Finanças Comportamentais e o Investidor Brasileiro
Data
2023-01-09
Autores
Nechar, João Vitor 
Orientadores
Filho, Bolivar Godinho de Oliveira
Tipo
Trabalho de conclusão de curso
Título da Revista
ISSN da Revista
Título de Volume
Resumo
A modelagem no âmbito financeiro possui como objetivo final trazer uma representação o mais próxima possível da realidade, contudo, o próprio conceito de modelo acaba acarretando aproximações e imperfeições, especialmente no que se refere à dilatações e transgressões inerentemente humanas à racionalidade teórica. Nesse contexto surgem as Finanças Comportamentais, conjunto de teorias que buscam ativamente romper com noções preestabelecidas de racionalidade absoluta e separação da psiquê humana do restante das suas obras. Enquanto conceito, as Finanças Comportamentais acabam por resvalar em diversas noções e teorias anteriores e consolidadas ao cenário econômico, como a Moderna Teoria de Finanças, que acabam por influenciar a vigência econômica. Nesse aspecto, buscou-se identificar se seria possível estabelecer algum tipo de relação de causalidade entre as diversas heurísticas e vieses dispostos e elaborados pelas Finanças Comportamentais na bolsa brasileira e no comportamento do investidor brasileiro no século XXI. O referencial teórico concentrou e abordou discussões e desenvolvimentos diversos sobre teorias de comportamento mercadológico e econômico, assim como sobre alguns dos principais vieses e heurísticas identificados na literatura. O procedimento adotado foi o de análise de dados secundários obtidos a partir da vasta pesquisa elaborada pela Anbima e Datafolha conhecida como “Raio X do Investidor”, de forma a entender os traços intrínsecos e indissociáveis do racional humano aplicado aos investimentos sob uma ótica das Finanças Comportamentais. A partir de tal análise, foi possível atestar que, em linhas gerais, as heurísticas e vieses são fundamentais na compreensão e leitura de um regime econômico, compondo aspecto crítico da compreensão mercadológica em todos os seus âmbitos. Consequentemente, o estudo aqui discorrido contribui no endosso à literatura concernente às Finanças Comportamentais, reforçando a busca por mudança de paradigmas e educação.
The modeling in the financial context aims to bring a representation as close as possible to reality. However, the very concept of a model inevitably involves approximations and imperfections, especially when it comes to the inherent expansions and transgressions of theoretical rationality by human beings. In this context, Behavioral Finance emerges as a set of theories actively seeking to break away from pre-established notions of absolute rationality and the separation of the human psyche from the rest of its actions. As a concept, Behavioral Finance touches upon various previous and established notions and theories in the economic landscape, such as Modern Finance Theory, which ultimately influence economic dynamics. In this regard, an effort was made to identify whether it would be possible to establish any type of causal relationship between the various heuristics and biases outlined and developed by Behavioral Finance in the Brazilian stock market and the behavior of Brazilian investors in the 21st century. The theoretical framework concentrated on and addressed various discussions and developments concerning theories of market and economic behavior, as well as some of the main biases and heuristics identified in the literature. The adopted procedure involved the analysis of secondary data obtained from the extensive research conducted by Anbima and Datafolha, known as the "Raio X do Investifdor " in order to understand the intrinsic and inseparable traits of human rationality applied to investments from a Behavioral Finance perspective. From this analysis, it was possible to confirm that, in general, heuristics and biases are fundamental in the understanding and interpretation of an economic regime, constituting a critical aspect of market comprehension in all its aspects. Consequently, the study discussed here contributes to the literature on Behavioral Finance, reinforcing the search for paradigm shifts and education.
The modeling in the financial context aims to bring a representation as close as possible to reality. However, the very concept of a model inevitably involves approximations and imperfections, especially when it comes to the inherent expansions and transgressions of theoretical rationality by human beings. In this context, Behavioral Finance emerges as a set of theories actively seeking to break away from pre-established notions of absolute rationality and the separation of the human psyche from the rest of its actions. As a concept, Behavioral Finance touches upon various previous and established notions and theories in the economic landscape, such as Modern Finance Theory, which ultimately influence economic dynamics. In this regard, an effort was made to identify whether it would be possible to establish any type of causal relationship between the various heuristics and biases outlined and developed by Behavioral Finance in the Brazilian stock market and the behavior of Brazilian investors in the 21st century. The theoretical framework concentrated on and addressed various discussions and developments concerning theories of market and economic behavior, as well as some of the main biases and heuristics identified in the literature. The adopted procedure involved the analysis of secondary data obtained from the extensive research conducted by Anbima and Datafolha, known as the "Raio X do Investifdor " in order to understand the intrinsic and inseparable traits of human rationality applied to investments from a Behavioral Finance perspective. From this analysis, it was possible to confirm that, in general, heuristics and biases are fundamental in the understanding and interpretation of an economic regime, constituting a critical aspect of market comprehension in all its aspects. Consequently, the study discussed here contributes to the literature on Behavioral Finance, reinforcing the search for paradigm shifts and education.
Descrição
Citação
Nechar, João Vitor. Finanças Comportamentais e o Investidor Brasileiro. 2022. Trabalho de Conclusão de Curso (Bacharelado em Administração) - Universidade Federal de São Paulo, Escola Paulista de Política, Economia e Negócios, Osasco, 2022.