Η συμπεριφορά των επενδυτών σε περιόδους κρίσης

Κουτσόπουλος, Ορέστης

Master Thesis

Author

Κουτσόπουλος, Ορέστης

Date

2024-10

Abstract

The term crisis appears since ancient times and is associated with decisions under pressure and difficulty, in order to determine an occurrence. The main characteristics of the crisis are uncertainty, danger and fear, while its psychological dimension entails negative emotions in people. Despite its negative nature, the crisis also has a positive aspect, as historically it has emerged as a period of opportunities and optimizations. World history has recorded multiple crises that economically affected societies and cultures. The most recent crisis, which caused severe economic and social consequences, is that of the Covid 19 pandemic. In this thesis we focus on the importance of crisis as an economic phenomenon, which is characterized by cyclicality and repetitive presence. When it comes to investing, it is obvious that people are not always rational in their decisions when delineating their investment goals, especially during times of uncertainty. These non-rational decisions that are attributed to psychological factors, can negatively affect investment strategies, the markets trajectory and even an entire economy. Behavioral Finance provides important insights with regards to understanding the irrational behaviors of human beings and how they affect investment decisions and market conditions. In addition, it helps to understand how such behaviors can lead to periods of increased uncertainty and risk and how investors react under such circumstances. Part of this thesis focuses on the empirical research of the main behavioral biases, as well as their impact on investment decisions during crises. The purpose of this research is to delve into the correlation of specific behavioral biases with the investment decisions of private investors. The research relies on survey data collection and its analysis using statistical tools. The results demonstrate that certain biases, such as mental accounting and representativeness bias, affect important investment decisions in times of uncertainty. The findings partially confirm Behavioral Finance theory and highlight the need for further research.

Postgraduate Studies Programme

MBA Tourism Management - Πρόγραμμα Μεταπτυχιακών Σπουδών στη Διοίκηση Επιχειρήσεων - Μάνατζμεντ Τουρισμού

Department

Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οργάνωσης και Διοίκησης Επιχειρήσεων

Number of pages

127

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/17112
http://dx.doi.org/10.26267/unipi_dione/4535

Collections

Τμήμα Οργάνωσης και Διοίκησης Επιχειρήσεων

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Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα