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

Joachim Weissenberg von

Research output: Contribution to journalArticleScientificpeer-review


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

Original languageUndefined/Unknown
Pages (from-to)96–108
JournalSIS Journal of Projective Psychology & Mental Health
Issue number2
Publication statusPublished - 2017
MoE publication typeA1 Journal article-refereed


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

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