Efeito enquadramento: um estudo da influência dos incentivos fiscais sobre investidores individuais em renda fixa

• Ano de defesa: 2018
• Autor(a) principal: Diego Rosini Palma
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: Efeito enquadramento Invariância Dominância Impostos Renda fixa; Administração; Comportamento do consumidor Brasil; Ativos financeiros de renda fixa Brasil
• Link de acesso: http://hdl.handle.net/1843/BUOS-B7FP76

Rationality axioms built the modelling basis to many sectors of the economy, tax structure among them. With the evolution of Behavioral Finance during the past 40 years and the usage of descriptive research to observe individual decision-making, effects such as loss aversion, framing and endowment questioned the results expected by normative theory. As behavioral biases have been observed, so behavioral measures have been designed since then. This study aims to assess how the frame of fixed income investment alternatives between taxed and taxfree influence individual decision-making regarding framing effect and tax salience. 261 individuals participated during the quantitative phase, split in two groups, one exposed to dominance on taxed alternatives, and the other with dominance on tax-free alternatives. Besides, ten of the quantitative phase participants have been interviewed to gather more information about their investment choosing methods. The results show divergent behavior in comparison to rationality model regarding invariance, shown by the consistency decrease with exposition to an increasing number of situations, and dominance, with significant divergence from the expected results on dominance situations. A significant relationship has been found between framing and practical investment experience and awareness of Brazilian tax system for fixed income. The conclusion is that the sample chooses its investments in a different fashion of the rationality models when subjected to situations without dominance, with increasing divergence as the number of situations grow. When subjected to dominance situations, the sample also deviates from the expected results, both on taxed investment dominance and tax-free investment dominance. And when subjected to tax salience measures, its behavior changes significantly only when subjected to tax-free investment dominance