Fellow Project
2025–2026
Understanding the Complex Relationship between National Politics and Behavioral Finance
In 2024, high-stakes elections took place in over fifty countries, testing even well-established democracies and emboldening leaders with authoritarian tendencies. These events highlight the growing importance of understanding how political developments influence other domains—particularly financial markets. As national politics and market behavior become increasingly intertwined, the relevance of behavioral finance in this context becomes ever more apparent.
Against this backdrop, Jędrzej Białkowski will explore during his fellowship how political developments shape behavioral patterns in financial markets. One promising line of inquiry involves assessing the quality of political signals—such as misinformation or fake news—and their potential role in driving behavioral anomalies in investor decision-making.
Although the topic is complex, Jędrzej, together with Associate Fellow Thorsten Hens, brings substantial expertise to the project. Thorsten has conducted behavioral finance research for nearly three decades, while Jędrzej has focused on the intersection of politics and finance since 2005. Their collaboration aims to generate insights that will contribute not only to finance and economics but also to political science and related disciplines.
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