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O objetivo desta tese, pretende dar resposta à existência de herding reputacional nos investidores institucionais a operar no mercado português, através da influência dos determinantes idade, habilitações académicas e anos de experiência a trabalhar na área que este tipo de investidor evidencia. Como tal, a questão de investigação considerada é: Quais os fatores determinantes do herding reputacional nos investidores institucionais em Portugal?
De uma forma geral, com os resultados obtidos constatamos a presença de herding reputacional por parte dos investidores institucionais a operar neste mercado, sendo que para o determinante idade e anos de experiência existe uma influência positiva sobre este. Já para o determinante habilitações académicas não obtivemos um resultado considerado que nos permita tirar uma ilação.
Numa perspetiva de originalidade esta tese está assente em três pilares. O método de recolha de dados utilizado na investigação, a abordagem do tema em questão para o tipo específico de investidores e sobretudo a sua aplicação no mercado considerado, são tópicos nunca antes abordados no mesmo. Logo, todos estes são atributos que concedem relevância a este trabalho.
The aim of this thesis is to respond to the existence of reputational herding in institutional investors operating in the Portuguese market, through the influence of determinants such as age, academic qualifications and years of experience working in the area that this type of investor evidence. As such, the research question to be considered is: Which are the determining factors of reputational herding in institutional investors in Portugal? In general terms, with the results obtained we verified the presence of reputational herding by institutional investors operating in this market, and for the determinant age and years of experience it was verified to exist a positive influence. When it comes to the determinant academic qualifications, we didn´t obtain a result that allowed us to draw an illation. From an originality perspective, this thesis is based on three pillars. The data collection method used in the research, the approach to the subject in question for the specific type of investors and especially their application in the market under consideration, are topics never discussed before all at the same time. Therefore, all these are attributes that give relevance to this work.
The aim of this thesis is to respond to the existence of reputational herding in institutional investors operating in the Portuguese market, through the influence of determinants such as age, academic qualifications and years of experience working in the area that this type of investor evidence. As such, the research question to be considered is: Which are the determining factors of reputational herding in institutional investors in Portugal? In general terms, with the results obtained we verified the presence of reputational herding by institutional investors operating in this market, and for the determinant age and years of experience it was verified to exist a positive influence. When it comes to the determinant academic qualifications, we didn´t obtain a result that allowed us to draw an illation. From an originality perspective, this thesis is based on three pillars. The data collection method used in the research, the approach to the subject in question for the specific type of investors and especially their application in the market under consideration, are topics never discussed before all at the same time. Therefore, all these are attributes that give relevance to this work.
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Palavras-chave
Behavioural finance Herding Herding reputacional Investidores institucionais Mercado português Reputational herding Institutional investors Portuguese market