Effects of Behavioural Factors on Human Financial Decisions

被引：4
|
作者：
Oprean, Camelia [1 ]
机构：
[1] Lucian Blaga Univ Sibiu, Fac Econ Sci, Sibiu 550324, Romania
来源：
21ST INTERNATIONAL ECONOMIC CONFERENCE OF SIBIU 2014, IECS 2014 PROSPECTS OF ECONOMIC RECOVERY IN A VOLATILE INTERNATIONAL CONTEXT: MAJOR OBSTACLES, INITIATIVES AND PROJECTS | 2014年 / 16卷
关键词：
rational expectations; behavioural finance; capital markets;
D O I：
10.1016/S2212-5671(14)00825-9
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this article, we investigate the factors that may explain the trading volume evolution on two emerging capital markets, Romania and Brazil. We analyze the impact of both investors who ground their trading behaviour on rational expectations and investors who show psychological and emotional facets of the human decision, which we call behavioural errors, as independent variables on the trading volume as dependent variable. The results indicate that trading is influenced by the investors' irrational behaviour. Thus, the rationality hypothesis can be rejected for both capital markets. (C) 2014 The Authors. Published by Elsevier B.V.
引用
收藏
页码：458 / 463
页数：6
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