| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1017.49 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
As Finanças comportamentais têm sido fortemente criticadas pelo confronto com o paradigma das Finanças tradicionais e pela aparente geração de paradoxos no mundo das finanças. É uma das áreas que gera controvérsia no mundo das finanças e, seguramente um tema discutido na atualidade, dando destaque à dúbia interpretação de aspetos como a maximização das decisões e identificação da escolha ótima considerando um conjunto de informações disponíveis ou por influências denominadas ‘não racionais’ (sentimentos/crenças).
Dando ênfase à evolução da teoria das finanças comportamentais, e tentativa de quantificar como os gestores são influenciados por sentimentos que não são quantificados em reportes financeiros, a presente dissertação analisa se os sentimentos (‘sentiment’ na língua inglesa) são relevantes para a tomada de decisões dos Chief Financial Officers (CFOs), num grupo de 64 empresas cotadas no índice bolsista S&P500, nomeadamente no que concerne ao financiamento de curto prazo medio pela variação do fundo de maneio (‘working capital’).
Com dados trimestrais e um período escolhido entre 2002 a 2017, que inclui condições de mercado heterogéneas que se fizeram sentir com a crise financeira, os resultados surgem que o impacto do ‘sentiment’ dos CFO na gestão de fundo de maneio, incluindo acréscimos e diferimentos desta rubrica contabilística.
Behavioral finance has been heavily criticized for its confrontation with the paradigm of traditional finance and the apparent generation of paradoxes in the world of finance. It is one of the areas that generates controversy in the world of finance and, certainly a topic discussed today, highlighting the dubious interpretation of aspects such as the maximization of decisions and identification of the optimal choice considering a set of available information or by influences denominated 'non-rational' (feelings / beliefs). Emphasizing the evolution of behavioral finance theory, and attempting to quantify how managers are influenced by feelings that are not quantified in financial reports, the present dissertation analyzes whether feelings 'sentiment' is relevant for making decisions of the Chief Financial Officers (CFOs), in a group of 64 companies listed on the S&P500 stock exchange index, namely with regard to medium-term working capital financing. With quarterly data and a period chosen between 2002 and 2017, which includes heterogeneous market conditions that were felt by the financial crisis, the results appear that the impact of CFO sentiment on the management of working capital, including accruals and deferrals of this accounting heading.
Behavioral finance has been heavily criticized for its confrontation with the paradigm of traditional finance and the apparent generation of paradoxes in the world of finance. It is one of the areas that generates controversy in the world of finance and, certainly a topic discussed today, highlighting the dubious interpretation of aspects such as the maximization of decisions and identification of the optimal choice considering a set of available information or by influences denominated 'non-rational' (feelings / beliefs). Emphasizing the evolution of behavioral finance theory, and attempting to quantify how managers are influenced by feelings that are not quantified in financial reports, the present dissertation analyzes whether feelings 'sentiment' is relevant for making decisions of the Chief Financial Officers (CFOs), in a group of 64 companies listed on the S&P500 stock exchange index, namely with regard to medium-term working capital financing. With quarterly data and a period chosen between 2002 and 2017, which includes heterogeneous market conditions that were felt by the financial crisis, the results appear that the impact of CFO sentiment on the management of working capital, including accruals and deferrals of this accounting heading.
Description
Mestrado em Análise Financeira
Keywords
Finanças tradicionais Finanças comportamentais Tendências comportamentais Interação social Tomadas de decisão Traditional finance Behavioral finance Behavioral biases Social interaction Decision making