Can we predict individual investors' behavior in stock markets? A psychological approach / ¿Es posible predecir el comportamiento de los inversionistas en los mercados bursátiles? Una aproximación psicológica
Univ. psychol
;
13(1): 25-35, ene.-mar. 2014. ilus, tab
Article
in English
| LILACS
| ID: lil-726957
RESUMEN
Understanding financial markets and investors' behavior is one of the biggest objectives in finance. However, most of the research obtained conclusions about individual investors, but they are not studying real individual investors' behavior they analyzed stock price evolution or used aggregate investor data that essentially belongs to founds and big investors. Psychology has improved financial knowledge and solved many of those financial limitations. Because of that, we decided to apply one of the most valid psychological models to study human behavior, in order to better understand real individual investors' behavior the Theory of Planned Behavior (TPB; Ajzen, 1991). The model was applied to 127 real investors obtained by the "snowball" technique. According to results, TPB seems to be a good model to understand individual investor's behavior, while explaining 63% of the investments' intentions and 48% of the investments' behavior.
Comportamiento de inversionistas; Comportamiento del consumidor; Consumer behavior; Corredores de bolsa; Decisiones de inversión; Individual investors' behavior; Investigación cuantitativa; Investment decision; Market psychology; Psicología del consumidor; Quantitative research; Stock markets; Teoría del Comportamiento Planeado (TPB); Theory of Planned Behavior (TPB)
Full text:
Available
Index:
LILACS (Americas)
Main subject:
Consumer Behavior
Type of study:
Diagnostic study
/
Evaluation studies
/
Prognostic study
/
Risk factors
Language:
English
Journal:
Univ. psychol
Journal subject:
Psicolog¡a
Year:
2014
Type:
Article
Affiliation country:
Spain
Institution/Affiliation country:
Universidad Complutense De Madrid/ES
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