Heurística afetivas no mercado de ações: um estudo quase experimental.

AUTOR(ES)

Ricardo Alonso Gonzalez

FONTE

IBICT - Instituto Brasileiro de Informação em Ciência e Tecnologia

DATA DE PUBLICAÇÃO

20/12/2011

RESUMO

The objective of this research was to investigate how affective aspects are manifested in investors judgments about risk and benefit in the Brazilian stock market through the affect heuristic. The decision-making process leading to judgments is complex and multifaceted, and, this paper assumes that the affect assumes a privileged position in the judgments. To achieve the desired goal was created four stimuli in relation to the stock market: high risk; low risk; high benefit; low benefit. The application of the research occurred in three phases, with a pre-test, a test phase (Phase 1 - Test) and a third phase consisted in the application of the research itself (Phase 2 - Research). In the pre-test we adjusted the data collection instrument. In Phase 1 a previous test was done with public servers of SEFAZ-BA. This sample consisted of 134 individuals randomly segregated into four groups (one group for each stimulus). The results obtained in this phase allowed the research to the next stage. In Phase 2 - research applied to the experiment in a sample of 143 stock market investors who are online brokers users. The manifestation of affect heuristic occurred in Group 2 by the significant difference of perception of risk and benefit before and after stimulation, through the t test for means. Next, we sought the variables age, gender and selfperceived level of knowledge of the stock market determinants of the manifestation of affect heuristic. The multiple logistic regression identified that only the variable degree of self-perceived knowledge of the stock market has had significant influence on the manifestation of affect heuristic. The findings in the survey suggest that affect heuristic is manifested most frequently in people with lesser degrees of knowledge, and factors such as age and gender did not exert significant influence.

ASSUNTO(S)

heurística afetiva finanças comportamentais investidores psicologia econômica heuristic affective behavioral finance investors economic psychology administracao

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