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The sober outlook of proficient investors–Characterizing competence through canonical correlation analysis. 

new publication with uol affiliation 01

Abstract
The identification of competence in financial decision is complicated by endogeneity concerns, and the problem aggravates in experimental studies controlling for expectations and confidence. This paper promotes the use of Canonical Correlation Analysis to characterize competence, circumventing all endogeneity obstacles. CCA is applied to extract the competence index (CMPT) that exhibits the strongest predictive power for the performance of 141 Swedish investors in framed-field prediction/trading tasks.

References
Sonsino, D., Michaelsen, P., Gärling, T., & Jansson, M. (2026). The sober outlook of proficient investors–Characterizing competence through canonical correlation analysis. Journal of Economic Psychology, 102876.

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