Položaj biheviorističkih financija u financijskoj analizi

master's thesis

• Title (english): The position of bihevioral finance in financial analysis
• Author: Ana Mićić
• Mentor: Denis Dolinar (mentor); MBZ: 308695
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Committee member: Davor Zoričić (član povjerenstva)
• Committee member: Andrija Sabol (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2019-09-30, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Financijska tržišta kontinuirano su pod utjecajem mnogih predvidljivih i nepredvidljivih elemenata, a stručnjaci iz brojnih znanstvenih disciplina nastoje doći do zaključaka o postupcima koji pokreću pojedine akcije i posljedice na istima. Za razliku od tradicionalne ekonomije u kojoj je dominirala teza o tržišnim igračima kao racionalnim agentima koji djeluju samo kako bi maksimizirali svoju korist, bihevioristička ekonomija uzima u obzir da je svaki pojedinac različit te da su ljudi pod utjecajem mnogih subjektivnih elemenata, kao što su psiha i emocije. Bihevioristička ekonomija daje konkretnija objašnjenja ponašanja investitora i njihova procesa odlučivanja od općepriznatih standardnih modela ekonomije. U radu su opisane teorije tradicionalnih financija, kao i teorije biheviorističkih financija, a ukratko je izložena i kritika biheviorističkog modela kao centralne teme ovog rada. U kontekstu biheviorizma, izdvojena je teorija Crnog labuda koja se bavi izrazito nepredvidljivim događajima, koji nakon što se dogode postaju predvidljivi, a tema je pomnije opisana kroz poznate Crne labude kao što je krah burze i velika ekonomska kriza 2007./2008. godine. Biheviorizam u kontekstu donošenja odluka opisan je kroz tematiku averzije rizika, investicijske paralize i mentalnog računovodstva, a u kontekstu poslovnih financija kroz tematike budžetiranja kapitala, politike dividendi, odluka o financiranju i inicijalne javne ponude.

Abstract (english)

As the financial markets are under continuous impact of a number of predictable and unpredictable elements, experts from numerous scientific fields are trying to reach the conclusion on actions with specific consequences on the market itself. Unlike in traditional economics, where the thesis that the market participants are rational agents working to achieve only their benefit, bihevioural economics takes the subjective nature of humans under the consideration. It gives more exact explanations of investitors behaviour, as well as the way they make decisions. This paper describes the theory of traditional finances, as well as biheviouristic financial theories, while also summarizing the critique of biheviouristic models. In the light of biheviourism, this paper analyses the theory of „Black Swan“ that tries to explain extremely unpredictable events that become predictable after occuring, one of such events being the Global financial crisis of 2007. In the context of decision making, biheviourism is explained through topics of risk aversion, investitor's paralysis and mental accounting, and with the context of business finances, this paper touches the topics of capital budgeting, dividends politics, financial decisions and initial public offering.

• Keywords: Bihevioristička ekonomija; biheviorističke financije; donošenje odluka o investiranju; Crni labud
• Keywords (english): Bihevioural economics; bihevioural finances; investment decision making; Black Swan
• Language: croatian
• URN:NBN: urn:nbn:hr:148:009023
• Study programme: Title: Business Economics; specializations in: Finance, Accounting, Marketing, Organization and management, Trade, Tourism, Analysis and Business planning, Business informatics; Course: Analysis and Business planning; Study programme type: university; Study level: graduate; Academic / professional title: diplomirani/a ekonomist/ekonomistica (diplomirani/a ekonomist/ekonomistica)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2019-10-01 15:23:25