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Keuangan perilaku

Bidang psikologi trading ini sangat menarik karena mencakup dampak berbagai faktor mental dan emosional terhadap hasil 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.

Pengaruh bias

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. Antara lain:

Perilaku herding

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.

Celah emosional

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

Atribusi diri

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.

Akuntansi mental

Akuntansi mental atau mental accounting adalah konsep yang dikembangkan oleh ekonom peraih Nobel, Richard Thaler. Konsep ini merujuk pada nilai yang berbeda yang diberikan kepada jumlah uang yang sama oleh individu yang berbeda. Nilai ini biasanya diberikan berdasarkan kriteria subjektif dan dapat menyebabkan investasi atau keputusan trading yang tidak rasional.

Anchoring

Dalam bidang keuangan perilaku, anchoring adalah ketika orang secara tidak sadar menggunakan informasi yang tidak relevan, misalnya harga awal sekuritas, sebagai titik referensi tetap dalam pengambilan keputusan mengenai sekuritas tersebut pada masa mendatang.

Riset dan analisis dalam lingkup keuangan perilaku juga telah menyingkap bias individu dan keunikan lain yang ditampilkan investor. Antara lain:

Bias konfirmasi:

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

Bias pengalaman atau keterkinian:

muncul dari kejadian terkini yang membentuk persepsi investor mengenai kejadian yang akan datang.

Penghindaran rugi:

kecenderungan untuk lebih menghindari rugi dibandingkan mendapatkan untung, menyebabkan perilaku yang menghindari risiko.

Bias familiaritas:

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.

Setiap bias ini merefleksikan kecenderungan kognitif yang memengaruhi pengambilan keputusan finansial, berdampak pada cara investor menilai dan merespons informasi, kejadian, dan potensi risiko.

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