The modern theory of finance presupposes efficiency of the markets, rationality of its agents and search for the maximization of utility. Behavioral finances challenge these assumptions, claiming that human beings are risk averse in tems of gain situations; however, individuals assume risk when dealing with losses, which is a loss aversion. The objective of this study is to verify whether there are differences regarding the degree of risk aversion and loss as a function of study time and gender. The prospects of Kahneman and Tversky were replicated to 396 students and 31 professors of the administration course of a university center of the state of Santa Catarina, Brazil. The data were analyzed in two steps: in the first, an analysis of the frequencies of the answers was made; In the second, the results were analyzed by groupings between teachers and students and by the gender of the respondents. The chi-square test was used to verify differences in responses. The results indicate that study time does not influence risk and loss aversion. In the comparative by gender, it was verified that this can affect the aversion to the risk, but not the losses. Women have shown greater risk aversion, but both are equally averse to loss.