%0 Journal Article
%T A STUDY OF THE INFLUENCE OF SOCIO-DEMOGRAPHIC CHARACTERISTICS AND OVERCONFIDENCE ON DECISIONS OF INVESTORS, ANALYSTS AND INVESTMENT PROFESSIONALS FROM THE BEHAVIORAL FINANCE POINT OF VIEW UN ESTUDIO SOBRE LA INFLUENCIA DE LAS CARACTER赤STICAS SOCIODEMOGR芍FICAS Y DEL EXCESO DE CONFIANZA SOBRE LAS DECISIONES DE LOS INVERSORES, ANALISTAS Y PROFESIONALES DE INVERSI車N UM ESTUDO SOBRE A INFLU那NCIA DAS CA
%A Daiana Paula Pimenta
%A Jaluza Maria Lima Silva Borsato
%A K芍rem Cristina de Sousa Ribeiro
%J Rege : Revista de Gestˋo
%D 2013
%I Universidade de S?o Paulo
%X Behavioral Finance is a new field of study that counteracts the assumption of the rationality on the partof decision makers, which is adopted by modern finance. One of the aspects of studies in behavioral financeis to identify how emotions and cognitive failures may influence the decision making process ofindividuals. In  this context, this study aims to ascertain whether the decisions of investors, analysts andinvestment professionals are influenced by a bias of overconfidence and the socio-demographiccharacteristics of these individuals. As a methodology, it was decided to conduct a study with a descriptivequantitative and qualitative approach. Therefore a field survey was carried to out to collect data with anonline questionnaire. The method of sampling by judgment was applied, which is characterized by the nonprobabilistic collection of samples from individuals registered with the Association of Investment Analystsand Professionals of the Capital Market in Minas Gerais (APIMEC-MG), as well as individuals registeredwith TBC Investments. This group consisted of 810 individuals who provided 398 valid questionnaires. Datawas analyzed by using the estimation methods of Two-Stage Least Squares (2SLS) and Ordinary LeastSquares (OLS), with correction for finite population and the results were compared. They showed thatdi erences of opinion, style and perception of the reality, motivated by personal and investmentcharacteristics and the susceptibility to the bias of the overconfidence of the agents, exert a significantimpact on decision making. Las Finanzas comportamentales son un nuevo campo de estudios que se contraponen a la presuposici車n deracionalidad de los tomadores de decisi車n adoptada por las finanzas modernas. Una de las vertientes de losestudios en finanzas  conductuales es la identificaci車n de la forma por la cual las emociones y las fallas cognitivas pueden influir en el proceso de decisi車n de los individuos. Consider芍ndose ese contexto, elpresente trabajo tiene como objetivo verificar si las decisiones de los inversores, analistas y profesionales deinversi車n son influenciadas por el aspecto del exceso de confianza y por las caracter赤sticassociodemogr芍ficas de estos individuos. Como metodolog赤a, se opt車 por realizar un estudio de car芍cterdescriptivo con abordaje cuantitativo y cualitativo. Para tanto, se realiz車 una investigaci車n de campo cuyosdatos fueron recolectados mediante un  cuestionario  on-line. Se emple車 el m谷todo de muestreo porenjuiciamiento, que se caracteriza por la colecta de muestras no probabil赤sticas, con individuos registradose
%K Tomada de Decis es
%K Finan as Comportamentais
%K Excesso de Confian a.
%U http://www.revistas.usp.br/rege/article/view/49881