Investor Suitability: Discrepancies between the Opinions of Experts and Retail Investors
Abstract To investigate which factors should be assessed by investor profile analysis/suitability questionnaires (IPAQ) in the opinions of Brazilian investors, we applied a questionnaire with open and closed questions to 11 researchers in the field of behavioral finance (RSCHR), 31 financial market professionals (PRO) and 28 individual investors (II). We analyzed their answers using text-mining techniques with visual representations of semantic networks. Despite the discrepancies in the RSCHR, PRO, and II opinions, the results show that the IPAQ should analyze 20 factors. Furthermore, some sociodemographic factors assessed by national financial institutions may be less relevant than other unmeasured psychological factors.
Authors
- Nicolas de Oliveira Cardoso (ORCID: https://orcid.org/0000-0002-1555-1409)
- Wagner de Lara Machado (ORCID: https://orcid.org/0000-0001-5555-5116)
- Claudia Emiko Yoshinaga (ORCID: https://orcid.org/0000-0002-7756-6083)
Institutions
- Fundação Getulio Vargas (BR)
- Pontifícia Universidade Católica do Rio Grande do Sul (BR)
Publication Details
- Journal
- Psicologia Teoria e Pesquisa
- Published
- 2025-01-01
- DOI
- https://doi.org/10.1590/0102.3772e41502.en
- Primary Topic
- Risk Management in Financial Firms
- Type
- article
- Field-Weighted Citation Impact
- 0.00
Funders
- Coordenação de Aperfeiçoamento de Pessoal de Nível Superior