Journal of Economics, Finance and Administrative Science

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4090

La Journal of Economics, Finance and Administrative Science (JEFAS), de la Universidad ESAN, es una publicación académica de acceso abierto que presenta investigaciones revisadas por pares en administración, economía y finanzas, con un enfoque en el contexto latinoamericano e iberoamericano. Fundada en 1992 como Cuadernos de Difusión, en 2009 cambió de nombre a su actual denominación como JEFAS. Ha evolucionado en colaboración con importantes editoriales, como Elsevier y actualmente Emerald Publishing. La revista publica investigaciones de alta calidad sin costo para los autores, con el respaldo de ESAN y su compromiso con la difusión del conocimiento científico y académico, y la práctica gerencial.

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2017 - 201912020 - 20231

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Tema: search.filters.subject.Decisiones de inversión

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Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    Behavioural finance: the decoy effect on stock investment decisions
    (Universidad ESAN. ESAN Ediciones, 2023-12-11) Okumura, Bruno Uekane; Pimenta Junior, Tabajara; Maemura, Marcia Mitie Durante; Gaio, Luiz Eduardo; Gatsios, Rafael Confetti
    Purpose: This study aims to investigate the occurrence of the decoy effect in stock investment decisions based on fundamental analysis. Design/methodology/approach: In this study, the decoy effect was investigated by applying two questionnaires, one of them with the presence of a decoy alternative, to a set of 224 respondents with knowledge of business fundamentals, simulating investment decisions in stocks of companies listed on the Brazilian Stock Exchange. The data analysis was performed using the Fisher's exact test, Student's t-test and ANOVA. The research also aimed to detect a potential relationship between the variables gender, age, degree and professional experience with the type of decision made. Findings: The results pointed to the occurrence of the decoy effect when analysing the general response data. However, such evidence was not confirmed when the sample was analysed by classes (gender, course, age and professional experience). There is no statistical evidence that the decoy effect influences classes. Originality/value: The recent decoy effect literature is little explored in investment decision-making. This study is unique in examining the decoy effect in investment decisions in the Brazilian context.
  • Miniatura
    ÍtemSolo Metadatos
    The use of the recognition heuristicas an investment strategy in European stock markets
    (Universidad ESAN. ESAN Ediciones, 2017-12-01) Lobão, Júlio; Pacheco, Luís; Pereira, Carlos
    Purpose – People often face constraints such as a lack of time or information in taking decisions, which leads them to use heuristics. In these situations, fast and frugal rules may be useful for making adaptive decisions with fewer resources, even if it leads to suboptimal choices. When applied to financial markets, the recognition heuristic predicts that investors acquire the stocks that they are aware of, thereby inflating the price of the most recognized stocks. This paper aims to study the profitability against the market of the most recognized stocks in Europe. Design/methodology/approach – In this paper, the authors perform a survey and use Google Trends to study the profitability against the market of the most recognized stocks in Europe. Findings – The authors conclude that a recognition heuristic portfolio yields poorer returns than a market portfolio. In contrast, from the data collected on Google Trends, weak evidence was found that strong increases in companies monthly search volumes may lead to abnormal returns in the following month. Research limitations/implications – The applied investment strategy does not account for transaction costs, which may jeopardize its profitability given the fact that it is necessary to revise the portfolio on a monthly basis. Despite the results obtained, they are useful to understanding the performance of recognition heuristic strategies over a comprehensive time horizon, and it would be interesting to depict its viability during different market conditions. This analysis could provide additional information about a preferable scenario for employing our strategies and, ultimately, enhance the profitability of recognition heuristic strategies. Practical implications – Through the exhaustive analysis performed here on the recognition heuristic in the European stock market, it is possible to conclude that no evidence was found for the viability of exploring this type of strategy. In fact, the investors would always gain better returns when adopting a passive investment strategy. Therefore, it would be wise to assume that the European market presents at least a degree of efficiency where no investment would yield abnormal returns following the recognition heuristic. Originality/value – The main objective of this paper is to study the performance of the recognition heuristic in the financial markets and to contribute to the knowledge in this field. Although many authors have already studied this heuristic when applied to financial markets, there is a lack of consensus in the literature.