Metrika

  • citati u SCIndeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:16
  • preuzimanja u poslednjih 30 dana:14

Sadržaj

članak: 2 od 19  
Back povratak na rezultate
2020, vol. 49, br. 3, str. 36-76
Bihevioralne finansije kao odgovor na nedostatke standardnih finansija
Univerzitet u Kragujevcu, Fakultet za hotelijerstvo i turizam, Vrnjačka Banja

e-adresam.lekovic@kg.ac.rs
Ključne reči: bihevioralne finansije; standardne finansije; hipoteza o prilagođavanju finansijskih tržišta
Sažetak
Udaljavanje standardne finansijske teorije od prakse uslovilo je sve veći broj kritika na račun standardnih finansija. Brojni nalazi u korist odsustva savršene racionalnosti investitora uslovili su potrebu za novim pristupom i novim uglom posmatranja koji nude bihevioralne finansije. Bihevioralne finansije se oslanjaju na standardne finansije, dopunjuju njihovo učenje i, prema mišljenju bihevioralnih ekonomista, postepeno ih zamenjuju, ali se i bihevioralne finansije suočavaju sa brojnim ograničenjima. Cilj istraživanja je traženje odgovara na pitanje da li u finansijskoj teoriji i investicionoj praksi prednost treba dati standardnim ili bihevioralnim finansijama. Primenom metoda kvalitativne ekonomske analize zaključeno je da treba težiti integrisanoj primeni ovih teorijskih okvira u cilju njihovog međusobnog dopunjavanja, iskorišćavanja pozitivnih i istovremenog eliminisanja negativnih aspekata. Primer teorijskog pristupa koji pomiruje razlike između standardnih i bihevioralnih finansija je hipoteza o prilagođavanju finansijskih tržišta (Adaptive Markets Hypothesis - AMH), kojoj je u radu posvećena posebna pažnja, a o kojoj u domaćoj literaturi do sada nije bilo reči.
Reference
Ackert, L.F. (2014) Traditional and behavioral finance. u: Baker Kent H., Ricciardi Victor [ur.] Investor Behavior: The Psychology of Financial Planning and Investing, Hoboken, NJ: John Wiley & Sons, Chapter 2, (pp. 25-41), DOI: 10.1002/9781118813454.ch2
Águila, N.D. (2009) Behavioral Finance: Learning from market anomalies and psychological factors. Revista de Instituciones, Ideas y Mercados, 50: 47-104
Barberis, N. (2018) Psychology-based models of asset prices and trading volume. NBER Working Paper, No. 24723
Chang, K.H., Young, M.N., Hildawa, M.I., Santos, I.J.R., Pan, C.H. (2015) Portfolio selection problem considering behavioral stocks. u: The World Congress on Engineering, London, U.K, Proceedings of
Charles, A., Darné, O., Kim, J.H. (2012) Exchange-rate return predictability and the adaptive markets hypothesis: Evidence from major foreign exchange rates. Journal of International Money and Finance, 31(6): 1607-1626
Curtis, G. (2004) Modern Portfolio Theory and Behavioral Finance. Journal of Wealth Management, 7(2): 16-22
Das, S., Markowitz, H., Scheid, J., Statman, M. (2010) Portfolio Optimization with Mental Accounts. Journal of Financial and Quantitative Analysis, 45(2): 311-334
Das, S., Markowitz, H., Scheid, J., Statman, M. (2011) Portfolios for investors who want to reach their goals while staying on the mean-variance efficient frontier. Journal of Wealth Management, 14(2): 25-31
de Bondt, W.F.M., Muradoglu, Y.G., Shefrin, H., Staikouras, S.K. (2008) Behavioral finance: Quo vadis?. Journal of Applied Finance, 18(2): 7-21
de Bondt, W.F.M., Thaler, R.H. (1995) Financial decision-making in markets and firms: A behavioral perspective. u: Jarrow R., Maksimović V., Ziemba W.T. [ur.] Handbooks in Operations Research and Management Science, Elsevier/North-Holland, 385-410
de Bondt, W.F.M., Mayoral, R.M., Vallelado, E. (2013) Behavioral decision-making in finance: An overview and assessment of selected research. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 42(157): 99-118
Fakhry, B. (2016) A literature review of behavioural finance. Journal of Economics Library, 3(3): 458-465
Hirshleifer, D. (2001) Investor Psychology and Asset Pricing. Journal of Finance, 56(4): 1533-1597
Kahneman, D. (2011) Thinking, fast and slow. New York: Farrar, Strauss and Giroux
Kapor, P. (2014) Bihevioralne finansije. Megatrend revija, vol. 11, br. 2, str. 73-94
Khuntia, S., Pattanayak, J.K. (2018) Adaptive market hypothesis and evolving predictability of bitcoin. Economics Letters, 167: 26-28
Kim, J.H., Shamsuddin, A., Lim, K. (2011) Stock return predictability and the adaptive markets hypothesis: Evidence from century-long U.S. data. Journal of Empirical Finance, 18(5): 868-879
Kumar, D. (2018) Market Efficiency in Indian Exchange Rates: Adaptive Market Hypothesis. Theoretical Economics Letters, 08(09): 1582-1598
Leković, M. (2018) Evidence for and Against the Validity of Efficient Market Hypothesis. Economic Themes, 56(3): 369-387
Lo, A.W. (2005) Reconciling efficient markets with behavioral finance: The adaptive markets hypothesis. Journal of Investment Consulting, 7(2): 21-44
Lo, A. (2004) The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective. Journal of Portfolio Management, 30(5), 15-29
Ljubojević, G., Dašić, G. (2018) Boards attributes and their implications on decision-making process. Menadžment u hotelijerstvu i turizmu / Hotel and Tourism Management, vol. 6, br. 1, str. 19-29
Neely, C.J., Weller, P.A., Ulrich, J.M. (2009) The Adaptive Markets Hypothesis: Evidence from the Foreign Exchange Market. Journal of Financial and Quantitative Analysis, 44(2): 467-488
Noda, A. (2016) A test of the adaptive market hypothesis using a time-varying AR model in Japan. Finance Research Letters, 17: 66-71
Pasca, L. (2015) A Critical Review of the Main Approaches on Financial Market Dynamics Modelling. Journal of Heterodox Economics, 2(2): 151-167
Pompian, M.M. (2006) Behavioral Finance and Wealth Management. Hoboken, NJ: Wiley & Sons, Inc
Ritter, J.R. (2003) Behavioral finance. Pacific-Basin Finance Journal, 11(4): 429-437
Shefrin, H. (2010) Behavioralizing finance. Foundations and Trends in Finance, 4(1-2), 1-184
Shefrin, H. (2015) The behavioral paradigm shift. Revista de Administração de Empresas, 55(1): 95-98
Shiller, R.J. (2003) From Efficient Markets Theory to Behavioral Finance. Journal of Economic Perspectives, 17(1): 83-104
Shiller, R.J. (2006) Tools for Financial Innovation: Neoclassical versus Behavioral Finance. Financial Review, 41(1): 1-8
Slovic, P. (1972) Psychological study of human judgment: Implications for investment decision making. Journal of Finance, 27(4): 779-799
Statman, M. (1995) Behavioral Finance versus Standard Finance. AIMR Conference Proceedings, 1995(7): 14-22
Statman, M. (2014) Behavioral finance: Finance with normal people. Borsa Istanbul Review, 14(2): 65-73
Statman, M. (1999) Behavioral finance: Past battles and future engagements. Financial Analysis Journal, Nov/Dec., 55(6), str. 18-27
Statman, M. (2008) Countries and Culture in Behavioral Finance. CFA Institute Conference Proceedings Quarterly, 25(3): 38-44
Todorović, M. (2011) Psihologija i finansijski menadžment - bihevioralne korporativne finansije. Ekonomika preduzeća, vol. 59, br. 5-6, str. 275-287
Tseng, K.C. (2006) Behavioral finance, bounded rationality, neuro-finance, and traditional finance. Investment Management and Financial Innovations, 3(4): 7-18
Urquhart, A., Hudson, R. (2013) Efficient or adaptive markets? Evidence from major stock markets using very long run historic data. International Review of Financial Analysis, 28: 130-142
Vučković, S. (2010) Biheviorističke finansije i finansijski menadžment. Ekonomske teme, 48(4): 629-640
Zhou, J., Lee, J.M. (2013) Adaptive market hypothesis: Evidence from the REIT market. Applied Financial Economics, 23(21): 1649-1662
Živković, A., Krstić, S., Simić, N. (2019) Application of the model for support decision in the crediting of agroindustry complex. Ekonomika poljoprivrede, vol. 66, br. 2, str. 559-567
 

O članku

jezik rada: srpski, engleski
vrsta rada: pregledni članak
DOI: 10.5937/bankarstvo2003036L
primljen: 29.07.2020.
prihvaćen: 02.09.2020.
objavljen u SCIndeksu: 09.10.2020.
Creative Commons License 4.0