FUTURE RESEARCH DIRECTIONS

It is possible to posit that there is no detailed framework incorporating the varying findings of behavioral finance. In the light of these find­ings it may be possible to develop better models for explaining complex financial markets. These models will incorporate behavioral explanatory variables may outperform traditional financial models (Brabazon, 2000, p. 5). New models should also overcome the model dredging problem which is one of the major criticisms of behavioral finance. In essence, these models would gener­ate “new” information which had not previously been incorporated in investors’ decision models (Brabazon, 2000, p. 5).