Pyskologin i aktiemarknaden : En studie om investeringsbeslut
Purpose: The purpose of the study is to examine how psychological factors affect shareholders and investors, and see which gender differences there are in their investment decisions.
Method: The survey was based on a quantitative method with elements of qualitative aspects in form of a questionnaire. The questionnaire were answered by investors and shareholders at various websites for stock investor. The survey consisted of a total of 13 questions with both open and closed answers.
Theory: The survey focused on four elements within behavioral finance. These factors are overconfidence, herd behavior, anchoring and familiarity bias. The efficient market hypothesis suggests full rationality which is the opposite of what behavioral finance advocates.
Conclusion: Psychological factors affect investors and shareholders in their investment decisions. More men than women considered themselves to be better than average which indicates that they have a stronger overconfidence. In terms of herd behavior the respondents did not show that they follow the group when they have their own information, however, the opposite appeared when they had imperfect information. Women were affected by herd behavior more than men were. Women were affected more than men regarding familiarity bias. Anchoring also proved that the factor had an influence on the respondents but it was not a major difference between men and women.
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