“…These behaviors of investors may be grouped through profile classifications, and many studies have identified a predominance of profiles who tend to avoid risky operations, that is, conservative or moderate profiles (ALMEIDA; CUNHA, 2017; ALVES, 2012; HAUBERT; DE LIMA; HERLING, 2012; JUNIOR; SOUZA; SANTOS, 2015; MAUSS; DELATORRE, 2012; RAMBO, 2014; ROLDAN; ROCHA, 2004). This type of behavior has been related to the lack of knowledge by the Brazilian investor (ALMEIDA;CUNHA, 2017;ALVES, 2012;GASPAR;OSÉS, 2007;RAMBO, 2014) and to the cognitive biases (BOGEA;BARROS, 2008;COTRIM, 2014;SANTOs, 2017) that may influence the decision-making process.…”