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Determinants of Individual Investor's Behavior and Their Impact on Investment Decision

Thesis Info

Author

Amir Mahmood

Department

Department of Management Sciences

Program

Mphil

Institute

National University of Modern Languages

Institute Type

Public

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2016

Subject

Management Sciences

Language

English

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676728799534

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The stock market in Pakistan is highly volatile and sensitive for unexpected shocks. In this market, the role and importance of individual investors and their trading behavior is also very critical. But there is always an environment of uncertainty and lack of information. Furthermore, the investment policies are formulated keeping in view the interests of institutional investors only. So, it becomes impossible for the individual investors to take decisions depending upon their own personal resources and complex statistical data. Therefore, the individual investors resort to other non-statistical gadgets and try to make rational decisions relying on non-statistical gadgets that are related to their behavior and psychology. In this study, the researcher has investigated the importance of these non-numeric factors for individual investors' investment decision making. The purpose of this study is to examine these determinants of individual investor's behavior as well as the influence of these determinants on the individual investor's decision. This is a quantitative research based on analytical and descriptive lines. Regression Analysis is used to determine the relative importance of each behavioral factor. This study bears great significance in recognizing the importance of heuristic and behavioral tools for investment decision making. This research is a contribution in the research paradigm from the view point of the policy makers also. It will play a significant role at the time of formulation of policies for institutional investors and regulatory bodies such as Securities and Exchange Commission of Pakistan and at the same time retaining the interests of individual investors.
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لازوال دوستی

لازوال دوستی

بھٹو صاحب اور جمعہ فقیر کی دوستی کی ہوشربا داستان ۔

’’میری بھٹو صاحب سے محبت یا عقیدت اس وجہ سے نہیں کہ وہ کوئی عظیم قسم کے کلاسکل سوشلسٹ یا مارکسٹ تھے البتہ یہ ضرور ہے کہ ان میں وہ تمام خوبیاں موجود تھیں جو ایک اچھے سوشلسٹ میں ہو نی چاہییں ۔اسی کو بھٹو ازم کہتے ہیں ۔اس فرق کو سمجھے بغیر آپ بھٹو صاحب کو بھی نہیں سمجھ سکتے ۔ہمارے بائیں بازو کے اچھے خاصے دانشور اس غلط فہمی کا شکار ہیں ۔‘‘

میں نے بھٹو صاحب کے چالیسویں کے موقع پر ان فقیر کو اپنی آنکھوں سے دیکھا تھا۔اس دن گڑی خدا بخش میں بھٹو صاحب کے مزار پر عوام کا بے پناہ رش تھا ۔جس کی وجہ سے میں اس فقیر کی طرف کوئی خاص توجہ نہ دے سکا ۔آج صبح یہ پوسٹ میری نظروں سے گزری تو اس فقیر کا چہرہ میری نظروں کے سامنے گھوم گیا ۔جس دوست نے اس کو فیس بک پر پوسٹ کیا ہے اس کو کل میں نے کسی بات کی وجہ سے ان فرینڈ کیا تھا ۔اس کے بعد اس نے اپنا تعارف کرایا اور مجھ سے اپنی کوتاہی پر معذرت کی ۔آج اتفاقاََ اس نوجوان کی پوسٹ میری نظرسے گزری ۔اس سندھی سے اردو میں ترجمہ شدہ متن سے کچھ غلطیاں میں نے نکال دی ہیں اور اگر مجھے اس کا مکمل متن مل جائے تو میں اس پر مزید تحقیق کر نے کی کوشش کروں گا ۔

ایک دوستی کی داستان ۔دوستی عام ہے لیکن اے دوست! دوست ملتا ہے بڑی مشکل سے ۔ لاڑکانہ میں لوگوں کو آج بھی ذوالفقار علی بھٹو اور ایک فقیر صفت درویش شخص جمعہ فقیر کی دوستی یاد ہو گی ۔یہ...

اسلام میں تبدیلی مذہب کا مطالعہ: ایک تنقیدی تجزیہ

Muslim scholars have produced various writings in which the process of conversion to Islam has been presented in the form of narratives. However, less consideration has been given to the understanding of nature of this process. Furthermore, the elements which originate and shape this process have also been ignored in the previous studies. After analyzing the sources concerning the study of conversion to Islam, the current article argues that the previous studies, especially by the Muslim scholars, were mostly written for Daʻwah purposes. They did not encourage the analytical dimension of the conversion studies. For a grasp of the complex elements and the strategies underlying this process, the Western scholars divide religious conversion into its diverse types while providing different motifs. However, a critical analysis of their works points out that some of these types and motifs are not applicable to Islam. The current article points out the elements helpful in explaining the process of conversion to Islam keeping in line with the Holy Qur’ān and Sunnah. Moreover, this paper also purports that the study of Ḥadīth, spiritual experiences of converts, and the opinions of the scholars supports the concept of fiṭrah to be used as a framework for a thorough understanding of this process.

Investigation on Factor Affecting in Vitro Gonadotrophin Secretion from Buffalo Adenohypophysis

This project was planned to investigate effects of estrogen and progesterone along with insulin in optimizing the in vitro production of pituitary gonadotropins from buffalo adenohypophysis. Attempts were also made to monitor bioactivity of in vitro produced FSH and LH in prepubertal female rabbits and buffaloes. In the first experiment, gonadotropins i.e. FSH and LH were produced by treating in vitro culture of buffalo adenohypophysis with two levels of estrogen (0.5, 1.0 mg) and progesterone (2.5, 5.0 mg). Insulin and liver extract were added in the culture medium as growth promoting factors. The amounts of FSH and LH produced were estimated by ELISA and HPLC techniques. Results showed significant (P<0.05) increase in the secretion of FSH and LH in cultures treated with estrogen and progesterone, respectively compared with control. The FSH and LH obtained were estimated to be 33.0 IU/ml and 68.67 IU/ml, respectively, in proportionate to standard of FSH being 100.0 IU/ml and LH being 1500.0 IU/ml. Experiment was repeated and sufficient amount of FSH and LH was obtained. Repeated procedure proved that the technique can be used for further production of FSH and LH. In the second experiment four groups of pre-pubertal female rabbits were treated with in vitro produced FSH≈4.0, 40.0 IU; LH≈8.5 and 85 IU (s/c), twice daily in divided dose at an interval of 12 hours for five days. Similarly, one group of rabbits was treated with placebo as control-1 and one was untreated kept as control-2. There was no treatment-related mortality; no hypersensitivity or toxic sign was seen in any of the experimental rabbit. None, of the experimental rabbits showed change in general behavior, aggressiveness/lethargy and weight. The in vitro produced FSH≈4.0, 40 IU, LH≈8.5 and 85 IU did not affect body weight and most of the blood parameters i.e. RBC and WBC count, PCV and hemoglobin (Hb) concentration of female rabbits. FSH≈4.0 and 40 IU resulted (P<0.05) on increased number of GF’s along with increased mean length, width, weight and volume of ovaries compared with rabbits treated with LH≈8.5, 85.0 IU and control. Moreover, treating rabbits with in vitro produced FSH≈40 IU, LH≈85.0 IU resulted in significantly (P<0.001) increased serum FSH (260-470 Vs 4-6 mlU/ml) and serum LH (28-48 Vs 4-5 mlU/ml), compared with rabbits of control group. In third experiment, two groups A and B (three in each group) of healthy but acyclic dairy buffaloes were treated with in vitro produced FSH≈500 IU and Folltropin-V≈5mg (s/c), twice daily and buffaloes in group C were treated with placebo/control. Treating buffaloes with in vitro produced FSH and Folltropin-V resulted in significantly (P<0.01) higher serum FSH, LH and estrogen concentration at day 5 to 6, whereas progesterone concentration was decreased (P<0.01). Day to day increase in serum FSH was also significant (P<0.01). Increase in serum LH was observed at day 5 to 6. Though the size of ovaries was increased showing numerous small GF’s, however, no one attained ovulatory capability. Hormones obtained from the culture materials showed bioactivity in the experimental animals without any toxicity.