Conclusion to the research paper Stock Market Investors: Who Is More Rational, and Who Relies on Intuition? Published in the International Journal of Economics and Finance in May 2012. Our paper explores the effects of behavioural biases, namely, disposition effect, herd behaviour, availability heuristic, gambler’s fallacy and hot hand fallacy, on the mechanism of stock market decision making, and in particular, the individual differences in the degrees of these effects. Employing an extensive online survey, we document that on average, active investors exhibit moderate degrees of behavioural biases. On the one hand, more experienced investors are less affected by behavioural patterns, but professional portfolio managers do not behave, in this respect, differently (more rationally) from nonprofessional investors. Professional investors appear to be significantly stronger influenced by the behavioural effects, than nonprofessional but experienced investors. We detect the major "ratio...
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