Publication: Análisis del comportamiento de los inversores individuales en los mercados bursátiles: utilidad de la información contable y financiera para la toma de decisiones
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2017-01-10
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Universidad Complutense de Madrid
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Abstract
Indudablemente la información contable y financiera es una de las fuentes de información más útiles cuando decidimos si invertir o no en una compañía cualquiera. La información contable y financiera, de hecho, la más importante fuente de información para inversiones a largo plazo, aunque en el corto plazo el análisis chartista y otros análisis similares tengan una mayor importancia en el proceso de toma de decisiones. Sin embargo, cuando hablamos de inversiones a largo plazo, la información contable y financiera debería reflejar la imagen fiel de las empresas y, por tanto, ser una fuente de información fundamental en el proceso de toma de decisiones de los inversores individuales y especialmente para aquellos que tiene acceso limitado y un alto coste a otras fuentes de información. Sin embargo, los inversores individuales dan más importancia a otras variables. De acuerdo con los resultado mostrados al utilizar el cuestionario ININBE (Pascual-Ezama et al., 2010), aunque la información contable y financiera no tiene una valoración especialmente baja por parte de los inversores, su utilidad es mucho menor que el de otras variables como las intuiciones o las expectativas en línea con lo encontrado en la literatura previa (Haslem & Baker, 1973; Nagy & Obenberger, 1994; Clark-Murphy & Soutar, 2004). Por lo tanto, parece que existen otras fuentes de información más relevantes para los inversores individuales que la información contable y financiera...
Undoubtedly, accounting and financial information is one of the most useful sources of information when we have to assess a company, and therefore to decide whether to invest in it or not. Accounting and financial information is, in fact, the most important source of information for long-term investments although on the short term, charts or similar analyses assume greater importance in the decision making process. However, when it comes to long-term investment and longitudinal analysis of companies, the accounting and financial information published by companies should reflect the true and fair view of them and, therefore, it is an extremely useful source of information for the decisions of all investors, and especially for individual investors who have less access to other types of sources, so the cost to get that information is much higher. However, individual investors are more influenced by other variables. According to the results of the ININBE questionnaire (Pascual-Ezama et al., 2010), although accounting and financial information does not have a particularly low valuation by investors, its usefulness is much lower than other variables such as expectations and intuitions, facilities for investment or past performance, which is also consistent with results from other researches (Haslem & Baker, 1973; Nagy & Obenberger, 1994; Clark-Murphy & Soutar, 2004). Therefore, it seems that those types of variables are much more important for individual investors than accounting and financial information...
Undoubtedly, accounting and financial information is one of the most useful sources of information when we have to assess a company, and therefore to decide whether to invest in it or not. Accounting and financial information is, in fact, the most important source of information for long-term investments although on the short term, charts or similar analyses assume greater importance in the decision making process. However, when it comes to long-term investment and longitudinal analysis of companies, the accounting and financial information published by companies should reflect the true and fair view of them and, therefore, it is an extremely useful source of information for the decisions of all investors, and especially for individual investors who have less access to other types of sources, so the cost to get that information is much higher. However, individual investors are more influenced by other variables. According to the results of the ININBE questionnaire (Pascual-Ezama et al., 2010), although accounting and financial information does not have a particularly low valuation by investors, its usefulness is much lower than other variables such as expectations and intuitions, facilities for investment or past performance, which is also consistent with results from other researches (Haslem & Baker, 1973; Nagy & Obenberger, 1994; Clark-Murphy & Soutar, 2004). Therefore, it seems that those types of variables are much more important for individual investors than accounting and financial information...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Economía Financiera y Contabilidad II, leída el 23/11/2015