Επενδυτικά Σφάλματα & Behavioural Finance

In: Business and Management

Submitted By dassim
Words 256
Pages 2
Σύμφωνα με μια παλιά παροιμία της Wall Street, οι αγορές επηρεάζονται από δύο παράγοντες: τον φόβο και την απληστία.

Αν και σε μεγάλο βαθμό αυτό είναι αληθές, η συγκεκριμένη κατηγοριοποίηση είναι ιδιαίτερα υπεραπλουστευμένη, αφού δεν πρέπει να ξεχνάμε ότι οι αγορές αποτελούνται από άτομα και το ανθρώπινο μυαλό είναι ιδιαίτερα πολυσύνθετο. Επιπλέον τα συναισθήματα είναι τόσο πολύπλοκα που ο φόβος και η απληστία αδυνατούν να περιγράψουν με ακρίβεια το σύνολο των ψυχολογικών παραγόντων που επηρεάζουν τα άτομα κατά τη διαδικασία λήψης επενδυτικών αποφάσεων.

Όπως είναι γνωστό, η παραδοσιακή χρηματοοικονομική επιστήμη έχει επικεντρωθεί στην ανάπτυξη εργαλείων που χρησιμοποιούν οι επενδυτές για να μεγιστοποιήσουν την αναμενόμενη απόδοση και να ελαχιστοποιήσουν τον κίνδυνο που αναλαμβάνουν. Η προσπάθεια αυτή αποδείχθηκε πολύ αποτελεσματική και αναδείχθηκαν χρήσιμα επενδυτικά εργαλεία όπως είναι τα υποδείγματα αποτίμησης αξιογράφων, η θεωρία χαρτοφυλακίου, το υπόδειγμα εξισορροπητικής κερδοσκοπίας κ.λπ.

Αν και οι επενδυτές θα έπρεπε να χρησιμοποιούν αυτά τα εργαλεία κατά τη διαδικασία λήψης των επενδυτικών τους αποφάσεων, συνήθως δεν το πράττουν, καθώς φαίνεται ότι η ψυχολογία επηρεάζει τις επενδυτικές αποφάσεις σε μεγαλύτερο βαθμό από την χρηματοοικονομική θεωρία.

Σαν αποτέλεσμα, μια σειρά από συμπεριφορικά σφάλματα δυσχεραίνουν την επενδυτική διαδικασία, καθώς οι επενδυτές αλλά και οι διαχειριστές χαρτοφυλακίων (fund managers) διαπράττουν αποδεδειγμένα μια σειρά από επενδυτικά σφάλματα όπως το σφάλμα οικειότητας (Familiarity Bias), το σφάλμα διατύπωσης (Framing), η αποστροφή απώλειας (Loss aversion), η υπεραντίδραση και η υποαντίδραση σε έκτακτα γεγονότα (Overreaction/Underreaction), η υπερβολική εμπιστοσύνη στις ικανότητες μας (Overconfidence), η υπερβολική αντίδραση των Μέσων Ενημέρωσης σε διάφορα γεγονότα (Media response), η συμπεριφορά της αγέλης…...

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