Behavioural Finance; a Concept or Catalyst Explaining Distortions in Investment Decision



Abstract Views
1343

Downloads
1096

Citations

Share

##plugins.themes.bootstrap3.article.sidebar##

Submitted Jul 11, 2019
Published Jan 30, 2020
10.24018/ejbmr.2020.5.1.59

Abstract viewed = 1343 times

Table of Contents

##plugins.themes.bootstrap3.article.main##

Behavioural finance, recent development, challenging the classical models, explains investment risk at the instance of irrationality of cognitive psychological influence and phenomenon in arriving at investment decision. Claimants of business financial assets make choices that satisfy their interest best dependent on relevant and reliable financial information, communicated to potential investors. Distortions in the processes may lead to investment failure, and taking responsibility is severally assigned. The study investigates how behavioural finance is a distinct concept and theory as cognitive psychology or diagnostic phenomenon in distortions in investment decision. Literature is perused to address the study objective. In the contemplation of the study behavioural finance may deviate as a unique concept on its own in investment decision making, but catalyst and arbiter for goal congruence to be achieved at any stage in the decision process.    

Keywords: Behavioural Finance; Financial Information; Communication Distortions; Noise

Downloads

Download data is not yet available.

References

  1. M. Abdulkadir, H. Abubakar, and L. M.Danrim, The effect of financial reporting on investment decision making by banks in Nigeria, International Journal of Research in Finance and Marketing, Vol. 6 issue 4, 2016 Abreu, M. and Mendes, V. 2010,
     Google Scholar
  2. M. Abreu and V. Mendes, “Financial literacy and portfolio diversification”, Quantitative Finance, Vol. 10 No. 5, pp. 515-528 2010.
     Google Scholar
  3. M. Abreu and V. Mendes, “Information, overconfidence and trading: do the sources of information matter?” Journal of Economic Psychology, Vol. 33 No. 4, pp. 868-881. , 2012.
     Google Scholar
  4. T. Arnswald, “Investment behaviour of German equity fund managers: an exploratory analysis of survey data”, Deutsche Bundesbank Discussion Paper No. 08/01, 2001, Frankfurt.
     Google Scholar
  5. K. Atuahene‐Gima, “An exploratory analysis of the impact of market orientation on new product performance: a contingency approach”, Journal of Product Innovation Management, Vol. 12 No. 4, pp. 275‐93. 1995, [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  6. K. Atuahene‐Gima, “Market orientation and innovation”, Journal of Business Research, Vol. 35 No. 2, pp. 93‐103. 1996, [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  7. K. Atuahene‐Gima, S.F. Slater, and E.M. Olson, “The contingent value of responsive and proactive market orientations for new product program performance”, Journal of Product Innovation Management, Vol. 22 No. 6, pp. 464‐82. 2005, [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  8. E. Avgouleas, “Reforming investor protection regulation: the impact of cognitive biases”, Essays in the Law and Economics of Regulation, in honour of Anthony Ogus, Intersentia, Antwerpen. , (2008), [Google Scholar]
     Google Scholar
  9. J. Bank, M., Brustbauer. Investor Sentiment in Financial Markets Working paper, University of Innsbruck, 2014
     Google Scholar
  10. Barber, B.M., Odean, T., Klein, P., Leland, H., Lyons, R., Modest, D. and Trueman, B. “The courage of misguided convictions: the trading behaviour of individual investors”, Financial Analysts Journal, Vol. 55 No. 6, pp. 41-55. 1999, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  11. B. Barber, and T. Odean, “Boys will be boys: gender, overconfidence, and common stock investment”, Quarterly Journal of Economics, Vol. 116, pp. 261‐92 (2001),
     Google Scholar
  12. N. Barberis and R. Thaler, “A survey of behavioural finance”, in Constantinides, G., Harris, M. and Stulz, R. (Eds), Handbook of the Economics of Finance: Financial Markets and Asset Pricing, North Holland, Amsterdam, pp. 1053-1124. 2003, [Google Scholar]
     Google Scholar
  13. H.A. Bell, “Toward a value inclusive theory of economic decision-making: a ‘new science’ model”, European Journal of Social Sciences, Vol. 21 No. 4, pp. 638-649. 2011, [Google Scholar] [Infotrieve]
     Google Scholar
  14. Bernoulli, D. (1738), “Exposition of a New Theory on the Measurement of Risk”, Econometrica, The Econometric Society, originally published in 1738; translated by Dr Louise Sommer, (1954), Vol. 22 No. 1, pp. 22-36. [Google Scholar] [Infotrieve]
     Google Scholar
  15. S. Benartzi, and Thaler, R.H, “Myopic loss aversion and the equity premium puzzle”, The Quarterly Journal of Economics, Vol. 110 No. 1, pp. 73-92. . (1995)[Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  16. G. Bhandari and R. Deaves “The Demographics of Overconfidence Journal of Behavioural Finance” Volume 7, 2006 - Issue 1 Pages 5-11 |Https://Doi.Org/10.1207/S15427579jpfm0701_2
     Google Scholar
  17. J. Blythe, Marketing Communications, Prentice‐Hall, Englewood Cliffs, NJ. 2000 [Google Scholar]
     Google Scholar
  18. P. Byrne, C. Jackson, and S. Lee, "Bias or rationality? The case of UK commercial real estate investment", Journal of European Real Estate Research, Vol. 6 Issue: 1, pp.6-33, 2013. https://doi.org/10.1108/17539261311312960 C, 2008 (Copenhagen Business School, Copenhagen, Denmark)
     Google Scholar
  19. G.L. Causi, Theories of investor behaviour: From the Efficient Market Hypothesis to Behavioural Finance, Tallinn University of Technology 2017;
     Google Scholar
  20. C. Chang, “The impact of behavioural pitfalls on investors’ decisions: the disposition effect in the Taiwanese warrant market”, Social Behaviour and Personality, Vol. 36 No. 5, pp. 617-634. (2008), [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  21. S. Collard, Individual investment behaviour; Personal Finance Research Centre, University of Bristol (2009).
     Google Scholar
  22. J. D, Coval and T...J. Moskowitz, “Home bias at home: local equity preference in domestic portfolios”, Journal of Finance, Vol. 54 No. 6, pp. 2045-2073. 1999 [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  23. J.G. Covin and D. P. Slevin, “Strategic management of small firms in hostile and benign environments”, Strategic Management Journal, Vol. 10 No. 1, pp. 75‐87. 1989, [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  24. L. A. Cunningham, “Behavioural finance and investor governance”, Washington & Lee Law Review, Vol. 59 No. 32, pp. 767-837. (2002), [Google Scholar] [Infotrieve]
     Google Scholar
  25. K.D. Daniel, D. Hirshleifer, and A. Subrahmanyam, “Investor psychology and security market under- and overreactions”, Journal of Finance, Vol. 53 No. 6, pp. 1839-1886, available at: 1998 https://doi.org/10.2307/117455 [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  26. W.F.M De Bondt, and W. Thaler, Does the stock market overreact, The Journal of Finance, Vol. XI, No 3. 1985
     Google Scholar
  27. R. Dhar, and N. Zhu., “Up close and personal: investor sophistication and the disposition effect”, Management Science, Vol. 52 No. 5, pp. 726-740. 2006, [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  28. J. III Diaz, and A. Hansz, “Understanding the behavioural paradigm in property research”, Pacific Rim Property Research Journal, Vol. 13 No. 1, pp. 16‐34. 2007, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  29. D. Ellsberg, “Risk, ambiguity, and the savage axioms”, The Quarterly Journal of Economics, Vol. 75 No. 4, pp. 643-669. 1961,[Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  30. J. F., Engel, Warshaw, and M..R. T. Kinnear, “Promotional Strategy: Managing the Marketing Communications Process”, 8th ed., Irwin, Burr Ridge, IL. 1994 [Google Scholar]
     Google Scholar
  31. E.F. Fama, “Efficient capital markets: a review of theory and empirical work”, Journal of Finance, Vol. 25 No. 2, pp. 383-417. 1970, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  32. P.C. Fishburn, The Foundations of Expected Utility, Springer Science & Business Media, Vol. 31. 2013, [Google Scholar]
     Google Scholar
  33. B. Fischhoff and Reith, “I knew it would happen: remembered probabilities of once-future things”, Organizational Behaviour and Human Performance, Vol. 13 No. 1, pp. 1-16. 1975, [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  34. K. French, and J. Poterba, “Investor diversification and international equity markets”, American Economic Review, Vol. 81 No. 2, pp. 222-226. 1991
     Google Scholar
  35. W. Forbes, Behavioural Finance, Wiley, Chichester. 2009, [Google Scholar]
     Google Scholar
  36. M. Grinblatt, S. Titman, and R. Wermers, “Momentum investment strategies, portfolio performance, and herding: a study of mutual fund behaviour”, American Economic Review, Vol. 85 No. 5, pp. 1088-1105. 1995 [Google Scholar] [Infotrieve]
     Google Scholar
  37. M. Grinblatt and M. Keloharju, The investment behaviour and performance of various investor types: a study of Finland’s unique data set☆Economics Volume, January 2000, Pages 43-67https://doi.org/10.1016/S0304-405X(99)00044-6
     Google Scholar
  38. W. Goetzman and M. Massa, Disposition matters, Volume, Volatility, and Price Impact of a Behavioural Bias The Journal of Portfolio Management Winter 2008, 34 (2) 103-125; DOI: https://doi.org/10.3905/jpm.2008.701622
     Google Scholar
  39. J.K. Han, N. Kimand, and R.K. Srivastava, “Market orientation and organizational performance: is innovation the missing link?”, Journal of Marketing, Vol. 62 No. 4, pp. 30‐45. 1998, [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  40. J. Henneberry and C. Roberts, “Calculated inequality? Portfolio benchmarking and regional office property investment in the UK”, Urban Studies, Vol. 45 Nos 5/6, pp. 1217‐1241. 2008, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  41. J. Henneberry and S. Rowley, “Property market processes and development outcomes in cities and regions”, RICS Foundation Research Papers, Vol. 3 No. 9, pp. 1‐59. 2000, [Google Scholar] [Infotrieve]
     Google Scholar
  42. J., Henneberry, F.Mouzakis, and R.Rowley, “Region‐building: funding the development of business property in the regions”, paper presented at seminar of the Regional Studies Association Working Group on Financing Regional Economies, Newcastle, December. 2004, [Google Scholar]
     Google Scholar
  43. O., Holm, “Communication processes in critical systems: dialogues concerning communications", Marketing Intelligence & Planning, Vol. 24 Issue: 5, pp.493-504, 2006 Available: https://doi.org/10.1108/02634500610682881
     Google Scholar
  44. P., Hughes, P. E. Morgan., and Y. Kouropalatis, "Market knowledge diffusion and business performance", European Journal of Marketing, Vol. 42 Issue: 11/12, pp.1372-1395, 2008 https://doi.org/10.1108/03090560810903718
     Google Scholar
  45. A. Jagongo and V.S. Mutswenje, “A survey of the factors influencing investment decisions: the case of individual investors at the NSE”, International Journal of Humanities and Social Science, Vol. 4 No. 4, pp. 92-102. 2014, [Google Scholar] [Infotrieve]
     Google Scholar
  46. M. Jensen, “Some Anomalous Evidence Regarding Market Efficiency”, Journal of Financial Economics, vol. 6, no. 2, pp. 95-101(1978),
     Google Scholar
  47. W. Jiang and H. Yan, “Financial innovation, investor behaviour and arbitrage: evidence from the ETF Market”, Yale ICF Working Paper. (2016), [Google Scholar]
     Google Scholar
  48. A. B. Joo and K. Durri, “Comprehensive review of literature on behavioural finance”, Indian Journal of Commerce and Management Studies, Vol. 6 No. 2, pp. 11-20. . (2015), [Google Scholar] [Infotrieve]
     Google Scholar
  49. D. Jordan, and J. D. Diltz, Day Traders and The Disposition Effect. The Journal of Behavioural Finance, 5(4), 192-200, (2004).
     Google Scholar
  50. J. M. Keynes, “The General Theory of Employment, Interest and Money,” Cambridge, Macmillan Cambridge University Press, for Royal Economic Society (1936)
     Google Scholar
  51. S. Lichtenstein, B. Fischhoff, and L.D. Phillips, Calibration of Probabilities: The State of the Art. In: Jungermann H., De Zeeuw G. (Eds) Decision Making and Change in Human Affairs. Theory and Decision Library (An International Series in the Philosophy and Methodology of the Social and Behavioural Sciences), Vol. 16, (1977) Springer, Dordrecht
     Google Scholar
  52. D. Kahneman, Attention and Effort, Prentice-Hall, Englewood Cliffs, NJ. [Google Scholar]
     Google Scholar
  53. D. Kahneman. and A. Tversky. “Prospect theory: an analysis of decision under risk. Econometrica”, Journal of the Econometric Society, 1979, Vol. 47 No. 3, pp. 263-291, available at: https://doi.org/10.1111/j.1536-7150.2011.00774.x [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  54. D. Kahneman, and A. Tversky, “Judgment under uncertainty: heuristics and biases”, Science, Vol. 185 No. 4157, pp. 1124‐31. (1974)
     Google Scholar
  55. G. Kong and D. Kong (2015), “Institutional investors’ trading in speculation: evidence from China”, South African Journal of Economics, Vol. 83 No. 4, pp. 617-631. 1973, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  56. S. Lichtenstein, B. Fischhoff and L.D. Phillips. Calibration of Probabilities: The State of the Art. In: Jungermann H., De Zeeuw G. (Eds) Decision Making and Change in Human Affairs. Theory and Decision Library (An International Series in the Philosophy and Methodology of the Social and Behavioural Sciences), Vol. 16, 1977, Springer, Dordrecht
     Google Scholar
  57. H. Lin, “Elucidating rational investment decisions and behavioural biases: evidence from the Taiwanese stock market”, African Journal of Business Management, Vol. 5 No. 5, pp. 1630-1641. 2011, [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  58. J. Lintner, “The valuation of risk assets and the selection of risky investments in stock portfolios and Capital budgets”, Review of Economics and Statistics, Vol. 47 No. 1, pp. 13-37 (1965), [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  59. J. Livanas, Empirical Analysis of Investor Utilities in Investment Choice; Institute of Actuaries of Australia; Risk and Capital Management Research Conference 2008, Sydney, Australia 2008;
     Google Scholar
  60. M. Lovric, U. Kaymak, and J.Spronk, “A conceptual model of investor behaviour”, ERIM Report Series Research in Management, Vol. 52, (2008), available at: https://doi.org/10.2139/ssrn.1144293 [Google Scholar]
     Google Scholar
  61. M. Marchand, “Behavioural biases in financial decision making”, Bachelor Theses Finance, Vol. 8200, pp. 1-28. 2012, [Google Scholar]
     Google Scholar
  62. H. Markowitz, “Portfolio selection”, The Journal of Finance, Vol. 7 No. 1, pp. 77‐91. 1952, [Google Scholar] [Infotrieve]
     Google Scholar
  63. L. Menkhoff, and M. Nikiforow, “Professionals’ endorsement of behavioural finance: does it impact their perception of markets and themselves?” Journal of Economic Behaviour & Organization, Vol. 71 No. 2, pp. 318-329. 2009, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  64. L. Menkhoff, and U. Schmidt, “The use of trading strategies by fund managers: some first survey evidence”, Applied Economics, Vol. 37 No. 15, pp. 1719-1730. 2005, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  65. L. Menkhoff, U. Schmidt, and T., Brozynski, “The impact of experience on risk taking, overconfidence, and herding of fund managers: complementary survey evidence”, European Economic Review, Vol. 50 No. 7, pp. 1753-1766. 2006, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  66. D. A. Miller and P.B. Rose, “Integrated communications: a look at reality”, Public Relations Quarterly, Vol. 39 No. 1, pp. 35‐47. 1994, [Google Scholar] [Infotrieve]
     Google Scholar
  67. H. Mintzberg, The Structuring of Organizations, Prentice‐Hall, London. (1979), [Google Scholar]
     Google Scholar
  68. Mohammad Tariqul Islam Khan, Siow-Hooi Tan, and Lee-Lee Chong, "Information sources and investing decisions – a path modelling approach", Managerial Finance, Vol. 43 Issue: 8, pp.928-947, (2017) https://doi.org/10.1108/MF-08-2016-0232
     Google Scholar
  69. J. Mossin “Equilibrium in a Capital asset market”, Econometrica, Vol. 34 No. 4, pp. 768-783. (1966), [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  70. O. Musshoff, N. Hirschauer "A behavioural economic analysis of bounded rationality in farm financing decisions: First empirical evidence", Agricultural Finance Review, Vol. 71 Issue: 1, pp.62-83, (2011) https://doi.org/10.1108/00021461111128165
     Google Scholar
  71. V.R., Nair and Antony, A. “Evolutions and challenges of behavioural finance”, International Journal of Science and Research (IJSR), Vol. 4 No. 3, pp. 1055-1059. (2015), [Google Scholar] [Infotrieve]
     Google Scholar
  72. G. Y. Nenkov. J. J. Inman, J. Hulland, and M. Morrin, “The impact of outcome elaboration on susceptibility to contextual and presentation biases”, Journal of Marketing Research (JMR), Vol. 46 No. 6, pp. 764-776, (2009) available at: https://doi.org/10.1509/jmkr.46.6.764 [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  73. J. Neumann von, and O. Morgenstern), A Theory of Games and Economic Behaviour, Princeton University Press, Princeton (1953, [Google Scholar]
     Google Scholar
  74. J.V. Neumann, and O. Morgenstern, Theory of Games and Economic Behaviour. Princeton University Press, Princeton (1944).
     Google Scholar
  75. G. Obeng, (press). Investment Decision; Information Driven and Preference Ordering
     Google Scholar
  76. R.A. Olsen, “Behavioural finance and its implications for stock-price volatility”, Financial Analysts Journal, Vol. 54 No. 2, pp. 10-18. 1998, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  77. E. Otuteye, and M. Siddiquee, “Overcoming cognitive biases: a heuristic for making value investing decisions”, Journal of Behavioural Finance, Vol. 16 No. 2, pp. 140-149, (2015), available at: https://doi.org/10.1080/15427560.2015.1034859 [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  78. Satish Kumar, Nisha Goyal, "Evidence on rationality and behavioural biases in investment decision making", Qualitative Research in Financial Markets, Vol. 8 Issue: 4, pp.270-287, 2016 https://doi.org/10.1108/QRFM-05-2016-0016
     Google Scholar
  79. M.M. Pompian, Behavioural Finance and Wealth Management: How to Build Optimal Portfolios that Account for Investor Biases, Wiley Finance, New York, NY. (2006),
     Google Scholar
  80. Z. Puspitaningtyas, (ud.). How accounting information is useful for investors, www.academia.edu./237544. (350-354)
     Google Scholar
  81. B. Quirke, “Putting communication on management's agenda” Received: 27th March, 1996 Synopsis Communication Consulting, 62-68 1996
     Google Scholar
  82. D. Scharfstein and J. Stein, “Herd behaviour and investment”, American Economic Review, Vol. 80 No. 3, pp. 465-479. 1990, [Google Scholar] [Infotrieve]
     Google Scholar
  83. Y. Shaheen, The perceived usefulness of information for investment decisions: Evidence from Palestine Security Exchange, Hebron University Research Journal Vol. (5) No. (2) pp (283 - 307) (2010).
     Google Scholar
  84. Z. Shapira, and I.Venezia, Patterns of Behaviour of Professionally Managed and Independent Investors. Journal of Banking & Finance, 25, 1573-1587. (2001) https://doi.org/10.1016/S0378-4266 (00)00139-4
     Google Scholar
  85. W.F. Sharpe, “Capital asset prices: a theory of market equilibrium under conditions of risk”, Journal of Finance, Vol. 19 No. 3, pp. 425- 42. 1964, [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  86. H. Shefrin “Beyond greed and fear”, Harvard University Press, Boston 2000
     Google Scholar
  87. H. Shefrin, and M. Statman, “The disposition to sell winners too early and ride losers too long: theory and evidence”, The Journal of Finance, Vol. 40 No. 3, pp. 777-790 (1985), [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  88. R.J., Shiller, Market Volatility, MIT Press, Cambridge, MA. 1989, [Google Scholar]
     Google Scholar
  89. . A. Shleifer. “Inefficient Markets”, Oxford University Press. 2000
     Google Scholar
  90. R. C. Merton “An Analytic Derivation of the Efficient Portfolio Frontier” The Journal of Financial and Quantitative Analysis Vol. 7, No. 4 (Sep., 1972), pp. 1851-1872 DOI: 10.2307/2329621 https://www.jstor.org/stable/2329621
     Google Scholar
  91. H.A...Simon, “A behavioural model of rational choice”, The Quarterly Journal of Economics, Vol. 69, Issue 1, 1955
     Google Scholar
  92. M.Z., Sincoff, D.A. Williams, and C.E.T. Rohm, “Steps in performing a communication audit”, paper presented at the meeting of the International Communication Association, Portland, May 1976, in Kreps, G.L. 1996, Organizational Communication, Theory and Practice, 2nd ed., Longman, New York, NY, p. 215. 1976, [Google Scholar]
     Google Scholar
  93. P., Slovic, B. Fischoff, and S. Lichtenstein, “Facts and fears: understanding perceived risk”, in Schwing, R.C. and Albers, W.A. (Eds), Societal Risk Assessment. How Safe Is Safe Enough? Plenum, London, pp. 181‐216. 1980, [Google Scholar]
     Google Scholar
  94. Smallman, C. (1996, “Challenging the orthodoxy in risk management”, Safety Science, Vol. 22 Nos. 1‐3, pp. 245‐62. [Crossref], [ISI], [Google Scholar]
     Google Scholar
  95. C. Smallman, and D. Weir, "Communication and cultural distortion during crises", Disaster Prevention and Management: An International Journal, Vol. 8 Issue: 1, pp.33-41, 1999 https://doi.org/10.1108/09653569910258219
     Google Scholar
  96. C. SPITZIER, H. WINTER AND J. MEYER, “ELEGANT AND RELIABLE INFORMATION”, WILKY ONLINE LIBRARY, 2016. HTTPS://DOI.ORG/10,1002/978119176657
     Google Scholar
  97. M. Statman, K. L. Fisher, and, D. Anginer “Affect in a behavioural asset-pricing model”, Financial Analysts Journal, Vol. 64 No. 2, pp. 20- 29. (2008), [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  98. M. Statman, S. Thorley, and, K. Vorkink “Investor overconfidence and trading volume”, Review of Financial Studies, Vol. 19 No. 4, pp. 1531-1565, (2006), available at: http://doi.org/10.1093/rfs/hhj032 [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  99. W. Tapia, and J. Yermo (2007), "Implications of Behavioural Economics for Mandatory Individual Account Pension Systems”, OECD Working Papers on Insurance and Private Pensions, No. 11, OECD Publishing.doi:10.1787/10300282585
     Google Scholar
  100. R. Thaler, “Mental accounting and consumer choice”, Marketing Science, Vol. 4 No. 3, pp. 199-214. 1985, 1974, [Crossref], [Google Scholar] [Infotrieve]
     Google Scholar
  101. S. A. A. Tipu and F. M. Arain “Managing success factors in entrepreneurial ventures: a behavioural approach”, International Journal of Entrepreneurial Behaviour & Research, Vol. 17 No. 5, pp. 534-560, (2011), available at: https://doi.org/10.1108/13552551111158844 [Link], [Google Scholar] [Infotrieve]
     Google Scholar
  102. J. L.Treynor “Market value, time, and risk”, Unpublished manuscript, Sharpe. (1961), [Google Scholar]
     Google Scholar
  103. A. Tversky and D. Kahneman, “Judgement under uncertainty: heuristics and biases”, Science , Vol. 185 No. 4157, pp. 1124-1131, 1974 [Crossref], [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  104. M Weber and F.Colin Camerer the disposition effect in securities trading: an experimental analysis Journal of Economic Behaviour & Organization, 1998, vol. 33, issue 2, 167-184
     Google Scholar
  105. F. William “Capital asset prices: a theory of market equilibrium under conditions of risk”, Journal of Finance, Vol. 19 No. 3, pp. 425-442 (1964), [ISI], [Google Scholar] [Infotrieve]
     Google Scholar
  106. S.A. Zahera, and Bansal, R. "Do investors exhibit behavioural biases in investment decision making? A systematic review", Qualitative Research in Financial Markets, Vol. 10 Issue: 2, pp.210-251, (2018 https://doi.org/10.1108/QRFM-04-2017-0028
     Google Scholar
  107. F. Zaidi, M. Tauni.,” Influence of Investor's Personality Traits and Demographics on Overconfidence Bias,” IJCRB, Vol.4, No 6. Pp.1-17 2012, Google Scholar
     Google Scholar
  108. N. Barberis, A. Shleifer, and R. Vishny, A model of investors sentiment, Journal of Financial Economics49 307 – 343, 1998, JEL Classification G12; G14
     Google Scholar