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Vol. 41 Núm. 73 (2022)

Teoría económica

El papel de los factores heurísticos en el comportamiento de las inversiones: exploración de las anomalías del mercado de valores en un entorno volátil

https://doi.org/10.19053/01203053.v41.n73.2022.13025

Publicado 2022-02-22

  • Kaleem Ullah Malik
    • ,
  • Muhammad Shaukat Malik
    • ,
  • Muhammad Irfan
    • ,
  • Hussain Mehdi

Kaleem Ullah Malik
Institute of Banking and Finance Bahauddin Zakariya University

Muhammad Shaukat Malik
Institute of Banking and Finance Bahauddin Zakariya University

Muhammad Irfan
Institute of Banking and Finance Bahauddin Zakariya University

Hussain Mehdi
Bahauddin Zakariya University

Resumen

La literatura sobre factores heurísticos y el comportamiento de la inversión no es muy precisa. Por eso es muy importante explorar y cuantificar el mecanismo de mediación de las anomalías del mercado de valores en un entorno volátil. Los datos para esta investigación se recopilaron a través de una encuesta a inversores bursátiles que participan activamente en la inversión. Los hallazgos de este estudio indican que los factores heurísticos, la disponibilidad, el conservadurismo y la ilusión de control tienen una relación directa significativa y positiva con el rendimiento de la inversión. Para factores heurísticos como el anclaje y la falacia del apostador, ha habido una relación directa insignificante con el rendimiento de la inversión. Mientras que la ilusión de control y el conservadurismo, en relación indirecta con el rendimiento de la inversión, generan anomalías tanto fundamentales como técnicas en el mercado y afectan el rendimiento de la inversión a través de ambas anomalías. El sesgo de anclaje, el sesgo de disponibilidad y la falacia del apostador no causan anomalías técnicas y fundamentales en el mercado. Los resultados de nuestro estudio indican que las anomalías fundamentales y técnicas del mercado de valores han influido en el rendimiento de inversión de los inversores individuales. Los hallazgos muestran que existe un impacto significativo de las anomalías fundamentales en el rendimiento de la inversión. 


Palabras clave

Factores heurísticos, Anomalías técnicas, Anomalías fundamentales, Bolsa de valores, Rendimiento de las inversiones, Análisis de mediación, mercados financieros

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