© 2024 JETIR March 2024, Volume 11, Issue 3 www.jetir.

org (ISSN-2349-5162)

A STUDY ON BEHAVIOURAL BIASES IN

INVESTMENT DECISION MAKING
1
Ms. Vyshnavi A, 2Mr. Sunil R.Hegde, 3Ansh Rupani, 4Juhi Sah,
5
Pratham Kumar Chaudhary, 6Jatin Bothra, 7Mithesh NS
12
Assistant Professor,34567Student

Bachelor of Business Administration, Centre for Management Studies, Jain (Deemed-to-be-

University), Bengaluru

Abstract
Investor decision-making is not solely driven by rationality and objective analysis but is significantly
influenced by behavioral biases. This study delves into the realm of behavioral finance to explore the
prevalence and impact of these biases among retail investors. Through a comprehensive review of literature
and empirical analysis, common behavioral biases such as overconfidence, loss aversion, and herd mentality
are identified as pervasive forces shaping investor decision-making. Moreover, this research examines the
interplay between demographic factors, financial literacy levels, and the manifestation of these biases among
retail investors. By shedding light on the behavioral dynamics underlying investment decisions, this study aims
to enhance investor awareness and provide insights for developing effective strategies to mitigate the adverse
effects of behavioral biases. Ultimately, this research contributes to improving investment outcomes and
decision-making processes for retail investors in financial markets.

KEYWORDS- Bias recognition, Investor protection, Investment performance, Market integrity, Financial
outcomes, Herd behaviour, Investor psychology.

Introduction
Financial decision-making is frequently impacted by a wide range of emotional and cognitive elements, which
are referred to as behavioral biases. These psychological biases have a big influence on investing decisions and
results. It is critical for investors, financial professionals, and policymakers to comprehend the dynamics of
behavioral biases in investment decision-making since it offers insights into market inefficiencies and areas
for reform.
This research paper embarks on a journey to explore the intricate landscape of behavioral biases in investment
decision-making. Drawing from a diverse array of cognitive psychology and behavioral finance literature, we
delve into the underlying mechanisms driving these biases and their implications for financial markets.
Moreover, this study employs primary research methodologies, including the development of a questionnaire,

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to gather firsthand insights from investors. By examining real-world behaviors and perceptions, we aim to
enrich our understanding of how behavioral biases manifest in investment decisions.

Through empirical analysis and theoretical frameworks, we endeavor to illuminate the various facets of
behavioral biases, from overconfidence and loss aversion to herding behavior and mental accounting. By
synthesizing insights from primary and secondary sources, this research seeks to provide actionable
recommendations for investors and financial practitioners to navigate the complexities of decision-making in
dynamic market environments. Ultimately, this endeavor contributes to the broader discourse on behavioral
finance and its implications for investment management practice

Objectives of study

 To identify and classify common behavioral biases exhibited by retail investors in their decision-
making processes.

 To analyze the role of financial literacy in mitigating or exacerbating behavioral biases among retail
investors.

 To investigate the demographic factors (age, gender, education, etc.) that may influence
the prevalence and severity of behavioral biases among retail investors.

 To contribute to the existing body of knowledge in behavioral finance by providing insights

into the specific behavioral biases prevalent among retail investors and their implications
for investment decision-making.

 To explore the extent to which behavioral biases influence the investment decisions of retail
investors.

REVIEW OF LITERATURE

 Shefrin, H., & Statman, M. (1995). In their 1995 paper "The Behavioral Perspective on Economic
Behavior," Shefrin and Statman pioneer the field of behavioral finance by merging psychology with
economic theory. They challenge the assumption of rationality in traditional economic models,
emphasizing cognitive biases and heuristics' role in financial decisions. Identifying phenomena like
overconfidence and loss aversion, they explore implications for asset pricing and market efficiency. By
stressing the significance of psychological factors in economic behavior, they lay the groundwork for
a new financial approach, sparking considerable research and debate on psychology's influence on
financial markets.

 Tversky, A., and D. Kahneman (1979). In order to provide an alternate descriptive model for risk-averse
decision-making, this work presents prospect theory in opposition to expected utility theory. It finds
widespread consequences in decisions made among risky prospects that go counter to the tenets of
utility theory. Notably, people have a tendency to place a lower value on likely outcomes than on certain
ones (this is known as the certainty effect), which causes them to seek out risk in losses and avoid risk
in profits. If shared components are eliminated, the isolation effect also results in uneven preferences.
Prospect theory produces concave value functions for gains and convex ones for losses by replacing
utility with values assigned to gains and losses, and decision weights with probability. Except in cases

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of low probability, decision weights are generally less than matching probabilities, which adds to the
allure of gambling and insurance.

 Hirshleifer, D., & Shleifer, A. (2009) offer a comprehensive review of the field's key findings and
developments. They delve into various topics, including investor sentiment, limits to arbitrage,
overconfidence, and the disposition effect, explaining their influence on asset prices, trading behavior,
and market efficiency. The authors scrutinize how behavioral finance challenges traditional theories
like the efficient market hypothesis and the capital asset pricing model. Moreover, they emphasize
understanding human psychology in financial decision-making and propose integrating behavioral
insights into financial practice.

 Gervais and Odean's 2001 paper, "Learning by Doing in the Stock Market," explores how individual
investor experience impacts stock trading performance. Through analysis of a vast dataset, they
discover that investors improve their performance over time, learning from trading experiences.
Investors exhibit increased activity in previously traded stocks, indicating a learning-by-doing process.
Positive returns reinforce trading activity. However, despite learning, investors still underperform
benchmarks, suggesting incomplete learning or counteracting biases. The paper underscores the
significance of experience and learning in individual investor behavior and performance.

 Barberis and Thaler's 2003 paper, "A Survey of Behavioral Finance," offers a comprehensive overview
of the field, detailing key concepts, theories, and empirical findings. They analyze behavioral biases
like overconfidence and loss aversion, and heuristics such as herding behavior, impacting financial
decision-making. The authors highlight how these factors lead to market anomalies, challenging
traditional finance theory assumptions. They also discuss implications for asset pricing models, market
dynamics, and financial institution design. Moreover, the paper suggests avenues for future research,
emphasizing integrating behavioral insights into financial practice and policy-making.

 Kumar and Goyal's 2015 study scrutinizes behavioral biases in retail individual investors' investment
decisions in Karnataka. Utilizing survey data analysis, they uncover prevalent biases such as
overconfidence, loss aversion, herding, and anchoring. The study assesses these biases' impact on
decisions, risk-taking, diversification, and performance. It sheds light on how biases shape investors'
attitudes and strategies in financial markets, discussing implications for investor welfare, market
efficiency, and education programs. Overall, it enriches behavioral finance by emphasizing
psychological factors in investment outcomes.

 Gervais, S., & Odean, T. (2001) study how overconfidence influences trading frequency in individual
investors. They argue that experience increases confidence, prompting more trading without necessarily
enhancing returns. Their analysis of investor trading data confirms a connection between
overconfidence and trading behavior. This research underscores the significance of psychological
biases in financial decision-making, particularly the impact of overconfidence on investor actions in
the stock market. It emphasizes the necessity of considering psychological factors in understanding
trading patterns effectively.

 Sialm, C., & Starks, L. (2006) study, "Overconfidence and Trading Activity in a Less Liquid Market,"
explores how overconfidence affects trading behavior in such markets. They investigate whether
overconfidence influences trading frequency in less liquid markets, using a specific dataset. Their
findings indicate that overconfident investors exhibit increased trading activity, potentially worsening
challenges related to limited liquidity. This research enhances comprehension of how behavioral biases
impact investment decisions in varied market settings, stressing the significance of psychological
factors in analyzing trading behavior.

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 Barber, B., Greenwood, R., & Jin, L. (2013) "Psychology and the Financial Crisis," delves into the
psychological factors behind the 2008 financial crisis. They analyze empirical studies and theories to
reveal how cognitive biases like overconfidence and herding impacted decision-making by investors,
institutions, and policymakers. By synthesizing research findings, the authors highlight the role of
psychological mechanisms in worsening market instability and systemic risk. They also discuss the
implications for regulatory reforms and risk management post-crisis, emphasizing the necessity of
integrating behavioral economics into financial analysis and policymaking.

 Jain, R., Jain, P. and Jain, C. (2015) paper conducts an in-depth review of behavioral biases affecting
individual investors' decision-making, diverging from conventional finance theories. It explores biases
like disposition effect, mental accounting, and overconfidence, which often lead to irrational investment
choices and subpar long-term returns. Additionally, the paper discusses potential solutions to mitigate
these biases' adverse impacts on decision-making processes. It also suggests avenues for future research
in behavioral finance to enhance understanding and improve investment decision-making practices.

 S.A. Zahera and R. Bansal (2018) discusses the pivotal role of financial management in the economic
system, emphasizing the interchangeability of trading and investing. It underscores investing's long-
term nature, aiming for optimal returns. However, stock market complexities arise from diverse
participant behaviors. The Efficient Market Hypothesis and Modern Portfolio Theory are mentioned,
but market efficiency is questioned due to anomalies like bubbles and crashes. Behavioral finance
emerges to explain deviations from rational decision-making in uncertain environments.

 The goal of the Rzeszutek, Szyszka, and Czerwonka (2015) paper is to examine the relationship
between personality traits (impulsivity, venturesomeness, and empathy) and the susceptibility to
behavioral biases (certainty effect, sunk cost fallacy, and mental accounting) in people with different
degrees of experience in market investments. Two hundred students from the Warsaw School of
Economics and one hundred retail investors from the Warsaw Stock Exchange participated in the study.
The research identified behavioral biases and personality factors and evaluated their influence on
decision-making processes using a survey approach and laboratory experiment. The findings show that
bias expression is influenced by specific personality factors and that bias susceptibility rises with
market investing skill.

 In 2016, A. C. and R. K. In response to conventional economic theories, the discipline of behavioral

finance emerged, exploring the cognitive psychology underlying people's financial actions. While
rationality, risk aversion, and profit maximization are the cornerstones of economic theory, real-world
decision-making is significantly more nuanced and emotive. The impact of behavioral biases on the
decisions made by equities investors in the Indian market, namely in Tamil Nadu, is the main emphasis
of this study. Examined are six major biases: gambling, mood, emotions, heuristics, frames, and
personality. Their interactions are also discussed. Structured questionnaires are used to collect data
using a multistage random sampling strategy and descriptive study. These biases have a substantial
impact on investing decisions, as shown by statistical research, including structural equation modeling,
which highlights the complex interactions between different behavioral elements.

 E. Vijaya (2016) Behavioral finance examines the impact of several behavioral elements on investment
decisions and performance by fusing cognitive and behavioral psychology with financial decision-
making. This study looks into the presence and correlations between market characteristics and retail
equities investors in India who exhibit traits including overconfidence, representativeness, anchoring,
mental accounting, disposition effect, herd behavior, loss aversion, and regret aversion. The study
validates the influence of these factors on investors' decisions and investment performance through the
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application of Structural Equation Modeling (SEM). The findings indicate that market characteristics
have a detrimental influence on investment success, while overconfidence, the disposition effect, and
herd behavior have a positive effect.

 The study by Suresh G. (2021) looks into how behavioral biases and investors' financial literacy interact
and affect investing choices. The study investigates heuristic bias, framing effect, cognitive illusions,
and herd mentality through Likert scaling approach and Structural Equation Modeling (SEM) analysis
of questionnaire data. The findings demonstrate that heuristic bias and behavioral biases are positively
correlated, whereas the framing effect, cognitive illusions, and herd mentality are negatively correlated.
Interestingly, while making decisions, investors frequently rely more on heuristic biases than on other
forms of irrationality. In general, a person's level of financial literacy has a big impact on their stock
market investing choices.

Data Analyis

The following data was conducted with a sample size of 50 people constituting from the age group of 18-24.

Gender Distribution: The majority of participants were male, constituting 74% of the sample, while females
comprised 26%. This suggests a gender imbalance in the sample, which may influence the generalizability of
findings.

Reget After Investment: Approximately 40% of respondents reported experiencing regret after making
investment decisions, highlighting the emotional and psychological impact of investment outcomes on
individuals.

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Overconfidence About Investment Decisions: A significant portion (44%) of participants admitted to being
overly confident about their investment decisions, suggesting a tendency towards heightened risk-taking
behavior and potential misallocation of resources. This also indicates potential biases that could affect their
investment strategies.

Frequency of Portfolio Checking: Nearly half of the participants (48%) checked their investment portfolios
daily, indicating a high level of engagement with their investments. However, a considerable portion (16%)
reported never checking their portfolios, which may suggest a lack of active portfolio management.

Following Advice Without Conducting Research: A substantial proportion (46%) of respondents acknowledged
following advice from friends and family without conducting their own research, indicating a reliance on
external sources for decision-making.

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Tendency to Sell Winning Investments Early: Almost half of the participants (46%) admitted to selling winning
investments too early, potentially missing out on further gains due to impulsive decision-making.

Avoiding Selling Investments at a Loss: The majority (58%) of respondents admitted to avoiding selling
investments at a loss, indicating a reluctance to accept losses and potentially leading to holding onto
underperforming assets.

Anchoring Investment Decisions to Past Performance: The data showed an even split (50-50) regarding
anchoring investment decisions to past prices or performances, suggesting that some investors may be
influenced by historical data when making investment decisions.

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Confirmation Bias in Seeking Information: Over half of the participants (56%) admitted to seeking information
that confirms their existing investment beliefs, potentially leading to a biased decision-making process.

Following Recommendations from Financial Influencers: A considerable proportion (56%) of respondents

reported investing based on recommendations from financial influencers, indicating the influence of external
sources on investment decisions.

Comfort with Investing in Familiar Industries or Companies: The vast majority (78%) of participants expressed
a preference for investing in familiar industries or companies, suggesting a tendency towards conservative
investment strategies.

Response to News Headlines about the Stock Market: The majority (56%) of participants adopted a "wait and
watch" approach to news headlines about the stock market, highlighting a cautious response to external market
information.

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Investing Due to Fear of Missing Out (FOMO): The data revealed an equal split (50-50) regarding investing
due to fear of missing out, suggesting that FOMO may significantly impact investment decisions for a
substantial portion of participants, influencing their behavior in financial markets.

Sources Used for Investments: Financial websites were the most commonly used source for investment
information (34%), followed by financial advisors (28%), social media (16%), and other sources (22%).

Time Spent Researching Potential Investments: A significant portion of participants (36%) spent less than an
hour researching potential investments, suggesting a potential lack of thorough due diligence in investment
decision-making.

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Seeking Professional Financial Advice: The majority (64%) of respondents sought professional financial
advice before making investment decisions, indicating a recognition of the importance of expert guidance in
financial matters.

Assessment of Investment Success: Participants varied in their assessment of investment success, with equal
proportions prioritizing returns or long-term goals (34% each), while 32% considered both factors equally
important in evaluating their investment performance.

Research Methodology

The research methodology for this study employs a mixed-methods approach to understand behavioral biases
in decision-making among retail investors. Convenience sampling will select a sample of at least 50 retail
investors. A structured online questionnaire, developed from past research and validated scales, will collect
data on behavioral biases, demographics, and investment performance.

Research Gap
In the context of behavioral biases influencing decision-making among retail investors, a notable research gap
emerges in the examination of interventions aimed at mitigating these biases. While existing literature
extensively identifies and outlines the prevalence of behavioral biases in investor decision-making processes,
there remains limited investigation into the effectiveness of interventions designed to counteract these biases.
Key interventions may include investor education initiatives, behavioral nudges, or the development of
technological tools. Exploring the efficacy of such interventions in addressing behavioral biases could provide
invaluable insights into strategies for enhancing investor decision-making processes and outcomes.

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FINDINGS
 Behavioral Biases in Decision-Making:

Overconfidence and Loss Aversion: A significant portion of investors displayed overconfidence in their
decisions (46%) and exhibited a reluctance to sell losing investments (58%).

Implication: These biases can lead to suboptimal investment strategies, such as excessive risk-taking or holding
onto underperforming assets for too long. Investors should be aware of these biases and strive for a balanced
and rational approach to decision-making.

 External Influences on Decisions:

Reliance on Expert Recommendations and FOMO: A majority of investors (56%) followed investment
recommendations from experts, and half (50%) made decisions based on the Fear of Missing Out (FOMO).

Implication: Depending heavily on external advice and succumbing to FOMO may lead to impulsive decisions
and disregard for personal financial goals. Investors should critically evaluate external recommendations and
prioritize long-term objectives over short-term trends.

 Response to Market Fluctuations:

Wait-and-Watch Approach vs. Reactive Selling: While most investors adopted a wait-and-watch stance during
market fluctuations (60%), a notable minority chose to sell investments (18%) in response.

Implication: The prevalence of a wait-and-watch approach suggests a cautious attitude among investors.
However, reactionary selling may indicate emotional decision-making or a lack of confidence in investment
strategies. Educating investors on the importance of disciplined, long-term investing could mitigate impulsive
reactions to market movements.

 Information Sources:

Primary Sources of Information: Financial websites (34%), financial advisors (28%), and social media (16%)
were identified as primary sources of investment information.

Implication: Investors heavily rely on digital platforms and professional advice for investment guidance.
Ensuring the credibility and reliability of information sources is crucial for making well-informed decisions.

 Evaluation of Investment Success:

Diverse Criteria for Assessment: Participants assessed investment success based on returns (34%), long-term
goals (34%), or a combination of both (32%).

Implication: The varied criteria highlight the importance of aligning investment strategies with individual
goals. Investors should focus on their long-term financial objectives and periodically review their portfolio
performance against these goals.

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SUGGESTIONS

 Behavioral Biases Awareness Campaign:

Develop and implement an extensive awareness campaign aimed at retail investors to increase their
understanding of common behavioral biases influencing investment decisions. Utilize various communication
channels such as social media platforms, webinars, workshops, and informational sessions to reach a wide
audience. Provide practical examples and case studies to illustrate how biases can impact investment outcomes
and offer tips on how investors can recognize and mitigate these biases in their decision-making process.

 Investor Education Programs:

Establish investor education programs focused on equipping investors with the knowledge and skills necessary
for making informed investment decisions. Develop educational materials such as online courses, guides, and
workshops covering topics such as fundamental investment principles, risk management strategies, and
techniques for evaluating investment opportunities. Ensure these resources are accessible and user-friendly,
catering to investors of all levels of expertise.

 Behavioral Bias Mitigation Strategies:

Conduct research to identify effective strategies for mitigating behavioral biases in investment decision-
making. Explore interventions such as decision aids, personalized feedback mechanisms, and cognitive-
behavioral techniques designed to help investors recognize and counteract biases. Evaluate the effectiveness
of these strategies in real-world settings and provide practical recommendations for implementing them in
investment contexts.

 Impact of Behavioral Biases on Investment Performance:

Investigate the impact of behavioral biases on investment performance and portfolio management practices.
Analyze historical data, empirical studies, and case examples to understand how biases such as overconfidence,
loss aversion, and herding behavior influence investor behavior and affect investment outcomes over time.
Assess the implications of these biases for portfolio construction, risk management, and long-term financial
planning.

 Policy Implications and Regulatory Measures:

Examine the policy implications of behavioral biases in financial markets and propose regulatory measures to
address them. Evaluate existing regulatory frameworks and identify gaps or shortcomings related to investor
protection and market integrity. Recommend reforms aimed at enhancing transparency, fairness, and investor
welfare, including measures to promote disclosure, improve investor education, and strengthen enforcement
mechanisms.

Conclusion
In summary, this research delves deep into the intricate world of behavioral biases that influence the investment
decisions of retail investors. Through a thorough examination of survey responses and existing literature, we've
uncovered a plethora of biases such as overconfidence and herding behavior, which significantly mold investor
behavior and shape their financial outcomes. These findings highlight the critical importance of educating
investors to not only recognize but also effectively mitigate these biases. Moreover, they emphasize the
necessity for implementing tailored interventions and regulatory measures to safeguard investors' interests and
maintain the integrity of financial markets. By addressing these biases head-on, investors can cultivate more
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rational decision-making processes, leading to enhanced financial well-being in the long term. Looking ahead,
it is imperative to continue fostering research efforts and fostering collaboration to deepen our understanding
of behavioral finance and empower investors to navigate financial markets with confidence.

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