European Research on Management and Business Economics 26 (2020) 71–77

www.elsevier.es/ermbe

A bibliometric analysis of behavioural finance with mapping

analysis tools
Jessica Paule-Vianez ∗ , Raúl Gómez-Martínez, Camilo Prado-Román
University of Rey Juan Carlos, Faculty of Legal and Social Sciences, Department of Business Economics, Area of Financial Economics and Accounting. Paseo de los Artilleros, s/n, 28032,
Madrid, Spain

a r t i c l e i n f o a b s t r a c t

Article history: Market efficiency has been questioned since behavioural finance emerged. However, there is no theory
Received 11 July 2019 consolidating both irrational investorsb́ehaviour and their influence on financial markets. In this paper,
Received in revised form 4 January 2020 we use bibliometrics to gain better knowledge of the current situation and trends in this research area.
Accepted 16 January 2020
The results obtained by analysing the 1987–2017 period show a growth potential of Behavioural Finance.
Available online 3 February 2020
Investor sentiment is the main subject among the thirteen main subjects of this area.
© 2020 AEDEM. Published by Elsevier España, S.L.U. This is an open access article under the CC
JEL classification:
G40 BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
G41
C63

Keywords:
Behavioural finance
Science mapping analysis
Knowledge visualization
Co-word analysis.

1. Introduction markets, defining an efficient market as a market in which p̈rices

¨
always ’fully reflect’ available information(Fama, 1970, p. 383).
In recent years, a new research area in finance has emerged and Investor rationality has been highly criticized, as well as the effi-
it has revolutionized the financial theory. Continuing anomalies ciency of financial markets when prices are allocated. Simon (1956)
which were found in financial markets are leading to determine is one of the first authors who criticized the economic and statis-
that markets are not as efficient as had previously been thought tical theories of rational behaviour, arguing that learning theories
over the last century, but are influenced by several biases that explain observed behaviour better. In his study, Simon (1956) con-
demonstrate their imperfection, opening a new theory known as firms that human beings adapt well enough to satisfy their needs
B̈ehavioural Finance¨. at a specific level, but they are not able to find the optimal way to
We have witnessed from the contribution of the theory of maximize the ‘utility function’. However, Tversky and Kahneman
expected utility of Von Neumann and Morgenstern (1944) to the (1974) had a greater impact on defending the irrational behaviour
establishment of several models whose aim is to explain the of investors, supporting a better understanding of heuristics and
behaviour of financial markets. During most of the twentieth cen- biases in order to improve judgements and decisions in environ-
tury, Modern Finance has been the prevailing trend, based on the ments of uncertainty. Kahneman and Tvesky (1979) also put the
assumption that the conditions of a market in equilibrium can expected utility theory into question. They defend that individual
be implicitly or explicitly expressed in terms of expected returns preferences breach the axioms of this theory, which leads to the
(Fama, 1970). One of the most relevant authors regarding Modern development of the prospect theory.
Finance has been Fama, who has most defended the efficiency of Statman and Caldwell (1987) defined Behavioural Finance as
a descriptive theory of choice under conditions of uncertainty.
This concept encompasses a broader view of social sciences,
including both psychology and sociology (Shiller, 2003). In gen-
∗ Corresponding author. eral, Behavioural Finance defends that ‘irrational expectations or
E-mail addresses: [email protected] (J. Paule-Vianez), non-standard preferences affect asset prices’ (Campbell, 2000,
[email protected] (R. Gómez-Martínez), [email protected] p. 1551) and thus, deviations between prices and asset values
(C. Prado-Román).

https://doi.org/10.1016/j.iedeen.2020.01.001
2444-8834/© 2020 AEDEM. Published by Elsevier España, S.L.U. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-
nd/4.0/).
72 J. Paule-Vianez et al. / European Research on Management and Business Economics 26 (2020) 71–77

Fig. 1. Workflow of science mapping analysis.

depend on investors’ psychological motivations (Ofek, Richardson, between two analysis units. The normalization measure used in
& Whitelaw, 2004). Due to a growing interest in this new theory, this work was the equivalence index (Callon et al., 1991).
especially in this century, it is absolutely necessary to analyse the Once the network has been normalized, we can extract the
evolution, the issues addressed and the current state of Behavioural themes by using clustering techniques with which to divide the
Finance. set of elements into different subsets, whose nodes are strongly
In order to explain the performance and productivity of linked together, and scarcely linked with others. In this paper, we
Behavioural Finance, as well as to understand the themes that use the clustering algorithm based on simple centres, which has
it is comprised of and its state, we have developed a bibliomet- the advantage of automatically returning labelled clusters with the
ric analysis. We found other bibliometric analyses of Behavioural most central node in the group (Cobo, 2012).
Finance, however, none of them address this research area on its In order to evaluate the position of each theme in the area, we
own (Fonseca, de Melo, de Melo, & Willer, 2017; Fonseca, de Melo, represent the different clusters on the well-known Strategic Dia-
& de Melo, 2019). In addition, a list of all the relevant themes cov- gram established by Callon et al. (1991). The Strategic Diagram
ered by this research area has not been found in any of the studies. allows us to place the themes according to their centrality (axis x)
Therefore, to provide a broader vision of Behavioural Finance, we and density (axis y). Centrality measures the degree of interaction
performed a co-word analysis using SciMAT software (Cobo, López of a theme with the rest; in other words, it measures the strength
Herrera, Herrera Viedma, & Herrera, 2012). This enabled us to find of the external links of a theme with the rest. Centrality allows us
the most important themes of the research area and to classify them to measure the importance of a theme in the global development
according to their development and importance. of the scientific field (Cobo, 2012). Density measures the degree of
This work is structured as follows. In the next section the internal cohesion of a theme, so it measures the internal strength
methodology and the process used in this study will be presented. of the different links of the nodes within a cluster. This value can be
In the third section, we will explain the data used in the analysis. understood as the measure of the development of the theme (Cobo,
The fourth section presents the results obtained relating to produc- 2012).
tivity and performance, as well as the analysis of scientific maps. In this context, we can classify the themes into four categories
In the fifth section, the conclusions will be explained. In the last in the Strategic Diagram:
section, we will highlight the limitations, which we had to face in
this work. • Motor-themes: they are located in the upper-right quadrant and
they show strong centrality and density. They are well developed
2. Methodology and important in the research field.
• Highly developed and isolated themes: they are found in the
In this work, a bibliometric analysis will be carried out in order upper-left quadrant and show low centrality, but high density.
to define the intellectual structure of Behavioural Finance. We used These themes are of marginal importance for the field.
SciMAT software (Cobo, López-Herrera, Herrera-Viedma, & Herrera, • Basic and transversal themes: they are in the lower-right quad-
2012), which was chosen due to its flexibility when selecting mea- rant and show strong centrality, but low density. They are
surements to obtain and visualize bibliometric networks. This tool interconnected with the other themes but are not well developed.
also provides a wide range of pre-processing techniques that allow • Emerging or declining themes: they are in the lower-left quadrant
us to refine the results obtained from the database, improving their and they show low centrality and density. They are both weakly
quality. developed and marginal.
Bibliometrics analysis is defined as a part of scientometrics,
which uses mathematical and statistical methods to analyse sci- The process followed to define the intellectual structure of
entific activities in a research field (Aparicio, Iturralde, & Maseda, Behavioural Finance can be observed schematically in Fig. 1.
2019; Callon, Courtial, & Laville, 1991). We conducted a bibliomet-
ric study from its two key procedures: evaluation and performance
3. Data
and scientific productivity analysis, and scientific maps (Cobo,
2012).
The data set used for the bibliometric analysis was extracted
The analysis of scientific maps is one of the techniques whose
from the Web of Science (WOS) of Thomson Reuters. WOS was pre-
aim is to monitor a scientific field in order to understand its struc-
ferred to other platforms like SCOPUS because of a greater number
ture, development and its main participants (Noyons, Moed, &
of scientific publications it has provided since 1900 (SCOPUS has
Luwel, 1999). The different types of information that can be used are
only collected scientific publications since 1966).
known as units of analysis. In this work, the chosen unit of analysis
The search was made on 1 January 2018 by choosing only scien-
is the keyword.
tific papers that were published until 2017 (including) in journals
Among all units of analysis, different types of relationships can
indexed in the database of the Social Sciences Citation Index (SSCI).
be established in order to create different bibliometric networks.
Many concepts applied in Behavioural Finance have been devel-
In this work, we have used a co-occurrence relationship (Callon,
oped in other areas and disciplines, and therefore, have not been
Courtial, Turner, & Bauin, 1983). The co-occurrence relationship
included in the search, such as:
occurs when two elements appear together in a document. This
analysis allows us to identify the main themes of a scientific field,
showing its conceptual and cognitive aspects (Cobo, 2012). • Prospect Theory: the work developed by Kahneman and Tversky
In order to obtain significant information about the area through (1979) has been one of the most cited in Behavioural Finance.
the analysis, we should normalize the bibliometric network. Nor- Nevertheless, this theory has also been used on other areas of the
malizing the network allows us to relativize the relationships economy and has a special impact on psychology.
 J. Paule-Vianez et al. / European Research on Management and Business Economics 26 (2020) 71–77 73

Table 1 Table 3
Performance of authors Most productive journals in the area.

Authors with the most articles Authors with the most citations Journal No. Doc. % Year Vol 1 I.F. 2017

Authors No. Doc. No. Cit. Authors No. Doc. No. Cit. Journal of Banking & Finance 78 6,43 1977 1,931
Journal of Behavioral Finance 70 5,77 2003 0,722
Yang, Chunpeng 21 67 Baker, Malcolm 5 1717 Journal of Financial Economics 53 4,37 1974 5,162
Santamaria, Rafael 15 60 Wurgler, Jeffrey 5 1717 Quantitative Finance 42 3,46 2001 1,170
Statman, Meir 12 355 Shleifer, Andrei 4 1500 Pacific-Basin Finance Journal 32 2,63 1993 1,603
Corredor, Pilar 11 77 Vishny, Robert W. 2 1168
Muga, Luis 9 23 Fama, Eugene F. 1 1146
Table 4
Productivity by country and organization.
• Mental Accounting: this term has had a strong impact on
Country No. Doc. Organizations No. Doc.
Behavioural Finance; however, it has also been applied in other
economic disciplines, especially in the Marketing area, due to its USA 464 National Bureau of Economic Research 32
consumer behaviour studies. China 185 South China University of Technology 25
UK 132 Harvard University 23
• Cognitive Bias: this concept is related to studies on investor
Taiwan 94 Chinese University of Hong Kong 22
expectations, but which stands out mainly in health studies. In the Germany 80 New York University 22
economic field, its study stands out in the area of entrepreneur-
ship.
was “Journal of Banking & Finance”, with 78 articles (6.43%). It is
The main concepts studied in this work are “Behavioural important to highlight that the second journal in the ranking is
Finance”, “Behavioural Portfolio” and “Investor Sentiment”. The “Journal of Behavioural Finance”, with 70 articles (5.77%), despite
search by topics was carried out, so the selected articles contained only being in circulation since 2003.
the previous concepts on the title, summary or keywords. There- In order to study the productivity in the area according to its
fore, we carried out the following search: TS= (b̈ehavioral financ*ÖR country and organization (Table 4), we can state that studies on
b̈ehavioural financ*ÖR b̈ehavioral portfolioÖR b̈ehavioural portfo- Behavioural Finance are located in 56 different countries, being
¨ Thus, a total of 1.214 published articles
lioÖR ïnvestor sentiment*). the country with most of the documents the United States (464).
from 1987 to 2017 were obtained. Regarding the most productive organization, we find that National
Bureau of Economic Research (32) is the organization with the most
4. Results documents published in Behavioural Finance.

4.1. Evaluation and analysis of performance and scientific 4.2. Analysis of science mapping
production
Besides evaluating and analysing the performance and scien-
If we analyse the evolution of the articles published on tific production of Behavioural Finance as a whole, we also sought
Behavioural Finance (Fig. 2), we can see a high growth of this area, to evaluate the theme studies on Behavioural Finance, which we
particularly from 2009, finding that 84.68% of all studies published extracted through a co-word analysis. We selected the keywords
are between 2009 and 2017. This analysis reveals a growing inter- that had been used more than 5 times, obtaining a sample of 563
est and development of the area, demonstrating that Behavioural keywords. Thus, we obtained 13 representative clusters of the main
Finance represents an important area of research. themes within Behavioural Finance: Investor Sentiment, Disposition
When analysing the authors who have done research on Effect, IPO, Overconfidence, Portfolio Selection, Expected Stock Returns,
Behavioural Finance (Table 1), we find that the most productive Arbitrage, Model, Bias, Attention, Weather, Mutual Funds and Strate-
author is Chunpeng Yang, with more than 21 published articles in gies.
WOS. However, we note that the most cited authors have been Mal- After identifying the themes, it is important to assess the level of
com Baker and Jeffrey Wurgler, who had a total of 1.717 citations development of each theme and its impact on the area. The different
with only 5 published documents. themes found were classified by their density and centrality and can
If we analyse the most cited papers in the area (Table 2), the be observed in the Strategic Diagram (Fig. 3).
5 most cited articles have been published in 3 journals: Journal of The most interconnected and developed themes, also called
Financial Economics (2), Journal of Finance (2) and Journal of Eco- motor themes, are:
nomic Perspectives (1). The most cited article is “Market efficiency, Investor Sentiment: this theme evaluates how investors’ feel-
long-term returns, and behavioural finance” by Fama (1998), with ings lead them to make certain investment decisions far from what
1.146 citations. This article defends the efficiency of financial mar- would be optimal decisions according to the theory of efficient
kets against behavioural finance. markets. Not only studies on behavioural patterns are included
Regarding the journals where articles on Behavioural Finance Barberis, Shleifer, and Vishny (1998), but also studies that show the
were published, the 5 journals with the most published articles influence that emotions have on assets (Baker & Wurgler, 2006),
can be seen in Table 3, and they include 22.66% of all articles. The taking on special relevance the analysis of the influence of these
journal that published most of the articles on Behavioural Finance feelings on the formation of bubbles like the events of recent years.

Table 2
Most cited articles in the area.

Title Author Journal Year Cit.

Market efficiency, long-term returns, and behavioral finance Fama, E.F. Journal of Financial Economics 1998 1146
A model of investor sentiment Barberis, N., Shleifer, A. & Vishny, R.W. Journal of Financial Economics 1998 1071
Investor sentiment and the cross-section of stock returns Baker, M. & Wurgler, J. Journal of Finance 2006 762
Giving content to investor sentiment: The role of media in the stock market Tetlock, 2007 Journal of Finance 2007 540
Investor sentiment in the stock market Baker & Wurgler, 2007 Journal of Economic Perspective 2007 478
74 J. Paule-Vianez et al. / European Research on Management and Business Economics 26 (2020) 71–77

Fig. 2. Behavioural Finance research articles published from 1974 to 2011.

Fig. 3. Strategic Diagram of the area.

Disposition Effect: in this theme, which we could well call atti- functions of satisfaction with profits and losses under a benchmark
tude to risk, we find studies based on the analysis of investor risk have been created, such as the prospective theory (Kahneman &
aversion. The formulations which are representative of the atti- Tversky, 1979) and the accumulated prospective theory (Tversky &
tudes of investors stand out in this theme. Thus, representative Kahneman, 1992), and representations of preferences for the set-
 J. Paule-Vianez et al. / European Research on Management and Business Economics 26 (2020) 71–77 75

tlement of results like the disposition effect (Shefrin & Statman, Table 5
Productivity and impact for each theme.
1985).
Overconfidence: in this theme, investor confidence in their Cluster No. Doc. H Index No. Cit.
expectations or judgments regarding the value of assets is studied. Investor Sentiment 751 50 13.692
Studying the confidence of the individual investor trying to estab- Disposition Effect 127 19 1.279
lish generalities (Graham, Harvey, & Huang, 2009), and measuring IPO 36 13 846
their impact on the formation of stock prices (Ko & Huang, 2007). Overconfidence 66 15 1.293
Portfolio Selection 46 11 471
Here we find positions that defend that overconfidence improves
Expected Stock Returns 124 24 2.664
market efficiency (Ko & Huang, 2007), that this confidence does not Arbitrage 59 16 1.943
influence efficiency (Raghubir & Das, 2010), and others that such Model 67 15 1.022
overconfidence promotes over- or undervaluation of assets (Jin & Bias 43 10 462
Attention 16 5 127
Kothari, 2008).
Weather 12 5 57
Expected Stock Returns: this theme studies the movements of Mutual Funds 14 4 172
asset prices based on investorsb́ehaviour. The influence of mass Strategies 8 5 65
psychology (Kumar & Lee, 2006), information uncertainty (Jiang,
Lee, & Zhang, 2005) and transaction costs (Jiang et al., 2005) stand
out in this line as motivators of the existence of anomalies in mar- IPO: in this theme we find several works that study the price
kets. These studies argue that investor sentiment enables to predict formation process in the initial public offerings of shares. There are
asset prices, especially on stocks with small capitalization, low positions for (Cornelli, Goldreich, & Ljungqvist, 2006) and against
institutional property, low prices, high arbitrage costs, high book- (Fink, Fink, Grullon, & Weston, 2017) Behavioral Finance, with a
to-market ratio and high idiosyncratic volatility (Baker & Wurgler, predominance of the first group. Thus, several investigations show
2006; Fang & Peress, 2009; Kumar & Lee, 2006). the influence of optimism and pessimism on the overvaluation and
The basic or transversal themes in the area, in other words, undervaluation of shares in the initial public offerings (Cornelli
themes that have been used in numerous investigations, but that et al., 2006), in both the short and long term. This theme is highly
are not very developed are the following: influenced by the technological bubble at the end of the 90 s.
Arbitrage: there are studies focused on arbitrage that analyse Lastly, the least developed and important themes are:
the reasons why the differences between market values and the Attention: this theme focuses on studying the attention of
theoretical value are not adjusted. Among the explanations to this investors and how this influences investment decision-making and
situation are the limits to arbitration (Abreu & Brunnermeier, 2003; the formation of asset prices. Within the information era, atten-
Kumar & Lee, 2006) and impediments to short sales (Stambaugh, tion has become a “limited cognitive source” (Kahneman, 1973).
Yu, & Yuan, 2015). Thus, the aim of several studies is to assess the investorsáttention
Bias: this theme analyses how human psychology leads to irra- by the search carried out (e.g. Google and Yahoo) (Gómez, 2013;
tional decision making and that results in the formation of wrong Leung, Agarwal, Konana, & Kumar, 2016) and the impact of dif-
asset prices. When investors find themselves in situations of uncer- ferent publications (e.g. twitter) (Sprenger, Tumasjan, Sandner, &
tainty, they tend to take mental shortcuts, which allow judgments Welpe, 2014). This line is highlighted by Barber and Odean (2008),
to be made regarding the different assets, demonstrating certain with their theory of attention.
common psychological patterns in certain circumstances (Dow, Strategies: this theme aims to explain the effectiveness of cer-
2010). There are cognitive biases related to errors in the interpre- tain stock market strategies, and if it is due to economic cycles
tation of information and emotional biases motivated by feelings (Chordia & Shivakumar, 2002), which would be in line with the
and emotions. efficiency of financial markets, or if, on the contrary, the effective-
Model: this theme focuses on building models in order to evalu- ness of these strategies takes refuge in certain ïrrationalb̈ehaviours.
ate the impact of sentiments on financial markets. Due to the special It is worth highlighting the study of the m̈omentums̈trategy of
characteristics of stock markets, models with a heteroskedastic Jegadeesh and Titman (1993).
approach stand out, such as the GARCH model promoted by De Portfolio selection: this theme incorporates the characteristics
Long, Shleifer, Summers, and Waldmann (1990). Among the main of the investor in their choice of investments, as well as their moti-
motivations for the construction of these models is the possibil- vations. This theme is highly influenced by theories such as the
ity of foreseeing important transitions in the economy such as the Mean-variance efficient frontier of Markowitz (1952); the Mental
crisis of recent years (Kirman, 2010). Accounting theory of Thaler (1985); the Cumulative Prospect the-
If we focus on the least important themes, the most developed ory (Tversky & Kahneman, 1992); and the Behavioural Theory of
ones are: Shefrin and Statman (2000). The model of Das, Markowitz, Scheid,
Weather: this theme studies the impact of exogenous events and Statman (2010) stands out, which includes features of the the-
on the investor’s mood. Psychology has demonstrated that mood is ory of mean-variance of Markowitz (1952) and the behavioural
related to risk aversion. Among all evaluated events, the weather portfolio theory of Shefrin and Statman (1985), in a new mental
stands out (Hirshleifer & Shumway, 2003; Kamstra, Kramer, & Levi, accounting framework.
2003). However, other events have also been studied such as: air Here we find emerging themes, such as the theme of Attention,
quality (Li & Peng, 2016), holidays (Kaplanski & Levy, 2012), sport- highly influenced by new technologies, and themes that tend to
ing events (Gómez & Prado, 2014), wars or disasters (Kaplanski & disappear, such as the theme of Strategies. As for Portfolio Selection,
Levy, 2012) and lunar cycles (Wang, Lin, & Chen, 2010). although this theme is in the lower left quadrant, it is very close
Mutual Funds: it studies the sentiment of a mutual fund to the intersection of the axes, which is why we consider that this
investor and its implications on stocks. We found studies on the theme cannot be classified neither as an emerging theme nor as a
investor decision-making process on mutual funds that differ from theme in disappearance.
rational behaviour (Mauck & Salzeider, 2017) and other works It is convenient to evaluate the productivity and the impact of
that analyse these behaviours on asset prices (Bialkowski, Bohl, each theme (Table 5), so we analyse the number of documents, the
Kaufmann, & Wisniewski, 2013). It highlights the study of the H Index (h articles of the total number of articles of the subject that
ḧerdëffect in which the same stocks are bought or sold in mass have at least h citations) and the number of citations of each theme
(Lakonishok, Shleifer, & Vishny, 1992). taking the main documents.
76 J. Paule-Vianez et al. / European Research on Management and Business Economics 26 (2020) 71–77

We observe how Investor Sentiment stands out remarkably over basic or transversal themes of the area, we have found the themes
the rest by the number of published documents of this theme, as of Arbitrage, Bias and Model, which, although they are not themes
well as by the H Index and by the number of total citations received. that are highly developed internally, they do have a great influence
Considering the number of documents, the most important themes on the rest, being usual for them to be dealt together with other
are: Investor Sentiment, Disposition Effect and Expected Stock Returns, themes. On the contrary, it has been found that the themes Weather,
in this order. However, this order differs both if we consider the Mutual Funds and IPO are highly developed, but hardly linked to the
H Index and the number of citations. Thus, the most important rest, so they are very specific themes within Behavioural Finance.
themes according to the H Index are: Investor Sentiment, Expected Finally, it should be noted that the themes Attention, Strategies and
Stock Returns and Disposition Effect, in this order. And according Portfolio Selection have been the least developed and related to the
to the total number of citations, the themes with the best position rest. Within these, the theme of Attention is an emerging theme in
are: Investor Sentiment, Expected Stock Returns and Arbitrage, respec- Behavioural Finance.
tively. The theme of Arbitrage stands out with only 59 documents, Finally, it is convenient to mention the productivity and impact
showing a total of 1943 citations. of each theme, finding that Investor Sentiment stands out over the
rest, both by number of articles published, as by the H Index and
the number of total citations received. It is also worth mentioning
5. Discussion the Arbitrage theme, which with only 59 articles has a total of 1943
citations, showing to be a theme with a high average impact per
With this study, it has been possible to observe a high growth publication.
that has taken place in Behavioural Finance research, especially
since 2009. This may be motivated due to an increase in anomalies 6. Conclusions
detected in financial markets since the 2007 crisis, highlighting the
inefficiency of these markets and the influence of individual biases With the purpose of identifying and visualizing the intellectual
on them. structure of Behavioural Finance, in this work a bibliometric anal-
When analysing the most productive and cited authors in this ysis has been carried out in which the performance of the scientific
area, it was found that the most influential authors in the area by production of the area has been evaluated, as well as the themes
number of citations are Malcom Baker and Jeffrey Wurgler, who, that comprise it through an analysis of co-occurrence of keywords.
among their contributions, promoted research on the influence of The results contribute to the future development of Behavioural
investor sentiment on stock returns. The article “Investor sentiment Finance.
and the cross-section of stock returns” of these authors, has been We have observed how Behavioural Finance is a research area
positioned as the third most cited article. However, the most cited that is in full swing, substituting Modern Finance for new research
article was M̈arket efficiency, long-term profitability and behav- based on the irrationality of investors, and trying to explain the
ioral financeb̈y Fama (1998), which is positioned in favour of the various anomalies detected in financial markets, being of special
efficiency of financial markets and may have been the subject of relevance the bubbles occurred in recent years.
many discussions of studies published on Behavioural Finance. However, the great contribution of this work has been to clarify
As for the journals in which Behavioural Finance research has the different themes that make up this research area, obtaining a
been published, J̈ournal of Banking & Finance” stands out as the total of 13 themes: Investor sentiment, disposition effect, Overconfi-
journal that has published the most articles. This demonstrates how dence and Expected Return Stocks as motor themes; Arbitrage, Bias
until 2017, this area had been disseminated mostly in journals that and Model as basic and transversal themes; OPI, Weather and Mutual
publish papers of the financial field with a certain generality. How- Funds as specialized themes; Strategies, Attention and Portfolio Selec-
ever, it was expected that in the coming years, specialized journals tion as emerging or declining themes.
such as the “Journal of Behavioral Finance”, would show a greater Regarding the productivity and the impact of each theme, we
number of published articles on Behavioural Finance. It is neces- have observed that the Investor Sentiment theme stands out clearly
sary to take into consideration that this journal is relatively new, it both in productivity and impact.
emerged in 2003, and still occupies the second position in number With all this, we have detected a hot research area in the finan-
of published articles on Behavioural Finance. cial field, highly influenced by psychology and sociology. The most
Regarding the productivity of Behavioural Finance by coun- important theme in Behavioural finance is the study of investor
try and organization, it has been observed that research in this sentiment on the decision-making process. Future research in this
area is mainly concentrated in the United States, highlighting the line will allow us to advance in a global theory that unifies studies
“National Bureau of Economic Research” organization. in Behavioural Finance.
It should be noted that a major contribution of the study has
been obtaining the main themes in which this area of research can Declarations of interest
be divided. Although articles such as those by Fonseca et al. (2017)
and Fonseca et al. (2019) have performed a bibliometric analysis None.
of Behavioural Finance, they have not performed this analysis in This research did not receive any specific grant from funding
isolation and they have not extracted the main themes that make agencies in the public, commercial, or not-for-profit sectors.
up this research area. To address this issue, a co-occurrence anal-
ysis of keywords has been performed using the SciMAT software
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