Wymagana stopa zwrotu z instrumentów finansowych przez inwestora indywidualnego w kontekście finansów behawioralnych
| dc.contributor.author | Kurzawiński, Michał | |
| dc.contributor.author | Gniadkowska-Szymańska, Agata | |
| dc.date.accessioned | 2025-11-03T08:04:16Z | |
| dc.date.available | 2025-11-03T08:04:16Z | |
| dc.date.issued | 2025-09-30 | |
| dc.identifier.issn | 2391-6478 | |
| dc.identifier.uri | http://hdl.handle.net/11089/56576 | |
| dc.description.abstract | The purpose of the article. The main research objective of this work is to examine the occurrence of three heuristics among individual investors: overconfidence, loss aversion, and the disposition effect. The study aims to show the occurrence of these heuristics in a sample of investors.Methodology. The study was conducted on a sample of 121 individual investors using an online survey based on scenario questions. The research method was selected based on the unique characteristics of behavioural finance. The research requires direct interaction with market participants, i.e., individual investors.Results of the research. The research revealed the occurrence of two out of three examined heuristics. The analysis of the responses from the study participants led to the conclusion that emotions play a significant role in influencing decision-making processes in investor behaviour. | en |
| dc.description.abstract | Cel artykułu. Głównym celem badawczym niniejszej pracy jest zbadanie występowania trzech heurystyk wśród inwestorów indywidualnych: nadmiernej pewności siebie, niechęci do straty oraz efektu dyspozycji. Celem badania jest pokazanie występowania tych heurystyk na próbie inwestorów.Metoda badawcza. Badanie zostało przeprowadzone na próbie 121 inwestorów indywidualnych przy wykorzystaniu ankiety internetowej opartej na pytaniach scenariuszowych. Metodę badawczą wybrano w oparciu o unikalną charakterystykę finansów behawioralnych. Badanie wymaga bezpośredniej interakcji z uczestnikami rynku, czyli inwestorami indywidualnymi.Wyniki badań. Badania wykazały występowanie dwóch z trzech badanych heurystyk. Analiza odpowiedzi uczestników badania doprowadziła do wniosku, że emocje odgrywają istotną rolę w wpływaniu na procesy decyzyjne w zachowaniach inwestorów. | pl |
| dc.language.iso | pl | |
| dc.publisher | Wydawnictwo Uniwersytetu Łódzkiego | pl |
| dc.relation.ispartofseries | Journal of Finance and Financial Law;47 | en |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0 | |
| dc.subject | behavioral finance | pl |
| dc.subject | perspective theory | pl |
| dc.subject | heuristics | pl |
| dc.subject | financial instruments | pl |
| dc.subject | behavioral finance | en |
| dc.subject | financial instruments | en |
| dc.subject | heuristics | en |
| dc.subject | perspective theory | en |
| dc.title | Wymagana stopa zwrotu z instrumentów finansowych przez inwestora indywidualnego w kontekście finansów behawioralnych | pl |
| dc.title.alternative | Required Rate of Return on Financial Instruments by an Individual Investorin the Context of Behavioural Finance | en |
| dc.type | Article | |
| dc.page.number | 5-14 | |
| dc.contributor.authorAffiliation | Kurzawiński, Michał - University of Lodz | pl |
| dc.contributor.authorAffiliation | Gniadkowska-Szymańska, Agata - University of Lodz, Faculty of Economics and Sociology | pl |
| dc.identifier.eissn | 2353-5601 | |
| dc.references | Ahmad, M., Shah, S. Z. A., & Abbass, Y. (2021). The role of heuristic-driven biases in entrepreneurial strategic decision-making: Evidence from an emerging economy. Management Decision, 59(3), 669–691. https://doi.org/10.1108/MD-09-2019-1231 | pl |
| dc.references | Andreu, L., Ortiz, C., & Sarto, J. L. (2020). Disposition effect in fund managers: Fund and stock-specific factors and the upshot for investors. Journal of Economic Behavior & Organization, 176, 253–268. https://doi.org/10.1016/j.jebo.2020.05.015 | pl |
| dc.references | Antony, A. (2020). Behavioral finance and portfolio management: Review of theory and literature. Journal of Public Affairs, 20(2), e1996. | pl |
| dc.references | Berthet, V. (2022). The impact of cognitive biases on professionals’ decision-making: A review of four occupational areas. Frontiers in Psychology, 12, 802439. https://doi.org/10.3389/fpsyg.2021.802439 | pl |
| dc.references | Cao, M. M., Nguyen, N. T., & Tran, T. T. (2021). Behavioral factors on individual investors’ decision making and investment performance: A survey from the Vietnam Stock Market. The Journal of Asian Finance, Economics and Business, 8(3), 845–853. https://doi.org/10.13106/jafeb.2021.vol8.no3.0845 | pl |
| dc.references | De Bondt, W. F. (1998). A portrait of the individual investor. European Economic Review, 42(3–5), 831–844. | pl |
| dc.references | Fishburn, P. C. & Kochenberger, G. A. (1979). Two-piece von Neumann-Morgenstern utility functions. Decision Sciences, 10(4), 503–518. | pl |
| dc.references | Gigerenzer, G., Reb, J., & Luan, S. (2022). Smart heuristics for individuals, teams, and organizations. Annual Review of Organizational Psychology and Organizational Behavior, 9, 171–198. | pl |
| dc.references | Goyal, P., Gupta, P., & Yadav, V. (2023). Antecedents to heuristics: Decoding the role of herding and prospect theory for Indian millennial investors. Review of Behavioral Finance, 15(1), 79–102. | pl |
| dc.references | Haryanto, S., Subroto, A., & Ulpah, M. (2020). Disposition effect and herding behavior in the cryptocurrency market. Journal of Industrial and Business Economics, 47, 115–132. | pl |
| dc.references | Hidayat, R., & Moin, A. (2023). The influence of financial behavior on capital market investment decision making with mediating of financial literacy in Yogyakarta. International Journal of Research in Business and Social Science, 12(8), 227–237. | pl |
| dc.references | Hjeij, M., & Vilks, A. (2023). A brief history of heuristics: How did research on heuristics evolve? Humanities and Social Sciences Communications, 10(1), 1–15. | pl |
| dc.references | Iramani, R., & Lutfi, L. (2021). An integrated model of financial well-being: The role of financial behavior. Accounting, 7(3), 691–700. | pl |
| dc.references | Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185 | pl |
| dc.references | Kahneman, D., & Tversky, A. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5(4), 297–323. https://doi.org/10.1007/BF00122574 | pl |
| dc.references | Kaustia, M. (2010). Disposition effect. In H. K. Baker & J. R. Nofsinger (Eds.), Behavioral finance: Investors, corporations, and markets (pp. 169–189). Wiley. | pl |
| dc.references | Khan, I., Afeef, M., Jan, S., & Ihsan, A. (2021). The impact of heuristic biases on investors’ investment decision in Pakistan stock market: Moderating role of long-term orientation. Qualitative Research in Financial Markets, 13(2), 252–274. | pl |
| dc.references | Kulawik, J. (2023). Teorie użyteczności oczekiwanej i perspektywy a ubezpieczenia rolne. Zagadnienia Ekonomiki Rolnej, 374(1), 62–84. | pl |
| dc.references | Kumar, J., & Prince, N. (2023). Overconfidence bias in investment decisions: A systematic mapping of literature and future research topics. FIIB Business Review. https://doi.org/10.1177/23197145231174344 | pl |
| dc.references | Kuranchie-Pong, R., & Forson, J. A. (2022). Overconfidence bias and stock market volatility in Ghana: Testing the rationality of investors in the COVID-19 era. African Journal of Economic and Management Studies, 13(1), 147–161. | pl |
| dc.references | Mamidala, V., Kumari, P., & Singh, D. (2023). Should I invest or not? Investigating the role of biases and status quo. Qualitative Research in Financial Markets. | pl |
| dc.references | Merkle, C. (2020). Financial loss aversion illusion. Review of Finance, 24(2), 381–413. | pl |
| dc.references | Muralidhar, S., & Berlik, E. (2017). What’s your risk appetite? Helping financial advisors better serve clients (by quantifying Kahneman-Tversky’s value function). Journal of Personal Finance, 16(2), 20–36. | pl |
| dc.references | Naveed, F., & Taib, H. M. (2021). Overconfidence bias, self-attribution bias and investor decisions: Moderating role of information acquisition. Pakistan Journal of Commerce and Social Sciences, 15(2), 354–377. | pl |
| dc.references | Pachur, T., Hertwig, R., & Steinmann, F. (2012). How do people judge risks: Availability heuristic, affect heuristic, or both? Journal of Experimental Psychology: Applied, 18(3), 314–330. https://doi.org/10.1037/a0028279 | pl |
| dc.references | Salman, M., Khan, B., Khan, S. Z., & Khan, R. U. (2021). The impact of heuristic availability bias on investment decision-making: Moderated mediation model. Business Strategy & Development, 4(3), 246–257. | pl |
| dc.references | Schmidt, S., & Traub, S. (2002). An experimental test of loss aversion. Journal of Risk and Uncertainty, 25(3), 233–249. | pl |
| dc.references | Shanmuganathan, M. (2020). Behavioural finance in an era of artificial intelligence: Longitudinal case study of robo-advisors in investment decisions. Journal of Behavioral and Experimental Finance, 27, 100297. https://doi.org/10.1016/j.jbef.2020.100297 | pl |
| dc.references | Shefrin, H., & Statman, M. (1985). The disposition to sell winners too early and ride losers too long: Theory and evidence. The Journal of Finance, 40(3), 777–790. https://doi.org/10.1111/j.1540-6261.1985.tb05002.x | pl |
| dc.references | Sood, K., Pathak, P., & Singh, S. (2023). Behavioral finance and investor types: Managing behavior to make better investment decisions. Qualitative Research in Financial Markets, 15(5), 907–912. | pl |
| dc.references | Szyszka, A. (2009). Finanse behawioralne: Nowe podejście do inwestowania na rynku kapitałowym. Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu. | pl |
| dc.references | Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of Economic Behavior & Organization, 1(1), 39–60. https://doi.org/10.1016/0167-2681(80)90051-7 | pl |
| dc.references | Ul Abdin, S. Z., Qureshi, F., Iqbal, J., & Sultana, S. (2022). Overconfidence bias and investment performance: A mediating effect of risk propensity. Borsa Istanbul Review, 22(4), 780–793. | pl |
| dc.references | Vasileiou, E. (2022). Behavioral finance and market efficiency in the time of the COVID-19 pandemic: Does fear drive the market? In E. Vasileiou (Ed.), The political economy of COVID-19 (pp. 116–133). Routledge. | pl |
| dc.references | Zhang, X., Wang, Z., Hao, J., & Liu, J. (2022). Stock market entry timing and retail investors’ disposition effect. International Review of Financial Analysis, 82, 102205. https://doi.org/10.1016/j.irfa.2022.102205 | pl |
| dc.contributor.authorEmail | Kurzawiński, Michał - michal.kurzaw@gmail.com | |
| dc.contributor.authorEmail | Gniadkowska-Szymańska, Agata - agata.gniadkowska@uni.lodz.pl | |
| dc.identifier.doi | 10.18778/2391-6478.3.47.01 | |
| dc.relation.volume | 3 |
Files in this item
This item appears in the following Collection(s)
Except where otherwise noted, this item's license is described as https://creativecommons.org/licenses/by-nc-nd/4.0