Founded by the American Institute of Certified Financial Analysts (ICFA). The college was first established by FAF (American Association of Financial Analysts) in Charlottesville, Virginia, together with the city of Foer and the University of Virginia in June.
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Because Kahneman and others created the analytical paradigm of "prospect theory" and became the early pioneers of behavioral finance after the 1980s, in June 2002, the Scientific Committee of the Royal Swedish Academy announced that Daniel Kahneman and others were awarded the Nobel Prize in Economics this year in recognition of their outstanding contributions in comprehensively applying economic and psychological theories and exploring investment decision-making behavior.
At present, there are not many behavioral financial models, and the research focuses on the qualitative description and historical observation of market anomalies and cognitive biases, as well as the identification of behavioral decision-making attributes that may have a systematic impact on financial market behavior.
Generally speaking, by 1980, the construction of classical investment theory has been basically completed. After that, scholars all over the world only did some repair and improvement work. For example, further research on the factors affecting the return rate of securities, empirical and theoretical analysis on the "heterogeneity" of various markets, and revision of option pricing assumptions.