Investuotojų iracionalią elgseną formuojančių veiksnių tyrimas

Abstract

In the article individual investors’ irrational behavior is analyzed and the major factors, influencing it are presented. Based on the results of the research Lithuanian and foreign scientific literature and previously made empirical studies in the field of behavioral finance, author of the paper classify the irrational investors‘ behavior forming factors, provides the descriptions of basic biases influencing the behavior of individual investors and their research ways. Also, the classification of other researchers’ solved problems and generalization of the results achieved are presented. After the analyses of the scientific literature, the author of the paper conclude, that all investors‘ behavior influencing factors could be assign to one of the categories: cognitive biases and emotions. According to the variety of bahavioral finance researches, it is possible to notice, that there are two major research ways: evaluation of investors personal charakteristics influence to their investment behavior and evaluation of investors personal characteristics influence to market anomalies. It was also noticed, that complex studies, evaluating of investors personal characteristics influence in both directions are not held. The researches, as a rule, use one of two basic research methods: analyses of investors’ cognitive capacity and analyses of cognitive biases. In the article present research results allow to conclude, that psychological factors of investors’ behavior impact investment decision-making and course irrational behavior of individual investors in the financial market.