Расшифровка мышления инвесторов: систематический обзор литературы по принятию инвестиционных решений

Исследование посвящено психологии инвесторов. Оно представляет собой систематический обзор литературы, который помогает понять, как поведенческие предубеждения влияют на инвестиционные решения на фондовом рынке. Работа включает несколько этапов: определение целей, поиск источников, оценка документов, обобщение, анализ и представление результатов. Проанализирована 101 статья. Исследование выявило положительную тенденцию в изучении финансовых решений, начавшуюся в 2016 г. и достигшую пика в 2022 г. Особое внимание уделено Швейцарии, где два журнала содержат 56 482 упоминания статей, связанных с принятием инвестиционных решений. Среди них – «Frontiers in Psychology», который опубликовал 11 статей с 55 251 цитированием, войдя в топ‑10 журналов по этому показателю. Выявлены основные предубеждения на фондовом рынке: чрезмерная самоуверенность, доступность и стадность. Предыдущие исследования сосредотачивались на этих аспектах, особенно на развивающихся рынках. Однако с 2019 г. акцент сместился на склонность к ошибкам и нежелание сожалеть. В 2021 г. исследования продолжили охватывать теорию перспектив и финансовую грамотность. Результаты этого исследования побуждают к дальнейшему изучению влияния таких факторов, как консерватизм, склонность к подтверждению своих убеждений, неприятие сожалений, фрейминг, приверженность статус-кво и привычки выбирать знакомое при инвестировании. Эти аспекты представляют широкие возможности для новых исследований. Более того, это способствует более глубокому пониманию факторов, влияющих на принятие инвестиционных решений, включая финансовую грамотность, доход, образование, пол и возраст.

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