Efekty wpływu czynników behawioralnych na stopy zwrotu z akcji spółek sektora budowlanego notowanych na GPW w Warszawie
The effects of impact of behavioural factors on the rate of return of construction companies stocks listed on the Warsaw Stock Exchange

Summary/Abstract: The main aim of the article is to present econometric possibilities of analyzing an impact of behavioural factors on rates of return of construction companies stocks in a chosen period. The influence of behavioural factors (psychological and sociological) on decision making processes was described and emphasized. According to the stated hypothesis, after taking all important factors describing economic and financial condition of a company into account, differences in rates of return could be attributed to behavioural factors. This assumption gives an opportunity to analyse an impact of behavioural factors by means of predictive and studentized residuals of properly specified econometric model. By a properly specified model, a model with all important factors describing economic and financial condition of a company in a form of explanatory variables is understood. In the empirical example the impact of behavioural factors was identified for construction companies stocks listed on the Warsaw Stock Exchange in April 2012.

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