Evolução da pesquisa em finanças: epistemologia, paradigma e críticas

Iquiapaza, Robert Aldo; Amaral, Hudson Fernandes; Bressan, Aureliano Angel

doi:10.1590/S1984-92302009000200008

Resumos

O objetivo deste artigo consiste em analisar a evolução teóricometodológica da área de finanças, ressaltando as etapas importantes, e, assim, assinalar suas contribuições e contradições, com especial ênfase no paradigma dominante e na crítica da pósmodernidade. Tratase de uma reflexão teórica com revisão ad hoc da literatura. Observouse que entre os anos cinqüenta e sessenta do século XX existiu uma espéciede revolução teóricometodológica na pesquisa em finanças que, pela adoção dos fundamentos do funcionalismo positivista, levoua a ser mais normativa, quantitativa e próxima das ciências naturais. Com isso, essa área perde suas características clássicas de ser positiva e o reconhecimento de sua capacidade de afetar seu objeto de estudo, o comportamento financeiro de indivíduos e empresas. Só nas duas últimas décadas emergiram algumas propostas alternativas, entre elas estudos de finanças comportamentais. Essa abordagem tem feito contribuições interessantes aos estudos de finanças, apesar de ser fortemente questionada pelo paradigma dominante.

Pesquisa em finanças; Epistemologia; Paradigmas; Finanças modernas; Finanças comportamentais

The objective of this article was to analyze the theoreticalmethodological evolution in the finance area, emphasizing the important stages, marking their contributions and contradictions, with special emphasis in the dominant paradigm and the post modern critics. It is a theoretical reflection with an ad hoc revision of the literature. It is observed that around the fifties and sixties of the twentieth century there was a methodological and theoretical revolution in finance research that, due to the adoption of the foundations of the positivist functionalism, took this to be more normative, quantitative and close to the natural sciences, losing their classic characteristics of being positive, and the recognition of its capacity of affecting the research object, the individuals and companies' financial behavior. Only in the last two decades there seems to be some alternative proposals, among them behavioral finance studies. That approach had shown important contributions to finance studies, even though is being hardly challenged by the dominant paradigm.

Finance research; Epistemology; Paradigm; Modern finance; Behavioral finance

ARTIGO

Evolução da pesquisa em finanças: epistemologia, paradigma e críticas

Evolution in finance research: epistemology, paradigm and critiques

Robert Aldo Iquiapaza^I; Hudson Fernandes Amaral^II; Aureliano Angel Bressan^III

^IDoutorando em Administração (Finanças) do Centro de PósGraduação e Pesquisas em Administra ção da Faculdade de Ciências Econômicas da Universidade Federal de Minas Gerais - CEPEAD/FACE/ UFMG. Bolsista do CNPq. Pesquisador do Núcleo de Ensino, Pesquisa e Consultoria em Finanças e Contabilidade (NUFI) do CEPEAD/FACE/UFMG. Endereço: Av. Antônio Carlos, 6.627, Prédio FACE sala 4120, Pampulha. Belo Horizonte/MG. CEP: 31270901. Email: riquiapaza@gmail.com

^I^IProf. Associado do Departamento de Ciências Administrativas da FACE/UFMG. Coordenador do CEPEAD e do Núcleo de Ensino, Pesquisa e Consultoria em Finanças e Contabilidade (NUFI) da FACE UFMG. Email: hfamaral@face.ufmg.br

^I^I^IProf. Adjunto do CEPEAD/FACE/UFMG. Coordenador do Colegiado de Graduação em Administra ção da FACEUFMG e do Laboratório de Finanças da UFMG. Email: bressan@face.ufmg.br

RESUMO

O objetivo deste artigo consiste em analisar a evolução teóricometodológica da área de finanças, ressaltando as etapas importantes, e, assim, assinalar suas contribuições e contradições, com especial ênfase no paradigma dominante e na crítica da pósmodernidade. Tratase de uma reflexão teórica com revisão ad hoc da literatura. Observouse que entre os anos cinqüenta e sessenta do século XX existiu uma espéciede revolução teóricometodológica na pesquisa em finanças que, pela adoção dos fundamentos do funcionalismo positivista, levoua a ser mais normativa, quantitativa e próxima das ciências naturais. Com isso, essa área perde suas características clássicas de ser positiva e o reconhecimento de sua capacidade de afetar seu objeto de estudo, o comportamento financeiro de indivíduos e empresas. Só nas duas últimas décadas emergiram algumas propostas alternativas, entre elas estudos de finanças comportamentais. Essa abordagem tem feito contribuições interessantes aos estudos de finanças, apesar de ser fortemente questionada pelo paradigma dominante.

Palavras-chave: Pesquisa em finanças. Epistemologia. Paradigmas. Finanças modernas. Finanças comportamentais.

ABSTRACT

The objective of this article was to analyze the theoreticalmethodological evolution in the finance area, emphasizing the important stages, marking their contributions and contradictions, with special emphasis in the dominant paradigm and the post modern critics. It is a theoretical reflection with an ad hoc revision of the literature. It is observed that around the fifties and sixties of the twentieth century there was a methodological and theoretical revolution in finance research that, due to the adoption of the foundations of the positivist functionalism, took this to be more normative, quantitative and close to the natural sciences, losing their classic characteristics of being positive, and the recognition of its capacity of affecting the research object, the individuals and companies' financial behavior. Only in the last two decades there seems to be some alternative proposals, among them behavioral finance studies. That approach had shown important contributions to finance studies, even though is being hardly challenged by the dominant paradigm.

Keywords: Finance research. Epistemology. Paradigm. Modern finance. Behavioral finance.

Texto completo disponivel apenas em PDF.

Full text avaliable only in PDF.

Recebido em 19/10/2007

Aprovado em 13/03/2009

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ALDRIGHI, D. M.; MILANEZ, D. Y. Finança comportamental e a hipótese dos mercados eficientes. Revista Economia Contemporânea, Rio de Janeiro, v. 9, n. 1, p. 4172, jan./abr. 2005.
ALLEN, F.; MICHAELY, R. Dividend policy. In: Jarrow, R. A.; Maksimovic, V. e Ziemba, W. T. (Eds), Finance. New York: Elsevier, 1995.
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ARDALAN, K. Markets: a paradigmatic look. International Journal of SocialEconomics, v. 34, n. 12, p. 943960, 2007.
ARDALAN, K. On the role of paradigms in finance. New York: Ashgate, Aug 2008.
AUSTIN, J. L. Quando dizer é fazer: palavras e ação. Porto Alegre: Artes Médicas, 1990.
BAKER, W. E. The social structure of a national securities market. American Journal of Sociology, v. 89, n. 4, p. 775-811, 1984.
BALL, R. The theory of stock market efficiency: accomplishments and limitations. Journal of Applied Corporate Finance, v. 8, n.1, p. 418, Apr 2005.
BARBERIS, N.; THALER, R. H. A survey of behavioral finance. In: Constantinides, G. M.; Harris, M. e Stulz, R. (Edits.), Handbook of the Economics of Finance.Amsterdam: Elsevier Science Press, 2003. Cap 18, p. 10511121.
BARNES, B. Social life as bootstrapped induction. Sociology, v. 17, n. 4, p. 524545, 1983.
BERNSTEIN, P. L. Capital ideas: the improbable origins of modern Wall Street. New York: Free Press, 1992.
BLACK, F. The dividend puzzle. Journal of Portfolio Management, v. 2, p. 58, Winter 1976.
BLACK, F.; SCHOLES, M. The valuation of option contracts and a test of market efficiency. The Journal of Finance, v. 27, n. 2, p. 399417, 1972.
BROWN, A. L.; KAGEL, J. H. Behavior in a simplified stock market: the status quo bias, the disposition effect and the ostrich effect. Annals of Finance, v. 5, n. 1, p.1-14, 2009.
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FAMA, E. F. The effect of a firm's investment and financing decisions on the welfare of its security holders. American Economic Review, v. 68, n. 3, p. 272284, 1978.
FAMA, E. Efficient capital markets: II. The Journal of Finance, v. 46, n. 5, p. 1575-1617, 1991.
FRANKFURTER, G. M. The theory of fair markets (TFM) toward a new finance paradigm. International Review of Financial Analysis, v. 15, n. 2, p. 130144, 2006.
FRANKFURTER, G. M.; McGOUN, E. G. Resistance is futile: the assimilation ofbehavioral finance. Journal of Economic Behavior & Organization, v. 48, n. 4, p. 375-389, 2002.
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GAVA, A. M.; VIEIRA, K. M. Tomada de decisão em ambiente de risco: uma avaliação sob a ótica comportamental. REAd, v. 12, n. 1, jan./fev. 2006.
GORDON, M. J. Dividends, earnings and stock prices. Review of Economics and Statistics, v. 41, n. 2, p. 99105, May 1959.
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JENSEN, M. C. Some anomalous evidence regarding market efficiency. Journal of Financial Economics, v. 6, n. 23, p. 95101, Jun 1978.
JENSEN, M. C.; MECKLING, W. H. The nature of man. Journal of Applied Corporate Finance, v. 7, n. 2, p. 4-19. 1994.
KAHNEMAN, D.; TVERSKY, A. Prospect theory: an analysis of decisions under risk. Econometrica, v. 47, n. 2, p. 263-291, 1979.
KEASEY, K.; HUDSON, R. Finance theory: a house without windows. CriticalPerspectives on Accounting, v. 18, n. 8, p. 932951, 2007.
KENDALL, M. G. The analysis of economic timeseries, Part I. Prices. Journal of Royal Statistical Society, v. 96, p. 1125, 1953.
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KUHN, T. S. The structure of scientific revolutions. Chicago IL: University of Chicago Press, 1970.
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LO, A. W. Reconciling efficient markets with behavioral finance: the adaptive markets hypothesis. Journal of Investment Consulting, v. 7, n. 2, p. 2144, 2005.
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Datas de Publicação

Publicação nesta coleção
05 Set 2014
Data do Fascículo
Jun 2009

Histórico

Aceito
13 Mar 2009
Recebido
19 Out 2007

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

[1] AGGARWAL, R. A brief overview of capital budgeting under uncertainty. In: Aggarwal, R. (Ed.), Capital budgeting under uncertainty. Englewood Cliffs, NJ: PrenticeHall, 1993.

[2] AGUIAR, R. A.; SALES, R. M.; SOUSA, L. A. Um modelo fuzzy comportamental para análise de sobrereação e subreação no mercado de ações brasileiro. RAE Revista de Administração de Empresas, São Paulo, v. 48, n. 3, p. 822, jul./set. 2008.

[3] ALDRIGHI, D. M.; MILANEZ, D. Y. Finança comportamental e a hipótese dos mercados eficientes. Revista Economia Contemporânea, Rio de Janeiro, v. 9, n. 1, p. 4172, jan./abr. 2005.

[4] ALLEN, F.; MICHAELY, R. Dividend policy. In: Jarrow, R. A.; Maksimovic, V. e Ziemba, W. T. (Eds), Finance. New York: Elsevier, 1995.

[5] ARDALAN, K. On the theory and practice of finance. International Journal of SocialEconomics, v. 31, n. 7, p. 684705, 2004.

[6] ARDALAN, K. Markets: a paradigmatic look. International Journal of SocialEconomics, v. 34, n. 12, p. 943960, 2007.

[7] ARDALAN, K. On the role of paradigms in finance. New York: Ashgate, Aug 2008.

[8] AUSTIN, J. L. Quando dizer é fazer: palavras e ação. Porto Alegre: Artes Médicas, 1990.

[9] BAKER, W. E. The social structure of a national securities market. American Journal of Sociology, v. 89, n. 4, p. 775-811, 1984.

[10] BALL, R. The theory of stock market efficiency: accomplishments and limitations. Journal of Applied Corporate Finance, v. 8, n.1, p. 418, Apr 2005.

[11] BARBERIS, N.; THALER, R. H. A survey of behavioral finance. In: Constantinides, G. M.; Harris, M. e Stulz, R. (Edits.), Handbook of the Economics of Finance.Amsterdam: Elsevier Science Press, 2003. Cap 18, p. 10511121.

[12] BARNES, B. Social life as bootstrapped induction. Sociology, v. 17, n. 4, p. 524545, 1983.

[13] BERNSTEIN, P. L. Capital ideas: the improbable origins of modern Wall Street. New York: Free Press, 1992.

[14] BLACK, F. The dividend puzzle. Journal of Portfolio Management, v. 2, p. 58, Winter 1976.

[15] BLACK, F.; SCHOLES, M. The valuation of option contracts and a test of market efficiency. The Journal of Finance, v. 27, n. 2, p. 399417, 1972.

[16] BROWN, A. L.; KAGEL, J. H. Behavior in a simplified stock market: the status quo bias, the disposition effect and the ostrich effect. Annals of Finance, v. 5, n. 1, p.1-14, 2009.

[17] BURRELL,G.;MORGAN, G. Sociologicalparadigmsandorganizationalanalysis. London: Heinemann, 1979.

[18] BYRNE, A.; BROOKS, M. Behavioral finance: theories and evidence. Research Foundation Literature Reviews, CFA Institute, v. 3, n. 1, p. 126, may 2008.

[19] CORCUFF, P. Algumas oposições clássicas nas ciências sociais. In : Corcuff, P. As novas sociologias: construções da realidade social. 2ª ed. Sintra: VRAL, 2001. p. 1126.

[20] COSTA JR., N. C. A. Overreaction in the Brazilian stock market. Journal of Banking and Finance, v. 18, n. 4, p. 633642, Sep. 1994.

[21] COX, J.; ROSS, S. A survey of some new results in financial option pricing theory. Journal of Finance, v. 31, n. 2, p. 383402, 1976.

[22] DOMINGUES, I. Epistemologia das ciências humanas. v. 1, Positivismo e Hermenêutica. São Paulo: Loyola, 2004.

[23] DONALDSON, G. Corporate debt capacity. Boston MA: Harvard University, 1961.

[24] DURAND, D. State of the finance field: further comment. The Journal of Finance, v. 23, n. 5, p. 848-852, 1968.

[25] FAMA, E. The behavior of stockmarket prices. Journal of Business, v. 38, n. 1, p. 34105, 1965.

[26] FAMA, E. Efficient capital markets: a review of theory and empirical work. The Journal of Finance, v. 25, n. 2, p. 383417, 1970.

[27] FAMA, E. F. Foundations of finance. New York: Basic Books, 1976.

[28] FAMA, E. F. The effect of a firm's investment and financing decisions on the welfare of its security holders. American Economic Review, v. 68, n. 3, p. 272284, 1978.

[29] FAMA, E. Efficient capital markets: II. The Journal of Finance, v. 46, n. 5, p. 1575-1617, 1991.

[30] FRANKFURTER, G. M. The theory of fair markets (TFM) toward a new finance paradigm. International Review of Financial Analysis, v. 15, n. 2, p. 130144, 2006.

[31] FRANKFURTER, G. M.; McGOUN, E. G. Resistance is futile: the assimilation ofbehavioral finance. Journal of Economic Behavior & Organization, v. 48, n. 4, p. 375-389, 2002.

[32] GARVEY, G. T.; SWAN, P. The economics of corporate governance: beyond the Marshallian firm. Journal of Corporate Finance, v. 1, n. 2, p. 139174, Spring/ Summer 1994.

[33] GAVA, A. M.; VIEIRA, K. M. Tomada de decisão em ambiente de risco: uma avaliação sob a ótica comportamental. REAd, v. 12, n. 1, jan./fev. 2006.

[34] GORDON, M. J. Dividends, earnings and stock prices. Review of Economics and Statistics, v. 41, n. 2, p. 99105, May 1959.

[35] HACKING, I. The looping effects of Human Kinds. In: Sperber, D.; Premack, D. e Premack, A. J. (eds) Causal cognition: a multidisciplinary approach. Oxford: Clarendon, 1995.

[36] HALFELD, M.; TORRES, F. F. L. Finanças comportamentais: aplicações no contexto brasileiro. RAE Revista de Administração de Empresas, São Paulo, v. 41, n. 2, p. 6471, abr./jun., 2001.

[37] JENSEN, M. C. Capital markets: theory and evidence. Bell Journal of Economics and Management Science, v. 3, n. 2, p. 357398, Autumn 1972.

[38] JENSEN, M. C. Some anomalous evidence regarding market efficiency. Journal of Financial Economics, v. 6, n. 23, p. 95101, Jun 1978.

[39] JENSEN, M. C.; MECKLING, W. H. The nature of man. Journal of Applied Corporate Finance, v. 7, n. 2, p. 4-19. 1994.

[40] KAHNEMAN, D.; TVERSKY, A. Prospect theory: an analysis of decisions under risk. Econometrica, v. 47, n. 2, p. 263-291, 1979.

[41] KEASEY, K.; HUDSON, R. Finance theory: a house without windows. CriticalPerspectives on Accounting, v. 18, n. 8, p. 932951, 2007.

[42] KENDALL, M. G. The analysis of economic timeseries, Part I. Prices. Journal of Royal Statistical Society, v. 96, p. 1125, 1953.

[43] KIMURA, H.; BASSO, L. F. C.; KRAUTER, E. Paradoxos em finanças: teoria moderna versus finanças comportamentais. RAE Revista de Administração de Empresas,São Paulo, v. 46, n. 1, p. 4158, jan./mar. 2006.

[44] KUHN, T. S. The structure of scientific revolutions. Chicago IL: University of Chicago Press, 1970.

[45] LIMA, M. V. Um estudo sobre finanças comportamentais, RAEeletrônica, v. 2, n. 1, 19p. janjun, 2003. Disponível em: < http://www.rae.br/artigos/1873.pdf >

[46] LINTNER, J. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, v. 46, n. 2, p. 97113, 1956.

[47] LO, A. W. The adaptive markets hypothesis: market efficiency from an evolutionary perspective. Journal of Portfolio Management, v. 30, p. 1529, 2004.

[48] LO, A. W. Reconciling efficient markets with behavioral finance: the adaptive markets hypothesis. Journal of Investment Consulting, v. 7, n. 2, p. 2144, 2005.

[49] MAcKENZIE, D. An equation and its worlds: bricolage, exemplars, disunity and performativity in financial economics. Social Studies of Science, v. 33, n. 6, p. 831-868, Dec 2003.

[50] MAcKENZIE, D. Physics and finance: Sterms and modern finance as a topic for science studies. Science, Technology & Human Values, v. 26, n. 2, p. 115144, Spring 2001.

[51] MARKOWITZ, H. Portfolio selection. New Haven, CT: Yale University Press, 1959.

[52] MARKOWITZ, H. Portfolio selection. The Journal of Finance, v. 7, n. 1, p. 7791, 1952.

[53] McGOUN, E. G. On knowledge of finance. International Review of FinancialAnalysis, v. 1, n. 3, p. 161177, 1992.

[54] McLEAN, P. A.; JONES, D.G. B. Edward Sherwood Mead (18741956): a pioneer infinance education. European Business Review, v. 19, n. 2, p. 118128, 2007.

[55] MERTON, R. C. Continuoustime finance. Cambridge, MA: Blackwell, 1992.

[56] MERTON, R. C. Theory of rational option pricing. Bell Journal of Economics and Management Science, v. 4, n. 1, p. 14183, 1973.

[57] MERTON, R. K. The selffulfilling prophecy. In: Social theory and social structure.New York: Free Press, 1949, p.179195.

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Evolução da pesquisa em finanças: epistemologia, paradigma e críticas

Evolution in finance research: epistemology, paradigm and critiques

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