Theoretical and Applied Economics
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MAIN PAGE > Journal "Theoretical and Applied Economics" > Rubric "Stock market management"
Stock market management
Bogatyrev S.Yu. - The studies of the Russian stock market based upon the behavioral finance. pp. 97-141

DOI:
10.7256/2306-4595.2014.3.11665

Abstract: Hypothesis on market efficiency applies in the modern economy with the ever growing number of prerequisites and admissions. Behavioral finances, viewing the economic and financial matters from the behavioral standpoint are more and more often used for explaining economic matters, which may be observed in the Russian economy.  The article concerns the dichotomy between the fundamental and market costs of the Russian oil companies from the standpoint of the newest achievements of the newest science of the behavioral finances.  The author applies the following models for evaluation of assets: generalized behavioral model, sentimental investor model, DHS model, Hong-Stein model, model of attitude shift towards risks, mistaken perception model, probability model. Based upon the synthesis of the stock market data, which was obtained thanks to the newest methods of the data processing in the modern information system, fundamental and market value of the shares being tested with the application of behavioral models, which were adapted to the Russian situation. There  basically aren't any empiric studies of the Russian market in the sphere of behavioral finances. The behavioral models are developed and applied in the foreign practice and they were not previously tested in Russia. The provided study of behavioral models has shown the possibility for their application in the information base of the Russian stock market and their high predictive value for the investor behavior in the sector of oil companies in the Russian stock market.
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