پویایی شناسی رفتار سرمایه گذاران حقیقی بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری مدیریت مالی، دانشگاه شهیدبهشتی، تهران،

2 دانشیار گروه مدیریت، دانشگاه الزهراء، تهران، ایران.

چکیده

پژوهش حاضر در­صدد است تا رفتار سرمایه­گذاران حقیقی «بورس اوراق بهادار تهران» را از منظر بروز خطاهای رفتاری و ارتباط میان آن­ها بررسی کند. برای این منظور صورت­وضعیت سبد سرمایه‌گذاری آن­ها طی دوره پنج­ساله از سال 1391 تا 1395 بررسی و تحلیل شده است. نتایج نشان می­دهد که سرمایه­گذاران حقیقی تصمیم­های معاملاتی ضعیفی می­گیرند؛ به­طوری­که سهام خریداری­شده توسط آن­ها عملکرد ضعیف‌تری از سهام فروخته­شده دارد، به­عبارت­دیگر دچار خطای معاملاتی هستند؛ همچنین همراستا با اثر تمایلاتی، سرمایه­گذاران نسبت به فروش سهامی که قیمت آن افزایش یافته و نگهداری سهامی که با افت قیمت مواجه شده است، تمایل دارند. درنهایت اینکه آن­ها بازده گذشته سهم را به­عنوان معرف بازدهی آینده در نظر می­گیرند (سوگیری نماگری). در ادامه تجزیه­و­تحلیل خطاهای شناختی چندگانه به­منظور بررسی اینکه آیا سرمایه­گذاران با یک خطای شناختی، مستعد بروز سایر خطاهای شناختی نیز هستند، صورت پذیرفت. نتایج نشان می­دهد که رفتار برخی از سرمایه‌گذاران نشان­دهنده بیش از یک خطای شناختی است. 

کلیدواژه‌ها

عنوان مقاله [English]

Dynamics of the Behavior of Individual Investors in Tehran Stock Exchange

نویسندگان [English]

  • Naser Jamshidi 1
  • Hasan Ghalibaf asl 2
1 Ph.D. Candidate in Fianacial Management, Shahid Beheshti University, Tehran, Iran
2 Associate Prof, Department of Management, Alzahra University, Tehran, Iran.
چکیده [English]

The aim of this study is to investigate the behavior of individual investors from the perspective of behavioral errors and relationship between them in Tehran Stock Exchange. For this purpose, we examined the portfolio statement of individual and institutional investors during a five-year period from 2012 to 2016. The result show that individual investors make poor trading decisions: stocks they purchase underperform those they sell. On the other hand, both individual investors tend to sell stocks that have appreciated in price, but not those that have depreciated in price (consistent with a disposition effect). Finally, they appear to believe that past returns are indicative of future returns (a representativeness bias). In the following, the analysis of multiple cognitive errors is done to determine whether investors with a cognitive error are prone to other cognitive errors. The results indicate that the behavior of some investors represents more than one cognitive error.

کلیدواژه‌ها [English]

  • Representativeness
  • Disposition Effect
  • Trading Error
  • Multiple Conitive Errors

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چشم انداز مدیریت مالی
دوره 9، شماره 25 - شماره پیاپی 25
فروردین 1398
صفحه 101-120

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