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Advisor(s)
Abstract(s)
As Finanças Comportamentais surgem como complemento ao universo das Finanças, juntando-lhe a área da Psicologia. Com isto, as Finanças Comportamentais apresentam-se como a área que procura compreender os padrões de raciocionio dos investidores, dos quais fazem parte processos emocionais e o grau em que eles influenciam o processo de tomada de decisão.
O estudo de Kahneman e Tversky (1979) sobre a Teoria da Perspetiva acrescido do Teste de Reflexão Cognitiva de Frederick (2005) são replicados nesta investigação. Procura-se perceber e analisar se nas questões da Teoria da Perspetiva, enquadradas em ambiente de risco e incerteza, as respostas convergem com o estudo original. Em relação ao Teste de Reflexão Cognitiva procura-se verificar a capacidade cognitiva dos indivíduos. Para o efeito, tratou-se uma amostra de conveniência composta por 329 inquiridos (investidores/não investidores, e conhecedores/não conhecedores do conceito de Finanças Comportamentais).
O principal objetivo do estudo consiste em perceber o comportamento dos indivíduos perante a tomada de decisão. Em relação à Teoria da Perspetiva verificou-se que os resultados dos indivíduos convergem com o estudo original. As respostas dos investidores versus não investidores e dos indivíduos de alta capacidade versus baixa capacidade apresentaram diferenças nas respostas, pelo contrário, os conhecedores e não conhecedores do conceito de Finanças Comportamentais não mostraram diferenças nas respostas. No Teste de Reflexão Cognitiva os indivíduos apresentam um baixo rácio de respostas corretas. Os indivíduos do género masculino e os investidores apresentaram um rácio de respostas corretas superior aos do género feminino e dos não investidores, respetivamente. Por fim é identificado o perfil do investidor e do não investidor.
Na generalidade, o comportamento dos indivíduos aquando da tomada de decisão é influenciado por vieses cognitivos e pelo sistema intuitivo.
Behavioral Finance appears as a complement to the universe of Finance, adding to this universe the area of Psychology. With this, Behavioral Finance presents itself as the area that seeks to understand the thinking patterns of investors, which include emotional processes and the degree to which they influence the decision-making process. The study of Kahneman & Tversky, (1979) about Prospect Theory plus Frederick's Cognitive Reflection Test (2005), are replicated in this research. We seek to understand and analyze if the issues of Prospect Theory, framed in an environment of risk and uncertainty, converge with the original study. Regarding the Cognitive Reflection Test we seek to verify the cognitive capacity of individuals. For this purpose, a convenience sample was made up of 329 respondents (investors/non-investors, and knowledgeable/ unfamiliar with the concept of Behavioral Finance). The main objective of the study is to understand the behavior of individuals before decision making. Regarding the Theory of Perspective it was found that the results of individuals converge with the original study. Investor versus non-investor and high-capacity versus low-capacity responses differed in response, whereas those who knew and did not know about the Behavioral Finance concept showed no difference in responses. In the Cognitive Reflection Test, individuals have a low ratio of correct answers. Males and investors had a higher ratio of correct responses than females and non-investors, respectively. Finally, the profile of the investor and non-investor is identified. In general, the behavior of individuals in decision making is influenced by cognitive biases and the intuitive system.
Behavioral Finance appears as a complement to the universe of Finance, adding to this universe the area of Psychology. With this, Behavioral Finance presents itself as the area that seeks to understand the thinking patterns of investors, which include emotional processes and the degree to which they influence the decision-making process. The study of Kahneman & Tversky, (1979) about Prospect Theory plus Frederick's Cognitive Reflection Test (2005), are replicated in this research. We seek to understand and analyze if the issues of Prospect Theory, framed in an environment of risk and uncertainty, converge with the original study. Regarding the Cognitive Reflection Test we seek to verify the cognitive capacity of individuals. For this purpose, a convenience sample was made up of 329 respondents (investors/non-investors, and knowledgeable/ unfamiliar with the concept of Behavioral Finance). The main objective of the study is to understand the behavior of individuals before decision making. Regarding the Theory of Perspective it was found that the results of individuals converge with the original study. Investor versus non-investor and high-capacity versus low-capacity responses differed in response, whereas those who knew and did not know about the Behavioral Finance concept showed no difference in responses. In the Cognitive Reflection Test, individuals have a low ratio of correct answers. Males and investors had a higher ratio of correct responses than females and non-investors, respectively. Finally, the profile of the investor and non-investor is identified. In general, the behavior of individuals in decision making is influenced by cognitive biases and the intuitive system.
Description
Versão final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Finanças comporamntais Tomada de decisão Teoria da perspetiva Teste de reflexão cognitiva Perfil do investidor Prospect theory Investor profile Behavioral finance Decision making Cognitive reflection test