BIHEVIORALNE FINANSIJE ZA EFIKASNO KORPORATIVNO UPRAVLJANJE: TESTIRANJE HIPOTEZE EFIKASNOG TRŽIŠTA NA BEOGRADSKOJ BERZI
Sažetak
Bihevioralne korporativne finansije imaju tendenciju da dodaju kognitivne i psihološke elemente sofisticiranim matematičkim i statističkim modelima savremenih korporativnih finansija posmatranjem i proučavanjem ponašanja investitora i menadžera. Teorija ne nudi model za predviđanje odluke koja će biti doneta, ali pruža mogućnost da se predvidi da li će se doneti „rizičnija” ili „bezbednija” odluka na osnovu „isklјučenja iz konteksta” kroz koji će odrediti njegovu referentnu tačku i okvir odluke. Cilј ovog rada je da ukaže na ograničenja i razloge neuspeha u modelovanju i konkretizaciji naučnih saznanja zbog pretpostavke o racionalnom ponašanju investitora. U empirijskom delu rada sprovedeno je testiranje Hipoteze efikasnog tržišta koja predstavlja primenjeni koncept šire teorije racionalnih očekivanja investitora. Potvrđena neefikasnosti na tržištu kapitala na investitore utiče tako što odluke ne zasnivaju na valjano valorizivanim finansijskim instrumentima. Rezultati sprovedenog empirijskog istraživanja opovrgle su hipotezu tradicionalnih finansija koje se zasnivaju na pretpostavci o racionalnom donošenju odluka. Stoga, za razumevanje procesa investicionog odlučivanja neophodno je koristiti pristup koji nude bihevioralne finansije budući da uvode komponentu iracionalnosti.
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