Ο φόβος ως παράγων διαμόρφωσης επενδυτικής πολιτικής
View/
Keywords
Δείκτης VIX ; ΦόβοςAbstract
In this thesis, we examine the feeling of fear from a psychological perspective first and then its effect on financial markets.
The psychic world is a series of phenomena that have certain relationships with each other. A mental energy or condition is characterized by its attachment to the psychic subject and its reference to something outside it. Mental phenomena, such as fear occur within man and are perceived only by him.
Then we focus on the most famous theory of emotions (James-Lunge theory) in which emo-tions appear as the result of physiological reactions to events.
In addition, we will also see the negative feelings that include fear and are violent emotions that shake a person mentally and physically. Following, is the examination of fear and its analysis as a sentiment as presented by Sigmund Freud and great Greek scientists (Papanout-sos-Tomasidis). Fear is the result of endogenous and exogenous factors. One type of anxiety disorder, phobia, usually leads to a rapid onset of fear.
Fear comes from the brain's amygdala, which has made it possible to measure its activity in two ways. One is by fMRI and the other by electroencephalogram (EEG). Following are two evidences of the connection of the amygdala with the feeling of fear. The first is the Kluver-Bucy syndrome and the second is the Urbach-Wiethe disease.
In Chapter 3 we will talk about the fear from economic point of view and how it affects financial markets. After all, the stock market is a pendulum between fear and greed as they say on Wall Street.
Feelings have been and will be the eternal enemy of investors as they largely drive investing behavior. The effect of greed and fear on investor decisions is then analyzed.
Next comes the clinical study on "fear and greed" done to day-traders as conducted by Andrew Lo, Dmitry Repin and Brett Steenbarger of the National Bureau of Economic Re-search.
Chapter 4 provides an in-depth analysis of the VIX volatility index as presented on the US stock market, presenting its up-to-date performance, as well as the fear index for Greece (KEPE GRiv) as developed by the Center for Planning and Economic Research.
Finally, I present my finding that shows the correlation and the interrelationship between the VIX and the Dow Jones.
Postgraduate Studies Programme
Λογιστική και Έλεγχος Επιχειρήσεων και Δημοσίων ΟργανισμώνDepartment
Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οργάνωσης και Διοίκησης ΕπιχειρήσεωνNumber of pages
91Language
GreekCollections
Except where otherwise noted, this item's license is described as
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές