Purpose

The purpose of this paper is to identify whether heuristic and herding biases influence portfolio construction and performance in Greece. The current research determines the situation among investors in Greece, a country with several economic problems for the last decade.

Design/methodology/approach

A survey has been conducted covering a group of active private investors. The relationship between private investors' behavior and portfolio construction and performance was tested using a multiple regression.

Findings

The authors find that heuristic variable affects private investor's portfolio construction and performance satisfaction level positively. A robustness test on a second group, consisting of professional investors, reveals that heuristic and herding biases affect investment behavior when constructing a portfolio.

Practical implications

The authors recommend investors to select professional's investment portfolio tools in constructing investment portfolios and avoid excessive errors, which occur due to heuristic. The awareness and understanding of heuristic and herding could be helpful for professionals and decision-makers in financial institutions by improving their performance resulting in more efficient markets.

Originality/value

The main contribution of this paper lies in the fact that it is the first study on two major behavioral dimensions that affect the investor's portfolio construction and performance in Greece. The rationale of the current research is that the results are helpful for investors in order to take rational, reliable and profitable decisions.

中文翻译：

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启发式和羊群偏差对投资组合构建和绩效的影响：以希腊为例

目的

本文的目的是确定启发式和羊群偏差是否会影响希腊的投资组合构建和绩效。目前的研究确定了希腊投资者的情况，该国在过去十年中存在多个经济问题。

设计/方法/方法

已对一组活跃的私人投资者进行了调查。使用多元回归测试了私人投资者的行为与投资组合构建和绩效之间的关系。

发现

作者发现启发式变量正向影响私人投资者的投资组合构建和绩效满意度。对由专业投资者组成的第二组的稳健性测试表明，在构建投资组合时，启发式和从众偏差会影响投资行为。

实际影响

作者建议投资者在构建投资组合时选择专业的投资组合工具，避免因启发式而出现的过多错误。对启发式和从众的认识和理解可能有助于金融机构的专业人士和决策者通过提高他们的绩效来提高市场效率。

原创性/价值

本文的主要贡献在于它是第一个对影响希腊投资者投资组合构建和绩效的两个主要行为维度的研究。当前研究的基本原理是，研究结果有助于投资者做出理性、可靠和有利可图的决策。