Behavioural Finance and Their Impact On Investing

Področje vedenjskih financ je v zadnji polovici stoletja doživelo neverjetno rast in spremembe ter je močno vplivalo na finance. Največji uspeh so dosegli zaradi raziskovanja učinkov, ki jih imajo kognitivne psihološke pristranskosti na investicijske odločitve. V diplomskem delu smo predstavili, kaj so vedenjske finance, njihovo zgodovino, sedanjost in kaj predstavljajo v povezavi s sodobnimi financami. Poglobljeno smo se ukvarjali z zankami vedenjskih financ in njihovimi vplivi na investicijske odločitve. Ugotovili smo, da na vedenje in odločitve investitorjev močno vplivajo pristranskosti pri presoji, ki jih lahko razvrstimo v sedem glavnih kategorij: mentalno računovodstvo, čredni nagon, pretirana samozavest, odpor do neznanega, sidranje, reprezentativnost in pristranskost razpoložljivosti. Na odločitve pa prav tako vplivajo napake zaradi preferenc, ki smo jih razvrstili v pet glavnih kategorij: hazarderska zmota, samoobvladovanje, okvirjanje, obžalovanje ter denarna iluzija. S pomočjo poglobljenega razumevanja vedenjskih financ smo ugotovili, da se investitorji na trgu ne obnašajo racionalno, saj jih pri odločitvah v večini vodijo njihova čustva in pristranskosti. Tudi med institucionalnimi in individualnimi investitorji lahko zaznamo različne vplive finančnih odločanj. Ugotovili smo, da med institucionalnimi investitorji prevladajo bolj racionalna vedenja v povezavi s finančnimi odločanji, kjer se investitorji zanašajo na podrobnejše analize. Individualne investitorje pa pri odločanju ženejo bolj neracionalne, čustvene odločitve, kar privede do napak pri investiranju. V diplomskem delu smo se ukvarjali tudi s strategijami premagovanja psiholoških pristranskosti pri investicijskih odločitvah in predlogi za uspešno investiranje v delnice in vzajemne sklade. Predlogi za uspešno investiranje pomagajo investitorjem premagovati psihološke pristranskosti in jim omogočajo bolj racionalno odločanje na trgu.Behavioural finance has undergone tremendous growth and change over the last half century and has had a profound impact on economic finance. They achieved the greatest success by researching the effects that cognitive psychological biases have on investment decisions. In this thesis, we have found out what behavioral finance is, its history, present and what it represent in relation to modern finance. We have worked extensively on the behavioral finance loops and their impact on investment decisions. We found that investor behaviors and decisions are strongly influenced by biases and judgement, which can be classified into seven major categories: mental accounting, herding, overconfidence, aversion to ambiguity, anchoring, representativity and availability bias. Decision making is also affected by preference errors, which we have categorized into five main categories: gambling, self-control, framing, regret and money illusion. Through an in-depth understanding of behavioral finance, we have found that on the market, the investors are not behaving rationally, as they are driven mostly by their emotions and biases. The impact of behavioral finance can be applied to both individual investors and institutional investors. We find that more rational behavior prevails among institutional investors in relation to financial decision making, where investors rely on more detailed analysis. However, individual investors are driven more by irrational, emotional choices when making decisions, which leads to investment mistakes. In this thesis, we also dealt with behavioral finance coping strategies and proposals for successful investment in stocks and mutual funds. Successful investment proposals help investors overcome psychological biases and enable them to make more rational decisions in the market