept of scalable, translatable behavioral interventions for weight loss has been a mainstay of the obesity medicine research agenda since before the first National Institutes of Health guidelines for obesity were developed in 1998. 10 At that time, the incidence of obesity was increasing, but the prevalence was less than 23% in adults, and most adults were not gaining excess weight in childhood that carried over into adulthood. 11 In 1999-2000, the prevalence of overweight in children and adolescents aged 12 to 19 years was approximately 15.5%. 12 Intervening early with low-intensity interventions for patients without weight-related complications to prevent further gain or induce modest weight loss seemed appropriate. The epidemiology at that time, limited treatment options for long-term obesity pharmacotherapy, limited long-term data on surgical safety, and predominant societal view that obesity was a lifestyle choice rather than a chronic disease combined to support the broad preference for behavioral weight loss interventions.

The scientific investigation of obesity has continued to largely focus on identifying scalable, translatable behavioral interventions for weight loss despite an improved understanding of obesity, a proliferation of novel therapeutic options, and a worsening of environmental factors that promote weight gain, such as broad availability of highly palatable processed foods and beverages and reduced opportunities for regular physical activity. 13 Most people have attempted weight loss multiple times 14 and the disease states are often complex, as noted in the Hoddinott et al study in which the majority of men had multiple obesity-related complications and mean BMI values were in stage II or III obesity categories. Further, the BMI range in these trials can be wide, such as in the Spring et al study, which included people with BMIs of 27 to 45. The higher prevalence of obesity-related complications and the heterogeneity of obesity requires a reevaluation of the previous paradigm—that a single, large-scale behavioral treatment can be effective for everyone.

Low-risk, low-cost behavioral interventions should not be discarded in favor of prescribing high-cost medications or surgical procedures for all people with obesity. Similarly, the finding that low-intensity behavioral interventions work for some patients does not justify their application as first-line treatment for all patients with obesity. Stepped care, as implemented in the Spring et al study, is central to medical treatment because it conserves valuable resources and avoids exposure to unnecessary harms. Although the interventions used by Hoddinott and Spring and their colleagues were associated with up to 45% of participants losing at least 5% of weight at 12 months, the durability of these treatment effects is not known and the fact that the majority of participants did not respond at all is notable. The ability to identify people most likely to respond to low-intensity interventions and implement individualized strategies to promote healthful weight management would be highly desirable and cost-effective. This personalized approach to first-line treatment selection could eliminate the practice of requiring all patients to not respond to a behavioral therapy before granting access to more effective obesity treatment options. 15

What patients are most likely to respond to low-intensity behavioral interventions? These approaches may be ideal for patients hesitant to engage with more intensive lifestyle therapy, medical or surgical treatment, those with recent weight gain, those who recently exceeded a BMI threshold (eg, BMI of 30), or those with episodic weight gain due to a time-limited event (eg, postpartum weight retention, medication-induced weight gain, postinjury weight gain). To accomplish this type of treatment tailoring, we look forward to learning more from these research teams and others about what participants responded to their interventions and the circumstances surrounding their disease etiology and severity. Although generalizability and reporting of the mean treatment effect is often prioritized for most intervention research, in the case of obesity, focusing on a subset of the population for better treatment targeting is likely to be beneficial and informative for clinical practice.

Given current understanding of obesity, it is time for the medical and public health communities to acknowledge that obesity requires long-term treatment, and that treatment intensity may vary based on etiology, individual characteristics, and disease severity. Combining scalable, technology-based platforms that support behavioral strategies to optimize healthy lifestyles with effective, biologically based treatments may be the optimal approach. 16 Adequate treatment may also require trained professionals with specialized tools and resources to engage a significant portion of the population. The idea that minimal intervention or modest education and behavioral guidance alone should be a first-line treatment for all may be a central fallacy. This approach risks furthering disparate treatment access, where resource-limited groups who often bear a higher burden of obesity-related morbidity will continue to receive low-cost, low-intensity behavioral support with modest benefits, while those with resources will seek and demand more intensive treatment, whether indicated or not.

Corresponding Author: Jamy D. Ard, MD, Wake Forest School of Medicine, Medical Center Blvd, Winston-Salem, NC 27157 ( [email protected] ).

Published Online: May 14, 2024. doi:10.1001/jama.2024.7062

Conflict of Interest Disclosures: Dr Ard reported receiving personal fees and research support from Nestle Healthcare Nutrition, Eli Lilly, Novo Nordisk, Weight Watchers, Regeneron, Boehringer Ingelheim, and Intuitive; grants from Epitomee and UnitedHealth Group; and nonfinancial support from KVKTech outside the submitted work. Dr Lewis reported receiving nonfinancial support from KVK Tech in the form of donation of study drug for an ongoing NIH-funded clinical trial outside the submitted work and being a member of the board of directors for the American Board of Obesity Medicine, a not-for-profit organization that oversees assessment and credentialing for physicians seeking specialty certification in the field of obesity medicine. Dr Moore reported receiving nonfinancial support from Heali AI (stock options) outside the submitted work.

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Ard JD , Lewis KH , Moore JB. Lifestyle Interventions for Obesity in the Era of GLP-1 Receptor Agonists. JAMA. Published online May 14, 2024. doi:10.1001/jama.2024.7062

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