Investor Behaviour

Financial professionals and their clients exhibit a wide collection of behavioral biases that many times result in imperfect judgments and outcomes. Understanding these cognitive and affective factors are important for financial planners and advisors to ensure their clients are receiving the best financial advice and investment information. The authors describe some common psychological biases and offer solutions for overcoming these biases. The paper draws on some themes from the authors’ book Financial Behavior – Players, Services, Products, and Markets published by Oxford University Press in 2017.

Baker, H. Kent and Filbeck, Greg and Ricciardi, Victor, The Psychology of Financial Professionals and Their Clients (September 24, 2019). Investments & Wealth Monitor, September-October 2019, pp. 15-20. Available at SSRN: https://ssrn.com/abstract=3458946

International capital markets, in general, seem to be volatile markets, influenced bymany factors, a phenomenon that affects both developed markets, as well as least developed, withemerging market economies suffering most because of this. It is clear, however, that volatility willremain for as long as it is delayed the adoption of specific measures at national and internationalfinancial architecture level, measures that may be necessary to reduce these risks, to limit theirimpact, and that the question financial market can relapse in a manner as efficiently as possible.

Rising household debt has become a disturbing phenomenon in a number of Asian countries. This paper presents literature on the different causes of the situation in selected ASEAN countries, which range from regulatory and institutional, socio-demographic, economic factors to financial literacy, and the possible macroeconomic and social effects of household debt. The paper concludes that one of the major causes is the departure from Islamic financial principles concerning attitude to and the management of debt. Therefore, solutions can be gleaned from looking towards Islamic ideals.

“Investor Behavior: An Overview” is the introduction chapter for the book Investor Behavior: The Psychology of Financial Planning and Investing edited by H. Kent Baker and Victor Ricciardi that presents a historical perspective of investor psychology and theory. The field of investor behavior attempts to understand and explain investor decisions by combining the topics of psychology and investing on a micro level (i.e., the decision process of individuals and groups) and a macro perspective (i.e., the role of financial markets). The decision-making process of investors incorporates both a quantitative (objective) and qualitative (subjective) aspect that is based on the specific features of the investment product or financial service. Investor Behavior examines the cognitive factors (mental processes) and affective (emotional) issues that individuals, financial experts, and traders reveal during the financial planning and investment management process. In practice, individuals make judgments and decisions that are based on past events, personal beliefs, and preferences. The chapter also provides an overview of the emerging research topics covered in Investor Behavior and the abstract descriptions for the remaining 29 chapters of the book. Baker, H. Kent and Ricciardi, Victor, Chapter 1: Investor Behavior: An Overview (January 25, 2014). Investor Behavior: The Psychology of Financial Planning and Investing. H. Kent Baker and Victor Ricciardi, editors, 3-24. Hoboken, NJ: John Wiley & Sons, Inc., 2014.

In developing country like India, individual investments play a major role in the economy for growth and development of the country. Traditionally India appreciates a very high saving rate. It was roughly 34 % in financial year of 2011 of which household savings in financial assets were around 11.8 %. As per the survey conducted in 2008 by NCAER (National Council of Applied Economic Research) it was found that although Indians have a positive attitude towards increased savings, around 65% of savings are invested in banks or post office deposits and cash at home, 23% are invested in real estate and gold and only 12% is invested in financial Instruments. This depicts that the individual investments in India is majorly with traditional investment avenues. Unfortunately, in India it is a fact that most of the investors are not much interested in other avenues offered by financial markets. There is a limited participation towards these offerings. This may be because of lack of awareness, existence of biases and negative perception on other modern instrument or avenues. Therefore, there is a need to conduct a detailed study on investment awareness, motive to save/invest, behavior and perception of investors. A review of extant literature also revealed that there are some prevailing gaps which require a detailed study on this area. Hence there is an attempt made to study on the investment strategy and behavior.

The psychology literature has well discussed the impact of lunar cycle on human behavior. Studies on this area find evidence of abnormal behavior around full moon. From the financial perspective, lunar phases are important because it shows investor irrationality as well as predictability in markets, which would be a refutation of efficient market hypothesis. Previous literature examines the association between lunar cycle and stock markets, and the null hypothesis of no effect of moon on returns and volatility is mostly rejected (Dichev & Janes, 2003; Keef & Khaled, 2011; Yuan, Zheng, & Zhu, 2006). However, to the extent of our knowledge, the linkage between lunar phases and short selling decisions is left uninvestigated. This is a motivating research area since short selling is considered as proxy for pessimism of investors in the behavioral finance. As a result, this paper aims to show the possible relation between new and full moon and short selling decisions in Turkey as a developing country. By doing so, the objective is to provide new evidence for the impact of investor mood on financial decisions as well as for the predictability in financial markets. The findings show no statistical significance for the cumulative abnormal trading volume around different lunar cycles, which would constitute a support for market efficiency in Istanbul Stock Exchange.

Finance is the system that includes the granting of money and credit, making of investments and provision of banking facilities. Behavioral finance is a new academic discipline which seeks to apply the insights of the psychologists to understand the behavior of both investors and financial markets. This study analyse the Investors behavior through 600 respondents using Factor analysis test. The results of the study show that the 16 variables selected for the study had been reduced to 5 factor models using the principle component analysis such as Market Dynamics, Logical Analysis , Herding Bias, Regret Aversion and Heuristic Bias. Thus, Behavioral finance is becoming a primary part of the decision making process, since it influences investors' behavior greatly.

According to economic theorists, investors think and behave “rationally” when buying and selling stocks. Generally investors are presumed to use all available information to form “rational expectations” in investment decision making. In reality, individual investors do not think and behave rationally. To the contrary, driven by greed and fear, investors speculate stocks between unrealistic highs and lows. They are misled by extremes of emotion, subjective thinking and the herd mentality. Indian stock market is considered to be highly volatile, sensitive and reactive to unanticipated shocks and news. At the same time, Indian stock market is resilient and it recovers soon after shocks. The role and importance of individual investors and their trading behaviour is not properly discounted. It is believed that trading behaviour of individual investors rarely influences the stock prices. The paper intends to analyse the determinants of the individual investor behaviour of Indian stock market and factors affecting their investment decisions. An empirical study is conducted to analyse the investment behaviour and decision making style of individual investors. Analytical Hierarchy Process (AHP) is used to find the relative importance of different behavioural traits of the investors.

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This book introduces the marketing & disclosure techniques which enable listed corporations to engage effectively with financial markets. These techniques are part of the discipline of Investor Relations (IR) which is the corporate function responsible for advising the senior officers of a listed company on the relationship between the company and the market for corporate stock. As a corporate function IR is very young in the UK but since the 1980s it has rapidly penetrated the highest levels of corporate management as its value becomes clearer. The marketing of corporate stock is a key part of the value of effective IR, although the highly regulated nature of the world’s leading stock markets means that a specialised form of marketing is required. Digital channels present great but under-utilised potential to contribute to ever more effective investor relations. Online platforms offer fast, comprehensive, economical, flexible and regulation-compliant methods of disclosing corporate information to investors, analysts and other relevant parties in the investment evaluation and decision making process. After establishing a marketing paradigm for information disclosure, the book examines the reasons for the very limited use of online technologies in corporate communications with investors. The book then documents the very sparse academic literature relating to online investor relations and describes ways in which digital mechanisms can facilitate publicly listed organisations building transparent, mutually-beneficial and lasting relationships with investors and financial analysts (“the City”) using both established and emerging online platforms and tools, within the constraints of the UK and US regulatory contexts, and financial markets’ traditions.  The problems with using “social media” in particular for disclosure are discussed and a number of risks connected with use of the new media are explored. The book concludes by summarising the key challenges facing investor marketing in the next decade.

Gambling and financial investment have a long shared history, with many convergences and many
moments where each has defined the other as its opposite. In the contemporary Pacific, not least among
evangelical Christians, gambling is often understood as wasteful entertainment and even as an irresponsible
vice. Investment on the other hand is seen as a productive activity for both individuals and
society at large. These moral concerns draw on discourses of proprietorship of the self, of money and of
risk. This paper explores moral attitudes to gambling/investment among middle-class investors in a mass
Ponzi scheme in Papua New Guinea (PNG) and charts new valorizations of risk and investment as
components of the construction of modern ‘financial selves’.
Keywords: gambling, investment, fraud, Christianity, Papua New Guinea.

This research aims to study the behavioural factors which drive Indians' consumption and demand for gold by analysing how an individual's behaviour and decision is a result of his interaction with his immediate culture and social environment and how these factors affect their thinking consciously and subconsciously , thereby leading them to invest in a certain option and in a certain manner. This paper explains the psychological aspects working behind their decision-making process when it comes to investing.

Rising household debt has become a disturbing phenomenon in a number of Asian countries. This paper presents literature on the different causes of the situation in selected ASEAN countries, which range from regulatory and institutional, socio-demographic, economic factors to financial literacy, and the possible macroeconomic and social effects of household debt. The paper concludes that one of the major causes is the departure from Islamic financial principles concerning attitude to and the management of debt. Therefore, solutions can be gleaned from looking towards Islamic ideals.

Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them. This article draws upon some themes and strategies in the authors’ book Investor Behavior—The Psychology of Financial Planning and Investing. 2014. Hoboken, NJ: John Wiley & Sons. Baker, H. Kent and Ricciardi, Victor, How Biases Affect Investor Behaviour (2014). The European Financial Review, February-March 2014, pp. 7-10.

Digital convergence and Web 2.0 have led to the emergence of new forms of involvement and participation of consumers in the game industry. Prosumers are now participating in productive and decision-making structures at the highest level using collective financing model or crowdfunding. In this system, the traditional business relations based on hierarchy have undergone a major change repositioning the creative focus on the player. The top-down culture of game business becomes bottom-up participatory culture intervening mainly in game genres, topics, and mechanics. This research frames crowdfunding in the participatory culture and the conversion from consumer to prosumer-investor to later analyze the 10 most funded games on Kickstarter. A qualitative analysis focused on the ideology of crowdfunding discourses concludes that positive arguments for video games collective financing model develop an emancipatory-utopian framework, which is critical with publishers, libertarian with users, and melancholic-postmodern with the content developed in the past.

Rising household debt has become a disturbing phenomenon in a number of Asian countries. This paper presents literature on the different causes of the situation in selected ASEAN countries, which range from regulatory and institutional, socio-demographic, economic factors to financial literacy, and the possible macroeconomic and social effects of household debt. The paper concludes that one of the major causes is the departure from Islamic financial principles concerning attitude to and the management of debt. Therefore, solutions can be gleaned from looking towards Islamic ideals.

We develop a tractable model of realization utility that studies the role of reference-dependent S-shaped preferences in a dynamic investment setting with reinvestment. Our model generates both voluntarily realized gains and losses. It makes specific predictions about the volume of gains and losses, the holding periods, and the sizes of both realized and paper gains and losses that can be calibrated to a variety of statistics, including Odean's measure of the disposition effect. Our model also predicts several anomalies, including, among others, the flattening of the capital market line and a negative price for idiosyncratic risk.

We propose a multi-agent system in which agents form coalitions to realize common investment projects. Each project is conducted by an initiatior who has to convince other agents to invest until a threshold value is reached. The decision of an agent to invest depends on the previous experience with the particular initiator, i.e., on the failure or success of the projects conducted by him. We investigate the formation of coalitions, i.e., networks of partners that repeatedly invest together and the lifetime of these coalitions. Further, we discuss how the dynamics depends on crucial parameters such as the memory or the risk disposition of the agents.

Kuşaklar arasındaki farklılıklar ekonomik ve sosyal açıdan bireylerin davranışlarında değişikliklere sebep olabilmektedir. Kuşakların zaman içerisinde farklılaşan özellikleri finansal bir yatırımdan beklentilerini, bu finansal yatırım için katlanabildikleri risk seviyesini değiştirebilmektedir. Çalışmanın amacı Türk sermaye piyasasında Kuşaklar Arasında Yatırımcı ve portföy Farklıklarını belirlemektir. Çalışmada yedi adet hipotez ki kare testi, kruskal wallis testi, çift yönlü ANOVA yöntemine göre test edilmiştir. Yapılan analizin sonuçlarına göre; kuşaklar arasında yatırımcı sayıları ve portföy değerleri farklılaşmaktadır. Buna karşın kuşaklar arasındaki menkul kıymet dağılımı istatistiksel olarak anlamsızdır. Kuşak ve kıymet türü değişkenleri yatırımcıların portföy değerleri ve sayılarını açıklamada önemli faktörler olduğu sonucuna varılmıştır.