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O Efeito Disposição nos Investidores Individuais Portugueses

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  • Teresa Simões
  • Margarida Abreu
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    Abstract

    O presente trabalho procura avaliar a eventual presença do efeito disposição no comportamento dos investidores individuais portugueses, identificando o perfil do investidor com mais probabilidade de manifestar este desvio comportamental. Com este intuito, é utilizado um inquérito elaborado pela CMVM durante o ano de 2005, sendo a partir dele seleccionadas questões que nos permitem construir uma proxy para o efeito disposição e, através da estimação de um modelo de escolha binária, obter os principais determinantes deste comportamento entre os investidores portugueses. Os resultados sugerem que em Portugal o investidor solteiro/separado/divorciado que resida na região Sul do País ou Ilhas (Açores e Madeira), o investidor que movimenta a carteira pelo menos uma vez por semana, o investidor de curto prazo (day trade ou detentor de títulos no máximo até 1 mês), o investidor com maior propensão para a tomada de risco e o investidor que avalia o mercado de títulos como sendo de fácil acesso, tem menor probabilidade de exibir o Efeito Disposição. JEL Classification: G14, G02, G11

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    File URL: http://pascal.iseg.utl.pt/~depeco/wp/wp402012.pdf
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    Bibliographic Info

    Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2012/40.

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    Date of creation: Nov 2012
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    Handle: RePEc:ise:isegwp:wp402012

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    Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
    Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC

    Related research

    Keywords: Efeito disposição; investidor individual; mercado financeiro português; finanças comportamentais;

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