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Abstract(s)
A presente dissertação pretende investigar as alterações do comportamento dos investidores individuais num período de crise. Para tal, será analisado o período de crise gerado pela COVID-19. Em particular, pretende-se analisar as alterações nas posições patrimoniais das carteiras de investimento dos investidores individuais de dois instrumentos financeiros diferentes associados a diferentes tipos de risco, ações e obrigações, através do estudo das alterações na tomada de decisão de compra e de venda dos instrumentos, em diferentes períodos de tempo. Serão ainda analisadas as diferenças da atividade de negociação dos investidores tendo em conta as suas caraterísticas sociodemográficas. Para efetuar esta análise, foi utilizada uma base de dados que inclui 211.272 transações de 19.602 investidores individuais no mercado de capitais português. Foi feita uma análise preliminar através de testes ANOVA, em que os resultados sugerem que a atividade de negociação dos investidores se alterou com o surgimento da COVID-19, apresentando, um aumento do buy-sell amount spread de ações e, de uma forma geral, uma diminuição do buy-sell amount spread de obrigações. Posteriormente, foram realizadas regressões lineares para analisar o impacto dos períodos para cada instrumento, controlando pelas caraterísticas sociodemográficas, estimadas através do Método Ordinary Least Squares (OLS), onde se verificou que, efetivamente, os resultados sugerem que houve um impacto positivo da COVID-19 no buy-sell amount spread de ações mas um impacto negativo no buy-sell amount spread de obrigações.
This dissertation aims to investigate the changes in the behavior of individual investors in a crisis period. To this end, the crisis period generated by COVID-19 will be analyzed. In particular, it intends to analyze the changes in the financial assets positions of the individual investors’ portfolios of two different financial instruments associated with different types of risk, stocks and bonds, by studying the changes in the buying and selling of the instruments in different periods of time. We will also analyze the differences in investors' trading activity considering their socio-demographic characteristics. To perform these analyses, we used a database that includes 211.272 transactions from 19.602 individual investors in the Portuguese capital market. A preliminary analysis was performed through ANOVA, in which the results suggest that investors' trading activity changed considerably with the advent of COVID-19, showing an increase in the buy-sell amount spread of stocks and, in general, a decrease in the buy-sell amount spread of bonds. Subsequently, Linear Regressions were performed to analyze the impact of the periods, controlling for the socio-demographic characteristics, for each instrument and estimated via Ordinary Least Squares Method (OLS). The results suggest that there was, effectively, a positive impact of COVID-19 on the buy-sell amount spread of stocks, but a negative impact on the buy-sell amount spread of bonds.
This dissertation aims to investigate the changes in the behavior of individual investors in a crisis period. To this end, the crisis period generated by COVID-19 will be analyzed. In particular, it intends to analyze the changes in the financial assets positions of the individual investors’ portfolios of two different financial instruments associated with different types of risk, stocks and bonds, by studying the changes in the buying and selling of the instruments in different periods of time. We will also analyze the differences in investors' trading activity considering their socio-demographic characteristics. To perform these analyses, we used a database that includes 211.272 transactions from 19.602 individual investors in the Portuguese capital market. A preliminary analysis was performed through ANOVA, in which the results suggest that investors' trading activity changed considerably with the advent of COVID-19, showing an increase in the buy-sell amount spread of stocks and, in general, a decrease in the buy-sell amount spread of bonds. Subsequently, Linear Regressions were performed to analyze the impact of the periods, controlling for the socio-demographic characteristics, for each instrument and estimated via Ordinary Least Squares Method (OLS). The results suggest that there was, effectively, a positive impact of COVID-19 on the buy-sell amount spread of stocks, but a negative impact on the buy-sell amount spread of bonds.
Description
Keywords
Finanças comportamentais Investidores individuais COVID-19 Propensão ao risco Ações Obrigações Caraterísticas sociodemográficas Atividade de negociação Mercado de Capitais Behavioral finance Individual investors Risk propensity Stocks Bonds Sociodemographic characteristics Trading activity Capital market