THE IMPACT OF BEHAVIOURAL AND DIGITAL FACTORS ON INVESTMENT PORTFOLIO MANAGEMENT IN THE UKRAINIAN STOCK MARKET

Анотація

Behavioral factors determine the choice of an investment strategy on the stock market and influence the adoption of investment decisions by investors. The relevance of the study is due to the need to highlight the importance of behavioral factors that determine the motives and decisions regarding investments in various types of financial instruments. The paper uses methods of analysis and synthesis to group the main rational and irrational factors of investor behavior, and analyze the dynamics of the stock market of Ukraine. The article examines the dynamics of the development of the stock market of Ukraine with a focus on the determinants of the investment behavior of participants (banks, investment, brokerage, insurance companies, hedge funds, venture funds, etc.). It is established that the securities market is characterized by a low level of liquidity, a low level of capitalization of the corporate segment, and is formed at the expense of domestic government bonds in the conditions of an increase in their weighted average yield after 2022. The yield of government bonds is one of the determining factors that determines the rationality of the behavior of financial corporations and financial intermediaries in the capital market. As a result, stock market participants apply moderate, conservative, and defensive investment strategies, preferring government bonds over stocks and corporate bonds. It has been determined that the irrational behavior of investors is formed under the influence of cognitive biases, such as fear of financial losses, imitation of collective behavior, anchoring effect, and fear of loss of financial benefits.

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