عنوان مقاله [English]
Behavioral finance is one of the new topics that has been raised by some financial thinkers in the last two decades and has quickly attracted the attention of experts and students in this field around the world. In investment issues, the type of decision-making of investors and the factors influencing their decision-making are very important.The purpose of this paper is to model the relationship between cognitive abilities and returns of portfolio investors with emphasis on the dimensions of cognitive bias. In order to analyze the data and test the hypotheses accordingly, Chi-square, Mann-Whitney and Probit regression models were used. The statistical population of the present study includes 302 capital market professionals including; Investment managers, analysts and traders who work in 30 portfolio companies, whose information has been collected using a questionnaire. The present research is applied in terms of purpose and descriptive in nature and survey method. The results of this study indicate that the criteria of cognitive ability and decision-making power of portfolio management experts have a positive and significant effect on return on investment. But the criteria introduced for cognitive bias, such as exponential bias and latency, have led to a negative impact on return on investment. The difference between economic environments and capital markets, which are the place of experimental tests, from different dimensions such as the degree of efficiency and the degree of development, is always one of the factors affecting the results. On the other hand, cultural and social differences as a factor that is related to the behavior of investors and the formation of various cognitive theories, are other influential factors. The degree of control of intervening variables, as an important methodological problem, affects the results of social science research in general and financial research in particular. The latter point has been taken into account as much as possible in this research, but at the same time it can be hardly claimed that in such researches, most of these variables are completely or even satisfactorily controlled. The results of this study showed that the level of cognitive ability as well as decision-making experts of male and female portfolio experts are significantly different. Also, the results of this study showed that the criteria of cognitive ability and decision-making power of portfolio experts had a positive and significant effect on return on investment. But the criteria introduced for cognitive bias, such as display bias and delay, have led to a negative impact on return on investment. Based on the obtained results, it can be suggested that portfolio companies, investment consulting and some other active institutions, before starting to provide their services to customers, get a good assessment of their risk level and their personality and cognitive characteristics to provide financial services. And investment in them should be considered and used.