Electronic Resource
Article - The specific factors of heterogeneity characterizing investors’ beliefs Vol. 29, No. 57 77–97
Purpose – A separate study of the different behavioral biases does not allow for a full understanding of the
complexity and stability of the heterogeneity of beliefs. Therefore, through a more global view of these anomalies,
the authors wish to show that they can converge on a single concept, which is the heterogeneity of beliefs.
Design/methodology/approach – It is therefore essential to stress that the importance of this study is
mainly reflected in the methodological approach used in the construction and analysis of the map and not only
in the results achieved. This contribution states that structural analysis, as a means of building the cognitive
map, can facilitate the task of investors and other decision-makers, in the identification and analysis of the
heterogeneity of beliefs that can therefore guide investors’ strategy in decision-making.
Findings – The authors have studied the behavior of the investor and its way of interpreting the information
and the authors have emphasized the value of studying the concept of heterogeneity of beliefs in its complexity.
So that part of the work seems to be relevant and crucial to filling, if you will, that void. In this sense, the authors
have shown that behavioral abnormalities are multidimensional concepts: “self-deception”, “cognitive bias”,
“emotional bias” and “social bias”.
Originality/value – In particular, this article will aim to achieve the objective of proposing a model for
measuring the heterogeneity of beliefs. Thus, the authors want to show that the heterogeneity of beliefs can be
measured directly through the different behavioral anomalies.
Keywords Corporate governance, Behavioral approach, Cognitive mapping, Mental models,
Structural analysis
Paper type Research paper
Tidak tersedia versi lain