The role of emotions arising from instability in investment behaviour
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2015
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Taylor and Francis Ltd
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Abstract
Clear empirical evidence has been found on how significant changes to a person’s environment can alter their behaviour. This is important when considering investments made on the stock exchange as the variations that occur in stock market prices are frequent and continuous. This study analyses the role instability has on individual investors’ behaviour when investing in the stock market. The results suggest that instability in investment situations plays a significant role in individual investors’ behaviour, probably due to the emotional effect provoked by the possibility of suddenly losing savings. This would modify the perception investors have about investing as well as their intentions, attitudes and feelings of control in regards to investment in financial markets, thus hindering the capacity to predict their behaviour.
Se han encontrado evidencias empíricas claras sobre cómo los grandes cambios en el entorno de las personas alteran su comportamiento. Esto es muy relevante cuando hablamos de inversión en los mercados bursátiles, ya que se producen continuamente momentos de inestabilidad en las cotizaciones. En este estudio analizamos el papel de la inestabilidad en el comportamiento de los inversores individuales en bolsa. Los resultados sugieren que la inestabilidad en situaciones de inversión ejerce un papel fundamental en el comportamiento de los inversores individuales, probablemente debido al efecto emocional que provoca la posibilidad de perder los ahorros de manera repentina. Esto modificaría la percepción que los inversores tienen sobre inversión así como sus intenciones, actitudes, sensación de control y creencias respecto a la inversión en los mercados financieros; dificultando, por tanto, la predicción de su comportamiento.
Se han encontrado evidencias empíricas claras sobre cómo los grandes cambios en el entorno de las personas alteran su comportamiento. Esto es muy relevante cuando hablamos de inversión en los mercados bursátiles, ya que se producen continuamente momentos de inestabilidad en las cotizaciones. En este estudio analizamos el papel de la inestabilidad en el comportamiento de los inversores individuales en bolsa. Los resultados sugieren que la inestabilidad en situaciones de inversión ejerce un papel fundamental en el comportamiento de los inversores individuales, probablemente debido al efecto emocional que provoca la posibilidad de perder los ahorros de manera repentina. Esto modificaría la percepción que los inversores tienen sobre inversión así como sus intenciones, actitudes, sensación de control y creencias respecto a la inversión en los mercados financieros; dificultando, por tanto, la predicción de su comportamiento.