Abstract
This empirical study tests the hypothesis of whether the good stocks are the so-called good corporations or not. Based upon the concepts of behavioral finance, the capital markets are highly complex and uncertain. Suppose the investors focus on the fixed rules and intuitions to make decisions, cognitive biases exist. Since financial experts have lower cognitive biases than investors because of their financial and professional capabilities, the good stocks they selected should perform better in capital markets. Actually, they do not, which indicating the criteria to select good corporations and good stocks are different. JEL classification: G11; G12; G14 Keywords: Behavioral finance, Benchmark enterprises, Cognitive biases, Efficient market, Quality of management
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