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This dissertation consists of two essays on the impact of hope on financial decision making. While hope is a commonly experienced positive emotion, research on the impact of hope on consumer decision making is relatively sparse. The first essay examines the impact of hope on gambling intentions. Findings from seven studies, including one consequential, demonstrate that in a gambling context, hope leads to suboptimal decisions when the focus of hope is on winning. We theorize and show empirically that this effect occurs because hope triggers experiential processing, which in turn increases gambling, interestingly without affecting rational expectations of winning. Evidence from a variety of gambling contexts suggest that hope leads to both intent and actual gambling behavior. This effect of hope on gambling does not hold for individuals low on trait experiential processing and is attenuated when individuals are prompted to not rely on their feelings. Thus, the authors contribute to the literature on hope by providing a detailed understanding of how hope impacts processing of information, which in turn leads to suboptimal decisions in a gambling context. More broadly, this work offers implications for policy makers and consumers to understand and to become aware of how everyday positive emotion can be detrimental to consumer welfare. The second essay examines the impact of hope on savings. Across five studies, this research displays that hope increases willingness to save. The effect of hope on savings intention is mediated by hope's focus on the future. When hope is no longer focused on the future but is instead focused on the past, this effect disappears. To rule out positive emotion in general as a driving effect, we examine pride, a positive emotion which is generally focused on the past and find that pride does not lead to savings intention unless the focus of pride is shifted to the future. We also examine an alternative potential explanation that a sense of closeness with one's future self is driving the effect of hope on savings intention but do not find support for this, rather it is a future time perspective that mediates the effect of hope on willingness to save. These findings and their implications for research on positive emotion, time perspective and financial decision making are discussed. / Doctor of Philosophy / This study consists of two essays on hope's impact on consumer decision making. Essay 1 examines a negative side of hope, namely how hope may motivate gambling intentions. Although hope is commonly thought of as a positive entity, could hope actually trap an individual, leading to suboptimal decisions? We find that hope of winning increases gambling intentions through experiential (or emotional) processing. When individuals are instructed to not rely on their feelings, this impact of hope on gambling intentions disappears. We also find that for individuals who tend not to utilize experiential processing, there is no impact of hope on gambling. Essay 2 looks at a positive consequence of hope: how hope motivates savings. We find that hope's focus on the future leads to motivation to save for one's future. When the focus of hope is shifted to the past, the impact of hope on saving disappears. We compare hope to another positive emotion, pride, as pride differs from hope by its typical focus on the past. We find that pride does not motivate savings unless its focus is shifted to the future. We rule out an alternative explanation for why hope may motivate savings by looking at sense of closeness with one's future self. We find that while a future time perspective mediates hope's impact on savings, sense of closeness with one's future self does not. The findings from these two essays add to the scarce literature on hope's impact on consumer decision making by providing two contrasting consequences of hope.

Do investment portfolios meet the needs and preferences of investors? Can the portfolio selection process be improved? Traditionally, investor preferences have been identified using risk tolerance questionnaires. These questionnaires have recently attracted a fair deal of criticism. However, there has been little focus as to whether the questionnaires are useful in predicting investors' risk-taking behaviour. In this thesis, an explanatory sequential mixed methods approach was employed to find answers to the primary research question: what factors determine risk-taking behaviour in investment decisions? This thesis looked at the risk-taking behaviour of investors in Canada (N=192) and the risk-taking advice provided by financial advisers in Canada (N=155), collectively risk-taking decisions. The results suggested that return expectations and demographic variables were important predictors of risk-taking decisions, whereas risk tolerance questionnaires were not. Further investigation suggested that investment literacy impacted risk-taking decisions while investment experience impacted both return expectations and risk-taking decisions. In a novel contribution by this thesis, additional perspective was provided by qualitative analysis using semi-structured interviews with investors and advisers. From the results of the qualitative analysis, the author suggests that discovery and self-discovery, a consistent approach and a focus on process versus outcome are key attributes valued by both investors and advisers. The thesis concluded with implications and recommendations for stakeholders, including a greater focus on return expectations, more training in discovery for advisers, simulating investment experience for prospective investors and including investment literacy in school curricula.

While the saving environment has become more complex in recent years, so has the demand for individual activity. Important impetuses include financial deregulation, globalization, technological change, and reformed pension systems. Financial institutions can provide financial advisory services to help their customers to obtain positive net benefits by avoiding mistakes and using economies of scale, and they can also attract and maintain their customers by creating strong relationships. Earlier studies show that the incentive structure often leads to advice that is not to the benefit of the customers. In addition, not all customers seek and receive advisory services. The objective of this study is to increase our understanding of the relationship between the bank advisor – customer relation and the bank customer’s saving behavior. The scope of the study is to analyze relevant theories and develop a model that includes financial advisors as a mediator of saving behavior, and to understand the relational attributes that can affect saving behavior. Also, the characteristics of customers with a relational versus a transactional exchange form with the bank are explored. Given the problems of establishing causality, the scope is also to understand the impact of the relationship and, in particular, face-to-face advisory meetings on saving behavior. The analysis is mainly carried out with the help of customer data – both objective bank register data and subjective survey data – while the advisor characteristics are to a lesser extent part of the data material. Five studies are carried out using various methodologies, i.e., theoretical review and model development, probit and multinomial logistic regressions, difference-in-difference regression, and structural equation modelling. In addition, a case study is made analyzing dyads of customers and advisors in order to explore theoretical assumptions. Economics and relationship marketing are used to explain saving behavior with transactional, interimistic relational, and enduring relational exchange forms (Paper 1). Several major findings emerge in the quantitative analysis: First, the attributes are longer and stronger, the more relational the exchange form is (Paper 2). A second finding is that relational attributes also surface in transactional exchange, a finding that requires further research to be understood in more detail (Paper 2). Third, among relational attributes, duration and context have the largest total effects on saving behavior, while trust is a mediating variable (Paper 5). Fourth, not only demographic and socioeconomic factors can predict whether customers use the relational exchange form; psychological factors, such as saving motives and risk attitudes, are also predictors. Results are clearly different for women and men (Paper 3). Finally, financial advisory meetings are found to increase saving volumes and saving products held in stock. The largest effects are found for young customers with low wealth and low profitability to the bank, i.e., customers who initially have low activity levels and thus create a large potential (Paper 4). Limitations include endogeneity problems in general, and selection bias in particular, making it difficult to establish causality, and internal and external validity. Future research should focus on data management, especially building time series with enhanced methods to adjust for selection bias. In addition, studies to better understand the transactional exchange form are needed, as well as studies that deepen the definition of relational exchange, not least when alternative channels to face-to-face meetings include mobile banking and internet banking, and the digitalization of  the social know-how of financial advisors. Managerial implications include understanding the relational attributes that affect saving behavior, such as context, duration, and trust. Also useful to know are the factors that can help to predict the probability of a customer’s having a transactional or relational exchange form, i.e., including demographics, socioeconomics, psychology, and gender, to see how channels and customers can be better matched. Policy implications include using the model in this study to match relational attributes to the degree of financial literacy, since the risk of misselling is particularly large for relational-oriented customers with low financial literacy. / Samtidigt som sparandet har blivit mer komplext under senare år, har behovet av individens egen aktivitet ökat. Viktiga drivkrafter för denna utveckling har varit finansiell avreglering, globalisering, teknisk utveckling och reformerade pensionssystem. Finansiella institutioner kan erbjuda finansiell rådgivning för att hjälpa kunderna erhålla positiv nettonytta genom att de då kan undvika att göra vanliga misstag och kan få skalfördelar med ökad tillgång till information. Genom att skapa starka kundrelationer kan dessa institutioner också använda rådgivningen för att attrahera och behålla kunder. Tidigare studier visar att incitamentsstrukturen ofta leder till att rådgivningen missgynnar kunderna. Det är heller inte alla kunder som söker och får tillgång till rådgivning. Syftet med denna avhandling är att öka förståelsen för sambanden mellan bankkundens sparbeteende, finansiell rådgivning och relationen mellan bankrådgivaren och kunden. I avhandlingens omfång ingår att analysera teorier, utveckla en modell som inkluderar finansiella rådgivare som intermediärer till sparbeteende samt förstå de relationsattribut som kan påverka sparbeteendet. Dessutom görs jämförelser mellan kunders karaktäristika utifrån deras utbytesform. Med hänsyn tagen till svårigheterna att fastställa kausalitet ingår även att förstå hur relationen i allmänhet, och rådgivningsmöten i synnerhet, påverkar sparbeteendet. Analyser görs med hjälp av kunddata, både objektiva registerdata och subjektiva enkätdata, medan karaktäristiska för rådgivarna i mindre utsträckning finns med i datamaterialet. Fem studier utförs som använder olika metoder, såsom teoretisk genomgång och modellutveckling, probit- och multinomiala logitregressioner, ”difference-in-difference” regressioner samt struktur-ekvationsmodellering. Inledningsvis gjordes också en fallstudie som analyserade dyader av bank-kunder och rådgivare för att undersöka teoretiska antaganden. Det framkommer att national-ekonomi och relationsmarknadsföring tillsammans kan användas för att förklara sparbeteende med hjälp av tre utbytesformer (transaktion, interimistisk relation, djupgående relation) (Art. 1). Ju mer relation utbytesformen innehåller, desto längre och större är relationsattributen (Art. 2). Relations-attribut finns också representerade i transaktionsutbytet, ett resultat som kräver ytterligare forskning (Art. 2). För det tredje framkommer att bland relationsattributen är duration och kontext viktigast för att förklara sparbeteendet, följt av förtroende som är en intermediär variabel (Art. 5). För det fjärde framkommer att förutom demografiska och socioekonomiska faktorer är psykologiska faktorer, såsom sparmotiv och riskpreferenser, prediktorer för utbytesform. Resultaten är markant olika för män och kvinnor (Art. 3). Slutligen, givet endogenitetsproblem, syntes finansiella rådgivningsmöten öka sparvolymer och antal produkter som bankkunder använder. De största effekterna observeras för unga, personer med låga förmögenheter samt personer med låg lönsamhet för banken, d v s kunder som initialt har en låg aktivitetsnivå men som utgör en potential (Art. 4). Begränsningar i studierna handlar om endogenitetsproblemen i allmänhet, och selektions-svårigheter i synnerhet, vilka gör det svårt att fastställa kausalitet och vilka begränsar extern och intern validitet. Framtida forskning bör därför fokusera på datahanteringen genom att bygga upp tidsseriedata och utveckla metoder som justerar för selektionsproblem. Dessutom behöver transaktionsattributen studeras. Samtidigt är studier som fördjupar förståelsen kring relationen viktiga, inte minst som alternativa kanaler till mänskliga rådgivningsmöten – såsom mobilbank och internetbank – snabbt vinner gehör i bankerna och bland kunderna.     Avhandlingens implikationer för bankledningar inkluderar ett ramverk som kan användas för hur relationen och dess attribut påverkar sparbeteendet, såsom duration, kontext och förtroende. Vidare är det användbart att förstå de faktorer som predicerar sannolikheten att kunden har en relations- eller transaktionsutbytesform, och de inkluderar demografi, socioekonomiska faktorer, psykologi och genus, inte minst som behovet att bättre matcha kanaler med kunder ökar. För politiska beslutsfattare kan avhandlingens modell användas för att matcha relationsattribut till graden av finansiell förmåga, inte minst som risken för ”misselling” är särskilt stor för relationsorienterade kunder med låg finansiell läsförmåga. / <p>QC 20150327</p>

Submitted by Noeme Timbo (noeme.timbo@metodista.br) on 2016-09-01T16:54:41Z No. of bitstreams: 1 André Tonin Ferrari.pdf: 1426729 bytes, checksum: e1d8ae95c5a67d05a964335a9463dec0 (MD5) / Made available in DSpace on 2016-09-01T16:54:41Z (GMT). No. of bitstreams: 1 André Tonin Ferrari.pdf: 1426729 bytes, checksum: e1d8ae95c5a67d05a964335a9463dec0 (MD5) Previous issue date: 2016-06-22 / Studies have been conducted on the delay discouting, which seek to demonstrate the existence of factors that influence financial decision making considering an aversive scenario. Some of these factors with impulsive behavior and the procrastinator behavior, can be critical for the individual to accept or not to devalue certain value. This study analyzed the impulsive behavior and procrastinator that may influence financial decision making. Through a quantitative research approach, data were collected through a survey tool to obtain 410 questionnaires response. The results of this research confirm the influence of procrastination in making the individual financial decision. It concludes that the procrastinator behavior affects decision making, leading the individual to not devalue the delay. But it was found that impulsive behavior was not observed in this study as a component that can impact the financial decision of the individual aversive scenarios. / Estudos tem sido realizados sobre a desvalorização por atraso que buscam demonstrar a existência de fatores que influenciam a tomada de decisão financeira considerando um cenário aversivo. Alguns destes fatores como o comportamento impulsivo e o comportamento procrastinador, podem ser fundamentais para que o indivíduo aceite ou não desvalorizar determinado valor. Este estudo analisou os comportamentos impulsivo e procrastinador que podem influenciar na tomada de decisão financeira. Através de uma abordagem de investigação quantitativa, os dados foram coletados por meio de um instrumento de pesquisa com obtenção da resposta de 410 questionários. Os resultados obtidos por esta pesquisa confirmam a influência da procrastinação no processo de tomada da decisão financeira individual. Conclui-se que o comportamento procrastinador afeta a tomada de decisão, conduzindo o indivíduo a não desvalorizar o atraso. Porém constatou-se que o comportamento impulsivo não ficou evidenciado neste estudo como componente que possa impactar na decisão financeira do indivíduo em cenários aversivos

Households are nowadays required to make financial decisions of increasing complexity in an increasing number of domains. This thesis explores psychological mechanisms, behavior change interventions, and potential inhibitory factors underlying wise household financial decisions in the domains of gambling advertising and mutual fund investing. In-depth investigations of these two domains were chosen to balance the depth of topic coverage versus the wide breadth of modern financial decision making. UK soccer gambling advertising was investigated via two observational studies and a range of online experiments. The experiments found that soccer fans struggle to form coherent expectations for the complex bets featuring in UK soccer gambling advertising. Mutual fund investors have to balance a number of cues in their investment choices. Normatively, mutual fund investors should minimize fees. However, a number of investors choose to maximize past returns instead. Three chapters investigate how mutual fund fees and financial percentage returns are psychologically processed, in order to uncover beneficial behavior change interventions. Many participants processed percentages additively, rather than follow the correct multiplicative strategy. Both percentages and corresponding “small” currency amounts were associated with systematic biases. Participant responses were closest to the normative strategy when either past returns were framed as a “small” currency amount, or when fees were framed as a 10 year currency amount. “Some people invest based on past performance, but funds with low fees have the highest future results” was the most effective disclaimer at nudging fee-sensitivity against the real world status quo, “Past performance does not predict future results.”

Research on historical consumers has focused on physical products, financial services have received less attention. A model, "The Consumer Decision Making Model for Financial Services," emphasizes variable interaction and was introduced to address this lack of knowledge. The study focuses on Generation Z, a consumer group with over 2 billion individuals and increased purchasing power. Despite extensive research on this group, there is a lack of empirical data on their consumption of financial services. The purpose of studies is to deepen the understanding of Generation Z's decision-making processes in financial services by analyzing their psychographic, demographic and situational characteristics.  The study follows a quantitative research design with a deductive approach. The deductive approach means that hypotheses are formulated based on existing knowledge and theoretical considerations. By using a quantitative method, objectivity was enabled in the exploration of various themes, which also provided the ability to identify trends and connections. To collect empirical data, a web-based survey was conducted, where responses were obtained from 51 respondents within the relevant target group. The research questions that guide the study's design and data collection are anchored in theoretical considerations. This approach increases the credibility and relevance of the study by following a systematic methodology that is anchored in established theory.  The theoretical basis of the study is based on established theories of decision-making and decision-making models, with particular emphasis on the complex landscape of financial services. A central point of reference is "The Consumer Decision Making Model for Financial Services" by Milner and Rosenstreich (2013a), introduced to address the unique challenges of this specific field. Literature about Generation Z have also been extensively researched to highlight the unique factors that influence their decision-making processes. The study on Generation Z's financial decision-making processes shows that demographic factors do not have a major impact on their choices. Despite varying life situations and incomes, education is a priority for them. Life events such as parenthood or moving house affect their search for financial information, and despite their digital skills, family still plays an important role in their decisions. The study provides both theoretical insights and practical guidelines for actors in financial services and marketing. / Forskning om konsumenter har historiskt fokuserat på fysiska produkter, finansiella tjänster har fått mindre uppmärksamhet. En modell, "The Consumer Decision Making Model for Financial Services", betonar variabel interaktion och introducerades för att åtgärda denna brist på kunskap. Studien fokuserar på Generation Z, en konsumentgrupp med över 2 miljarder individer och ökad köpkraft. Trots omfattande forskning om denna grupp saknas det empirisk data om deras konsumtion av finansiella tjänster. Syftet med studier är att fördjupa förståelsen för Generation Z:s beslutsprocesser inom finansiella tjänster genom att analysera deras psykografiska, demografiska och situationella egenskaper.  Studien följer en kvantitativ forskningsdesign med en deduktiv ansats. Den deduktiva metoden innebär att hypoteser formuleras utifrån befintlig kunskap och teoretiska överväganden. Genom att använda en kvantitativ metod möjliggjordes objektivitet i utforskningen av olika teman, vilket också gav möjligheten att identifiera trender och kopplingar. För att samla in empirisk data genomfördes en webbaserad undersökning där svar erhölls från 51 respondenter inom den relevanta målgruppen. Forskningsfrågorna som styr studiens design och datainsamling är förankrade i teoretiska överväganden. Detta tillvägagångssätt ökar studiens trovärdighet och relevans genom att följa en systematisk metod som är förankrad i etablerad teori.  Den teoretiska grunden för studien bygger på etablerade teorier om beslutsfattande och beslutsfattande modeller, med särskild tonvikt på det komplexa landskapet för finansiella tjänster. En central referenspunkt är "The Consumer Decision Making Model for Financial Services" av Milner och Rosenstreich (2013a), introducerad för att ta itu med de unika utmaningarna inom detta specifika område. Litteratur om Generation Z har också undersökts mycket för att lyfta fram de unika faktorer som påverkar deras beslutsprocesser. Studien om Generation Z:s ekonomiska beslutsprocesser visar att demografiska faktorer inte har någon större inverkan på deras val. Trots varierande livssituationer och inkomster är utbildning en prioritet för dem. Livshändelser som föräldraskap eller flytt påverkar deras sökande efter ekonomisk information, och trots deras digitala kompetens spelar familjen fortfarande en viktig roll i deras beslut. Studien ger både teoretiska insikter och praktiska riktlinjer för aktörer inom finansiella tjänster och marknadsföring.

Submitted by Adriana Alves Rodrigues (aalves@espm.br) on 2018-08-08T12:42:04Z No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) / Approved for entry into archive by Adriana Alves Rodrigues (aalves@espm.br) on 2018-08-08T12:42:44Z (GMT) No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) / Approved for entry into archive by Debora Cristina Bonfim Aquarone (deborabonfim@espm.br) on 2018-08-08T13:13:47Z (GMT) No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) / Made available in DSpace on 2018-08-08T13:15:56Z (GMT). No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) Previous issue date: 2018-02-28 / Consumer financial decision-making is an important issue around the world. The current study investigated this matter using both qualitative and quantitative approaches. Building on the concept of social capital, the qualitative study explores the financial vulnerability phenomenon in Brazil from the perspective of jeitinho—a way of getting things done by means of personal relationships. Analysis of 21 in-depth interviews provides a unique context for showing how this indigenous construct shapes marketplace and consumer practices, thus creating a mutually reinforcing cycle of financial dependency and vulnerability. A socioecological framework highlights how the interactions between personal characteristics (microsystem) and marketplace practices and social structures (meso- and macrosystems) may lead individuals to experience or avoid financial vulnerability. Values that are typical of Brazilians were also used to explain financial management behaviors, consumer resistance, and responsibility in the marketplace. Findings provide new insights for understanding financial vulnerability from a cultural perspective. It shows that consumers become indebted in order to support their relationships—sometimes using them as an excuse to justify hedonic consumption—and companies take advantage of this social reciprocity in their lending and retail practices perpetuating the cycle of dependency and vulnerability. The borrowinglending dynamic between relatives and friends is then explored in the quantitative study. The theoretical background includes discussion on materialism, consumer spending self-control, and the use of credit. A survey of 997 Brazilian adults was conducted to test two hypotheses. The evidences support that: more materialistic individuals are more likely to borrow from relatives and friends (H1) and individuals with a high level of consumer spending self-control are less likely to borrow from relatives and friends (H2). Results support the argument that both materialism and consumer spending self-control predicts borrowing behavior. Implications for public policy and suggestions for future research are then presented. / A tomada de decisão financeira do consumidor é uma questão importante em todo o mundo. Nesta pesquisa, esse tema é investigado por meio das abordagens qualitativa e quantitativa. Com base no conceito de capital social, o estudo qualitativo explora o fenômeno da vulnerabilidade financeira no Brasil sob a perspectiva do jeitinho—sob a forma de resolver situações por meio de relacionamentos pessoais. A análise de 21 entrevistas em profundidade fornece um contexto único para mostrar como o jeitinho molda o mercado e as práticas de consumo, criando um ciclo de dependência e vulnerabilidade financeira que se reforça mutuamente. A abordagem socioecológica destaca como as interações entre características pessoais (micro sistema) e práticas de mercado e estruturas sociais (meso e macro sistemas) podem levar os indivíduos a experimentar ou evitar a vulnerabilidade financeira. Os valores típicos dos brasileiros também foram utilizados para explicar comportamentos de gestão financeira, resistência e responsabilidade do consumidor no mercado. Os resultados fornecem insights para entender a vulnerabilidade financeira a partir de uma perspectiva cultural: mostrando que os consumidores se endividam para sustentar seus relacionamentos—às vezes até os usando como uma desculpa para justificar o consumo hedônico—e que as empresas aproveitam essa reciprocidade social em suas práticas de mercado, perpetuando o ciclo de dependência e vulnerabilidade. A dinâmica de empréstimos entre parentes e amigos é, então, explorada no estudo quantitativo. O quadro teórico inclui literatura sobre materialismo, autocontrole e o uso de crédito. Uma pesquisa do tipo survey com 997 brasileiros foi realizada para testar duas hipóteses. As evidências sustentam que: indivíduos mais materialistas são mais propensos a pegar dinheiro emprestado de parentes e amigos (H1) e indivíduos com alto nível de autocontrole dos gastos são menos propensos a pegar dinheiro emprestado de parentes e amigos (H2). Os resultados sugerem que tanto o materialismo quanto o autocontrole dos gastos predizem o comportamento dos empréstimos. Implicações para políticas públicas e sugestões para pesquisas futuras são apresentadas.

Made available in DSpace on 2016-04-25T16:45:27Z (GMT). No. of bitstreams: 1 Carlos Augusto Silva Barros.pdf: 1344798 bytes, checksum: d58577c9fe688328227f94dfa2fa7fa2 (MD5) Previous issue date: 2010-05-31 / The dissertation investigates Brazilian financial behavior and what determines it: reason or emotion? A survey based on Behavior Finance fundaments was applied to 641 Brazilians segmented by gender, age, income and scholarship. The survey evaluates in each group the presence of heuristics and bias such as, for instance, overconfidence, representativeness, adjustment to anchor and procrastination. The presence of emotion as an essential factor in order to analyze the financial behavior is in opposition to the Efficient Market Hypothesis (EMH), dominant theory in Finance until the economic crisis that was initiated in 2008. The EMH propositions are very useful, but excessively simplified to reflect all economic live. On the other side human behavior is ruled by our very complex brain. The caricatured Homo Economicus looks like designated to disappear. This paper central hypothesis is that human beings can take irrational financial decisions, based on emotions that are, apparently, much more than market anomalies . Emotions has ever been treated as relevant on financial behavior field by financial market operators, but recently a growing number of scientific articles in Business Administration, Economics and Psychology also indicates that fact. Survey&#8223;s result shows that reason and emotion influences Brazilians financial behavior. As was expected the paper indicates significant differences according to gender, age, scholarship and income / A dissertação investiga o comportamento financeiro do brasileiro e os fatores que o determinam: razão ou emoção? Uma pesquisa baseada em fundamentos de Finanças Comportamentais foi aplicada a 641 brasileiros segmentados por gênero, idade, renda e escolaridade. Na pesquisa é avaliada em cada grupo a presença de heurísticas e vises como, por exemplo, excesso de confiança, representatividade, ancoragem e procrastinação. A presença da emoção como fator essencial para analisar o comportamento financeiro se contrapõe à Hipótese dos Mercados Eficientes (HME), pensamento dominante em Finanças até a crise econômica iniciada em 2008. As proposições da HME são modelos úteis, porém excessivamente simplificados para refletir toda a movimentação econômica. Por outro lado o comportamento humano é regido pelo nosso cérebro que é bastante complexo. Assim o caricato Homo Economicus parece destinado a sair de cena. A hipótese central deste trabalho é a de que os seres humanos podem tomar decisões financeiras irracionais, baseadas na emoção e que são, aparentemente, muito mais do que simples anomalias dos mercados. As emoções sempre foram tratadas como relevantes no âmbito do comportamento financeiro por operadores do mercado, porém recentemente um número cada vez maior de pesquisas científicas em Administração, Economia e Psicologia também indicam o fato. Os resultados da pesquisa mostram que tanto razão quanto emoção influenciam o comportamento financeiro do brasileiro. Como se esperava, o estudo indica diferenças significativas no comportamento de acordo com o gênero, idade, escolaridade e renda

Corporate Financial Planning--A System Dynamic Approach.