Behavioral approach to portfolio selection
by Kumnoon Narakornpijit
Title: | Behavioral approach to portfolio selection |
Author(s): | Kumnoon Narakornpijit |
Advisor: | Pariyada Sukcharoensin |
Degree name: | Master of Economics |
Degree level: | Master's |
Degree discipline: | Financial Economics |
Degree department: | School of Development Economics |
Degree grantor: | National Institute of Development Administration |
Issued date: | 2018 |
Digital Object Identifier (DOI): | 10.14457/NIDA.the.2018.58 |
Publisher: | National Institute of Development Administration |
Abstract: |
Behavior plays an important role in people’s decision making, for example, different decision making can occur during happy and unhappy time. Behavioral factors also affect the decision making in the investment that cause unreasonable decision making in many investment situations. Many behavioral theories have been developed to explain human’s behavior, which some of them are also applied to the investment. This research focuses on studying the portfolio investment in Thailand by two of the well-known theories for portfolio selection, which are prospect theory and mental accounting, by considering two assets, which are risky asset and risk-free asset where Stock Exchange of Thailand Total Return Index (SET TRI) is used as risky asset and the average return of government bond, Treasury bill and Bank of Thailand bond is used as the risk-free asset. The results from prospect theory show that the investment proportion by prospect theory is different from the mean-variance theory resulting in the difference in portfolio return. Additionally, the results from the mental accounting present that the different behaviors by applying the different behavioral parameters also affect the investment proportion in risky and risk-free assets. Consequently, behaviors do affect the investment decision. |
Description: |
Thesis (M.Econ. (Financial Economics))--National Institute of Development Administration, 2018 |
Subject(s): | Portfolio management
Stocks |
Keyword(s): | การเงินเชิงพฤติกรรม, การลงทุนในกลุ่มหลักทรัพย์, ทฤษฎีความคาดหวัง, ทฤษฎีผลตอบแทนเฉลี่ย และความแปรปรวน, ทฤษฎีบัญชีในใจ
e-Thesis |
Resource type: | Thesis |
Extent: | 54 leaves |
Type: | Text |
File type: | application/pdf |
Language: | eng |
Rights: | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. |
URI: | https://repository.nida.ac.th/handle/662723737/5080 |
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