Perfil do investidor: uma análise comparativa entre os investidores em fundos de investimentos imobiliários e os demais investidores

Abstract

Behavioral Finance is a field that studies the influence of the psychological aspects of indi-viduals in the process of decision making regarding their finances. Generally, during the de-cision-making process, investors are influenced by emotions and feelings, which can lead to wrong decisions, resulting in financial losses. In particular, investors of Real Estate Invest-ment Funds have grown recently. Such funds are an attractive opportunity to diversify in-vestments, as it allows investors to invest their resources in assets related to real estate market without the need to buy a property. This ease of access to the real state market, coupled with the recent expansion of the sector, may cause investors to opt for this type of investment based on emotional factors. Still, the FIIs are indicated for all investor profiles, for both, conservative, moderate and aggressive. Therefore, the difficulty in directing the FIIs as an investment option for the investor that presents the greatest interest for FIIs. Thus, the objective of this study is to identify the profile of investors in real estate investment funds, as well as other investors. For this, a questionnaire was applied to investors from three cities in the state of Rio Grande do Sul. The Kruskal-Wallis test was implemented in order to identify if there are significant differences in the levels of influence of behavioral factors between FII investors and other investors, and among investor profiles as well. According to the results, there was no significant difference between the levels of influence of the behavioral factors between the investors in FIIs and the other investors, but there was a difference in some be-havioral factors between the moderate and aggressive investors profile. The behavioral fac-tors, present in most investors, are the following: self-control, representativeness, asymmetry effect, familiarity / affinity, house money effect, fear of repentance, selective memory, cogni-tive illusions, result oriented, gambler’s fallacy / retrospective and disposition effect. It was identified that most investors with an aggressive profile invest in FIIs, suggesting that the Brokerage House direct this investment option to its clients with this profile.