Associações entre vieses comportamentais e perfil de investidores

Abstract

This dissertation aimed to develop a broad and applied understanding of the association between behavioral biases and different investor profiles in Brazil. The research was structured into three complementary products. The first consisted of a systematic literature review and bibliometric analysis designed to map the evolution of research, the main authors, topics, and behavioral biases associated with investor profiles. The second product comprised an empirical investigation conducted with investors from a credit union, involving the validation of an instrument for measuring behavioral biases and the comparison among conservative, moderate, and aggressive profiles, classified through the Investor Profile Analysis. Following the validation process, the biases of loss aversion, anchoring, overconfidence, and self-control were retained. The results revealed significant differences in the manifestation of loss aversion and overconfidence among the analyzed profiles. Conservative investors showed greater loss aversion, whereas aggressive investors exhibited higher levels of overconfidence. In contrast, anchoring and self-control did not present statistically significant differences. The third product consisted of the development of the responsive application “My Investor Profile,” which integrates the traditional risk profile classification with the analysis of behavioral biases. It is concluded that the inclusion of behavioral aspects can broaden the understanding of investors’ decision-making processes, contributing to the improvement of suitability procedures and to investment guidance that is more closely aligned with individuals’ actual behavior.