Wymagana stopa zwrotu z instrumentów finansowych przez inwestora indywidualnego w kontekście finansów behawioralnych

Michał Kurzawiński; Agata Gniadkowska-Szymańska

doi:10.18778/2391-6478.3.47.01

Authors

Michał Kurzawiński University of Lodz
Agata Gniadkowska-Szymańska University of Lodz, Faculty of Economics and Sociology https://orcid.org/0000-0002-7321-3360

DOI:

https://doi.org/10.18778/2391-6478.3.47.01

Keywords:

behavioral finance, financial instruments, heuristics, perspective theory

Abstract

The purpose of the article. The main research objective of this work is to examine the occurrence of three heuristics among individual investors: overconfidence, loss aversion, and the disposition effect. The study aims to show the occurrence of these heuristics in a sample of investors.

Methodology. The study was conducted on a sample of 121 individual investors using an online survey based on scenario questions. The research method was selected based on the unique characteristics of behavioural finance. The research requires direct interaction with market participants, i.e., individual investors.

Results of the research. The research revealed the occurrence of two out of three examined heuristics. The analysis of the responses from the study participants led to the conclusion that emotions play a significant role in influencing decision-making processes in investor behaviour.

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