بررسی تأثیر توانایی شناختی و اعتماد به شهود بر استراتژی‌های معاملاتی و عملکرد سرمایه‌گذاران حرفه‌ای بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 استادیار گروه مدیریت مالی و بیمه، دانشگاه شهید بهشتی، تهران، ایران

2 استادیار گروه مدیریت مالی و بیمه، دانشگاه شهید بهشتی، تهران، ایران.

3 دانشجوی دکتری مدیریت مالی، دانشگاه شهید بهشتی، تهران، ایران.

چکیده

هدف پژوهش حاضر، تبیین رابطه بین توانایی‌های شناختی و اعتماد به شهود با استراتژی‌های معاملاتی و عملکرد سرمایه‌گذاران حرفه‌ای «بورس اوراق بهادار تهران» است. برای این منظور مؤلفه‌های مربوط به توانایی شناختی و اعتماد به شهود در ارتباط با استراتژی‌های سرمایه‌گذاری فعال/ خرید و نگهداری و تنوع/ تمرکز پرتفوی و همچنین عملکرد افراد بررسی شد. نمونه موردبررسی 310 نفر از سرمایه‌گذاران حرفه‌ای شامل 160 معامله‌گر و 150 تحلیل­گر در بازار سرمایه را دربرمی­گیرد که اطلاعات آن‌ها با استفاده از پرسشنامه جمع‌آوری شده است. به‌منظور تحلیل داده‌ها از رگرسیون‌های لجستیک و حداقل مربعات به تناسب استفاده شده است.  نتایج نشان می‌دهد که در مورد معامله‌گران، اعتماد به شهود بالا با خریدوفروش فعالانه سهام مرتبط است؛ از سوی دیگر معامله‌گرانی که توانایی شناختی بالاتری دارند، پرتفوی متمرکز‌تری دارند. درنهایت توانایی شناختی بالاتر تأثیر مثبت و معناداری بر عملکرد معامله‌گران دارد؛ در­حالی­که اعتماد به شهود بالاتر، تأثیر منفی و معناداری بر عملکرد آنان می­گذارد. نتایج در مورد تحلیل­گران قدری متفاوت است؛ به‌نحوی‌که با افزایش سن تحلیل­گران پرتفوی آن‌ها متنوع‌تر شده است؛ درحالی‌که اعتماد به شهود بالا موجب می‌شود تا تحلیل­گران پرتفوی متمرکزی داشته باشند. بااین‌حال اعتماد به شهود در مورد تحلیل‌گران نیز همچون معامله‌گران، ارتباط منفی و معناداری با عملکرد دارد.

کلیدواژه‌ها

عنوان مقاله [English]

The Impact of Cognitive Ability and Faith in Intuition on Investors' Trading Strategies and Performance of Perfesional Investors in Tehran Securities Exchange

نویسندگان [English]

  • Mohammad Hasannejad 1
  • Mohammad Osoolian 2
  • Yaser Hamzenejadi 3
1 Assistant Prof, Department of Financial Management and Insurance, Shahid Beheshti University, Tehran, Iran
2 Assistant Prof, Department of Financial Management and Insurance, Shahid Beheshti University, Tehran, Iran.
3 Ph.D. Candidate in Fianacial Management, Shahid Beheshti University, Tehran, Iran.
چکیده [English]

The aim of this study is to explain the relationship between cognitive abilities and faith in intuition with trading strategies and performance of professional investors in Tehran Stock Exchange. To this end, we examine the components of cognitive ability and faith in intuition on active / passive (buy and hold) and portfolio diversification / concentration strategies as well as the performance of investors. The sample consists of 310 professional investors including 160 traders and 150 analysts in the capital market whose data were collected via questionnaires. Logistic regression and ordinary least squares were used to analyze the data. The results show that for traders, high faith in intuition is associated with more active trading, and higher cognitive ability results in more concentrated portfolios. Moreover, higher cognitive ability has a positive and significant effect on traders’ performance, while higher faith in intuitionhas a negative and significant effect on their performance. The results are somewhat different for analysts, as their portfolios become more diverse with their age, while faith in intuition leads to a more concentrated portfolio. However, analysts’ intuition, like traders, is negatively and significantly correlated with performance.

کلیدواژه‌ها [English]

  • Cognitive Ability
  • Faith In Intuition
  • Trading Strategies
  • Performance
  • Professional Investors

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