O que determina o comportamento financeiro do brasileiro: razão ou emoção?

• Ano de defesa: 2010
• Autor(a) principal: Barros, Carlos Augusto Silva
• Orientador(a): Santos, José Odálio dos
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Pontifícia Universidade Católica de São Paulo
• Programa de Pós-Graduação: Programa de Estudos Pós-Graduados em Administração
• Departamento: Faculdade de Economia, Administração, Contábeis e Atuariais
• País: BR
• Palavras-chave em Português: Finanças comportamentais; Decisão financeira; Psicologia econômica; Finanças pessoais
• Palavras-chave em Inglês: Behavioral finance; Financial decision; Economic psychology; Personal finance
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
• Link de acesso: https://tede2.pucsp.br/handle/handle/1390

The dissertation investigates Brazilian financial behavior and what determines it: reason or emotion? A survey based on Behavior Finance fundaments was applied to 641 Brazilians segmented by gender, age, income and scholarship. The survey evaluates in each group the presence of heuristics and bias such as, for instance, overconfidence, representativeness, adjustment to anchor and procrastination. The presence of emotion as an essential factor in order to analyze the financial behavior is in opposition to the Efficient Market Hypothesis (EMH), dominant theory in Finance until the economic crisis that was initiated in 2008. The EMH propositions are very useful, but excessively simplified to reflect all economic live. On the other side human behavior is ruled by our very complex brain. The caricatured Homo Economicus looks like designated to disappear. This paper central hypothesis is that human beings can take irrational financial decisions, based on emotions that are, apparently, much more than market anomalies . Emotions has ever been treated as relevant on financial behavior field by financial market operators, but recently a growing number of scientific articles in Business Administration, Economics and Psychology also indicates that fact. Survey‟s result shows that reason and emotion influences Brazilians financial behavior. As was expected the paper indicates significant differences according to gender, age, scholarship and income