If you are interested in attending the Conference, please send a message to cop@cvm.gov.br

7 and 8 December 2015

The Financial Education and Investor Behavior Conference will discuss financial education actions and behavioral studies. Promoted by Securities and Exchange Commission of Brazil and BM&FBOVESPA, supported by ANBIMA and Cetip, with the institutional support of IOSCO and the British Embassy, the event will feature the foremost Brazilian and international scholars and researchers, as well as representatives of regulatory and self-regulatory bodies in its 3rd Edition, to provide a multidisciplinary approach to the two themes, in the fields of psychology, economics, neuroscience, education, design and others, as public policy


Monday, December 07th, 2015

08h20 – 09h20 Registration for the Conference
09h20 – 10h

Opening Ceremony

  • Leonardo Gomes Pereira (Executive Chairman, CVM)

  • David Wright (IOSCO Secretary-General)

  • Marita Bernhoeft (Managing Director Communications, Human Resources and Financial Market Education)

  • José Carlos Doherty (CEO, ANBIMA)

  • Carlos Ratto (Director, CETIP)

  • Jonathan Dunn (British Consul General in Rio de Janeiro)

10h – 10h40

Keynote Speaker 

  • Dr. George Loewenstein (PhD, Herbert A. Simon Professor of Economics and Psychology, Carnegie Mellon University)

10h40 – 11h Coffee Break
11h – 12h30

Panel 1 – Applying Behavioral Insights to Public Policies

  • Mara Luquet, Journalist - Moderator

  • Simon Ruda, Principal Advisor,  Head of Home Affairs, Security & International -  Behavioural Insights Team / UK

  • Flore-Anne Messy, Deputy Head of the Financial Affairs Division of the Directorate for Financial and Enterprise Affairs, OECD.

  • CVM representative
12h30 – 14h Lunch
14h – 14h40

Keynote Speaker

  • David Wright (IOSCO Secretary-General)

14h40 – 16h10

Panel 2 – Topics in Economic Psychology 

How to lower the incidence rates of scams? Is there a “Pinocchio’s nose” of scams? One that can be detected before it is too late? Are people's judgments of past and future inflation accurate? What effects do the citizen's expectations of inflation have on their economic behaviour and on the economy? Are inflation judgments related to financial and economic literacy? How can people be helped to make more accurate judgments of inflation and to make better economic decisions? Considering the existing heterogeneity of the market participants’ profiles (sophisticated and naïve), what is the regulator’s role regarding financial products?

  • Dr. Vera Rita de Mello Ferreira (PhD, IAREP- International Association for Research in Economic Psychology, Brazil) – Moderator

  • Psychology of inflation
    Dr. Rob Ranyard (Visiting Professor, Centre for Decision Research, Leeds University Business School, UK)

  • Psychology of persuasion and scam compliance
    Dr. David Modic (Research Associate, King’s College, Cambridge, UK)

  • Self-control and financial behavior throughout the life cycle: recent findings.
    Bernardo Fonseca Nunes (Researcher, Behavioural Science Centre, University of Stirling, UK)

16h10 – 16h30 Coffee Break
16h30 – 18h

Panel 3 – Impulsivity and decision making

Can high level cognitive biases be explained by low level feedback-based learning biases?  What are the neural and developmental bases of the susceptibility to these biases? What is impulsivity? Is it a homogenous or a heterogeneous construct? What are the psychological mechanisms underlying impulsive behaviors?
  • Dr. Daniel Mograbi (PhD, PUC - Pontifícia Universidade Católica do Rio de Janeiro, Brazil) – Moderator

  • Human variability in feedback-based learning
    Dr. Stefano Palminteri PhD (Researcher, Institute of Cognitive Neuroscience (University College London, London) and Laboratoire de Neurosciences  Cognitives (École Normale Supérieure, Paris))

  • A multidimensional approach to impulsivity in psychopathology and neuropsychology Dr. Lucien Rochat (PhD, University of Geneva)

Tuesday, December 08th, 2015

08h30 – 09h Registration for Day 2
09h00 – 10h30

Panel 4 – Neurofinance and Financial Fraud

How can neuroscience, psychology and economics combine to provide a better understanding of our financial decision-making behavior? What can the brain tell us about why, and who, we trust? When do we reciprocate trust? What factors lead us to either return favors or to betray those who have placed trust in us? What makes an advisor influential? Could there be a systematic approach to advising that one could employ to maximize influence over clients? Can psychology and neuroscience inform us about this question? Do people use such strategies when consulting others?
  • Dr. Armando Freitas da Rocha (PhD, Researcher, USP - University of São Paulo, Brazil) – Moderator

  • Trust, fairness & cooperation: insights from decision neuroscience
    Dr. Alan Sanfey (PhD, Principal Investigator, Donders Institute for Brain, Cognition and Behavior- Radboud University Nijmegen, Netherlands)

  • In the mind of the overconfident financial adviser
    Dr. Bahador Bahrani (PhD, Senior Research Associate, Institute of Cognitive Neuroscience, Faculty of Brain Sciences, UCL- University College London)

  • Elder financial abuse
    Dr. Jerson Laks (PhD, Visiting Researcher, Aging Research and Study Center-CEPE/Vital Brazil Institute-IVB)

10h30 – 11h Coffee Break
11h - 11h40

Keynote Speaker

  • The importance of financial literacy and the effectiveness of financial education
    Dr. Annamaria Lusardi (PhD, Academic Director, Global Financial Literacy Excellence Center – GFLEC, George Washington University, Washington D.C.)
11h40 – 13h

Panel 5 - Brazilian experiences of financial education with new digital technologies

What are the challenges/opportunities posed by the new educational technologies to financial education? In an environment full of content, how can we retain the youth’s attention to a not so popular subject? How to face the challenge of creating effective and sustainable solutions? How to create a collaborative sustainable community and use peer-to-peer influence to increase efficiency?

  • Ana Claudia Leoni (Head of Investor Education, ANBIMA) - Moderator

  • Reach or engagement: what is the best metric to evaluate MOOCs’ success?
    Marcelo Mejlachowicz (CEO and founder, Veduca)

  • Trends in education and the experiences of the Brazilian Exchange with new digital solutions
    Daniel Pfannemüller (Associate Director Educational Projects)

  • Financial education for youth: challenges to educate and engage them in a sustainable digital channel
    Aquiles Mosca (President, Investor Education Committee, ANBIMA)

13h – 14h Lunch
14h30 – 16h

Panel 6 – Financial and Investor Education

  • Lavínia Martins (Director, IBCPF, Brazil) - Moderator

  • Guidance and Education for Investors in the Peruvian Securities Market 
    Lillian Rocca Carbajal (MsC, Superintendent of Securities Market of Peru)

  • Kathryn Edmundson (Executive Director of Secretariat, International Forum for Investor Education – IFIE)

  • Mary S. Head (Deputy Director, Office of Investor Education and Advocacy, SEC, U.S.)

  • The Value of Financial Planning and Awareness of CFP Certification - A Global Perspective
    Danel Kuhlmann (Director Marketing & Communications, Financial Planning Standards Board – FPSB)

16h – 16h20 Coffee Break
16h20 – 17h20

Panel 7 – Special Topics

  • Why traditional disclosure does not work for many consumers, and how to fix this
    Rafael Keenan Mazer (Consumer Sector Specialist, Consultative Group to Assist the Poor - CGAP)

  • Why are saving rates low in Brazil? The role of institutions
    Dr. Marco Bonomo (PhD, Coordinator, Finance Centre of Insper Instituto de Ensino e Pesquisa, São Paulo, Brazil)

17h20 - 18h

Session – Design and Financial Education

How is design related to financial education? How can design contribute to financial education? Which concrete solutions can design bring to financial education?

  • Social Design
    Dr. Vera Damazio (PhD, Coordinator, Laboratory Design Memory Emotion – LABMEMO, Pontifícia Universidade Católica do Rio de Janeiro – PUC-RIO)

  • Design of Information
    Dr. Claudia Mont’Alvão (PhD, Coordinator, Laboratory of Ergodesign and Interface Usability (LEUI), Pontifícia Universidade Católica do Rio de Janeiro – PUC-RIO)

  • Design for Financial Education – Projects from Undergraduate Students of PUC-RIO
    Dr. Marcelo F. Pereira (PhD, Pontifícia Universidade Católica do Rio de Janeiro – PUC-RIO)

17h20 – 18h Closing Remarks



Institutional Support