Analysis of the decisional process of investors and financial market analysts in relation to the shares of companies with negative equity

Abstract

This study sought to identify the motivations of investors and financial market analysts to apply/recommend investments in companies with negative equity (NE). For this purpose, interviews were conducted with investors (22) and financial market analysts (09) who have or have recommended/recommend the purchase, sale, maintenance of shares of companies with Negative Equity. The method used was Content Analysis, supported by the premise of the Efficient Market Hypothesis (EMH) and Behavioral Finance (BF). The analysis led to three categories in the process of forming decision-making: the first – “Rational process” – serves EMH, that both investors and analysts are rational; the second – “Pseudorational process” – partially meets EMH, such as BF; and the third – “Behavioral process” – serves the BF. The results demonstrate that, individually neither the investors or analysts interviewed can be classified within a specific category, and there is, in this sense, a totally rational, pseudorational or behavioral process.

Keywords

• tomada de decisão
• finanças comportamentais
• vieses comportamentais
• investidores
• analistas do mercado financeiro