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Previous issue date: 2017-03-24 / Financial investment decisions are dynamic and complex because they are driven by a number
of factors, such as the macroeconomic context, the volatility of the markets and the potential
risk of financial loss that impact the value of the assets. In this scenario, investors seek to
organize themselves through Investment Funds, require the definition of policies and
regulations, and hire experienced Managers who can achieve a better performance for their
equity. Given the criticality of this Management, whether due to its effect on investors' equity
or through the propagation of mistaken analyzes about the economy, it implies the need to
understand better how the decision-making of these Managers is, in fact, structured in real
contexts. From this perspective, the objective of this work is to characterize the decisionmaking
of the Managers of Investment Funds in Variable Income in the perspective of the
naturalistic decision. This research presents a qualitative study with 13 Managers of
Investment Funds in Variable Income that manage 31 Investment Funds. In addition to
exploratory interviews and analysis of documents of approximation with the field of study, the
RPD (recognition-primed decision) model was used based on episodic interviews through the
CDM (critical decision method) protocol to elicit knowledge about manager?s critical decision
activities, which are the allocation and management of the portfolio. The results suggest that
the management of the Investment Fund does not obey the order of the choices and the
Manager's expertise and intuition plays a decisive role in the construction of investment
strategies. The data also show that there are significant differences between novice managers
and experts who impact on performance, being the expert defined by the repertoires of
acquired standards and their model of mental simulations practiced. It was also explored that
self-regulation and self-efficacy constructs may explain differences in performance over time.
Finally, research contributions and limitations are presented. / As decis?es de investimento financeiro s?o din?micas e complexas pois s?o orientadas por
uma s?rie de fatores, tais como, o contexto macroecon?mico, a volatilidade dos mercados e o
risco potencial de perda financeira, que impactam o valor dos ativos. Nesse cen?rio, os
investidores buscam se organizar atrav?s de Fundos de Investimento, exigem a defini??o de
pol?ticas e regulamentos, e contratam Gestores experientes que consigam obter um melhor
desempenho para seu patrim?nio. Tendo em vista a criticidade dessa Gest?o, quer seja por seu
efeito sobre o patrim?nio dos investidores, quer seja pela propaga??o de an?lises equivocadas
sobre a economia, implica na necessidade de se compreender melhor como a tomada de
decis?o desses Gestores ?, de fato, estruturada em contextos reais. Sob essa ?tica, o objetivo
desse trabalho ? caracterizar a tomada de decis?o dos Gestores de Fundos de Investimento em
Renda Vari?vel na perspectiva da decis?o natural?stica. Esta pesquisa apresenta um estudo
qualitativo com 13 Gestores de Fundos de Investimento em Renda Vari?vel que administram
31 Fundos de Investimento. Al?m de entrevistas explorat?rias e an?lise de documentos de
aproxima??o com o campo de estudo, foi utilizado o modelo RPD (recognition-primed
decision) com base em entrevistas epis?dicas atrav?s do protocolo CDM (critical decision
method) para elicitar conhecimento sobre as atividades cr?ticas de decis?o dos Gestores que
s?o a aloca??o e a gest?o do portfolio. Os resultados sugerem que a gest?o de Fundo de
Investimento n?o obedece a ordem das escolhas e a expertise e a intui??o do Gestor possui um
papel determinante na constru??o de estrat?gias de investimento. Os dados demonstram ainda
que existem diferen?as relevantes entre Gestores novatos e peritos que impactam no
desempenho, sendo o perito definido pelos repert?rios de padr?es adquiridos e seu modelo de
simula??es mentais praticadas. Explorou-se tamb?m que os construtos de auto-regula??o e
auto-efic?cia podem explicar diferen?as entre o desempenho ao longo do tempo. Por fim,
contribui??es e limita??es da pesquisa s?o apresentadas.
| Identifer | oai:union.ndltd.org:IBICT/oai:tede2.pucrs.br:tede/7522 |
| Date | 24 March 2017 |
| Creators | Rodrigues, Rafael Disconzi |
| Contributors | Henriqson, ?der |
| Publisher | Pontif?cia Universidade Cat?lica do Rio Grande do Sul, Programa de P?s-Gradua??o em Administra??o e Neg?cios, PUCRS, Brasil, Escola de Neg?cios |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações da PUC_RS, instname:Pontifícia Universidade Católica do Rio Grande do Sul, instacron:PUC_RS |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | -693708953863352273, 600, 600, 600, -4029489148974231049, 8024035432632778221 |
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