Abstract
This study aims to investigate the opinions of behavioral finance researchers, financial market professionals, and individual investors about the factors that can influence financial market professionals’ decision-making. We analyzed the answers from 10 behavioral finance researchers, 24 financial market professionals, and 26 individual investors to two open questions about cognitive triad and investment decision-making. We applied quantitative text mining techniques to the open answers and presented them in semantic network format. The main findings suggest that technical knowledge, economic scenario, and financial institutional governance are the main factors that influence financial market professionals’ decision-making in the overall sample. Fear, behavioral biases, and euphoria are the main factors of the cognitive triad described as capable of influencing financial market professionals’ decision-making. However, there are divergences between the factors suggested by each group. We discuss and compare each of the main factors reported with findings from previous studies. Furthermore, our results indicate that when questioning which factors can influence the financial market professionals’ decision-making, psychological factors are not the first to come to mind of market players. This may indicate the need for psychoeducational interventions inside financial institutions aimed at the importance and impacts of psychological factors during professionals’ investment decision-making.
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The datasets generated and/or analyzed during the current study are available from the corresponding author upon reasonable request.
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This work was supported by Coordenação de Aperfeiçoamento de Pessoal de Nível Superior—Brazil (Grant number 001).
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All authors contributed to the study conception and design. Material preparation, data collection, and analysis were performed by Nicolas de Oliveira Cardoso, Claudia Emiko Yoshinaga, and Wagner de Lara Machado. The first draft of the manuscript was written by Nicolas de Oliveira Cardoso, and all authors commented on previous versions of the manuscript. All authors read and approved the final manuscript.
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de Oliveira Cardoso, N., Yoshinaga, C.E. & de Lara Machado, W. Investors’ Opinions Regarding Decision-Making and Investor Sentiment: a Semantic Network Approach. Trends in Psychol. (2022). https://doi.org/10.1007/s43076-022-00243-x
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DOI: https://doi.org/10.1007/s43076-022-00243-x