Análise do efeito da heurística comportamental da ancoragem no mercado acionário brasileiro

Abstract

This paper analyzes the presence and effect of the anchoring behavioral heuristic in the Brazilian stock exchange, during the 2017 - 2020 period. For this purpose, panel data methodology was applied to a group of 50 stocks from the Bovespa market index. Through two dummy variables, representing the overcoming of maximum and minimum price levels of the last 52 trading weeks, the hypothesis that past prices influence present investor decision making, altering the trading volume of the period, was tested. It was identified that, after exceeding the maximum price levels, the atypical volume of stocks tends to decrease, while the loss of the minimum price levels led to an increase in this variable. The results validate the premises of behavioral finance theory and of the anchoring heuristic, showing that investors use certain price levels as anchors to make investment decisions.