Ganhos e perdas em investimentos: um estudo experimental sobre personalidades à luz da teoria do prospecto e do efeito disposição

Abstract

In this study, I investigate the investor behavior of the stock market in the context of gain and loss and the Jungian personality types: extraversion and introversion (Jung, 1971), based on the pillars of prospect theory (Kahneman & Tversky, 1979) and the disposition effect (Shefrin & Statman, 1985).Through experimental strategy, in which volunteers could take stock sale decisions in an environment similar to that of a real trading platform, I could verify whether people make decisions that respect the values of gains and losses they define for themselves.In the experiment, I present four shares of Brazilian companies listed on the Sao Paulo Stock Exchange, two of them with strong upward movements, and two with downward movements.The sample was composed by 371 people with at least one year of experience as investor in the stock market.The results from hypotheses tests show that, in general, people make decisions that disregard the gains and losses they previously set for themselves, manifesting behavior that reinforces the debate on disposition effect and loss aversion.Regarding to the types of personalities, there is no significant differences between the results of introverted and extroverted people, signaling that such traits are not enough to explain the performance of investors in financial markets.On the other hand, the introverted people tend to show less willingness for negative results, although in practice they take losses as much as the extroverted people.In this context, the hypothesis that extroverted people have higher deviations of self-defined gains and losses values, in comparison of introverted people, was rejected.A similar result is observed for the performance gap between men and women.Women declared they take on much smaller losses than men, and earn as much as they require.However, the performance achieved with their decisions shows that they lose as much as men and earn much less than they would like.When it comes to introverted women, the results obtained show an even greater deviation between the desired goals and results achieved.My findings reinforce the existing controversy in the literature about gender differences in investment decisions, showing that they do not allow the rejection of the hypothesis of lack of significant differences in results obtained by men and women with same personalities.I also investigate the performance of investors who used scheduled orders for selling.In this context, I find that hypothesis that investors who use scheduled orders with limited losses and gains in previously self-defined values cannot be rejected.However, investors ' hesitation in using this type of strategy allows them to obtain larger losses than they would admit.My findings provide new evidences in the field of behavioral finance, mostly related to the relationship between values of self-defined and obtained gains and losses, operational strategies on stock trading, the personality types and investors performance.

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