Abstract
The regular appearance of anomalies in the conventional economy contributed to creation and shaping of behavioral finance. These anomalies directly or indirectly threatened the modern financial and economic theory, based on rational behavior and rational decision-making. Behavioral finance represents a new approach to the field of finance, which takes into account psychological aspects of human and investor's life. Psychology defines certain concepts of behavior and prejudices that have contributed to the irrational and often harmful decision-making process. The focus of behavioral finance is on how individual investors make decisions, that is, how they interpret and react to specific information. The authors also present behavioral finance through the term of Black Swan defining it as an unpredictable event with serious consequences and when such event happens, people tend to give explanations to make it predictable and explainable. Event with The Black Swan label, for example, is the global financial crisis of 2008. The authors analyze and other modern financial theories and compare them with the standard financial theories to point out the need for further research in the field of financial theory.
Highlights
Financial theories and compare them with the standard financial theories to point out the need for further research in the field of financial theory
The regular appearance of anomalies in the conventional economy contributed to creation and shaping of behavioral finance
Behavioral finance represents a new approach to the field of finance, which takes into account psychological aspects of human and investor's life
Summary
Cilj svake ekonomske teorije je da jednostavno, ali vjerno opiše neku važnu pojavu iz prakse. Uz efektivna tržišta vežu se i dvije najpoznatije teorije koje se ubrajaju pod standardne (tradicionalne) financijske teorije (Ricciardi i Simon, 2000). Mnoge studije stvarno potvrđuju ove hipoteze, ali istraživači su također uočili i pojavu stalnih anomalija koje su kontradiktorne teoriji efikasnog tržišta (Chaarlas, Lawrence, 2012). Anomalije koje su otkrivene možda se i mogu smatrati manjim odstupanjem od istine o efikasnim tržištima, ali ako većina nepredvidljivosti na tržištu ostane neobjašnjena, dovela bi se u pitanje cijela teorija efikasnog tržišta. Iako je moderna teorija portfelja i hipoteza efikasnih tržišta uspješna, alternativni pristup financijama uključuje i psihološki i sociološki pregled tržišnih anomalija i individualnog ponašanja investitora. Standardne teorije financija polaze od toga da ekonomski posrednici (homo economicus) donose racionalne odluke na temelju svih raspoloživih informacija i da su zbog toga financijska tržišta efikasna, dok teorije bihevioralnih financija smatraju da normalni sudionici, tj. Smatra se da je najveći doprinos u analizi ovog fenomena dao Herbert Simon, koji je uveo koncept ograničene racionalnosti, ističući činjenicu da ljudi imaju ograničene spoznajne sposobnosti i mogućnosti sagledavanja i usporedbi svih informacija, alternative i znanja o budućnosti te da imaju nesavršene vještine obrade svih dostupnih informacija (Kapor, 2014)
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