التحيزات الادراكية في قرارات المستثمرين في سوق الأسهم بإطار مدخل المالية السلوكية

Cognitive Biases of Investors' Decisions in a Stock Market in the Frame of Behavioral Finance

   This study aims to describe the effects of cognitive biases on the decisions of investors in financial markets by the three dimensions of these decisions (volume of trading, diversification of the portfolio and attitude towards risk). The study based on the theory dilemma represented by constantly debate the intellectual and theoretical conflict between supporters of the traditional finance theories and defenders of the theory of behavioral finance, and application problem relating to non-regarded cognitive biases that investors suffered in the Iraqi Stock Exchange when making the investment decision. The study attempts to Highlights the most important installed and Confounded evidences of these theories by offering ideas and pillars upon which it is based both teams, with revealing the interval points that has transformed the financial thought of the traditional approach based on the efficient market hypothesis and the ability to arbitrage to behavioral approach, which added the psychological and social impact on the investment decision-making process to the traditional finance models in order to absorb and evaluate and predict the movements of the financial markets. The study used the analytical method and survey targeted a sample of investors in the Iraqi stock exchange amounted to (107). In addition to the data have been used for ten of the banks registered in the market for the purpose of financial analysis. The data were subjected to analysis and tests of statistical and financial using statistical software’s SPSS and EXCEL. The study set a number of conclusions, including: Cognitive biases affect on all dimensions of the investment decision, but its impact on weaknesses of portfolio diversification larger and more pronounced than its impact on other dimensions of decision. The financial results of the analysis showed a lack of efficiency in the form of a semi-strong of the Iraqi Stock Exchange and that there are many cases of anomalies that cannot be explained by the traditional finance approach. And then the study concludes with a set of recommendations that could benefit investors to reduce the negative effects of cognitive biases.