Index
ISBN: 978-1-78756-280-6, eISBN: 978-1-78756-279-0
Publication date: 16 July 2018
This content is currently only available as a PDF
Citation
Sarkar, A.K. and Sahu, T.N. (2018), "Index", Investment Behaviour, Emerald Publishing Limited, Leeds, pp. 163-171. https://doi.org/10.1108/978-1-78756-279-020181008
Publisher
:Emerald Publishing Limited
Copyright © 2018 Emerald Publishing Limited
INDEX
Academic qualification of individual investor
, 117
Accounting information
, 50, 54
factor
, 50–51
and risk aversion
, 47
Actual investment
, 1, 42
Affect (Aff)
, 16, 72, 102, 123, 128
awareness
, 93
component
, 16, 140
Affect infusion model (AIM)
, 31–32
Age
effect on prospects bias and herding bias
, 138
relationship with components of prospects bias
, 133
Analysis and findings of study
, 83
awareness and investment behaviour
, 135
awareness findings
, 86–95
demographic factor findings
, 83–85
demographic factors and investment behaviour
, 132–135
findings of effect of demographic factors, awareness and perceived risk attitude
, 128–131
findings of relationship between variables
, 116–127
interpretation of key findings
, 131–132
investment behaviour findings
, 104–116
perceived risk attitude and investment behaviour
, 136
perceived risk attitude findings
, 95–104
reliability test findings
, 86
Analysis of variance (ANOVA)
, 45–46
Analysts
, 73
capital market
, 38
financial
, 18
stock
, 14
Analytic hierarchy process (AHP)
, 48
Analytic network process (ANP)
, 35
Anchoring
, 17–18, 34, 44–45, 46, 47, 62, 73, 106, 118, 122–124, 126, 132–135, 138
bias
, 37
distribution of sample respondents on basis of
, 107
Annual income (Ay)
, 70, 128, 133, 138
on heuristics bias
, 118
of individual investors
, 117
Arbitrage-free pricing (AFP)
, 26
Ashanti Goldfields Corporation (AGC)
, 21–22
Assets
, 3
Athens Stock Exchange (ASE)
, 26
Attention-based decision-making
, 24
Attention-grabbing
characteristics
, 24
events
, 25
Availability bias
, 17, 18, 73, 118, 119, 122–123, 124, 126, 132–135, 138
distribution of sample respondents
, 108–109
Aware investor
, 13–14, 87
Awareness
, 3–4, 13–15, 49, 51, 55, 57, 58–59, 62, 67–68, 79, 81, 83, 86, 135, 138–139, 141–142
association with investment behaviour and
, 118
association with investment behaviour component and
, 124, 125
effect findings on investment behaviour
, 128–130
findings
, 86
findings of factor analysis
, 93–95
findings of graphical representation of total responses
, 86–92
of individual investor
, 117
investor
, 50, 59, 86
summary
, 138–139
See also Financial awareness (Fia)
Behavioural biases
, 45, 56
Behavioural finance
, 2–3, 5–6, 21, 26, 34, 36, 38, 48, 56, 61, 63, 75, 79, 142
Behavioural processes
, 5–6
Bond market excess returns
, 39–40
Capital
appreciation
, 1
market
, 1–3
stocks
, 1
Charitable organisation
, 3
‘Classic’
, 51
Cognition (Cog)
, 16–17, 72
component
, 16, 102, 123, 139–140
Colombo Stock Exchange
, 46
Communication
, 69, 70
Companies’ customer preference
, 76, 112, 123, 134
Confirmatory factor analysis (CFA)
, 43, 79
Consultancy organisations
, 5–6
Conventional financial theory
, 4
Corporate governance factors
, 52
Corporate social responsibility (CSR)
, 52
Correlation analysis
, 53
Correlation coefficient
, 80–81, 137
analysis
, 135
findings of relationship between variables by using
, 116–127
Cronbach’s α
, 86, 141–142
method
, 61
test
, 78
value
, 86
Cross-Sectional Absolute Deviation approach (CSAD approach)
, 34
Cross-sectional standard deviation (CSSD)
, 43
Cultural factors
, 26, 35
Data
, 67
description of selected variables
, 70–77
sample design
, 67–69
selection of variables
, 69–70
sources
, 77
study period
, 77
Debentures
, 2
Decision-making
factors
, 52
principles
, 3
process
, 19, 21, 37–38, 51
Decision-making trial and evaluation laboratory (DEMATEL)
, 35
Demographic factor(s)
, 3–5, 9–13, 32–33, 45, 54, 56, 59, 62, 65, 67, 70–71, 81, 132–135
association with and investment behaviour component
, 119, 120, 121, 122
association with investment behaviour and
, 117
effect
, 4, 19–20, 128–131, 141
findings
, 83–85
summary
, 137–138
Dependent variable
, 6, 65, 80–81, 131
Descriptive statistics
, 139
through graphical presentation
, 78
result
, 137, 138–139
Dhaka Stock Exchange (DSE)
, 41, 43
Diversification of portfolio management for optimisation
, 19, 75
Dividend-paying investment
, 10
Earning factors
, 52
Econometric tests used in study
, 78
correlation coefficient
, 80
Cronbach’s α test
, 78–79
descriptive statistics through graphical presentation
, 78
factor analysis
, 79–80
probit regression model
, 80–81
sample size calculation
, 78
Economic behaviour
, 15, 29–30
Economic growth and development
, 1–2
Economic investment
, 1, 2
Economist
, 1
Economy
, 1–2, 23
economy-related factors
, 38
economy/market sector
, 38
Education (Edu)
, 10, 11, 70
effect on heuristics bias
, 118, 133
Eigen value
, 79, 93
Emotions
, 16, 71–72
Evaluation, factor
, 51
Experience (Exp)
, 70–71, 128, 138
on heuristics bias
, 122, 133
of individual investor
, 117
Exploratory factor analysis (EFA)
, 79
Factor analysis
, 79–80, 141–142
of awareness
, 94–95
findings
, 93–95, 102–104
of perceived risk attitude
, 103
Factor loadings
, 79
Financial
characteristics
, 60
instruments
, 2
investment
, 1, 2
literacy
, 12
risk
, 72
Financial awareness (Fia)
, 14, 25–26, 35–36, 71, 79, 81, 93–95, 124, 129, 135, 139
on different biases of investment behaviour
, 128
effect on markets bias and herding bias
, 135
on heuristics bias
, 123
See also Awareness
Firm sector
, 38
Foreign institutional investors (FIIs)
, 29, 63
Foreign investors
, 22, 28
Friend/co-worker recommendation factor
, 51
Gambler’s fallacy
, 17–19, 34, 37, 47, 74, 108–109, 135, 138, 139
Genetic variation
, 31
Ghana Stock Exchange (GSE)
, 21–22, 27–28
Goods and services
, 1, 39
Graphical representation
descriptive statistics through
, 78
findings of total responses
, 86–92, 95–102
Great Internet Stock Bubble
, 22
Grievance redressal agencies
, 51
Guwahati Stock Exchange
, 56–57
Hedge funds
, 3
Herding (Hrd)
, 37, 76–77
attitude
, 45
behaviour
, 29
effect in financial market
, 19–20
factor
, 47, 62
investors
, 76
Herding bias
, 17, 20, 72, 76–77, 115–118, 128–130, 133–136, 138–142
annual income
, 118
effects of demographic factors, awareness and perceived risk attitude
, 132
experience
, 122
financial awareness
, 123
objective
, 122
social learning
, 123
See also Market bias (Mkt)
Heuristic processes
, 34
Heuristics bias (Heu)
, 17, 47, 65, 69, 72–73, 116–118, 122, 128, 130, 133, 134, 136, 140–141
annual income affecting
, 138
cognition component of perceived risk attitude
, 123
education
, 133
education effect
, 118
effects of demographic factors, awareness and perceived risk attitude
, 129
experience
, 133
financial awareness
, 123
objective of making investment
, 135
social learning effect
, 139
See also Market bias (Mkt)
High-income investors
, 10
High-tax-rate investors
, 10, 134
Ho Chi Minh City Stock Exchange (HOSE)
, 36–37
Image-building factors
, 52
Income
, 1, 10
income-producing investments
, 10
Independent variables
, 6
Indian context, studies in
, 49
behavioural factors
, 64
correlation analysis
, 53
financial characteristics
, 60
MIP
, 58
NSE
, 63
psychological factors and behavioural biases
, 56
risk and demographic factors
, 54
social relevance and image
, 50–51
socio-economic factors
, 59
socio-economic profile of stock market investors
, 55
SPSS
, 57
stock market
, 62
stock selection decision
, 52
See also International context, studies in
Indian stock market
, 21
Individual development function
, 10
Individual investors
, 4, 23–24
Individual/retail investors
, 2–3
Industry sector
, 38
Industry-related factors
, 38, 52
Institutional investor
, 3, 25
Insurance policies
, 2
Intelligence test (IQ test)
, 34
Interest-paying investment
, 10
Internal consistency test
, 86
International context, studies in
, 21
AHP
, 48
ANOVA
, 45–46
ASE
, 26
attention-grabbing characteristics
, 24
behavioural factors
, 47
Colombo Stock Exchange
, 46
CSAD approach
, 34
CSSD
, 43
decision-making process
, 37–38
DEMATEL
, 35
demographic factors
, 32–33
DSE
, 41
equilibrium firm-level stock returns
, 23
genetic variation
, 31
Great Internet Stock Bubble
, 22
GSE
, 21–22, 27–28
herding behaviour
, 29
HOSE
, 36–37
individual investors’ behaviour
, 40
multiplier effect
, 30
real per capita PPP-adjusted GDP growth
, 39
risk-seeking investors
, 33
social learning
, 25–26
SPSS
, 28
stock exchanges of Pakistan
, 44
Tehran Stock Exchange
, 38
See also Indian context, studies in
Investment
, 1, 85
decision
, 12, 142
decision-making process
, 26, 34
information
, 49–50
making objective
, 133–134, 135, 138
Investment behaviour
, 3, 17–20, 21, 72–77, 132–136, 142
association with awareness and
, 118
association with awareness and component
, 124, 125
association with demographic factors and
, 117
association with demographic factors and component
, 119, 120, 121, 122
association with perceived risk attitude and
, 118
association with perceived risk attitude and component
, 126, 127
findings
, 104–116
findings of effect of demographic factors, awareness and perceived risk attitude
, 128–130
research gap
, 65
studies in international context
, 21–48
studies in Indian context
, 49–64
Investment objective (Obj)
, 71
Investor(s)
, 3, 9, 18–19, 23, 67–68, 73, 76, 141, 143
awareness
, 50
education and investment decision
, 50
psychology
, 34
risk tolerance levels and perceptions
, 141
sentiment
, 22
Islamabad Stock Exchange
, 44
Kaiser-Meyer Olkin Measure of Sampling Adequacy (KMO)
, 42, 79, 93, 102
Karachi Stock Exchange
, 44
Kenyan Stock Market
, 44
Lahore Stock Exchange
, 44
Liquidity
, 12
‘Logical’ cognitive assessment
, 16
Loss aversion
, 19, 34, 45–48, 62, 74, 109–110, 117–118, 120, 123, 124, 126, 132–134, 138, 143
Market(s)
, 37
factor
, 47, 52, 62, 75–76
information
, 75
market-related factors
, 38
Market bias (Mkt)
, 17, 19, 72, 74, 117, 128, 133, 134, 138–141
age
, 132
annual income
, 118
cognition component of perceived risk attitude
, 123
effects of demographic factors, awareness and perceived risk attitude
, 131
experience
, 122
financial awareness
, 123
herding bias
, 134
objective
, 122
social learning
, 123
See also Heuristics bias (Heu)
Mental accounting
, 19, 34, 45, 47, 74
Momentum investors
, 75
Monthly Income Plan (MIP)
, 58
Mood maintenance hypothesis (MMH)
, 31–32
‘Multiplier’ effect
, 2, 15, 30
Multistage sampling
, 69
Multivariate analysis
, 61
Mutual fund
, 3
investors
, 58
units
, 2
Nairobi Stock Exchange
, 44, 46
National Stock Exchange (NSE)
, 63
Non-probability sampling
, 65
Non-rational investors
, 22
Non-tradable assets
, 3
Objective
, 128, 140, 143
of individual investor
, 117
of making investment
, 122, 133, 138
Occupation (Occ)
, 10, 12, 70, 128, 133, 138
on heuristics bias
, 118
of individual investor
, 117
Opportunity loss risk
, 17, 72
Over/under reaction
, 75, 134
Overconfidence
, 17–18, 22–23, 34, 37, 46–47, 62, 73
Overinvestment
, 12, 71
Past trends of stocks
, 19, 75–76, 111–112, 135–136, 139
Peer effects
, 14–15, 71
Pension fund
, 3
Perceived risk attitude
, 3–5, 15–17, 19–20, 70, 71–72, 77–79, 81, 95, 123, 136, 141–143
affect component
, 140
association with investment behaviour and
, 118
association with investment behaviour component and
, 126, 127
cognition component
, 140
Cronbach’s α value
, 86
effect findings on investment behaviour
, 128–131
effects on herding bias of investment behaviour
, 132
effects on markets bias of investment behaviour
, 131
factor analysis findings
, 102–104
graphical representation findings of total responses
, 95–102
of individual investor
, 117
summary
, 139–140
Policy recommendation
, 142–143
Positioning factors
, 52
Price changes
, 19, 47, 74–75, 110, 123, 133, 135
Pricing process
, 11
Primary data
, 48, 56–57, 61–62, 77, 137, 141
Principal component analysis (PCA)
, 79
Principal component method
, 61
Probit regression analysis
, 134, 138, 139, 140
Probit regression model
, 80–81, 83, 128–131, 137
Prospect (Pros)
, 37, 74
factor
, 47
Prospects bias
, 17, 72, 74, 128–130, 133–134, 138, 141
annual income
, 118
cognition component of perceived risk attitude
, 123
financial awareness
, 123
objective
, 117, 122
Psychological
, 64
factors
, 56
foundation of human behaviour
, 140, 142
principles
, 3
processes
, 23
variables
, 63–64
Questionnaires
, 67–68
Raosoft programme
, 78, 81
Rational trading strategies
, 23
Real estate
, 3
Real per capita PPP-adjusted GDP growth
, 39
Regression
, 81
analysis and factor analysis
, 51
linear
, 30
probit regression model
, 81
Regret aversion
, 19, 34, 37, 46, 47, 74, 118, 120, 123, 124, 126, 133–135, 138, 139, 143
age relationship with
, 117
distribution of sample respondents
, 109
Reliability test findings
, 86
Representativeness
, 17–19, 34, 45, 73, 104, 118, 119, 123, 124, 126, 133–134, 135, 138, 139
annual income affecting relationship with
, 133
distribution of sample respondents
, 104
Research, reference of stock investment behaviour
, 5–6
Research design and methodology
, 67
data
, 67–77
research methodology
, 78
scheme of investigation
, 81
statistical and econometric tests used in study
, 78–81
Retail investors
, 1–2, 13, 41, 52, 63–64
Risk
, 1, 30
aversion
, 19
factor
, 50
risk-seeking investors
, 33
‘Rules of thumb’
, 9, 15, 17, 72–73, 135
Sample design
, 67–69
Sample respondent distribution
, 87–92, 96–102, 104–116
of age
, 83
of annual income of
, 85
of experience
, 85
of level of education
, 84
of objective
, 85
of occupation
, 84
Sample respondents
, 83, 87, 95, 104
Sample size
, 69
calculation
, 78
neglect
, 18
Shares, investment in financial instruments
, 2
‘Sociable’ communities
, 15, 29–30
Social learning (Sol)
, 14–15, 25–26, 71, 79, 81, 93–95, 122–125, 128, 135, 139
factors
, 93
Social relevance and image factor
, 50–51
Socio-demographic variables
, 30
Socio-economic
characteristics
, 13
factors
, 59
profile of stock market investors
, 55
Statistical analysis
, 61
Statistical package for social sciences (SPSS)
, 28
Statistical tests used in study
, 78
correlation coefficient
, 80
Cronbach’s α test
, 79
descriptive statistics through graphical presentation
, 78
factor analysis
, 79–80
probit regression model
, 81
sample size calculation
, 78–79
Stock
analysis
, 29
performance
, 50–51
portfolio
, 23
Stock broker influence
, 51
Stock market
, 3–4, 49
efficiency
, 28
excess returns
, 39
investment behaviour in
, 21
participation
, 15, 29–30
research gap
, 65
studies in international context
, 21–48
studies in Indian context
, 49–64
Structural equation modelling (SEM)
, 12
Structured products, non-tradable assets
, 3
Tax-deferred assets
, 10, 70, 134
Tax-sheltered assets
, 10, 70, 134
Tehran Stock Exchange (TSE)
, 34, 38
Time
, 55
attributes
, 1
time-varying individual and community characteristics
, 15
Total responses, findings of graphical representation of
, 86–92, 95–102
Total variance
, 79–80, 102
Traditional economic theory
, 4
Unaware investor
, 13–14, 71
Underlying stocks fundamentals
, 75–76, 113–114, 118, 133, 136
Variables, findings of relationship between
, 116
association between awareness and investment behaviour
, 118
association between awareness and investment behaviour component
, 124, 125
association between demographic factors and investment behaviour
, 117
association between demographic factors and investment behaviour component
, 119, 120, 121, 122
association between perceived risk attitude and investment behaviour
, 118
association between perceived risk attitude and investment behaviour component
, 126, 127
Variables selection
, 69–70
demographic factors
, 70–71
description
, 70
investment behaviour
, 72–77
perceived risk attitude
, 71–72
‘Word-of-mouth’ interpretation
, 15, 29–30
- Prelims
- Chapter 1 Introduction
- Chapter 2 Demographic Factors, Awareness, Perceived Risk Attitude and Investment Behaviour – A Discussion
- Chapter 3 Review of Related Literature
- Chapter 4 Research Design and Methodology
- Chapter 5 Analysis and Findings of the Study
- Chapter 6 Summary and Conclusion
- Bibliography
- About the Authors
- Index