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Finanças Comportamentais no Brasil: uma aplicação da teoria da perspectiva em potenciais investidores

2014; Álvares Penteado School of Commerce Foundation; Linguagem: Inglês

10.7819/rbgn.v16i53.1865

1983-0807

Claudia Emiko Yoshinaga, Thiago Borges Ramalho,

Business and Management Studies

The premise of unbounded rationality defendedby the Efficient Market Hypothesis is challengedby the theoretical framework that involvesBehavioral Finance, whose basis, Kahneman andTversky’s Prospect Theory (1979), questions theExpected Utility Theory, an important elementof Neoclassical Economics, as basis for decisionmaking.This research aims to replicate theempirical research of Kahneman and Tversky’sseminal article (1979) to evaluate the decisionmakingprocess of employees (potential investors)from a major national financial institution. Theresults of this study were compared to thoseobtained in the original article and to othersimilar studies. The questionnaire employedwas an adaptation of the one originally used,so that we could test, in the studied sample,the applicability of the Prospect Theory, morespecifically with regard to Certainty, Reflectionand Isolation Effects. We also analyzed differencesin the decision-making process consideringrespondents’ attributes (gender, age and income).The results confirmed that behavioral effectsdo exist, and proved that a large portion of thesample presented significant inconsistency in theirchoices according to Expected Utility Theoryprinciples, highlighting that their decisions werenot made according to strictly rational behavior.Furthermore, we analyzed the relationshipbetween violations and investor characteristicsby estimating a linear model. Results indicatethat both age and level of income were negativelyrelated to total violations.