Use este identificador para citar ou linkar para este item: http://rebacc.crcrj.org.br/handle/123456789/1567
metadata.atena.dc.title: O COMPORTAMENTO FINANCEIRO DURANTE E APÓS A CRISE FINANCEIRA DE 2008 SOB A ÓTICA DA TEORIA DOS PROSPECTOS
Financial behavior during and after the financial crisis of 2008 from the prospect theory perspective
metadata.atena.dc.creator: Rodrigo José Guerra Leone; Universidade Potiguar - UnP
Thiago Cavalcanti Guimarães; Faculdade de Natal (FAL)
metadata.atena.dc.subject: Finanças Comportamentais; Vieses cognitivos; Teoria do Prospecto
metadata.atena.dc.date.issued: 2014-11-12
metadata.atena.dc.publisher: REVISTA DE CONTABILIDADE DO MESTRADO EM CIÊNCIAS CONTÁBEIS DA UERJ
metadata.atena.dc.description: Os estudos em Finanças Comportamentais têm como principal objetivo identificar e compreender as ilusões cognitivas responsáveis pelos erros sistemáticos de avaliação dos investidores, de forma a adaptar os modelos econômico-financeiros atuais e, assim, orientar e capacitar os agentes econômicos a tomar suas decisões de maneira mais apropriada. Por falta de oportunidade talvez, não há na literatura pesquisa comparando os atalhos mentais em períodos de crise financeira com os mesmos atalhos em períodos de otimismo do Mercado. O trabalho mais próximo desse tema é o de Johnsson et al (2002), em que os autores avaliaram os efeitos da bolha especulativa do final dos anos 90 no comportamento do investidor. Tentando suprir essa lacuna, o presente trabalho buscou descrever o comportamento financeiro dos agentes econômicos em cenários de crise e de otimismo, sob a ótica da Teoria dos Prospectos. Para tanto, foi realizada uma pesquisa de campo quantitativa, aplicando-se o questionário proposto na pesquisa seminal de Kahneman e Tversky (1979) para duas amostras por conveniência dos alunos do curso de graduação em Administração da Universidade Potiguar – RN: uma totalizando 234 alunos, ao final de 2008, e outra, 213, ao final de 2009. Os resultados obtidos confirmam os achados da pesquisa seminal e das pesquisas de mesmo enfoque no Brasil. Entretanto apenas em algumas questões relativas ao efeito certeza, os indivíduos pesquisados demonstraram preferências estatisticamente diferentes para os dois cenários econômicos. Assim sendo, a ausência geral de diferenças significativas entre os posicionamentos nos dois anos não permite inferir a interferência das heurísticas da disponibilidade, da representatividade, nem da ancoragem nos indivíduos do primeiro para o segundo ano pesquisado.Palavras-chave: Finanças Comportamentais; Vieses cognitivos; Teoria do ProspectoAbstractStudies about behavioral finance have as main objective to identify and understand the cognitive illusions responsible for systematic errors in investors' assessment in order to adapt the current economic and financial models and thus guiding and capacitating economic agents in order to take decisions  appropriately. In a lack of opportunity, maybe, there is not in literature researchs comparing mental shortcuts in times of financial crisis with the same shortcuts in periods of market optimism. The closest work about this theme was written by Johnsson et al. (2002), in which the authors assessed the effects of a bubble in the late 90 investor behavior. Thus, as a contribution to fill this gap, this study aimed to describe the financial behavior of economic agents in situations of crisis and optimism, from the perspective of prospect theory. Therefore, we conducted a quantitative traits survey, applying the questionnaire proposed in the seminal research of Kahneman and Tversky (1979) for two convenience samples of undergraduate program in Business Administration from the University Rio Grande do Norte - RN: the first one with 234 students at the end of 2008 and the second one with 213 students at the end of 2009. The results confirm most of the research findings of the seminal and most studies of the same approach in Brazil, independently of economic pessimism or optimism, mainly the result that confirms individuals are averse to risk are earning and risk-takers when they are losing. In just a few questions concerning the certain effect, survey participants showed significantly different preferences for the two economic scenarios. So, the total lack of differences between the positions in two years not be inferred from the interference of the availability heuristic, representativeness or anchoring of subjects from the first to the second year of investigation. Keywords: Behavioral Finance; Cognitive biases; Prospect Theory.
Studies about behavioral finance have as main objective to identify and understand the cognitive illusions responsible for systematic errors in investors' assessment in order to adapt the current economic and financial models and thus guiding and capacitating economic agents in order to take decisions  appropriately. In a lack of opportunity, maybe, there is not in literature researchs comparing mental shortcuts in times of financial crisis with the same shortcuts in periods of market optimism. The closest work about this theme was written by Johnsson et al. (2002), in which the authors assessed the effects of a bubble in the late 90 investor behavior. Thus, as a contribution to fill this gap, this study aimed to describe the financial behavior of economic agents in situations of crisis and optimism, from the perspective of prospect theory. Therefore, we conducted a quantitative traits survey, applying the questionnaire proposed in the seminal research of Kahneman and Tversky (1979) for two convenience samples of undergraduate program in Business Administration from the University Rio Grande do Norte – RN: the first one with 234 students at the end of 2008 and the second one with 213 students at the end of 2009. The results confirm most of the research findings of the seminal and most studies of the same approach in Brazil, independently of economic pessimism or optimism, mainly the result that confirms individuals are averse to risk are earning and risk-takers when they are losing. In just a few questions concerning the certain effect, survey participants showed significantly different preferences for the two economic scenarios. So, the total lack of differences between the positions in two years not be inferred from the interference of the availability heuristic, representativeness or anchoring of subjects from the first to the second year of investigation.   Keywords: Behavioral Finance; Cognitive biases; Prospect Theory.
metadata.atena.dc.identifier.uri: http://rebacc.crcrj.org.br/handle/123456789/1567
metadata.atena.dc.identifier: http://www.atena.org.br/revista/ojs-2.2.3-06/index.php/UERJ/article/view/1428
Aparece nas coleções:Artigos - Atena

Arquivos associados a este item:
Não existem arquivos associados a este item.
Mostrar registro completo do item Visualizar estatísticas


Os itens no repositório estão protegidos por copyright, com todos os direitos reservados, salvo quando é indicado o contrário.