Wartość wewnętrzna jako determinanta procesu decyzyjnego w ujęciu behawioralnym
The Intrinsic Value as a determinant of the decision process in behavioural approach

Summary/Abstract: Purpose – this article concerns an important problem – the compatibility of investors’ expectations about the real value of share and its intrinsic value taken from some valuation models. Looking for the perfect model is not a goal of behavioural finance approach, often this goal is looking for some distortions that causes these values are not compatibility. Thus it can be argued that this value does not exist or is temporary and illusive. This article is a trial of verifying of intrinsic value’s existing in the real world. Design/methodology/approach – this papers uses the available literature in the field of behavioral finance, which refers to the analyzed problem. Also commonly known classic models of valuation of shares are used in this research. Findings – the result of the study is to indicate on existing of McGoun’s paradox on the Polish capital market. Originality/value – the added value of the work is the first attempt of identification of existing of McGoun’s effect in Poland

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