Financial Markets and Investors

Markets, institutional and retail investors, portfolio management, and behavioural finance

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AI-based Algorithmic Trading
Investors’ Behaviour
Socioeconomic Factors
Institutional Portfolios

This research area of Ciber evaluates the return to the common good of financial markets and institutional and retail investors.

First, we reveal the impact of algorithmic trading (AT) and Artificial Intelligence in financial markets and the decision-making process in financial institutions.

We also study whether institutional investors show similar behavioural patterns to less sophisticated investors. We extend this comparison to Socially Responsible Investment (SRI) funds and their conventional counterparts in the mutual fund industry. Thus, we analyze the main behavioural biases previously documented for conventional investors, both institutional and retail.

Finally, we aim to determine to what extent the institutional portfolios support the financial inclusion of all investors regardless of gender, literacy, income level, age, and other socioeconomic factors.

Financial Markets research area
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Selected Publications

2026
Research in International Business and Finance
Cui, Y., Muñoz, F., and Vicente, R. — 81, 103181.
2025
Research in International Business and Finance
Andreu, L., Gimeno, R., Sarto, J.L., and Serrano, M. — 76, 102802.
2025
Research in International Business and Finance
Fleta-Asín, J., and Muñoz, F. — 74, 102661.
2023
Finance Research Letters
Andreu, L., Gimeno, R., and Serrano, M. — 52, 103548.
2023
Finance Research Letters
Fleta-Asín, J., and Muñoz, F. — 51, 103412.
2022
International Review of Financial Analysis
Gimeno, R., Andreu, L., and Sarto, J.L. — 83, 102221.
2021
International Journal of Finance and Economics
Alda, M. — 26(2), 2219–2240.
2020
Journal of Economic Behavior and Organization
Andreu, L., Ortiz, C., and Sarto, J.L. — 176, 253–268.
2020
Finance Research Letters
Gimeno, R., Loban, L., and Vicente, L. — 37, 101367.
2020
International Review of Financial Analysis
Lobán, L., Sarto, J.L., and Vicente, L. — 72, 101564.
2019
European Journal of Operational Research
Andreu, L., Serrano, M., and Vicente, L. — 273(3), 1180–1193.
2019
International Review of Economics & Finance
Andreu, L., Sarto, J.L., and Serrano, M. — 62, 131–152.
2018
Journal of Empirical Finance
Muñoz, F., and Vicente, R. — 45, 181–193.
2012
Journal of Banking and Finance
Ortiz, C., Sarto, J.L., and Vicente, L. — 36(2), 418–427.