Questionnaire On Behavioral Finance
Questionnaire On Behavioral Finance
Questionnaire On Behavioral Finance
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<title>Impact of Behavioral Biases on Investment Decision; Moderating Role of
Financial Literacy by Amir Hayat, Muhammad Anwar :: SSRN</title>
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<span>14 Pages</span>
</p>
<a class='lead-author-profile-link'
href=https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2598628
target='_blank' title='View other papers by this author'><span>See all articles by
Amir Hayat</span><i class='icon icon-gizmo-navigate-right' aria-
hidden='true'></i></a><h2><A
HREF=https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2598628
target='_blank' title='View other papers by this author'>Amir
Hayat</a></h2><p>International Islamic University, Islamabad</p><h2><A
HREF=https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2584778
target='_blank' title='View other papers by this author'>Muhammad
Anwar</a></h2><p>International Islamic University Pakistan</p>
</div>
<p>Date Written: September 23, 2016</p>
<div class="abstract-text">
<h3>Abstract</h3>
<p>This study focus to check the influence of behavioral biases in
investment decision making with moderating role of financial literacy in Pakistan.
Theories in traditional finance consider that the individual investor is rational
because he makes all decision on the bases of all available information to maximize
his wealth. On the other hand behavioral finance is totally opposed this theory and
consider that the individual have some psychological impact toward his investment.
<P>
A simple survey questionnaire is used to collect data from 158 investors trading in
Pakistan Stock Market. The results show that disposition effect, overconfidence
and herding have significant positive impact on investment decision. Financial
literacy has negative moderating role in herding bias and positive moderating role
of overconfidence bias in investment decision. Results conclude that active
investors show more overconfidence bias while passive investors show more herding
bias. This study will help financial advisors to better advice their clients. The
one more way to overcome these biases may be the training of investor and
education. Research culture must be promoted and investor must have ability of
technical analysis. <P></p>
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<span>Sector H-10<br>Islamabad<br>Pakistan<br></span>
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<h3><a
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<span>Room 107 Block 1<br>International Islamic
University H-10<br>Islamabad<br>Pakistan<br></span>
</p>
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