Investidor Anjo: uma análise sobre a presença dos aspectos comportamentais no processo de tomada de decisão

Abstract

In recent decades, a vast body of empirical evidence has shown that Modern Theory of Finance, based on the rationality of economic agents, is unable to explain various observed phenomena and, in response to the difficulties faced by the traditional paradigm, Behavioral Finance emerges, as a new approach to financial markets. The basis of Behavioral Finance studies is the identification of how emotions and cognitive errors can influence the decision-making process of investors and how these behavioral patterns can determine changes in the market. In recent years, new investment formats have emerged, going beyond the boundaries of the Capital Market, with all its impersonality and complexity; among these new ways of investing financial resources, angel Investment stands out. Angel Investor’s decision-making process involves various tangible and intangible factors, in a complex multifaceted process, and studies exploring the factors that influence this process are recent. Given this context, this Thesis aims to analyze the presence of behavioral biases in the decision-making process of Brazilian angel investors. In order to achieve this objective, the study resulted in four articles that permeate the fields of study of Behavioral Finance and Angel Investment. Article 1 carried out a systematic review using the terms “angel investor” and “investment decision”, including possible variations. The final sample of this study, after processing, consists of 58 (fifty-eight) articles, which were categorized into 4 analysis groups. Article 2 carried out a bibliometric analysis relating the terms “Behavioral Finance” and “Prospect Theory” with “risk aversion”, “loss aversion”, “reference dependence” and “decreasing sensitivity”; the central elements of Prospect Theory. Article 3, which is exploratory and qualitative nature, aims to analyze the presence of the central elements of Prospect Theory in the decision-making process of Brazilian angel investors. The article 4 analyzes the presence of herd bias, overconfidence bias and loss aversion bias in the decision-making process of Brazilian angel investors. The articles that make up this Thesis present results that add knowledge to the field of Behavioral Finance and Angel Investment. Their results demonstrate that the Brazilian Angel Investor are also influenced by behavioral aspects in their decision-making process. The presence of the central elements of Prospect Theory, as well as herd biases, overconfidence and regret aversion, corroborate the literature by showing that Brazilian angel investors, as well as other types of investors, are subject to heuristics and cognitive biases.