Keywords
Finanzas Conductuales; sesgos irracionales; perfiles de inversor; modelo BB&K, Behavioral Finance; behavioral biases; investor profiles; BB&K five way model
Prevailing Behavioral Biases and Investor Profiles: A Survey of Professional Investors
Abstract
Este artículo analiza la relevancia de las Finanzas Conductuales o Behavioral Finance en el funcionamiento de los mercados financieros. Como resultado de la evidencia empírica a través de cuatro encuestas a inversores profesionales con un promedio de 92 encuestados, nuestro enfoque principal es mejorar la estructura y sistematización en el campo de Behavioral Finance. En primer lugar, estudiamos el nivel de reconocimiento y de educación en Behavioral Finance, determinando un claro déficit de aprendizaje para los inversores profesionales. También analizamos los principales sesgos cognitivos y emocionales, identificando la representatividad, la aversión a la pérdidas y el condicionamiento social como los más relevantes en el proceso de toma de decisiones. Además, evaluamos la prevalencia de la sobrerreacción a través de varios escenarios financieros y la falta de capacidad para anticipar el mercado. Finalmente, clasificamos a los inversores profesionales a través de su perfil aplicando el modelo BB & K. Identificamos el exceso de confianza como un sesgo predominante que afecta a los inversores y también encontramos una clara desconexión entre los inversores y sus clientes.
This article analyzes the relevance of behavioral finance in the functioning of financial markets. Using the empirical evidence from four surveys of professional investors with an average of 92 respondents, the authors aim to enhance the structure and systematization in the field. They first study the awareness of and level of education in behavioral finance, determining a clear gap of learning experience for professional investors. They also analyze the main cognitive and emotional biases, identifying representativeness, loss aversion, and herding as the most relevant ones in the decision-making process. Moreover, the authors evaluate the prevalence of under- and overreaction through several financial scenarios and the lack of ability to anticipate the market. Finally, they classify professional investors through their investment profile, applying the BB&K five-way model. They identify overconfidence as being a predominant bias affecting investors and find a clear disconnect between investors and their clients.
This article analyzes the relevance of behavioral finance in the functioning of financial markets. Using the empirical evidence from four surveys of professional investors with an average of 92 respondents, the authors aim to enhance the structure and systematization in the field. They first study the awareness of and level of education in behavioral finance, determining a clear gap of learning experience for professional investors. They also analyze the main cognitive and emotional biases, identifying representativeness, loss aversion, and herding as the most relevant ones in the decision-making process. Moreover, the authors evaluate the prevalence of under- and overreaction through several financial scenarios and the lack of ability to anticipate the market. Finally, they classify professional investors through their investment profile, applying the BB&K five-way model. They identify overconfidence as being a predominant bias affecting investors and find a clear disconnect between investors and their clients.
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