Kinsun Tam
SUNY at Albany
James Bierstaker
University of Massachusetts Boston
Inshik Seol
Clark University
Abstract: The objective of this study is to elicit evidence from prior research to examine whether investment expertise exists. The paper reviews prior studies in financial behavioral accounting research (BAR), other behavioral research, markets-based research, and other non-behavioral studies. Specifically, the paper compares normative versus actual expertise in four dimensions (i.e., the nature of knowledge, problem representation, information search, and performance). The results provide substantial support on the existence of investment expertise. The contribution of this study is three-fold. First, it contributes to accounting research by demonstrating how the results from markets-based research, financial behavioral accounting research, and other behavioral and non-behavioral research can be integrated constructively. Second, it generates novel and more comprehensive insights on investment expertise through an integrative analysis of prior studies. Third, it introduces opportunities for future studies in an economically important research area.
Key words: investment expertise; financial behavioral accounting research
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