Influencia dos nesgos do comportamento nas decisións de investimentoa importancia da educación financeira en tempos de crises

  1. Tamara Armenteros Ruiz
  2. Leandro Benito 1
  3. María-Celia López-Penabad 1
  1. 1 Universidade de Santiago de Compostela
    info

    Universidade de Santiago de Compostela

    Santiago de Compostela, España

    ROR https://ror.org/030eybx10

Journal:
Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

ISSN: 1132-2799

Year of publication: 2023

Volume: 32

Issue: 1

Pages: 1-27

Type: Article

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More publications in: Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

Abstract

While classical financial theories assume the rationality of the individual, Behavioral Finance supports the influence of cognitive and emotional aspects on investment decisions. The objective of this study is to contribute in this field by analyzing the presence of five biases –Overconfidence, Herd Behavior, Player Fallacy, Hot Hand Fallacy, and Domestic Bias– and their relationship with the personal characteristics of the investor, in particular with his EFE. We also analyze the effect of the financial crisis derived from Covid-19 on the aforementioned biases. This work is based on 109 questionnaires carried out in Galicia to individual investors, both real and potential, operating in the stock markets. The results confirm the existence of such biases, their relationship with some personal characteristics, a lower presence in individuals with greater financial knowledge and the intensification of Overconfidence and Herd Behavior during prolonged crises.

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