Zulliger, Wartegg and Personality Research Form (PRF) Tests as Predictors of Investment

A1 Journal article (refereed)

Internal Authors/Editors

Publication Details

List of Authors: Joachim von Weissenberg
Publisher: Somatic Inkblot Society
Place: Delhi
Publication year: 2017
Journal: SIS Journal of Projective Psychology & Mental Health
Volume number: 24
Issue number: 2
Start page: 96
End page: 108


This article explores the utility, validity and reliability of three psychological tests in predicting fund
managers investment performance. Two of the psychological tests-the Zulliger and Wartegg testsrepresented
implicit psychological motives. The third test-the Personality Research Form (PRF)-
represented explicit psychological motives. Investment performance was measured by analyzing the fiveyear
risk adjusted performance of forty professional fund managers in Finland. The finding of the present
work was that the Zulliger Test predicted 45.4 %, the PRF predicted 25.4 % and the Wartegg Test
predicted 8.3 % of the investment performance. The combined three-test prediction percentage of
investment performance was 55.0 %. One of conclusions of this study is that implicit motives have been
neglected in behavioral finance research.


Investment decision, Personality Measures, Projective Personality Measures, Test reliability, Test validity

Last updated on 2020-11-08 at 06:03