Título: | BEHAVIORAL FINANCE: NAIVE DIVERSIFICATION IN DEFINED CONTRIBUTION SAVINGS PLANS IN BRAZIL | ||||||||||||||||||||||||||||||||||||||||
Autor: |
BERNARDO QUEIMA ALVES DOS SANTOS |
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Colaborador(es): |
MARCELO CABUS KLOTZLE - Orientador |
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Catalogação: | 28/FEV/2008 | Língua(s): | PORTUGUESE - BRAZIL |
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Tipo: | TEXT | Subtipo: | THESIS | ||||||||||||||||||||||||||||||||||||||
Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=11392&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=11392&idi=2 |
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DOI: | https://doi.org/10.17771/PUCRio.acad.11392 | ||||||||||||||||||||||||||||||||||||||||
Resumo: | |||||||||||||||||||||||||||||||||||||||||
Behavioral finance researches indicate that individual
financial decisions are
not made based on a completely rational context. This
assumption disagrees from
the classical economic models that believe in a rational
financial agent, which
takes its decisions according to the utility curve to
maximize its wealth.
Behavioral finance incorporates psychology and sociology
to better understand
the individual process of decision. Different studies done
in this field of research
became evident that these kinds of decision are built up
by agents that have
excessively optimism, high self-confidence, aversion to
losses and other aspects
that are deep-rooted in our culture. Huge demographic
changes in the past few
years, specially the increase in life expectancy, impacted
the pension plan
structures. The main global trend to address these changes
has been the movement
to migrate from the defined benefit saving plans to
defined contribution saving
plans. As a result of this trend, we can observe an
increase in the participants`
responsibilities, with emphasis to the decision about the
asset allocation. The
objective of this research is to analyze the behavioral
aspects of the individuals
related to the task of asset allocation. The occurrence of
a naïve diversification of
investments in defined contribution saving plans can
hardly affect the individual
retirement. To verify this assumption, four different
questionnaires were sent to
different groups of individuals. Post Tests were ran to
evince the occurrence of a
naïve diversification of investments, as well as the use
of 1/n strategy - divide
savings in similar parts according to the amount of
available options of
investments.
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