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Barreras Psicológicas en Índices Bursátiles: Evidencia de Cuatro Países de Europa del Sur

Author

Listed:
  • Júlio Lobão

    (Universidade do Porto --- Faculdade de Economia do Porto (University of Porto --- School of Economics and Management), CEPESE --- Centro de Estudos de Populac¸ão, Economia e Sociedade, Rua Dr. Roberto Frias, 4200-464 Porto, Portugal)

  • Cristiano Pereira

    (Universidade do Porto --- Faculdade de Economia do Porto (University of Porto --- School of Economics and Management), Rua Dr. Roberto Frias, 4200-464 Porto, Portugal)

Abstract

En este artículo se examina por primera vez los principales índices bursátiles de Grecia, Italia, Portugal y España en busca de evidencia de barreras psicológicas en números redondos. Hemos probado la uniformidad de la distribución de dígitos de los índices y hemos usado regresiones y análisis GARCH para evaluar el impacto diferencial de estar por encima o por debajo de una posible barrera. No se detectó ninguna evidencia de barreras psicológicas en el mercado bursátil italiano. Existe evidencia poco sólida de barreras en los mercados ibéricos y una fuerte indicación de barreras psicológicas en el mercado griego. Además, se muestra que la relación entre el riesgo y la rentabilidad tiende a ser más débil en la proximidad de los númerosredondos, lo cual plantea un reto a los modelos de equilibrio tradicionales.

Suggested Citation

  • Júlio Lobão & Cristiano Pereira, 2017. "Barreras Psicológicas en Índices Bursátiles: Evidencia de Cuatro Países de Europa del Sur," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 40(114), pages 268-278, Septiembr.
    • Handle: RePEc:cud:journl:v:40:y:2017:i:114:p:268-278
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    More about this item

    Keywords

    Barreras psicológicas; Valores M; Índices bursátiles; Psicologia del mercado; Números redondos;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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