Finanças comportamentais: um estudo de caso do comportamneto dos indivíduos frente a decisões de investimento

• Autor(a) principal: Tashiro, Giullia Manli Higashi [UNESP]
• Data de Publicação: 2017
• Tipo de documento: Trabalho de conclusão de curso
• Idioma: por
• Título da fonte: Repositório Institucional da UNESP
• Texto Completo: http://hdl.handle.net/11449/155444; http://www.athena.biblioteca.unesp.br/exlibris/bd/capelo/2017-04-20/000883487.pdf
• topic: Economia; Finanças; Investimentos; Economics

In this paper we study the Neoclassical Theory of Finance with emphasis on Expected Utility Theory, Portfolio Theory, Dividend Irrelevance Theory, Asset Pricing Model and Efficient Market Hypothesis. From this point, we study the Prospect Theory, formulated by Daniel Kahneman and Amos Tversky in his seminal work of 1979, which is the basis of Behavioral Finance. The purpose of this theory, which yielded Kahneman and Tversky Nobel Prize in Economics in 2002, is to try to explain the cognitive biases of the economic agents' choices, caused by: certainty effect, reflection effect and isolation effect, as well as explaining the beliefs Agents have and that influence, in a certain way, in the formation of their decision-making processes. Recent researches have been applying the seminal questionnaire of Kahneman and Tversky with the objective of verifying if the behavior of the agents remains in decision processes. In order to contribute to the discussion of the literature, in this paper we replicate this questionnaire to two groups of students, with different competences in finance, with the objective of analyzing if they have some previous knowledge in finance, it can influence the decisions that we make in the face of a problem . The results showed that the cognitive biases present themselves in both groups, thus confirming that there is no totally rational behavior as the Theory of Expected Utility says. The benefit that this research will bring with this analysis is to alert that there are other factors that must be considered, besides rationality, in economic decisions