Analýza faktorů ovlivňujících investiční chování a jejich vliv na vývoj akciového trhu

Abstract

The diploma thesis focuses on factors influencing investment behavior and their impact on the stock market. The goal of the thesis is to verify the existence of behavioral biases in people´s financial decision-making process and to analyze the impact of sentiment on the stock market. The work is processed on both theoretical and practical levels and is divided into three main parts. The first part introduces the concept of behavioral finance, including behavioral biases. The second part focuses on the issue of investing in stocks and ways of sentiment measurement. The third part is focused on an examination of the existence of biases using a questionnaire survey. The relationship between sentiment and the market is examined by stock market index S&P 500 and sentiment index, created using the frequency of searching for negative terms via the Internet during COVID-19 pandemic period. Overall, it can be stated that behavioral factors are important for the development of the stock market, and the compiled AVCI index, after individual modifications, can be used to predict stock prices in future pandemic situations.