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Impact of Investor Biases on Investment Decisions of Investors: Evidence from Pakistan

Thesis Info

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Author

Rahim, Adeel

Program

PhD

Institute

University of Peshawar

City

Peshawar

Province

KPK

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/10641/1/Adeel_Rahim_Manage_Sci_Finance_2019_UoP_Peshawar_18.07.2019.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724769265

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This dissertation studies the impact of investor biases on investment decisions of Pakistani stock investors. Investors take many investment decisions in stock market on daily basis but could not avoid investor biases which they are facing during this decision-making process. For this researcher carried this study and had two primary aims; first to analyze the impact ofinvestor biases on investment decisions of Pakistan stock investors and second to find which of investor biases have high, moderate, low, positive or negative, statistically significant and insignificant impact on investment decision making .The study will use Kahneman & Tversky (1979) Prospect theory as the main theoretical framework, for analyzing impact of four investor biases such as : Overconfidence bias, conservatism bias, herding effect bias and availability bias on investment decisions of investors. The study applied a mixed method approach. Quantitative data was collected through a well-defined adopted questionnaire from the respondents selected through Stratified random sampling technique. In first stage, piloting was done on the sample of 50 respondents to shortlist best questions in the questionnaire who could answer all the research questions raised in the study. After piloting and refining of questionnaire a questionnaire survey was carried out by the researcher and administered to over 462 (77% response rate) stock investor of Pakistan stock exchange (PSX) branches such as : Karachi Stock Exchange(KSE), Lahore Stock Exchange(LSE) and Islamabad Stock Exchange(ISE) on the basis of Stratified random sampling technique. After that, quantitative data was analyzed by using IBM SPSS 21 statistical software. This data analysis was carried out in two sections namely; pre and post to find the impact of different investor biases on the investment decision of Pakistani stock investors. Both descriptive and exploratory analysis were done to determine the impact of these variables in pre and post analysis. The main variables were overconfidence bias, conservatism bias, herding effect bias and availability bias consisting of seven, six, seven and six sub variables respectively. After that, qualitative data analysis was carried out through interviews technique and then through thematic analysis technique. Findings of both quantitative and qualitative data analysis in this study revealed that investor biases have different level of impact on investment decisions of PSX investors and results shows that they have statistical significance and insignificant impact, positive and negative impact, high, moderate and low impact on investment decisions of PSX investors.
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نوجوانوں کے مسائل

نوجوانوں کے مسائل
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معزز اسا تذہ کرام اور میرے ہم مکتب شاہینو!
آج مجھے جس موضوع پر اظہار خیال کرنا ہے وہ ہے:’’نوجوانوں کے مسائل ‘‘
صدرِذی وقار!
مسئلہ جیسا بھی ہو پریشان کن ہوتا ہے۔ ذہنی اور جسمانی قویٰ کے اضمحلال کا باعث ہوتا ہے اس کے حل کے لیے کوششیں کی جاتی ہیں ، اس کو عوام النّاس کے ذریعے اہل علم طبقہ کے ذریعے تگ و دو اور کاوش کے ذریعے حاصل کرنے کی ہر ممکن کوشش کی جاتی ہے تا کہ مسئلہ، مسئلہ ہی نہ رہے۔
جنابِ صدر!
مسائل کے شکار لوگ اپنی ذات کی حد تک سوچتے ہیں، ان کی قوت فکر محدود ہو جاتی ہے ان کے سوچنے کا انداز مختلف ہو جاتا ہے، دوست و احباب ان کے عظیم مشوروں سے محروم رہتے ہیں یہاں تک کہ تہذیب وتمدن اور کلچروثقافت تک متاثر ہوجاتے ہیں۔
صدرِمحترم!
مسائل کسی کی شکل وصورت دیکھ کرنہیں آتے ، یا قد کاٹھ والے شخص ہی مسائل کا شکار نہیں ہوتے، مسئلہ کسی کو بھی درپیش ہوسکتا ہے، غریب ہو یا امیر ہو، شاہ ہو یا گدا ہو ، چھوٹا ہو یا بڑا ہر ایک کو کوئی نہ کوئی مسئلہ درپیش رہتاہے۔ اور یوں ہی اس کے شب وروز مسائل کے حل میں گزرتے رہتے ہیں۔
ہر دل میں نئی طرح سے ہے یاد کسی کی
ملتی نہیں فریاد سے فریاد کسی کی
جناب صدر!
لیکن نو جوانوں کے مسائل بڑے گھمبیر ہوتے ہیں ، بچے کا اگر کوئی مسئلہ ہے تو نوجوان حل کر لیتے ہیں ،نوجوانوں کا مسئلہ پیرانہ سالی کے شکار لوگوں سے بوجہ ضعف اور تھکاوٹ حل ہونا مشکل ہو جاتا ہے۔ اس لیے اس عمر میں...

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Microw Ave Signal Generation in Optical Domain for Radio over Optical Fiber Based Broadband Wireless Access

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