Behavioural Finance and Capital Markets Conference (BFCM)



The Behavioural Finance and Capital Markets (BFCM) conference is a recognised boutique conference that aims to bring together scholars and practitioners to present state-of-the-art research in the fields of Behavioural Finance, Experimental Finance and Capital Markets/Market Microstructure.

BFCM is a unique conference in that it merges academic research with the applied work of the finance industry.

The conference continuously looks to identify new emerging fields of applied research, to enhance the collaboration among researchers as well as the cooperation between academia and finance industry.

“The research we do should not only have academic value but also practical application that impacts the finance industry and hence our society. This conference makes that happen".

Professor Petko Kalev (Founder of BFCM Conference and Conference Chair)

10th Behavioural Finance and Capital Markets Conference 2020

11 November 2020 - Online

Unlike in previous years, the Behavioural Finance and Capital Markets conference will be completely online.

Download the program

Program information


    Tortured Data

    Investors should remember that the interpreter of the data speaks, not the data itself, and be vigilant to this fact. Many incentives exist to strategically manipulate data to uncover a convenient “truth.”

    1991 Nobel Laureate Ronald Coase famously made the statement: “If you torture the data long enough, it will confess.” The strategic selection and manipulation of data can lead to many different versions of “truth.” Investors need to be especially vigilant in this era of big data, large number of predictors, and plethora of methods. Professor Harvey provides examples and details problems including: exclusion of data that does not fit the narrative, delegation of research to those that have an incentive to make results look “good”, the Garden of Forking Paths, the tendency to try different methods until the researcher finds the one that “works”, and outright manipulation of the data.

    Presented by: Professor Campbell R. Harvey
    Duke University and Research Affiliates

    Chair: Prof Petko Kalev (La Trobe University)

    Industry Forum

    Post-Pandemic Market Dynamics:
    The New Norm in Capital Markets, Investment and Saving for Retirement

    Session Chair: Prof Nadia Massoud (Melbourne Business School, The University of Melbourne)

    Panel members:
    Dan diBartolomeo (Northfield Information Services)
    Kate Howitt (Fidelity International)
    Dr Kingsley Jones (Jevons Global)

    Industry Session 1

    Current Research in Behavioural Finance and Capital Markets

    Chair: Prof Susan Thorp (The University of Sydney)

    Simon Russell (Founder and Director of Behavioural Finance Australia)
    Dr Jason Scally (Quantitative Strategist, Ex-Affiliate of RoZetta Institute - formerly CMCRC)

    Industry Doctoral Students

    Capital Market Fairness and Market Efficiency

    Chair: Assoc Prof Elvira Sojli (UNSW)

    Shaun Lim (La Trobe University and RoZetta Institute)
    Alex Lee (La Trobe University and RoZetta Institute)

    Industry Session 2

    Sustainability Should Be the Default

    Chair: Prof Jerry Parwada (UNSW)

    Pablo Berrutti (Founder of Altiorem and Senior Investment Specialist, Sustainable Funds Group at Stewart Investors)

    Closing Address

    Conference Convener Prof Petko Kalev (La Trobe University) will close the conference. Registration is included in Industry Session 2.

Online event information

Participating in our Online Conference from anywhere around the world is easier than ever before. This virtual conference will be hosted via Zoom. If you have not used Zoom before, please download Zoom. Please register in Eventbrite by following the links for each session, check your email for registration confirmation and Zoom details and go online at the date. Try all the links beforehand to avoid technical difficulties and get in touch if you have any issues.

Sponsors and Co-supporters

Past conferences

In the media

For enquiries regarding past or future conferences, please contact Professor Petko Kalev |