Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market

Detalhes bibliográficos
Autor(a) principal: Vieira, Elisabete
Data de Publicação: 2012
Outros Autores: Fernandes, Carla, Silva, Joana
Tipo de documento: Artigo
Idioma: por
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://doi.org/10.34624/ei.v0i3.6466
Resumo: According to standard finance, individual is characterized byperfect self-interest and perfect rationality. However, researchin the field of behavioural finance has shown that valueexpressive characteristics matter in investor choices, and investors are susceptible to a broad set of cognitive errors in their decisions.This study reports the empirical results of a survey addressedto 300 Portuguese subjects, whose purpose is to analyze ifinvestor behavior is affected by psychological traitsdocumented by the behavioral finance school.The major conclusion is that risk aversion is a pervasivecharacteristic of investor behavior. We also find some evidence for patriotism, loss aversion and overconfidence.Globally, the results indicate that investor’s attitudes anddecisions are influenced by psychological factors asdocumented by the behavioral finance school.
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spelling Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese marketO comportamento do investidor é influenciado por fatores psicológicos? Evidência empírica no mercado PortuguêsAccording to standard finance, individual is characterized byperfect self-interest and perfect rationality. However, researchin the field of behavioural finance has shown that valueexpressive characteristics matter in investor choices, and investors are susceptible to a broad set of cognitive errors in their decisions.This study reports the empirical results of a survey addressedto 300 Portuguese subjects, whose purpose is to analyze ifinvestor behavior is affected by psychological traitsdocumented by the behavioral finance school.The major conclusion is that risk aversion is a pervasivecharacteristic of investor behavior. We also find some evidence for patriotism, loss aversion and overconfidence.Globally, the results indicate that investor’s attitudes anddecisions are influenced by psychological factors asdocumented by the behavioral finance school.No âmbito da teoria financeira tradicional os investidores são considerados racionais. No contexto das finanças comportamentais, os investidores tendem a afastar-se do princípio da racionalidade, já que as suas decisões se baseiam mais em fatores psicológicos do que em princípios de gestão de investimentos.Este trabalho pretende analisar se alguns dos comportamentos descritos pelas finanças comportamentais afetam a tomada de decisão de um grupo de investidores portugueses, inquirindo um conjunto de 300 indivíduos residentes no território nacional.Os resultados indicam que o comportamento dominante é o de aversão ao risco. Os indivíduos inquiridos manifestam alguma preferência por investimentos em títulos nacionais, o que indicia alguma evidência de patriotismo. Foi igualmente encontrada evidência de comportamentos de aversão a perdas, unidimensionalidade das atitudes face ao risco e excesso de confiança. Os resultados permitem concluir que os investidores cometem alguns erros cognitivos, afastando-se do conceito de racionalidade defendido pelas finanças tradicionais.Instituto Superior de Contabilidade e Administração da Universidade de Aveiro2012-01-01T00:00:00Zjournal articlejournal articleinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://doi.org/10.34624/ei.v0i3.6466oai:proa.ua.pt:article/6466Estudos do ISCA; No 3 (2012)Estudos do ISCA; n.º 3 (2012)1646-48500873-2019reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPporhttps://proa.ua.pt/index.php/estudosdoisca/article/view/6466https://doi.org/10.34624/ei.v0i3.6466https://proa.ua.pt/index.php/estudosdoisca/article/view/6466/4762https://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessVieira, ElisabeteFernandes, CarlaSilva, Joana2022-09-22T16:24:21Zoai:proa.ua.pt:article/6466Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T15:59:31.763772Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
O comportamento do investidor é influenciado por fatores psicológicos? Evidência empírica no mercado Português
title Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
spellingShingle Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
Vieira, Elisabete
title_short Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
title_full Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
title_fullStr Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
title_full_unstemmed Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
title_sort Is the investor behaviour influenced by psychological factors? Evidence in the Portuguese market
author Vieira, Elisabete
author_facet Vieira, Elisabete
Fernandes, Carla
Silva, Joana
author_role author
author2 Fernandes, Carla
Silva, Joana
author2_role author
author
dc.contributor.author.fl_str_mv Vieira, Elisabete
Fernandes, Carla
Silva, Joana
description According to standard finance, individual is characterized byperfect self-interest and perfect rationality. However, researchin the field of behavioural finance has shown that valueexpressive characteristics matter in investor choices, and investors are susceptible to a broad set of cognitive errors in their decisions.This study reports the empirical results of a survey addressedto 300 Portuguese subjects, whose purpose is to analyze ifinvestor behavior is affected by psychological traitsdocumented by the behavioral finance school.The major conclusion is that risk aversion is a pervasivecharacteristic of investor behavior. We also find some evidence for patriotism, loss aversion and overconfidence.Globally, the results indicate that investor’s attitudes anddecisions are influenced by psychological factors asdocumented by the behavioral finance school.
publishDate 2012
dc.date.none.fl_str_mv 2012-01-01T00:00:00Z
dc.type.driver.fl_str_mv journal article
journal article
info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://doi.org/10.34624/ei.v0i3.6466
oai:proa.ua.pt:article/6466
url https://doi.org/10.34624/ei.v0i3.6466
identifier_str_mv oai:proa.ua.pt:article/6466
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://proa.ua.pt/index.php/estudosdoisca/article/view/6466
https://doi.org/10.34624/ei.v0i3.6466
https://proa.ua.pt/index.php/estudosdoisca/article/view/6466/4762
dc.rights.driver.fl_str_mv https://creativecommons.org/licenses/by/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Contabilidade e Administração da Universidade de Aveiro
publisher.none.fl_str_mv Instituto Superior de Contabilidade e Administração da Universidade de Aveiro
dc.source.none.fl_str_mv Estudos do ISCA; No 3 (2012)
Estudos do ISCA; n.º 3 (2012)
1646-4850
0873-2019
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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