Do heuristics affect Brazilian investors’ decision-making process?

IF 1.9 Q2 BUSINESS, FINANCE

Review of Behavioral Finance Pub Date : 2023-07-10 DOI:10.1108/rbf-09-2022-0210

Virgílio Vasconcelos Souza, Lucas Lopes Ferreira Souza, Oderlene Oliveira, Elnivan Moreira de Souza, Juliana Silva Costa

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引用次数: 0

Abstract

Purpose

The purpose of this research is to analyze the influence of heuristics on Brazilian investors' behavior in the decision-making process.

Design/methodology/approach

The authors apply the partial least squares structural equation modeling methodology. This sample is composed of 220 investors.

Findings

The heuristics of overconfidence and anchoring positively influence investors' decision-making, while loss aversion negatively influences it. The herd effect exhibits no influence. The results also support the idea that decision-making positively influences investors' performance. Investors feel secure in their attitudes regarding financial decision-making, even if their decisions are not always rational as they are affected by biases.

Originality/value

This article explains the influence of heuristics on investors' decision-making and performance in the Brazilian context during the COVID-19 pandemic.

查看原文本刊更多论文

启发式影响巴西投资者的决策过程吗?

目的本研究的目的是分析启发式对巴西投资者决策过程中行为的影响。设计/方法/方法作者采用偏最小二乘结构方程建模方法。本样本由220名投资者组成。研究发现:过度自信和锚定的启发式对投资者决策有正向影响，而损失厌恶对投资者决策有负向影响。羊群效应没有影响。研究结果也支持决策对投资者绩效产生积极影响的观点。投资者对金融决策的态度感到安全，即使他们的决定并不总是理性的，因为他们受到偏见的影响。原创性/价值本文解释了在新冠肺炎大流行期间，巴西背景下启发式对投资者决策和绩效的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Behavioral Finance BUSINESS, FINANCE-

CiteScore

4.70

自引率

5.00%

发文量

期刊介绍： Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.