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Finanzas conductuales

El campo de la psicología del trading es sumamente interesante, ya que los factores mentales y emocionales tienen un gran impacto en los resultados de trading.

There are so many facets of a person’s behaviour that play a role in influencing financial decision making.

Combine this with the stress that the market volatilities and aggressive price fluctuations evoke, it’s no surprise that the study of feelings and how they drive traders to act certain ways has become so popular.

Interwoven within this mesh of psychological concepts is behavioural finance. Referred to as a subset of behavioural economics, behavioural finance suggests that investor behaviours are influenced by psychological elements and biases.

It further proposes that variances within financial markets may be attributed to these factors, for e.g., aggressive price movements of particular asset like stocks.

In fact, growing recognition of this research has prompted renowned institutions like the Securities and Exchange Commission to assign staff to further explore the field of behavioural finance, and its impact on financial transactions.

La influencia de los sesgos

One of the core components of behavioural finance has to do with the influence of biases. More specifically, the notion is that biases can be categorised into one of 5 core concepts influencing the market and/or trading outcomes. Son los siguientes:

Comportamiento de manada

Herd behaviour refers to those instances when investors or other financial practitioners copy the financial behaviours of a larger majority (i.e., the herd). This behaviour is frequently witnessed in the stock market and often the reason for selloffs or rallies.

Brecha emocional

Emotional gap pertains to decision making driven by intense emotions or emotional stress. This behaviour is often the reason why people make illogical decisions.

Error de atribución

Self-attribution involves making decisions with an overconfident reliance on one’s own knowledge or skill. This tends to arise from one’s existing proficiency in a specific domain. In this instance, an investor may deem their knowledge more favourably than others, even if this isn’t objectively true.

Contabilidad mental

Un concepto acuñado por el economista y premio Nobel Richard Thaler, la contabilidad mental se refiere a los valores que las personas asignan a una misma cantidad de dinero. Este valor suele basarse en criterios subjetivos y, a menudo, puede conducir a tomar decisiones de inversión irracionales.

Anclaje

En finanzas conductuales, el anclaje es cuando las personas emplean inconscientemente información irrelevante como, por ejemplo, el precio inicial de un activo, como un punto de referencia para tomar decisiones futuras sobre este activo.

Además, los investigadores en el campo de las finanzas conductuales también han definido otros sesgos e idiosincrasias de los inversores. Algunos de ellos son:

Sesgo de confirmación:

occurs when investors favour information that aligns with their existing beliefs, even if flawed.

Sesgo de inmediatez:

alude a que las experiencias más recientes son las que modelan nuestras percepciones de acontecimientos futuros.

Aversión a la pérdida:

es la tendencia a dar prioridad a evitar pérdidas más que a conseguir beneficios, lo que conduce a un comportamiento de aversión al riesgo.

Sesgo de familiaridad:

manifests when investors favour familiar investments, potentially limiting diversification. This often leads to a preference for domestic or locally known investments, neglecting broader market exposure.

Cada sesgo refleja unas tendencias cognitivas que influyen en cómo tomamos decisiones en el ámbito financiero, e impacta en el modo en el que valoramos y respondemos a información, eventos y posibles riesgos.

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