Overconfidence in Psychology and Finance - an Interdisciplinary Literature Review

• Autorzy: Dorota Skała

Warianty tytułu

Nadmierna pewność siebie w psychologii i finansach - interdyscyplinarny przegląd literatury

• Języki publikacji: EN

Abstrakty

EN

This paper reviews the literature on one of the most meaningful concepts in modern behavioural finance, the overconfidence phenomenon. Overconfidence is presented as a well-developed psychological theory, with main facets comprising miscalibration, betterthan- average effect, illusion of control and unrealistic optimism. The primary applications of overconfidence in contemporary finance are analysed, from the perspective of financial markets and corporate behaviour. Experimental studies, formal models and analyses of market data demonstrate that overconfidence at least partially solves some financial market puzzles that cannot be accounted for by standard economic theory. Overconfidence in the corporate context may affect not only a company's internal financing structure, but also its interactions with other market participants through merger and acquisition activity. (original abstract)

W artykule przedstawiono przegląd literatury na temat jednej z najważniejszych koncepcji finansów behawioralnych: zjawiska nadmiernej pewności siebie. Nadmierna pewność siebie jest ukazana jako zaawansowana teoria psychologiczna, której głównymi aspektami są: brak kalibracji, efekt lepszy niż przeciętny, iluzja kontroli i nierealistyczny optymizm. Analizowane są zastosowania zjawiska nadmiernej pewności siebie w teorii finansów, w kontekście rynków finansowych i przedsiębiorstw. Badania eksperymentalne, modele teoretyczne i analiza danych rynkowych udowadniają, że nadmierna pewność siebie może być częściowym rozwiązaniem niektórych zagadek rynku finansowego, które nie są wytłumaczalne w ramach konwencjonalnej teorii ekonomicznej. Nadmierna pewność siebie w perspektywie przedsiębiorstw może mieć wpływ nie tylko na wewnętrzną strukturę finansowania tych jednostek, ale również na ich interakcje z innymi uczestnikami rynku poprzez mechanizmy fuzji i przejęć. (abstrakt oryginalny)

Słowa kluczowe

EN

Financial theory; Financial markets; Enterprise behaviour; Market behaviour; Behaviour theory; Business psychology; Decision psychology; Literature review

PL

Teoria finansów; Rynki finansowe; Zachowania przedsiębiorstw; Zachowania rynkowe; Teoria zachowań; Psychologia biznesu; Psychologia decyzji; Przegląd literatury

• Czasopismo: Bank i Kredyt
• Rocznik: 2008
• Numer: nr 4
• Strony: 33--50

Twórcy

autor

Dorota Skała

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