Purpose

In this study, scales are developed for phantasy and its determinants, which is accepted as an important variable in investment preference with an emotional finance perspective. The scales developed in this framework are narrative, divided mind, group feel, informed herding, uninformed herding and phantasy. In addition, the power of these determinants to explain phantasy was investigated.

Design/methodology/approach

For this purpose, the data was obtained between May 01, 2019 and November 30, 2019 via an online survey with convenience sampling. First, a pilot study consisting of 200 subjects was performed. Then, additional data was collected. The total number of subjects was 648. The authors used IBM SPSS Statistics and AMOS for analysis. Exploratory factor analysis and discriminant analysis were performed. In addition, confirmatory factor analysis was performed after an additional data collection process with structural equation modeling.

Findings

As a result of analyses, the validity and reliability of these scales were ensured statistically. It was also found that divided mind directly affects phantasy, but group feel and narrative indirectly affect by informed herding. The “unknown and new investment” preference, which is accepted as a typical feature of the bubble periods, is modeled with the relevant variables. In this framework, it has been found that the variables that refer individuals to the relevant investment preferences are phantasy, group feel, uninformed herding and divided mind.

Originality/value

The study is unique because of its findings and developed scales. The findings are valuable in that the theoretically alleged relations were also obtained empirically.

中文翻译：

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情绪金融：幻想的决定因素

目的

在这项研究中，制定了幻觉及其决定因素的量表，从情感金融的角度来看，它被认为是投资偏好中的重要变量。在这个框架中发展的量表是叙事，头脑分裂，集体感觉，知情的牧群，无知的牧群和幻想。此外，还研究了这些决定因素解释幻象的能力。

设计/方法/方法

为此，数据是在2019年5月1日至2019年11月30日之间通过在线调查和便利抽样获得的。首先，进行了由200名受试者组成的试点研究。然后，收集了其他数据。主题总数为648。作者使用IBM SPSS Statistics和AMOS进行分析。进行探索性因素分析和判别分析。此外，在通过结构方程模型进行了其他数据收集过程之后，进行了验证性因素分析。

发现

分析的结果是，这些量表的有效性和可靠性在统计学上得到了保证。还发现，心智分裂直接影响幻像，但群体知觉和叙事则由知情羊群间接影响。使用相关变量对“未知和新投资”偏好进行了建模，该偏好被认为是泡沫时期的典型特征。在这个框架中，已经发现将个人引向相关投资偏好的变量是幻想，集体感觉，无知的羊群和思想分裂。

创意/价值

该研究的独特之处在于其发现和发达的规模。该发现是有价值的，因为理论上声称的关系也是通过经验获得的。