A survey on the Brazilian Assets, its performance and the investing behavioral biases of its Investment Fund Managers

Resumo

Behavioral Investing Biases are cognitive and emotional aspects that may intervene in investment decisions. In order to search for evidences of behavioral biases in the Investment Fund Managers (IFM) in Brazil, a survey with 28 questions was created and sent to 936 IFM. 98 responses were obtained. Biases like Optimism and Regret Aversion were present in more than 75% of the respondents. Afterwards, performance of the investment funds managed by the respondents were also analyzed in terms of Excess Return on its benchmark. Finally, fund’s performance and IFM biases were crossed, confirming that top performance IFM tend to have less biases (only 4-5 average along 18 searched biases) and rarely present Recency or Representativeness(cognitive biases).

Ficha do documento

Tipo

Outro

Ano

2015

Instituição

Centro de Estudos em Finanças (GVcef)

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/18856

Temas

Economia

Palavras-chave

Behavioral biasesInvestment fund managersExcess returnBrazilEconomiaInvestimentos - Aspectos psicológicosFinanças - Aspectos psicológicosFundos de investimento - BrasilInvestimentos - Processo decisório