Subject The paper studies behavioral finance and the use of behavioral financial tools in their retrospective and development both in Russia and abroad. Objectives The aim of the article is to reveal the main directions of practical scientific research on current problems of modern Russian finance. Methods The work substantiates the application of the behavioral finance theory and presents the reasons and factors for the development of the new science. Conclusions and Relevance Behavioral finance is of great importance in connection with the mass robotization of financial professions. The use of behavioral instruments of financial phenomena research complements and expands the classical instruments of traditional finance, improves the quality and efficiency of financial decisions. The development of behavioral analysis is constrained by the fragmentation of the theoretical foundation and the fragmentation of research both abroad and in Russia.
Antonov D.S., Ryklin K.A., Bogatyrev S.Yu. [Practical application of behavioral finance in analyzing the value anomalies]. Imushchestvennye otnosheniya v Rossiiskoi Federatsii = Property Relations in the Russian Federation, 2016, no. 8, pp. 56–69. URL: Link (In Russ.)
Fedotova M.A., Bogatyrev S.Yu., Bershadskaya A.I. [Behavioral analysis of the Russian currency market]. Audit i finansovyi analiz = Audit and Financial Analysis, 2015, no. 5, pp. 260–265. URL: Link (In Russ.)
Kosorukova I.V. [Some aspects of behavioral finance in the assessment of business]. Imushchestvennye otnosheniya v Rossiiskoi Federatsii = Property Relations in the Russian Federation, 2013, no. 8, pp. 52–58. URL: Link (In Russ.)
Lukashov A.V. [Behavioral corporate finance and company's dividend policy]. Upravlenie korporativnymi finansami, 2004, no. 3, pp. 35–47. URL: Link (In Russ.)
Barberis N., Ming H., Santos T. Prospect Theory and Asset Prices. Quarterly Journal of Economics, 2001, vol. 116, iss. 1, pp. 1–53. URL: Link
Bogatyrev S.Yu. Testing Behavioral Asset Pricing Models on Russian Financial Market. International Journal of Trade, Economics and Finance, 2014, vol. 5, no. 1, pp. 48–51. URL: Link
De Bondt W.F.M., Thaler R. Does the Stock Market Overreact? The Journal of Finance, 1985, vol. 40, no. 3, pp. 793–805. URL: Link
Fama E. Efficient Capital Markets: II. The Journal of Finance, 1991, vol. 46, no. 5, pp. 1575–1617. URL: Link
Fama E.F., French K.R. Common Risk Factors in Returns on Stocks and Bonds. Journal of Financial Economics, 1993, vol. 33, iss. 1, pp. 3–56. URL: Link90023-5
Hawawini G., Keim D.B. The Cross Section of Common Stock Returns: A Review of the Evidence and Some New Findings. The Rodney L. White Center for Financial Research, 1998. URL: Link
Shefrin H. Risk and Return in Behavioral SDF-based Asset Pricing Models. Journal of Investment Management, 2008, vol. 6, no. 3, pp. 2–23. URL: Link
Lee C., Shleifer A., Thaler R. “Investor Sentiment” and the Closed-end Fund Puzzle. TheJournal of Finance, 1991, vol. 46, no. 1, pp. 75–109. URL: Link
Statman M. Behavioral Finance: Past Battles and Future Engagements. Financial Analysts Journal, 1999, vol. 55, iss. 7, pp. 18–27. URL: Link
Statman M., Fisher K.L., Anginer D. Perspectives-Affect in a Behavioral Asset-Pricing Model. Financial Analysts Journal, 2008, vol. 64, no. 2, pp. 87–90.
Shiller R.J. Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends? The American Economic Review, 1981, vol. 71, no. 3, pp. 421–436. URL: Link
Tversky A., Kahneman D. Judgment under Uncertainty: Heuristics and Biases. Science, 1974, vol. 185, iss. 4157, pp. 1124–1131. URL: Link