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1
Mohan, Varun, Mahadev Ota, and Pervaiz Iqbal. "A comparative study to find the optimal ordering quantity of the risk-neutral and risk-averse newsvendor." Yugoslav Journal of Operations Research, no. 00 (2023): 15. http://dx.doi.org/10.2298/yjor210815015m.
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In the classical newsvendor problem, it is considered that the newsvendor is risk-neutral and the Optimal Ordering Quantity (OOQ) was found which maximizes the newsvendor expected profit. In the real world, different investors have different attitudes towards risk. Accordingly, this paper considers the utility function which is commonly being used to model the attitude of the investor who makes the investment decision to maximize his expected utility instead of expected profit. This study considers the quadratic utility function and demonstrates that it can be used to describe the riskaverse as well as a risk-neutral investor with some conditions. Finally, by considering the risk profile of the investor at different levels of investor initial wealth, we have developed a method to determine the OOQ which maximizes the expected utility. From the numerical examples, it is clear that the OOQ and hence the expected utility varies depending on an investor?s attitude toward the risk and investment decision. At different levels of initial wealth, the attitudes toward the risk of the investors are different and the sensitivity analysis demonstrates how an investor can choose the initial wealth and OOQ to maximize his expected utility.
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Swasti, Istu Putri. "ANALYSIS OF INVESTOR BEHAVIOR IN THE ISLAMIC CAPITAL MARKET WITH AN APPROACH TRA (THEORY OF REASONED ACTION)." Manajemen Bisnis 10, no. 1 (September 18, 2020): 58. http://dx.doi.org/10.22219/jmb.v10i1.10741.
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The development of the capital market in Indonesia is very significant, with the implementation of the Yuk Savings Stock campaign to increase the number of domestic investors in Indonesia. The Indonesian Central Securities Depository (KSEI) noted that as of August 9, 2019, the number of capital market investors reached 2,070,394 people, an increase of 27.8 percent from the position in December 2018. This study aimed to find out and analyze Investment Knowledge on Attitudes, Investment Motivation on Attitudes, Perceptions of Risks towards Attitudes, Attitudes Influence Interests, Subjective Norms Affect Investment Interests, and Investment Interests Affect Investors Behavior in Sharia Capital MarketsThe population in this study are Islamic Capital Market investors in the DIY & Central Java region. Samples taken in this study are some Shariah Investors in DIY & Central Java, which total 213 respondents. Sampling using non-probability techniques with convenience sampling method and research models will be analyzed using Structural Equation Model (SEM), using the help of AMOS software.The results of this study indicate that investment knowledge has a significant negative effect on attitude, investment motivation has a significant positive effect on attitude, perception of risk has a significant negative effect on attitude, attitude has a significant positive effect on interest, subjective norms has a significant positive effect on interest and interest has a significant positive effect on investor behavior.Keywords: Investment Knowledge, Investment Motivation, Risk Perception, Attitude, Subjective Norms, Investment Interest, Investor Behavior
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Chen, Cherie H., and Handley-Schachler Morrison. "Investigation of Variation between Risk Attitude and Investment Biases." International Review of Financial Consumers 1, No. 1 Oct 2016 (October 1, 2016): 57–80. http://dx.doi.org/10.36544/irfc.2016.1.5.
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There is a palpable link between financial investment decision making and investors’ behaviour. Research into investors’ behaviour may prove useful in increasing our understanding of the extremely complex financial marketplace. In many cases, investors are unaware of their predisposition for error. And more often, an irrational investor is a dissatisfied investor, because biases usually undermine financial goals. By adopting an experimental approach, the researchers try to correlate established investor biases with the psychographic profiles of investors, to see whether specific risk personality profiles correlate with susceptibility to four biases: herding, endowment, loss aversion and framing. Many studies have focused on exploring the demographics of investment behavioural flaws, but very little attention has been paid to the risk attitude of investors and their actual investment behaviour. The findings of this study bridge two aspects of literature, being attitude to financial risk and behavioural investment biases.
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Syarkani, Yofi, and Triyono Adi Tristanto. "Examining the predictors of crypto investor decision." International Journal of Research in Business and Social Science (2147- 4478) 11, no. 6 (September 12, 2022): 324–33. http://dx.doi.org/10.20525/ijrbs.v11i6.1940.
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The rise in the cryptocurrency market has led many individuals to start their investment. However, individuals are affected by several factors in their decision-making process to invest. The objective of this study is to examine the factors that can predict the decision to invest in the cryptocurrency market, by utilizing the variables of overconfidence, financial literacy, and attitude. This study also explores the role of attitude in mediating the influence of overconfidence and financial literacy on investor decisions. The population of this study is individual student investors in three top universities in Indonesia. This study uses a non-probability sampling technique, with purposive sampling that includes several criteria to determine the number of samples. The data is collected by distributing questionnaires to the students using Google Forms. The total number of respondents in this study, who returned the questionnaire that has been filled is 297 students. The data obtained from respondents is analyzed using Structural Equation Modeling with Partial Least Square (SEM-PLS). Finally, the results of this study have proved that: (1) Overconfidence has a positive influence on attitude; (2) Financial literacy has a positive influence on attitude; (3) Overconfidence has a positive influence on investor decision; (4) Financial literacy has a positive influence on investor decision; (5) Attitude has a positive influence on investor decision; (6) Attitude mediates the influence of overconfidence on investor decision; and (7) Attitude mediates the influence of overconfidence on investor decision. The implications for scholars and crypto investors are also provided in this study.
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A, Antony Prabha, Renjith Kumar P, and Sneha R. "INVESTORS ATTITUDE TOWARDS ONLINE AND OFFLINE TRADING OF MUTUAL FUNDS." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 07, no. 10 (October 1, 2023): 1–11. http://dx.doi.org/10.55041/ijsrem26082.
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Mutual fund as an investment avenue provides a platform to the investor who do not want to take high risk on their hard earned investment. In India, mutual fund industry is growing rapidly and this industry has emerged as an important segment of financial market of India, especially in channelizing and mobilizing the savings of millions of individuals into the investment in equity and debt instruments. Mutual fund investment is less risky than investing directly in stocks and is therefore a safer option for risk averse investor. A competent fund manager should analyze investor behavior, perception, and attitude and understand their needs and expectations to gear up the performance to meet investor expectations and requirements. Investment in mutual fund is affected by the attitude of investors and hence the objective of the study is to identify the investor's attitude on mutual fund as an investment avenue and the major findings reveal the factors that influence buying behavior of mutual fund investors.
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Aprayuda, Riyadi, and Fauzan Misra. "Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia." E-Jurnal Akuntansi 30, no. 5 (May 25, 2020): 1084. http://dx.doi.org/10.24843/eja.2020.v30.i05.p02.
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This study aims to examine the influence of attitudes, the impact of the social environment, and investment knowledge on the desire to invest in the capital market by young investors. Specifically, this study refers to the predictors of Theory of Planned Behavior (Ajzen, 1991) to establish factors that influence investment desires. This study uses primary data from a closed questionnaire, with 166 valid responses through online surveys from investors in several university investment galleries in Indonesia. Data were analyzed using Structural Equation Modeling (SEM). The results showed that the attitude of investors and investment knowledge influence the desire to invest. However, the impact of the social environment did not succeed in triggering the investment desire of young investors. These finding underscores the influence of the social environment only being a support, meanwhile, the internal factors of the individual are the main ones making young investors want to invest. As a practical contribution, these finding suggest a positive attitude and increase investment-related knowledge can be applied as a strategy to attract new investors in the capital market.
Keywords: Investment Intention; Investor's Attitude; Social Environmental Impacts; Investment knowledge; Young Investor.
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Shafi, Haroon, Mubashir Hussain ., Syed Imran Sajjad ., and Kashif Ur Rehman . "Relationship between Risk Perception and Employee Investment Behavior." Journal of Economics and Behavioral Studies 3, no. 6 (December 15, 2011): 345–51. http://dx.doi.org/10.22610/jebs.v3i6.289.
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Investment behavior of an investor depends on his/her risk perception and risk attitude. This paper attempts to explore that how the perception of an investor who is also the employee of that organization differs from other investors. Does he/she perceives risk similarly as other common investors or his relationship with the organization as an employee has any impact his/her risk perception, attitude and investment behavior. This research study is conceptual in nature and mainly based on previous literature findings and evidences. Findings of this study suggested that employees risk perception is directly related with investment behavior and there is strong relationship between them. This can help the management to make special offers of shares to employees, this will further strength the bond of employees with the organization.
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Nabosu, Simon Sokorte, and Esther Nkatha M’ithiria. "Investor Sentiment and Stock Market Return of Non-Financial Firms Listed on the Nairobi Securities Exchange." Journal of Finance and Accounting 6, no. 3 (August 4, 2022): 65–81. http://dx.doi.org/10.53819/81018102t2081.
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Investor sentiment is associated with attitude, thought, feeling, mood, belief, judgment, or expectation of market performance. The sentiment feeling is associated with investors' cognitive comparisons in their investment as well as their experience in making an investment decision. This study examined the effect of investor sentiment on stock market return of non-financial firms listed on the Nairobi Securities Exchange. The study adopted positivism as data collection and hypothesis development and testing was achieved. The study used quantitative research design to correlate study variables using mathematical analysis methods. The correlation results indicated that investor sentiment portrayed a positive association to stock market return. Regression of coefficients of the static model results indicate that investor sentiment and stock market return of non-financial firms listed on the Nairobi securities exchange is positively and significantly related. The results implied that there exist a positive and significant relationship between investor sentiment on stock market return since their coefficient values were positive. The regression coefficients result of lagged stock market return and stock market return was positively and significantly related. The regression of coefficients results indicate that investor sentiment and stock market return is positively and significantly related. The study concluded that investor sentiment has a positive and significant effect on stock market return in non-financial firms. These results imply that when investors are more optimistic about the market generating excess returns, their extreme optimism leads to more speculative activities that tempt them to invest even more. The study also shows that sentiment is relatively correlated with stock returns significantly over time. The study recommends that by taking the investor sentiment into account as a significant determinant of stock market volatility in asset price models, investors can enhance their stock returns. The results can inform on policymakers’ efforts to stabilize stock market volatility and uncertainty in order to protect investors’ wealth and attract more investors. Keywords: Investor Sentiment, Stock Market Return & Non-Financial Firms
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Sadiq, Muhammad Nauman, and Muhammad Akhtar. "The Relationship of Investor’s Demographic Traits and Personality Type with Financial Risk Tolerance in Investment Decisions." Sukkur IBA Journal of Management and Business 6, no. 1 (September 19, 2019): 87. http://dx.doi.org/10.30537/sijmb.v6i1.449.
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With an assorted sample of customers from various banks of Pakistan, the authors tried to establish relationship of investor’s demographic traits and personality type with financial risk tolerance during the choice of investment. Results provide sustenance for the projected hypotheses such as investor’s age, income, financial knowledge, family size, occupation and academic qualification has association with financial risk tolerance capability.Investors doing service in an organization tolerate more risk as compare to the investor having their own business. However, Investors marital status and gender has no effect on financial risk tolerance. Investor either married or unmarried showed similar attitude toward financial risk tolerance. Empirical results also provide evidence that investors having type A personality are more financial risk taker as compare to type B personality.
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Tamara, Dewi, Anita Maharani, Pantry Heriyati, Anom Bayu Romadian Seto, and Kevin Nathanael. "Intention in Investing Digital Gold Through E-Commerce Platforms." E3S Web of Conferences 426 (2023): 02010. http://dx.doi.org/10.1051/e3sconf/202342602010.
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Gold can now be invested digitally through e-commerce platforms. However, Indonesian people generally invest in gold traditionally in physical form. This study aims to identify the intentions and behavior of investors in investing in gold on e-commerce platforms by proving the effect of Attitude, Subjective Norms, Perceived Behavioral Control, Perceived Usefulness, and Perceived Ease of Use variables on Intention to invest. The research uses quantitative methods with data collected through online surveys. The sample was selected using a purposive sampling method, with 261 respondents contained. The study’s results prove that Attitude, Perceived Behavioral Control, and Perceived Usefulness are significantly and positively related to the Intention to Invest. Perceived Usefulness is also demonstrated to have a significant and positive relationship with Attitude. On the other hand, Subjective Norms and Perceived Ease of Use are not significant to Intention to Invest. Perceived Ease of Use also does not demonstrate a substantial Attitude. This study reveals that variables of attitude, perceptions of behavioral control, and perceptions of use value are proven to increase investor intentions in investing in gold digitally. This research can also add to the knowledge in the study of gold investment, especially those carried out digitally through e-commerce platforms.
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Musembi, Mwaka Samuel, Dr Samuel O. Onyuma, and Dr James N. Kung’u. "Investor Characteristics and Their Effect on Investment Decisions among Public University Workers in Kenya." Journal of Economics and Public Finance 8, no. 2 (May 28, 2022): p179. http://dx.doi.org/10.22158/jepf.v8n2p179.
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Investment decision has become part of individuals’ lives in the in recent days. People invest in insurance policies, fixed deposits, shares, equities, real estate, mutual funds, and government securities among others. Universities are the peak of knowledge hence the community expects that workers in such institutions be in the frontline in making informed investment decisions. Although the university staff work in the same environment, it has not yet been established how their different investor characteristics affect their investment decisions. There is scanty information on the moderating effect of mobile borrowing on the relationship between investors’ risk attitude, demographic profile, and socio-economic status on investment decisions. This study investigated the effect of the investor characteristics on investment decision. The objectives of the study were to; assess the effect of investor risk attitude on investment decision among public university workers in Kenya, test the effect of the investor demographic profile on investment decisions among public university workers in Kenya, and determine the effect of socio-economic status on investment decision among public university workers in Kenya. Finally, the study examined the moderating effect of mobile borrowing on the effect of investor risk attitude and socio-economic status on investment decision among public university workers in Kenya. Capital Asset Pricing Model, Efficient Markets Hypothesis, Prospect Theory and Behavioural Finance Theory guided the study. The study adopted a descriptive survey research design with a target population of 2075 workers from the sampled Public Universities in Kenya. Stratified random sampling technique was employed from which a sample of 336 was used. Further, the study used primary data sources through a structured questionnaire. The questionnaires were administered using google forms. Data was analysed with the aid of SPSS version 26 software and Microsoft excel. Charts, tables, graphs, and figures were used to present the results. The results of the study indicated that risk attitude played the biggest role in investment decision-making since it explained 41.7 percent of investment decision. In addition, all the demographic factors influenced the choice of investment. The results also showed that investors in the age of 31-40 were willing to diversify their investments unlike the other age groups. Mobile borrowing was found to moderate the relationship between investment decision and its predictors. The study recommends that a similar study is conducted once the government operationalises the mobile lending control. Since workers between 31-40 years were found to have a much higher affinity for risk and investment, the government should consider targeting civil servants and other professionals in this age group by providing them with investment incentives.
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Dhoke, Yogesh B., Shweta Rokde, and Nikhil Bangde. "Investment Avenues and Investors Behaviour Towards Investment in Lic in Nagpur City." SAMRIDDHI : A Journal of Physical Sciences, Engineering and Technology 14, no. 01 SPL (June 30, 2022): 72–75. http://dx.doi.org/10.18090/samriddhi.v14spli01.14.
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Life is full roller coaster and twist and turns. Insurance policies are safeguard against uncertainties of life. Human life is a most important property and for keeping this properly financially safe with minimum risk, life insurance is the tool which provides financial protection to the person and his family at the time of uncertain risk or damage. Life insurance provides both safety and protection to individual and also encourages savings among people. LIC plays a crucial role in the wellbeing of human being by assisting insurance to millions of peoples. In this paper we tried to identify investor attitude towards different investment product of the LIC from Nagpur region. The primary object of the study is to analyze the variety of investment options of the investors and to study the customer’s attitude on investing in life insurance companies. The second objective of this research are analyzing the factors influencing the investor for investing in insurance.
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Nakatani, Souta, Kiyohiko G. Nishimura, Taiga Saito, and Akihiko Takahashi. "Interest Rate Model With Investor Attitude and Text Mining." IEEE Access 8 (2020): 86870–85. http://dx.doi.org/10.1109/access.2020.2992477.
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Muniraju, M., and K. R. Ramachandra. "MUTUAL FUNDS - HEADING TOWARDS." Ushus - Journal of Business Management 2, no. 1 (January 1, 2003): 84–89. http://dx.doi.org/10.12725/ujbm.2.9.
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Mutual funds in India have grown from being a small experiment into a much more competitive organisation, both in the private and public sectors. However, the attitude of the investors and the investment avenues made available by the mutual companies have to change. With a modified pattern of functioning, investor-confidence is bound to grow while the savings can be channelised into the desired avenues for sirengthening the economic front. However, mutual funds have a fascinating future in India.
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Bianchi, Marcello, and Luca Enriques. "Corporate governance in Italy after the 1998 reform: What role for institutional investors?" Corporate Ownership and Control 2, no. 4 (2005): 11–31. http://dx.doi.org/10.22495/cocv2i4p1.
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his paper tries to answer two questions: first, whether the changes in the law resulting from the 1998 reform are able to positively affect the attitude to activism of institutional investors in Italy; and second, whether, legal rules aside, it is reasonable to expect significant institutional investor activism in Italy. We provide both an empirical analysis of the factors affecting institutional investor activism in Italy and a legal analysis of the most relevant changes in the Italian mutual funds and corporate laws, following the 1998 reform. The empirical analysis shows that institutional shareholdings and investment strategies are compatible with the hypothesis that institutional investors can play a significant role in the corporate governance of Italian listed companies. However, a curb to their playing such an active role may derive from the predominance of mutual fund management companies belonging to banking groups (giving rise to conflicts of interest) and from the prevailing ownership structure of listed companies, which are still dominated by controlling shareholders holding stakes higher than, or close to, the majority of the capital (implying a weaker bargaining power of institutions vis-à-vis controllers). The analysis of the legal changes prompted by the 1998 financial markets and corporate law reform indicates that the legal environment is now definitely more favorable to institutional investor activism than before. However, the Italian legal environment proves still to be little favorable to institutional investor activism, when compared to that of the U.S. or the U.K.
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Kaur, Inderjit, and K. P. Kaushik. "Determinants of investment behaviour of investors towards mutual funds." Journal of Indian Business Research 8, no. 1 (March 21, 2016): 19–42. http://dx.doi.org/10.1108/jibr-04-2015-0051.
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Purpose Mutual funds in India have not been as favourable investment alternatives as in developed countries, as assets under management of mutual funds to gross domestic product in India have been 7-8 per cent compared to 37 per cent globally. Further, investor base of mutual funds has been narrow, as retail investors constitute 98 per cent of folios but contributed only 58 per cent of investments in September 2014. To broaden the investor base for mutual funds in India, it remains imperative to understand the determinants of investment behaviour of investors towards mutual funds. This study aims to achieve this objective. Design/methodology/approach Based on the theory of planned behaviour, the study examined the effect of awareness, attitude (perception for outcome) and socioeconomic conditions of an investor on his investment behaviour towards mutual funds with the logit model. The results are based on 450 valid responses from the primary survey in Delhi-NCR. Findings The research provided that investment behaviour could be explained with awareness, perception and socioeconomic characteristics of individual investors. Better awareness related to various aspects of mutual funds will have a positive effect on investment in mutual funds. Contrary to belief, risk perception for mutual funds had no effect on the investment decision. Further, socioeconomic characteristics such as age, gender, occupation, income and education of investors had an impact on the awareness about mutual funds. Research limitations/implications As the study has been confined to Delhi-NCR, it should be considered a pilot study and needs to be replicated in other states of India to have more robust results. Practical implications The study has implications for mutual funds and regulators. The study highlights a lack of awareness about mutual funds among particular sections of society as a reason for non-investment in mutual funds. The mutual funds and regulators need to focus on females, older age groups and middle-income groups in their efforts to improve their awareness about mutual funds. This would improve their investor base and flow of funds in mutual funds. Furthermore, the process of investment in mutual funds needs to simplified. Originality/value In an Indian context, this study has been the first attempt to understand the systematic relation between actual investment behaviour towards mutual funds and various determinants such as socioeconomic characteristics, awareness and attitude (perception) about mutual funds.
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Septyanto, Dihin, Nur Sayidah, and Aminullah Assagaf. "The Intention of Investors in Making Investment Decisions in Sharia Stocks: Empirical Study in Indonesian." Academic Journal of Interdisciplinary Studies 10, no. 4 (July 8, 2021): 141. http://dx.doi.org/10.36941/ajis-2021-0105.
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This paper aims to examine the variables influencing the intention of Muslim investors in Indonesia in making sharia-stocks investment decisions. These variables are attitude, perceived behavioral control, religiosity, religious events, and profit maximization. Questionnaires are distributed to 150 respondents to collect data. This study selected respondents using the purposive sampling method. The criteria are (1) Active Muslim investors investing in sharia stocks (2) investors are not brokers or capital market employees Multiple linear regression as a technique of analysis is used to test hypotheses. The result indicates that all independent variables positively affect investor intention. The coefficient of determination (R-Square) shows that all independent variable in explaining investors’ intentions to invest in the sharia capital market is 0.857 or 85.70%, meaning that the opportunity for other variables to explain the investor intention variable to invest in the shariah capital market was 14.30%. According to Islamic teachings, this study's contribution is as a consideration for the Indonesia Stock Exchange, Capital Market Supervisory Agency, and other related institutions in terms of socializing investment in the Islamic capital market.
Received: 4 March 2021 / Accepted: 6 May 2021 / Published: 8 July 2021
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Lun Lui, Li, Zhi Bo Zhong, John Francis Diaz, and Fei Hsuing Fan. "INFLUENCE OF INVESTOR SENTIMENT, CHARACTERISTICS, AND INFORMATION SEQUENCE ON STOCK INVESTMENT DECISION: EVIDENCE FROM THE TAIWANESE MARKET." Labuan Bulletin of International Business and Finance (LBIBF) 16 (November 30, 2018): 25–35. http://dx.doi.org/10.51200/lbibf.v16i.1640.
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This research investigates the influence of sentiment, personal characteristics, and information sequence on the investing behaviour of non-professional investors’ in the Taiwanese stock market. Utilising ANOVA and T-test methods on questionnaires, empirical results suggest that investor sentiment on picking stocks is affected by economic and financial market forecasts. Also, investors tend to overreact on both positive and negative information resulting in over- and under-valuation in stock prices, respectively. Regarding personal characteristics, optimistic investors are inclined to overreact to positive information, which is affected by their personal attitude and available economic forecasts. In considering the sequence of information presented to non-professional investors, this study supports the “recency effect†phenomenon, where the latest economic and financial market information affect their stock buying and selling behaviour. In general, this study observes that when information is encountered in different forms and order, investor sentiment, personal characteristics and recall cause significant discrepancies in investing decisions. This research suggests that investors should be aware of their subjective behavioural biases, and that objective and careful decisions have to be exercised in picking stocks to maximise gains and minimise losses.
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Setyorini, Noni, and Ika Indriasari. "Does millennials have an investment interest? theory of planned behaviour perspective." Diponegoro International Journal of Business 3, no. 1 (June 30, 2020): 28–35. http://dx.doi.org/10.14710/dijb.3.1.2020.28-35.
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This study aims to determine the effect of attitudes, subjective norms, and perceived behavioral control of interest in investing. This research use theory of planned behavior to explain how behavior is formed through attitudes, subjective norms, and perceived behavioral control in taking investment decision. This research uses online survey data collection methods. Sampling uses the convenient sampling method. Data (questionnaire) which can be used as many as 100 data and using multiple regression analysis as the test tool. The results showed that the attitude variable has not a significant effect towards investing interest in the capital market, while subjective and perceived norms behavioral control has influenced investment interest in the capital market. Based on the research findings, it is advisable to use persuasion that emphasizes the involvement of those closest to potential investors. In addition, seminars organized by IDX and the government will greatly help increase investor knowledge, thereby increasing one's investment power control.
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Shrestha, Pitambar. "A Study on Investor's Attitude towards Government Securities in Nepal." Journal of Business and Social Sciences 1, no. 1 (December 3, 2018): 67–78. http://dx.doi.org/10.3126/jbss.v1i1.22829.
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The research paper sought to analyze the interest and awareness of Nepali people on government securities with one specific objectives of to examine the investor's interest and awareness towards government securities. The descriptive and analytical research design has been adopted in the study. The target population was the all investors of government securities in Nepal. The judgmental sampling method has been used to select the investor and 200 respondents were taken as its sample size. The data were collected using structured questionnaire. Chi-square test was done to examine the investor's interest and awareness towards government securities. It can be concluded that both educated and uneducated people are interested in government security. Thus, the research paper draws the conclusion that both poor and rich people are interested in government security. The income is the major factor of investment on government security.
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Shrestha, Pitambar. "A Study on Investor's Attitude towards Government Securities in Nepal." Journal of Business and Social Sciences 2, no. 1 (December 3, 2018): 67–78. http://dx.doi.org/10.3126/jbss.v2i1.22829.
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The research paper sought to analyze the interest and awareness of Nepali people on government securities with one specific objectives of to examine the investor's interest and awareness towards government securities. The descriptive and analytical research design has been adopted in the study. The target population was the all investors of government securities in Nepal. The judgmental sampling method has been used to select the investor and 200 respondents were taken as its sample size. The data were collected using structured questionnaire. Chi-square test was done to examine the investor's interest and awareness towards government securities. It can be concluded that both educated and uneducated people are interested in government security. Thus, the research paper draws the conclusion that both poor and rich people are interested in government security. The income is the major factor of investment on government security.
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Chen, Kuen-Suan, Ruey-Chyn Tsaur, and Nei-Chih Lin. "Dimensions Analysis to Excess Investment in Fuzzy Portfolio Model from the Threshold of Guaranteed Return Rates." Mathematics 11, no. 1 (December 22, 2022): 44. http://dx.doi.org/10.3390/math11010044.
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Portfolio selection is a major topic for investors to allocate their assets and maximize their profit under constrained risk. For uncertain investment behavior in a vagueness environment, some researchers have devoted themselves to this field of fuzzy portfolio models for portfolio selection. Especially, Tsaur, Chiu and Huang in 2021 defined guaranteed return rates to excess investment for securities whose return rates are bigger than the guaranteed return rates in the fuzzy portfolio selection. However, an independent investor has original ideas in investment, and thus we need to consider more types of risk attitudes for an investor’s portfolio selection when the guaranteed return rates are used to excess investment. To manage the excess investment by the risk preference, a new concept of s dimensions of excess investment is introduced to perceive the risk attitude of an investor for portfolio selection. Finally, we present a numerical example of a portfolio selection problem to illustrate the proposed model. This example shows that the higher dimensions of excess investment derive lower expected return rates with lower constrained risk than that of dimension s = 1; and we suggest lower risk preference should select a higher dimension of excess investment. Then, the dimension of excess investment s = 2 can be applied for portfolio selection when the risk preference is lower.
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Yuwono, Wisnu, and Angelin Denis Yeo. "Analisis Perilaku Konsumen dan Keuangan Terhadap Minat Investasi Properti Kelas Menengah di Kota Batam." Jurnal Bisnis dan Kewirausahaan 16, no. 3 (November 28, 2020): 221–31. http://dx.doi.org/10.31940/jbk.v16i3.2195.
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Tujuan dari penelitian ini adalah untuk mengetahui variabel yang mempengaruhi investor dalam pembelian properti kelas menengah di Kota Batam, dikarenakan sektor properti di Kota Batam saat ini mengalami stagnasi seiring melambatnya pertumbuhan sektor industri di beberapa tahun terakhir. Variabel yang diduga kuat dalam mempengaruhi konsumen dalam pembelian properti diantaranya consumer behavior, consumer attitude, overconfidence dan financial. Penelitian ini perupakan penelitian survei dengan penyebaran kuesioner kepada 295 responden. Dengan pendekatan structural equation modelling (SEM) melalui software SmartPLS versi 3.2 didapatkan hasil bahwa menunjukkan bahwa consumer behavior, consumer attitude, overconfidence dan financia berpengaruh signifikan terhadap minat investor dalam pembelian property.
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Ahmad, Fawad. "Personality traits as predictor of cognitive biases: moderating role of risk-attitude." Qualitative Research in Financial Markets 12, no. 4 (June 13, 2020): 465–84. http://dx.doi.org/10.1108/qrfm-10-2019-0123.
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Purpose This study aims to examine that personality traits are associated with the investor’s ability to exhibit disposition effect, herding behavior and overconfidence. It also explores how risk-attitude can modify investor behavior by moderating the association between personality traits, disposition effect, herding and overconfidence. Design/methodology/approach Data were collected from 396 respondents by using personally administrated survey. Confirmatory factor analysis (CFA) was used to confirm the validity and reliability of data. Regression analysis was used to test the proposed hypotheses. Findings The results supported the proposed hypotheses and showed that extravert investors were more likely to exhibit disposition effect, herding and overconfidence. The conscientiousness trait was associated with disposition effect and overconfidence, while neuroticism was associated with herding behavior. The results confirmed the moderating effect of risk aversion on the association between personality traits, disposition effect, herding and overconfidence. Originality/value This study demonstrates how risk aversion modes the strength of association between psychological characteristics (represented by personality traits) and cognitive biases (disposition effect, herding and overconfidence). The results support the “auction” interpretation of investors' behavior by suggesting that personality traits are associated with investment decision-making and that investors are marginal price setters.
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Brody, Dorje C., and Lane P. Hughston. "Lévy information and the aggregation of risk aversion." Proceedings of the Royal Society A: Mathematical, Physical and Engineering Sciences 469, no. 2154 (June 8, 2013): 20130024. http://dx.doi.org/10.1098/rspa.2013.0024.
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When investors have heterogeneous attitudes towards risk, it is reasonable to assume that each investor has a pricing kernel, and that these individual pricing kernels are aggregated to form a market pricing kernel. The various investors are then buyers or sellers depending on how their individual pricing kernels compare with that of the market. In Brownian-based models, we can represent such heterogeneous attitudes by letting the market price of risk be a random variable, the distribution of which corresponds to the variability of attitude across the market. If the flow of market information is determined by the movements of prices, then neither the Brownian driver nor the market price of risk are directly visible: the filtration is generated by an ‘information process’ given by a combination of the two. We show that the market pricing kernel is then given by the harmonic mean of the individual pricing kernels associated with the various market participants. Remarkably, with an appropriate definition of Lévy information one draws the same conclusion in the case when asset prices can jump. As a consequence, we are led to a rather general scheme for the management of investments in heterogeneous markets subject to jump risk.
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Li, Cai, Luyu Li, Jiaqi Zheng, Jizhi Wang, Yi Yuan, Zezhong Lv, Yinghao Wei, Qihang Han, Jiatong Gao, and Wenhao Liu. "China’s Public Firms’ Attitudes towards Environmental Protection Based on Sentiment Analysis and Random Forest Models." Sustainability 14, no. 9 (April 22, 2022): 5046. http://dx.doi.org/10.3390/su14095046.
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In this article, we investigated changes in public firms’ attitudes towards environmental protection in 2018–2021 in China. We crawled the firm–investor Q&A record on the website of East Money, extracted the carbon- and environment-related corpus, and then applied the sentiment analysis method of NLP (natural language processing) to calculate the sentiment weight of each firm-level record to estimate the attitude before and after towards carbon reduction. We found that there were significant changes in firms’ attitudes towards carbon reduction and environmental protection after the COVID-19 pandemic and the implementation of environment-related policies. We also found a heterogeneous effect of the attitude in different industries. In addition, we built several models to examine the relationship between a firm’s carbon reduction attitude and its financial performance. We found that: A goal with consequent specific policies can raise the positive attitudes of firms toward carbon reduction topics; firms’ attitudes toward ecological topics are different from industry to industry, which means that there are different needs and situations in the trend of carbon reduction from industry to industry. COVID-19 influenced firms’ attitudes toward carbon reduction and environmental protection, calling back the classic dilemma or trilemma of economic growth, carbon reduction, and energy consumption or, perhaps, epidemic control today. The stock situation also influenced the attitude toward environmental protection.
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Dewri, Leo Vashkor, and Md Rashidul Islam. "Behavioral Analysis of Investors’ Attitude towards Dividend Declaration in Developing Country–A Case of Bangladesh." International Journal of Business and Management 10, no. 11 (October 26, 2015): 185. http://dx.doi.org/10.5539/ijbm.v10n11p185.
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<p>Dividend paying on share is one of the most significant topics of behavioral finance and Capital Market literature. Previous research attempts to evidence on dividend declaration and investors’ perception based on developed economies. This research attempts to fill the gap between developed and developing economies on dividend deceleration of investors’ perception. The aim of this research is to investigate empirical facts on dividend clienteles in Bangladesh Capital Market as well as scrutinize the correlations among various dividend expectation and the diverse attributes of investors’ community in Bangladesh on dividend payment. Also, it aims to test theories those have previously been built concerning on dividends paying stock of investor perceptions. The study has been conducted on 250 active stratified random samples of Bangladeshi investors who provided data related to dividends preferences by conducting face to interview with structured questionnaires. This research support that there is negative association between stipulate for dividend paying stocks and investors demographic attributes in the Bangladesh Capital Market. We find that corporate managers do not consider investors expectation on dividend paying stock. The study also reveals that one of the most important determinants of dividend initiations among Bangladeshi firms are the value-weighted dividend yield in the industry. As well as investors’ perception depends on different attributes of investors’ and dividend preference.</p>
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Singh, Amarjeet. "Factors Affecting Millennials' Perspective on Investment Decision Behavior during the Pandemic." International Journal of Multidisciplinary: Applied Business and Education Research 3, no. 11 (November 12, 2022): 2164–72. http://dx.doi.org/10.11594/ijmaber.03.11.01.
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Investor decision behavior in any pandemic, Covid-19 always goes through rationally. In reality or practically, the investment decisions made by millennials (generation Y) are not always rational. The sole purpose of the topic under study is to investigate a spectrum of millennial (generation Y) investors’ behavioral factors that affect investment decisions during a pandemic. This study adopted secondary sources for data collection. The secondary data is gathered through published research papers in peer-reviewed journals, scholarly journals, magazines, news, and books, as well as published data from the government. The major findings reveal that millennials (generation Y) financially deal with more confusion and disagreements when dealing with various patterns of informed conduct or behavior in contrast to other generations. Also, if taken a step further, the outcomes imply a much more important aspect regarding investors' behavior, financial investments, and economic growth: that they were all affected by the Covid-19 pandemic. It caused anxiety and uncertainty among players in the market. Behavioral factors and heuristics like the overconfidence and attitude effect, and herding factors are considered to have also influenced investors' decisions. Furthermore, the market behavior factors of price change, market information, past trend, customer preference, and underlying stock fundamentals have an impact on individual investor decision behavior.
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Hussain, Shahid. "The Sentimental Influence of Investors on Investment Decision Making." Journal of Finance and Accounting Research 3, no. 1 (June 30, 2021): 85–100. http://dx.doi.org/10.32350/jfar.0301.05.
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The study explores the impact of investor’s sentiments on individual investment decision making in the stock exchange of Pakistan. It illustrate a broad range of factors that are usually unseen during the decision making process although the fact that they have a huge influence on their course of action. There are number of factors that are the cause of investor’s overall attitude and sentiments. These factors like religion, overconfidence, affect heuristics, demographic variables etc. Some of these factors impact negatively on an investment decision of an investor but at the same time others could help the investor to make logical and rational decisions. It is an exertion to enhance investors understanding about the factors that could stay away his/her vital investment decisions towards irrational decisions. Primary data is use to conduct the present study. Questionnaire is used to gather data from respondents. Sample size consists of 200 stock investors and brokers from Islamabad Stock Exchange. Convenience sampling technique is used, E-Views is used as statistical tool to test hypothesis. Regression analysis shows that overconfidence, religion has significant relationship with investment decision. While affect heuristics have insignificant relationship with investment decision. Demographic is taken as moderator variable.
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Konstantaras, K., and A. N. Piperopoulou. "Stock market trading: Compulsive gambling and the underestimation of risk." European Psychiatry 26, S2 (March 2011): 66. http://dx.doi.org/10.1016/s0924-9338(11)71777-1.
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IntroductionAlthough gamblers and investors have been found to exhibit many common traits, no existing studies associate retail investors with an explicit addictive behavior, or account for the degree of addiction's influence on investors’ and gamblers’ risk attitude and risk perception.ObjectivesThe study explores whether trading in the stock market is a potentially compulsive form of behavior. Furthermore, it explores the psychological risk perception versus economic risk taking of individuals engaged in active stock market trading and those in gambling, for various degrees of addiction.AimThe study aims to develop the profile of an addicted retail investor across demographic and risk variables.MethodsThe South Oaks Gambling Screen (Lesieur & Blume, 1987), adapted for stock market trading, the financial part of the Risk Taking Scale and Risk Perception Scale (Weber et al., 2002) and a demographics questionnaire was completed by a sample (582 responses) of active investors, gamblers and a control group in Greece at three distinctive time periods.ResultsResults suggest that retail trading in the stock market exhibits significant incidence of compulsive behavior (11.2%) across diverse stock market environments, probably more for females. The decision to become an active investor or gambler entails greater risk friendliness. Pathologically addicted retail investors underestimate the risk of trading in the stock market. Demographics also play a critical role in risk perception and risk underestimation.ConclusionThere is an apparent addiction problem between active retail investors that should be taken into account. Psychotherapeutic interventions are discussed.
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Kasprowicz, Tomasz, and Andrzej Bednorz. "Threshold Theory – modelling risk attitude." e-Finanse 13, no. 4 (December 1, 2017): 97–109. http://dx.doi.org/10.1515/fiqf-2016-0039.
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AbstractIn this paper we offer an alternative framework for examining why risk matters in the decisions of economic agents, and how the agent’s risk attitude affects his decisions. This “Threshold Theory” framework is based on a real options approach and the observation that in many situations an agent faces one or more thresholds in the payoff function. These thresholds influence the agent’s risk attitude. The theory’s predictions help to explain many anomalies that the standard expected utility model cannot. Threshold Theory can also model behavior in contexts such as individual investor decisions, corporate governance and other agency problems. Further, we examine CEO decisions as a function of time to the CEO’s retirement to test predictions of the Theory.
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Muhammad, Muhammad, Driana Leniwati, Agung Muhammadiyah Prasetyo N.W, Ahmad Juanda, Endang Dwi Wahyuni, and Setu Setyawan. "Pengaruh Attitude Subjective Norms, dan Perceived Behavioural Control Terhadap Minat Investor Berinvestasi Cryptocurrency." Jurnal Akuntansi dan Keuangan 11, no. 1 (March 1, 2023): 47. http://dx.doi.org/10.29103/jak.v11i1.8372.
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This research is motivated by the increase in the number of investors from 2019-2021. This increase indicates that the Indonesian people have become increasingly interested to invest in cryptocurrencies while the price of cryptocurrency is very volatile so that it can be formulated in this study what factors cause investors to be interested to invest in cryptocurrencies based on attitude, subjective norms and perceived behavioral control. This study aims to determine the effect of attitude, subjective norms and perceived behavioural control on the intention to invest in cryptocurrency. This study used a quantitative approach with primary data of survey questionnaire to collect from a sample of 81 respondents using non probability with convenience sampling method. The collected data in this study was analysed using Structural Equation Model-PLS. The results of this study state that attitude, subjective norms and perceived behavioural control have a positive significant effect on the intention to invest in cryptocurrency
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Mantell, Edmund H. "The Effect of Risk-Aversion on the Portfolio Allocation between Taxable Bonds and Non-Taxable Bonds of the Same Risk." American Economist 41, no. 2 (October 1997): 47–53. http://dx.doi.org/10.1177/056943459704100206.
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A well-known proposition found in numerous textbooks, as well as in marketing materials distributed by bond salesmen, asserts that a lower-yielding municipal bond can provide the same after-tax return as a higher-yielding corporate bond, ceteris paribus. A simple algebraic “equivalence relation” is sometimes adduced to illustrate what the before-tax yield on the corporate must be if its after-tax yield to the investor is to be equal to the yield on a municipal. A portfolio policy implication frequently suggested is that if the after-tax yield on the corporate is equal to the yield on the municipal, ceteris paribus, the “rational” investor should be indifferent to his allocation between the two. This paper constructs a theory to demonstrate the dubious validity of that investment policy. The theory in this paper relies on the assumptions respecting the risk-aversive attitude of investors as well as the presence of risky taxable income statistically independent of the income from the bonds. The main results of the analysis are expressed by two propositions that establish that the risk-averse investor will choose a specific allocation of his bond portfolio and will require a risk premium to induce him to hold municipals of the same risk as corporates.
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Mao, Weifang, Huiming Zhu, Hao Wu, Zhongqingyang Zhang, and Jin Chen. "The Influence of Equity Market Sentiment on Credit Default Swap Markets: Evidence from Wavelet Quantile Regression." Complexity 2023 (August 16, 2023): 1–21. http://dx.doi.org/10.1155/2023/3475079.
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Previous studies focused on the fundamental channels of the interaction between the equity market and credit default swap (CDS) market. This paper finds another channel, investor sentiment, that contributes to the impact of the equity market on the CDS market under different time horizons and market conditions within the framework of wavelet quantile regression. It absorbs both the merits of wavelet transform and quantile regression and is advantageous in analyzing heterogeneous time horizons and full conditional distributions. Empirical results show that investor attitude turning optimistic has a negative influence on the deviation of CDS market spread from theoretical value, while the intensification of fear among equity market will enlarge this deviation. Besides, we discovered that the influence of equity market sentiment on the CDS market first increases and then decreases as the time horizon lengthens and that the greater the deviation of CDS spreads from intrinsic value is, the more irrational the CDS market participants are. These findings suggest that the influence of investor sentiment on the credit default swap market is self-reinforced. Our results are robust after controlling for macroeconomic conditions and under different wavelet decompositions. Reasonable suggestions are given to financial institutions, investors, and policy makers based on our findings.
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Geethu Krishna, P. G. "A Study on Women’s Attitude and Perception towards Investment in Equity Shares." Recent trends in Management and Commerce 3, no. 1 (March 1, 2022): 34–39. http://dx.doi.org/10.46632/rmc/3/1/6.
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Capital market is inevitable in the emerging economies. Equity market has greater potential for growth in future. In the modern world, women are very much involved in all the sectors of the economy. They have dominant participation in the business world as well. The present study attempts to understand the needs and concerns of women investor‟s regarding investment in equity shares. This study could find out how much they are aware and involved in the capital market investments by revealing their attitude and perception towards their investment decisions and level of satisfaction with their current investment pattern. The study analyzes that dividend and capital appreciations are the major motivational factors which influence women to buy the equity shares and they are ready to take only a moderate risk by investing in A group and a combination of A and B group securities. The most of the women investors prefer to invest in banking sector and they prefer to buy it with their own savings.
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Nugraheni, Titin, and Arya Samudra Mahardhika. "Analisis Minat Penggunaan Aplikasi Investasi Digital pada Investor Milenial Melalui Pendekatan Theory of Planned Behavior." Jurnal Ilmiah Manajemen Kesatuan 11, no. 2 (June 23, 2023): 213–22. http://dx.doi.org/10.37641/jimkes.v11i2.1767.
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This research aims to empirically test the interest of millennial generation investors to use the Profits Anywhere investment application by using Theory of Planned Behavior to explain and analyze how behavior is formed through attitude toward behavior, subjective norms and perceived behavior control in making decisions. This research used a quantitative research with primary data as the data source. Using purposive sampling as the sampling technique, the number of respondents in this research were 140 respondents in total. All the datas were analyzed using SEM-PLS with WarpPLS 8.0 as the test tool. The results in this study indicate that attitude toward behavior and perceived behavior control have a positive influence on the intention. On the other hand, subjective norms do not affect Intention. Based on the value of R-Square the variables magnitude attitude toward behavior, subjective norm dan perceived behavior control to intention is 0.646 or 64,6%. The remaining 35,4% influenced by other variables outside the other outside the research.
Keywords: Attitude toward Behavior; Subjective Norm; Perceived Behavior Control; Intention
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Yu, Xiao. "The Relationship Between Prosocial Preference and Household Risk Financial Asset Allocation." Advances in Economics, Management and Political Sciences 8, no. 1 (September 13, 2023): 341–48. http://dx.doi.org/10.54254/2754-1169/8/20230339.
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Household financial asset allocation and investors' propensity to invest in venture capital are popular research areas. Many papers have studied the impact of income level, health status, risk attitude, etc. on household financial asset allocation. However, for the social behavior indicator of prosocial preference, there are not many papers exploring its impact on household financial asset allocation. Therefore, this paper finds an indicator to measure investors' pro-social preference, and then explores its impact on household financial asset allocation and investors' venture capital behavior. This paper selects the CHFS questionnaire data in 2017 and 2019, and conducts regression analysis through stata. The analysis results show that pro-social preference has a positive impact on venture capital behavior, and a higher level of pro-social preference will also lead to higher investor family holdings. ratio of risky financial assets.
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Pyo, Sangjae, Hyoung-Ryul Ma, Sumi Na, and Dong-Hoon Oh. "The Crowdfunding Model, Collective Intelligence, and Open Innovation." Journal of Open Innovation: Technology, Market, and Complexity 7, no. 3 (September 2, 2021): 196. http://dx.doi.org/10.3390/joitmc7030196.
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In recent years, crowdfunding has attracted the attention of tech startups. It has become a good alternative way to readily raise funds, especially during the early startup stages. However, in the case of mass intelligence, it is quite difficult to ensure the accuracy and reliability of knowledge. Individual investors who are not experts in science and technology often face difficulties investing in technology companies. In this regard, a new type of collective intelligence formed by accredited professionals needs to be attempted. This paper explores an alternative crowdfunding model for enhancing access to technology investments by the general population through an investor acceptance model. We developed an investor acceptance model to examine how the crowdfunding model involving scientists and engineers is adopted by individual investors using survey data from the general population. The results revealed that individual investors have a positive attitude towards investing through the crowdfunding model when they perceive that the information provided by a group of scientific experts is useful. We found that the perceived usefulness of the information from scientists and engineers is affected by the perceived quality of the information and perceived credibility of the scientists and engineers. We also suggest a basic concept for the crowdfunding model utilizing the collective intelligence of scientists and engineers for tech startups. The results could suggest a policy direction for promoting innovation.
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Noorul Shajar, Syed, and Mazhar Iqbal. "INVESTOR ATTITUDE TOWARDS INDIAN FIN-TECH COMPANIES USING ANALYTICAL HIERARCHY PROCESS (AHP)." International Journal of Advanced Research 8, no. 9 (September 30, 2020): 439–43. http://dx.doi.org/10.21474/ijar01/11677.
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Gautam, C., R. Wadhwa, and T. V. Raman. "Examining Behavioural Aspects of Financial Decision Making: The Working Women Perspective." Finance: Theory and Practice 26, no. 6 (December 31, 2022): 288–301. http://dx.doi.org/10.26794/2587-5671-2022-26-6-288-301.
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In the challenging and volatile financial markets, an investor needs to change his financial objectives frequently, leading to a diversified portfolio of investments. The financial future of the individual investor depends on his rational decisionmaking. This research aims to evaluate various determinants of financial decision-making concerning working women in the National Capital Region, India. It examines the association of financial literacy, personal finance planning, and riskbehaviour with the financial decision-making of working females. The research also studies the different exogenous variables of financial literacy, including financial attitude (FA), financial behaviour (FB) and financial knowledge (FK). It utilises a quantitative approach for predicting relationships between the identified variables. The study is based on primary data collected through a structured questionnaire designed on a 5-point Likert scale and was analysed through a partial least square-structural equation modelling (PLS-SEM) approach. The study results suggest a positive and significant association of financial literacy and personal finance planning with financial decision-making by working women. On the other hand, risk behaviour negatively affects financial decision-making. The findings also reveal that all three exogenous variables, financial attitude, financial behaviour and financial knowledge, have a strong relationship with financial literacy. The research is relevant for individual women investing in various financial avenues to take better decisions. This study also benefits financial managers and institutions to target as women are potential investors in a developing country like India.
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Budiman, Johny, and Jofen Cenedi Jongestu. "ANALISIS DAMPAK PERILAKU KEUANGAN DAN LITERASI KEUANGAN TERHADAP KEPUTUSAN INVESTASI SAHAM PERUSAHAAN DI BURSA EFEK INDONESIA." Jurnal Darma Agung 31, no. 3 (June 28, 2023): 211. http://dx.doi.org/10.46930/ojsuda.v31i3.3429.
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Penelitian ini bertujuan untuk mengetahui pengaruh dari variabel mental accounting, intention to invest, disposition effect, financial literacy dan attitude terhadap investment decision making. Penelitian ini melibatkan sebanyak 289 investor yang melakukan investasi saham pada Bursa Efek Indonesia, Batam. Hasil penelitian ini menunjukkan bahwa semua variabel independen yang diuji menunjukkan hubungan yang signifikan positif kecuali pada variabel disposition effect. Dengan hasil penelitian ini diharapkan dapat menjadi referensi bagi pelaku investasi di bursa saham dan mejadi pertimbangan bagi investor dalam melakukan investasi pada saham perusahaan.
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Ganapathi, R., and Varsha Madhavan. "A Study on Investment Behaviour and Attitude of Women Investors of Bangalore, Karnataka." Asian Journal of Managerial Science 10, no. 1 (May 15, 2021): 44–49. http://dx.doi.org/10.51983/ajms-2021.10.1.2818.
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Investment is one of the pre – eminent concern of every single individual investor as the small savings of today are to meet the future expenses of tomorrow. Considering the survey over 120 respondents from Bangalore City among women, this paper attempts to study the behaviour and attitude of investment based on the socio-economic profile, awareness and preferences and financial literacy over various investment avenues that are available in India. The study was conducted during the pandemic period from March to July as many of the women investors resulted in unemployment that affected their income, earnings and savings. Fort the study the data was collected using structured questionnaires. The result showed that most of the women investors belongs to a less age group as they are into a working class and to which most of them are comfortable in traditional mode of investment such as secured deposits. The study also revealed investment in stock market is bit sceptical as it involves high risk and uncertainty. The result also says the psychological behaviour of Indian women as they are fond of bullion and investing in bullion metals is quite attractive and low risk. From the study point, it will help to explore and expand knowledge and identify the best avenue to invest and create savings for the better future in the field of personal finance and pandemic recession.
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Nurhaida, Dida, Farida Jasfar, Rifki Ismal, and Acep Riana Jayaprawira. "Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB." International Journal of Islamic Economics and Finance (IJIEF) 6, no. 2 (July 31, 2023): 247–80. http://dx.doi.org/10.18196/ijief.v6i2.16950.
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Cash Waqf Linked Sukuk (CWLS) is a newly developed social investment instrument to stimulate Indonesia's productive waqf movement. CWLS has numerous commercial and social benefits and worship values. However, despite these advantages, it takes a long time for CWLS to collect funds due to various challenges and inadequate investors' response rate, which is still far from expectation. Thus, this study looks into the contributing factors and antecedence that entail and determine the decision of an institutional investor to invest. The theoretical framework applied the decomposed theory of planned behavior (DTPB). Additionally, it highlights a new perspective by delivering the specific determinants that impact investors' attitudes, moral norms, and perceived behavior control. These factors offer a deep understanding of the association and determine their definite effects on intentions. Based on a survey of 250 respondents, analyzed using partial least squares – structural equation modeling (PLS-SEM), it was found that the proposed hypotheses were accepted. Above all, the important finding is the contribution of attitude as the dominant determinant impacting the investor's intention. It was mainly driven by perceived Ihsan as part of the Muslim religiosity dimension reflecting the spirit to do good. This study's findings provide deeper insight into untested behavior literature. This study will also benefit policymakers, academicians, and future researchers.
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Baruah, Mitali, and Abhishek Kirit kumar Parikh. "Impact of Risk Tolerance and Demographic Factors on Financial Investment Decision." GIS Business 13, no. 5 (October 12, 2018): 31–40. http://dx.doi.org/10.26643/gis.v13i5.3270.
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Risk tolerance is popularly used in the personal financial planning industry to understand an investor’s attitude towards risk. In the twenty-first century, it is very important for the various investment firms, fund managers, financial planners to understand financial investment decisions of an investor for developing a strategy for the sale of their investment products in market. However, financial decisions of an individual not only depend on financial risk-tolerance level, but also upon different demographic factors. Thus, this study is undertaken to develop a model that helps in understanding impact of risk tolerance and demographic factors jointly on investment decision, especially, a decision related to level of investment. Also, investor may be having higher risk tolerance for the calculative investment but may be having lover risk tolerance in speculative investment. So, based on extensive literature support, this research has tried to propose a model for understanding the impact of investment risk tolerance, capital risk tolerance, speculative risk tolerance, and six important demographic variables jointly on investment decision. Thus, this study would be helpful to investment firms in understanding impact of risk tolerances and demographic variables jointly on level of investment of investors, which can be used for designing a strategy or investment product to offer to the investors with different levels of financial risk tolerance and different demographic profiles.
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Yandra, Fachmi Pachlevi, and Dwi Marlina Wijayanti. "Do Social & Psychological Factors Affect Investment Intention in Islamic Capital Markets?" EkBis: Jurnal Ekonomi dan Bisnis 6, no. 1 (July 2, 2022): 01–15. http://dx.doi.org/10.14421/ekbis.2022.6.1.1484.
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This research aimed to predict social and psychological factors affecting individual investment decision in the Islamic capital market. Furthermore, the Theory of Planned Behavior Model (TPB) was used to explain irrational investor decisions affected by cognitive biases. We attempted to correct the pessimistic view of investors on the Islamic capital market using social & psychological perspectives. This study used a self-administered survey and obtained 82 investors and non-investors as respondents. The main criteria of individuals selected as respondents of the study were those who knew about the stock market and have heard the term Islamic capital market. This paper provided empirical insights on how the TPB model successfully explains the variance of change in investment intention. The results indicated that all predictors had a significant positive effect on individual investment intention. Individuals tend to exhibit a cognitive bias that lead to irrational decisions because individual’s attitude and PBC shape false perception of the usefulness of the Sharia capital market.
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Gupta, Chabi. "Knowledge or Personality." International Journal of Cyber Behavior, Psychology and Learning 12, no. 1 (January 1, 2022): 1–10. http://dx.doi.org/10.4018/ijcbpl.306184.
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This research attempts to analyze to what extent knowledge and tactics, or enduring personality traits, predict investor behaviour and cognitive biases in portfolio investment. This study is based on exploring a wide-ranging dataset: responses to a questionnaire survey, together with transactional data of the same individual customers of an Indian stock company. From the questionnaire survey we estimate measures of domain-general personality traits, such as the Big Five, as compared to the knowledge, financial literacy, competency, and attitude specific to investor equity trading. Our results show the dominance of knowledge and tactics measures over personality related measures, when predicting nine different dependent variables of investment performance, investor cognitive biases and portfolio investment activity. This research concludes with the discussion of the findings, with insights into theory and managerial implications.
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Zhou, Guofu, and Yingzi Zhu. "Volatility Trading: What Is the Role of the Long-Run Volatility Component?" Journal of Financial and Quantitative Analysis 47, no. 2 (January 20, 2012): 273–307. http://dx.doi.org/10.1017/s0022109012000105.
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AbstractWe study an investor’s asset allocation problem with a recursive utility and with tradable volatility that follows a 2-factor stochastic volatility model. Consistent with previous findings under the additive utility, we show that the investor can benefit substantially from volatility trading due to hedging demand. Unlike existing studies, we find that the impact of elasticity of intertemporal substitution (EIS) on investment decisions is of 1st-order importance. Moreover, the investor can incur significant economic losses due to model and/or parameter misspecifications where the EIS better captures the investor’s attitude toward risk than the risk aversion parameter.
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Wiśniewska, Marta. "THE IMPACT OF THE CORONAVIRUS (COVID-19) PANDEMIC ON INVESTORS’ BEHAVIOUR IN THE LIGHT OF BEHAVIOURAL FINANCE." Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing, no. 27(76) (June 30, 2022): 111–22. http://dx.doi.org/10.22630/pefim.2022.27.76.10.
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The aim of the research was to find out the opinions of stockbrokers working at the Warsaw Stock Exchange regarding the behaviour of Polish investors in the face of the coronavirus (COVID-19) pandemic. The research was carried out among 51 stockbrokers representing brokerage houses with a long history of operations. It has been found that psychological conditions of people and stock market sentiments play an important role in the decision-making process, and irrational investor behaviours, including largely herd effects, are particularly evident during the pandemic. The research shows that the occurrence of the coronavirus has not reduced the activity of Polish investors. Thus, significantly growing interest in shares of companies listed on the Warsaw Stock Exchange has been noted. The behaviour and attitude of market participants towards risk were volatile during the developing pandemic, which manifested itself in rapid buying of overvalued assets or rapid selling of assets.
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Slamet, Kuwat, Riestianty Riestianty, and Budiyono Budiyono. "Intention Of Muslim And Non-Muslim Indonesian Investors In Investing In Retail Sukuk." Jurnal Pajak dan Keuangan Negara (PKN) 4, no. 2 (February 1, 2023): 468–82. http://dx.doi.org/10.31092/jpkn.v4i2.1816.
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This study aims to analyze the factors that influence the intention of individual investors, both Muslim and non-Muslim, to invest in Retail Sukuk issued by the Indonesian government using the Theory of Planned Behavior (TPB). This study is quantitative research. Data was obtained by distributing questionnaires that had previously been tested to ensure their validity and reliability. The participant data was processed by 214 participants who came from various levels of society and various cities in Indonesia. Furthermore, the data was processed using the Microsoft Excel application and the Smart PLS-SEM application version 3.3.3. The results show that the intentions of Muslim investors and non-Muslim investors are both significantly determined by their attitude toward investing, subjective norms that exist within them, and perceptions of behavioral control. The government considers the results of this research as input for determining the right strategy to expand the retail sukuk investor base, both Muslim and non-Muslim investors in Indonesia. The limitations of this study are the number of participants which is quite small.
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Ambreen, Sadaf, Laiba Khalid, and Aniqa Zubair. "Individual Investors' Financial Behaviour and Financial Attitude: Role of Financial Literacy as Moderator in Decision Making." Global Economics Review VI, no. I (March 30, 2021): 200–213. http://dx.doi.org/10.31703/ger.2021(vi-i).15.
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As an individual investor, it is incredible to have a successful performance return without financial knowledge. An organization's performance must be measured and analysed based on an adequate financial management system. In today's multifaceted financial scenery Financial Literacy is crucial as it does not only impact financial decisions at the business level but is also important for the country's development. Financial literacy has the importance of the backbone of society. The study adds a new mechanism of financial literacy. The main objective of this study is to determine further insight into the role of financial literacy on an individual's behaviour and attitude towards financial decision making. For analysis, the moderator impact of financial literacy on decision-making data of 100 individual investors has been collected from different banking sectors of Pakistan. The result of this study shows that financial literacy has a significant impact on financial decision making. This study delivers knowledge that can contribute to guiding coming studies, making policies, directors and instructors in their teaching.