Gonzalez-Igual Manuel, Corzo Santamaria Teresa, Rua Vieites Antonio
Universidad Pontificia Comillas ICADE, Madrid, Spain.
Faculty of Economics and Business Administration, Universidad Pontificia Comillas ICADE, Madrid, Spain.
Heliyon. 2021 Mar 25;7(3):e06495. doi: 10.1016/j.heliyon.2021.e06495. eCollection 2021 Mar.
The field of behavioral finance lacks a homogeneous and structured theoretical framework. The purpose of this paper is to contribute to further systematization in the field by analyzing the impacts of education, gender and age on investor behavior and sentiment. The study is based on online anonymous surveys given to 106 professional investors active in the Spanish market during February 2017. The survey includes control questions, seven questions regarding investors' sentiment to elaborate a confidence index and twenty questions concerning the practitioner's view of behavioral finance. We first identify a gap between the relevance of behavioral finance and the lack of education in the field. We also find a clear misalignment between the investors and their clients' profiles related to their level of confidence. In that regard, the use of the institutional investor confidence index mitigates self-perception bias and is a key element in determining investors' real profiles. Consistent with prior research, we find that female investors view themselves as more driven by rational analysis and are more risk averse while younger investors are more influenced by cognitive and emotional biases. As a key contribution, we establish a model to determine investors' sentiment, which shows that female and more experienced practitioners exhibit higher levels of optimism and confidence.
行为金融学领域缺乏一个统一且结构化的理论框架。本文的目的是通过分析教育、性别和年龄对投资者行为及情绪的影响，为该领域的进一步系统化做出贡献。该研究基于2017年2月对106名活跃于西班牙市场的专业投资者进行的在线匿名调查。调查包括控制问题、七个关于投资者情绪以构建信心指数的问题，以及二十个关于从业者对行为金融学观点的问题。我们首先发现行为金融学的相关性与该领域教育缺失之间的差距。我们还发现投资者与其客户在信心水平方面的形象存在明显错位。在这方面，机构投资者信心指数的使用减轻了自我认知偏差，并且是确定投资者真实形象的关键要素。与先前研究一致，我们发现女性投资者认为自己更多地受理性分析驱动且更厌恶风险，而年轻投资者更容易受到认知和情绪偏差的影响。作为一项关键贡献，我们建立了一个确定投资者情绪的模型，该模型表明女性和经验更丰富的从业者表现出更高水平的乐观和信心。
