Investavimo patirties įtaka individualių investuotojų elgsenai ir jų priimamiems sprendimams finansų rinkoje

Abstract

Straipsnyje nagrinėjama, kaip investuotojų patirtis yra susijusi su jų elgsena ir kokią įtaką investavimo patirtis gali turėti jų priimamiems investavimo sprendimams. Autorės atliko individualių investuotojų tyrimą Lietuvoje, kuriuo siekė atskleisti skirtingos investavimo patirties investuotojų elgsenos panašumus ir skirtumus bei įvertinti sąryšį tarp investuotojų investavimo patirties ir jų priimamų investavimo sprendimų racionalumo

In the paper the results of the research of Lithuanian individual investors are presented with the purpose to assess if their investment experience could influence their investment behaviour and decision made in Lithuanian financial market. Authors pursue to discover the similarities and differences between behaviour of experienced investors and investors-beginners and to investigate the possible relationship between the investment experience and irrationality of their investment decisions. The purpose of the research is to identify the connection between the Lithuanian individual investors’ experience, their behaviour and decisions made in the financial market. Authors of the paper made an assumption, that individual investors’ experience could influence their behaviour and investment decisions. In order to investigate the current situation on Lithuanian financial market, 2 hypothesis are formulated: H1: With the increase of investment experience, investors’ decisions become more rational. H2: Risk aversion is typical for investors with longer investment experience. With the intent to check these hypotheses and evaluate the influence of investors’ experience to their decisions and behaviour, research of Lithuanian individual investors was held by the authors of this paper. In order to collect necessary data, authors constrained closed-end questions anonymous questionnaire, tested it during the pilot research, modified it after the evaluation of data collected during the pilot research in order to make it more understandable and attractive for potential respondents - actively trading individual investors of Lithuania. The final questionnaire was divided into 3 major parts: (1) identification of the respondent as investor; (2) investors’ situation evaluation and behaviour preferences; (3) investors’ personal identification. [...]