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Advisor(s)
Abstract(s)
Existem diferenças na tomada de decisão dos investidores, que criam impacto nos seus
investimentos e na escolha dos diferentes produtos existentes nos mercados financeiros.
Assim, através do estudo das Finanças Comportamentais, pretende-se tentar mostrar que
existem fatores do foro psicológico que podem ajudar a compreender o comportamento
dos investidores. Muitas vezes, as tomadas de decisão acabam por ser influenciadas por
fatores inerentes às experiências e vivências de cada indivíduo e, nesse sentido, o objetivo
do presente estudo é analisar se, o processo de tomada de decisão dos investidores em
Portugal, é influenciado pela existência de heurísticas referenciadas pelas Finanças
Comportamentais.
Para tal ser possível, serão testadas relações de causalidade entre grupos
sociodemográficos, tipos de perfil de investidor e decisões de investimento.
Inicialmente, recorreu-se a um questionário online elaborado pela CMVM para a
obtenção dos dados para estudo. A seguir, com a utilização de uma análise fatorial
exploratória (EFA), pretende-se encontrar variáveis latentes que permitam criar relações
com variáveis referenciadas pela literatura como sendo explicativas, nomeadamente:
género, idade, escolaridade e rendimento.
Por último, mediante um diagrama de modelo de equações estruturais (SEM), pretende se avaliar se as características sociodemográficas dos investidores determinam as
variáveis latentes encontradas e, se as últimas, se relacionam com heurísticas e
condicionam os critérios de tomada de decisão dos investidores.
Assim, poderão ser confirmados ou refutados alguns pressupostos já existentes na
literatura, relativamente ao tema.
There are differences in investors' decision-making, which have an impact on their investments and their choice of different products on the financial markets. Thus, through the study of Behavioural Finance, we aim to show that there are psychological factors that can help us understand investor behaviour. Often, decision making is influenced by factors inherent to the experiences of each individual and, in this sense, the aim of this study is to analyse whether the decision-making process of investors in Portugal is influenced by the existence of heuristics referenced by Behavioural Finance. To make this possible, causal relationships will be tested between sociodemographic groups, types of investor profile and investment decisions. Initially, an online questionnaire drawn up by the CMVM was used to obtain the data for the study. Next, using an exploratory factor analysis (EFA), the aim was to find latent variables that would allow relationships to be created with variables referenced in the literature as being explanatory, namely: gender, age, schooling and income. Finally, by means of a structural equation modelling (SEM) diagram, the aim is to assess whether the socio-demographic characteristics of investors determine the latent variables found and whether the latter are related to heuristics and condition investors' decision making criteria. This will confirm or refute some of the assumptions already existing in the literature on the subject.
There are differences in investors' decision-making, which have an impact on their investments and their choice of different products on the financial markets. Thus, through the study of Behavioural Finance, we aim to show that there are psychological factors that can help us understand investor behaviour. Often, decision making is influenced by factors inherent to the experiences of each individual and, in this sense, the aim of this study is to analyse whether the decision-making process of investors in Portugal is influenced by the existence of heuristics referenced by Behavioural Finance. To make this possible, causal relationships will be tested between sociodemographic groups, types of investor profile and investment decisions. Initially, an online questionnaire drawn up by the CMVM was used to obtain the data for the study. Next, using an exploratory factor analysis (EFA), the aim was to find latent variables that would allow relationships to be created with variables referenced in the literature as being explanatory, namely: gender, age, schooling and income. Finally, by means of a structural equation modelling (SEM) diagram, the aim is to assess whether the socio-demographic characteristics of investors determine the latent variables found and whether the latter are related to heuristics and condition investors' decision making criteria. This will confirm or refute some of the assumptions already existing in the literature on the subject.
Description
Keywords
Finanças comportamentais Decisão Heurísticas Investidores EFA SEM Behavioral finance Heuristics Investors Decision