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En studie i rationalitet.: En studie om skillnader i rationalitet mellan fondförvaltare ochprivatpersoner med avseende till deras rationalitet vid investeringsbeslut.
Linnaeus University, Faculty of Business, Economics and Design, Linnaeus School of Business and Economics.
Linnaeus University, Faculty of Business, Economics and Design, Linnaeus School of Business and Economics.
2012 (Swedish)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
A study in rationality. (English)
Abstract [sv]

Civilekonomuppsats i företagsekonomi, Ekonomihögskolan vid Linnéuniversitet, 2011

Författare:

Rasmus Wallgren & Pär Ericson

Handledare

: Christopher Von Koch

Examinator

: Sven-Olof Yrjö Collin

Titel

: En studie i rationalitet

Bakgrund och problem

: Den senaste finansiella krisen ledde till ökad granskning och kritik mot Efficient Market Hypothesis och tron på rationella förväntningar och effektiva marknader. Behavioral finance uppkom som ett försök att förklara varför de traditionella synsätten inte alltid tycks förklara marknadsaktörers beteende och ifrågasätter synsättet om att marknadens aktörer agerar rationellt. Vår studie bidrar med en jämförelse mellan privatpersoner och fondförvaltare i deras rationalitet. Detta är intressant eftersom många privatpersoner väljer att spara i fonder och ställer därmed sina besparingar till fondförvaltarnas förfogande.

Syfte

: Att undersöka huruvida det finns skillnader mellan privata aktiesparare och fondförvaltare i deras rationalitet vid beslutsfattande.

Metod

: Studien har genomförts med en kvantitativ undersökningsmetod, där den huvudsakliga empirin samlades in via webenkäter. Som komplement till enkäten har vi även använt oss av statistik över privatpersoners fondsparande och över Sverigefonders betavärden.

Slutsatser

: Studiens resultat tyder på att den erfarenhet och ekonomiska utbildning som fondförvaltarna har gör dem mindre benägna att förenkla sitt beslutsfattande genom att ta efter andra eller att använda olika tumregler och har därmed enklare att fatta rationella beslut. Det finns även tydliga skillnader grupperna emellan gällande förlustaversion och att privatpersoner viktar förluster mycket tyngre än vinster, medan fondförvaltarna är mer neutrala i den aspekten.

Abstract [en]

Master Thesis in Business Administration, School of Business and Economics at the Linneaus University, 2012

Authors

: Rasmus Wallgren & Pär Ericson

Supervisor

: Christopher Von Koch

Examiner

: Sven-Olof Yrjö Collin

Title

: A study in rationality.

Background and problem

: The recent financial crisis led to an increased scrutinizing and criticism towards Efficient Market Hypothesis and the belief in rational expectations and efficient markets. Behavioral finance emerged as a response as to why the traditional views doesn’t always seem to explain the market and questions the belief that the market’s actors are rational in their decisions. Our study provides a comparison of the rationality of private investors and mutual fund managers, which is interesting since many people trust mutual fund managers to handle their money by investing in a mutual fund.

Purpose

: To research if there are differences in rationality between private investors and mutual fund managers.

Method

: This study is based on a quantitative research method, where most of the empirical data was gathered from a web-based questionnaire. As a complement to the questionnaires we have also used statistics of private investors’ savings in mutual funds and also of funds historical beta values.

Conclusions

: The papers results suggest that the experience and financial education that fund managers have are making them less likely to simplify their decision making by emulating others or using different heuristics and therefore have an easier time making rational decisions. There are also clear differences between the two groups regarding loss aversion and it is clear that private investors weighs losses much heavier than gains, while fund managers are more neutral in that aspect.

Place, publisher, year, edition, pages
2012. , 117 p.
Keyword [en]
Behavioral finance
National Category
Business Administration
Identifiers
URN: urn:nbn:se:lnu:diva-20420OAI: oai:DiVA.org:lnu-20420DiVA: diva2:536764
Subject / course
Business Administration - Management Accounting
Educational program
Business Administration and Economics Programme, 240 credits
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2012-07-11 Created: 2012-06-24 Last updated: 2012-07-11Bibliographically approved

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