Investors Behaviour

Financial professionals and their clients exhibit a wide collection of behavioral biases that many times result in imperfect judgments and outcomes. Understanding these cognitive and affective factors are important for financial planners and advisors to ensure their clients are receiving the best financial advice and investment information. The authors describe some common psychological biases and offer solutions for overcoming these biases. The paper draws on some themes from the authors’ book Financial Behavior – Players, Services, Products, and Markets published by Oxford University Press in 2017.

Baker, H. Kent and Filbeck, Greg and Ricciardi, Victor, The Psychology of Financial Professionals and Their Clients (September 24, 2019). Investments & Wealth Monitor, September-October 2019, pp. 15-20. Available at SSRN: https://ssrn.com/abstract=3458946

The trading app Robinhood maintains a list of the 100 stocks most widely held by its users. Using a novel dataset of stock popularity with Robinhood user, I focus on new securities that enter the list. I document the strong effect that salience of new Top 100 listing events has on the attention of Robinhood users, who are between 5 to 7 times likelier to buy these newly listed securities. The resulting demand causes a dramatic, though short-term price increase. A strategy that buys stocks a day after listing and sells them two days later, obtains a return of 458% over the period studied, compared with 24% generated by the market. This effect is mostly observed in smaller stocks, and is not accompanied by market-wide trading. Since retail investors tend to consume information available exclusively within their app or web site of choice, these apps wield increasingly more influence on how investors make trading decisions, even through means as simple as a list. As FinTech reduces trading costs and attracts users, this power can reach beyond the app's ecosystem to the market itself, to directly affecting asset prices. JEL classification: G11, G12, G14, G41.

The article analyses Google search queries relevant to financial matters
in their dynamics against the background of financial market moods.
The author proposes a concept of the so called "fake`s capitalization"
which takes shape at the market when investor sentiment, wrong expectations, delusions, outsider disinformation, and fake news are priced in financial assets instead of the authentic information. The author puts forward
a hypothesis that the longer the period of fake's capitalization, the sharper the subsequent fluctuations in market trends, and the deeper the decline in certain assets price might be.

An investment refers to the commitment of funds at present, in anticipation of some positive rate of return in future. Today the spectrum of investment is indeed wide. An investment is confronted with array of investment avenues.The main reasons behind the study are the factors like income, economy condition, and the risk taking capability of investors impact decision making of investors regarding investments.This paper contains the investors’ preferences and as well as the different factors that affect investors’ behaviour on the different investment avenues.

Investors around the world often fail to succeed in the stock market due to shortcomings in their personalattributes and approach to investment. There are numerous studies on the personal attribute of the investor but only few studies have looked into the approaches to investment in market situations. This is an empirical study which aims to classify retail investors based on their Pre Investing and Post investing approaches. We have used Exploratory Factor Analysis to identify various investor types on the basis of their approach and categorize them as Market-driven, Planning-driven, Safety-driven, Advice-driven, Time-driven, Caution-driven investors. Further, we check how the contributing approaches lead to expected return for each investor type. We find Market, Planning, and Caution-driven investors are able to achieve their expected return, whereas Advice-driven investors are not able to do so. Our study indicates that planning at individual level, market driven strategy and ability to book loss are useful in fetching desired return by the investor. Both time-driven long term investors, investing on the advice of friends and safety driven investors, who display safe approach by choosing good broker/good advisors and tangible companies, are found not to achieve expected return. Investors depending fully on brokers' advice may end up making loss in the market. The study will help in providing investor specific education by identifying their behavioral weakness.

Ever since the derivation of The Capital Asset Pricing Model (CAPM), a large number of studies have been dedicated to investigating and assessing its validity and performance. These studies have significantly impacted the field of financial economics, with some empirical studies supporting the model, while others disputing and opposing the model. This paper provides a comprehensive review of the CAPM, with the first part discussing the theory, as well as the main literature on the continuing academic debate of its validity.  The second part is empirical, paying particular attention to testing validity by estimating Beta for 12 selected companies on the London Stock Exchange (LSE) over the period 2001-2010, and comparing it to actual Beta results by a paired sample t-test, regression analysis, Pearson correlation and a Kruskal-Wallis test.

Research results show that the CAPM is almost completely valid in the LSE, with 11 out of 12 of the companies showing no significant differences between the estimated Betas and the actual beta, hence providing evidence in support of the model. The overall result demonstrates the CAPM is valid in the LSE.

Purpose: India is experiencing a phase of savings and investment, especially with the growth spurt in its working class. The Indian mutual fund industry is growing rapidly and this is reflected in the increase in Assets under management of various fund houses. This research paper focused on number of factors that highlights investors’ behaviour towards mutual funds and preferences of investors. The impact of various demographic and behavioural factors on investors has been studied. Design/Methodology/Approach: The study is empirical and analytical based on survey approach. It is primary data based study. Data is collected through structured questionnaire. For this purpose, we have used frequency distribution, percentages, chi square test, ANOVA, Average Score analysis and Kruskal Wallis test to prove the hypotheses. Also, Cronbach’s Alpha (CFA) is applied to measure the internal consistency of the variables. Findings: The major findings of the study reveal that demographic factors have impact on the investment decisions taken by investors. Also, it is found the aged and educated people preferred mostly safe and high return on their investment. They avoid risk. The study will be beneficial for researchers & academicians for further research, brokers, dealers, investors and share market of icials. Research Applications/Limitations: this study is helpful to identify the behaviour of investors towards mutual funds investment. Despite at most care, there has been some limitation in this study which may have impact on findings of the study. As we used convenience sampling method and only 100 samples of respondents has been selected, it is dif icult to generalize the findings to the large population. We have selected a limited area i.e. only Delhi and NCR. Also, there may be errors in development of questionnaire and data feeding. Practical Implications: Contributes to the body of knowledge on investor’s behaviours, perception n their attitude towards investment in mutual funds and its implications for investors, agencies and government for formulating policies. Originality/Value: The paper identifies a framework of relevant values and facilities that will be of use to those interested in this fields.

This study aims to examine the determinants of both cryptocurrency ownership and willing to invest in altcoins, using people’s demographic information and the tendency of behavioral biases which are overconfidence, risk-seeking, ambiguity aversion, and loss aversion. The data has been collected by an internet survey conducted between April 22, 2019, and May 7, 2019, with 304 attendees.

“Investor Behavior: An Overview” is the introduction chapter for the book Investor Behavior: The Psychology of Financial Planning and Investing edited by H. Kent Baker and Victor Ricciardi that presents a historical perspective of investor psychology and theory. The field of investor behavior attempts to understand and explain investor decisions by combining the topics of psychology and investing on a micro level (i.e., the decision process of individuals and groups) and a macro perspective (i.e., the role of financial markets). The decision-making process of investors incorporates both a quantitative (objective) and qualitative (subjective) aspect that is based on the specific features of the investment product or financial service. Investor Behavior examines the cognitive factors (mental processes) and affective (emotional) issues that individuals, financial experts, and traders reveal during the financial planning and investment management process. In practice, individuals make judgments and decisions that are based on past events, personal beliefs, and preferences. The chapter also provides an overview of the emerging research topics covered in Investor Behavior and the abstract descriptions for the remaining 29 chapters of the book. Baker, H. Kent and Ricciardi, Victor, Chapter 1: Investor Behavior: An Overview (January 25, 2014). Investor Behavior: The Psychology of Financial Planning and Investing. H. Kent Baker and Victor Ricciardi, editors, 3-24. Hoboken, NJ: John Wiley & Sons, Inc., 2014.

"Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation."
—JOHN MAYNARD KEYNES

Is investor behavior rational during times of high market volatility, bear, and bull markets? If investors are armed with the knowledge that markets can be vulnerable to irrational exuberance1 And, therefore, causing speculative bubbles, how can they improve their decision-making process during these periods of market change? These questions can begin to be answered by understanding the history and theory of behavioral finance and learning to implement the lessons that it teaches. Given the current academic understanding of behavioral finance theory: how people think and react to market bubbles; the majority of investors, advisors, and institutions do not act rationally during times of changing market conditions. Investors can correct their decision making processes during times of financial bubbles by learning from past market bubbles, understanding behavioral finance theory, learning to implement its concepts through self reflection of one’s rational expectations, recognizing and understanding their mistakes and those of others, and garnering self control of one’s actions and decisions during any type of financial situation.

Money play a very important role in human life .As blood is important for our body ,in the same way money is also important for smooth running of life. People want to invest their hard money in that financial asset where he get safety of principal amount and high liquidity. In the traditional time people only save or deposit their money in banks, PPF,NSC gold etc. But now there are many alternatives in India where people can invest .That avenues get high return but some risk is add in it .To get more return now investor invest in it like mutual funds, shares ,debentures and many other stock market products .In this paper we discuss the investor perception towards different avenues .

Investment is one of the foremost concerns of every individual investor as their small savings of today are to meet the expenses of tomorrow. There were 82 respondents in the survey from the city Mumbai (India). The paper attempts to analyze depth about different investment options available in market, the pattern of the investors at the time of investing and the factors that investors consider before investment. The study used a structured questionnaire in which respondents were asked for their preferences of investment and what influences them to invest in the financial markets. The result shows that, objective to investment is significantly influenced by age, occupation and the income level of investors and family members. The study exhibits the saving habit of retail investors across the different income levels. Savings is a habit specially embodied into women. It was observed that men are risk averse indeed but invest more than the female counterparts as the income level rises. From the research point of view, such a study will help in developing and expanding knowledge in this field of personal finance and investment.
This research is based on a study of investor behaviour on various investments in Mumbai.

Keywords: financial market, savings, investments, financial planning, mutual funds, financial goal.

Risk is a crucial factor for any investor in making all types of financial investments. It is a psychological and mental process of decision making based on an individual’s frame of reference that changes from time to time. This report explores individual investor’s preference for portfolio choices and investigates impacts of risk tolerance and risk perception on their investment decision. An attempt is also made to understand the factors affecting risk appetite of a person.
Primary and secondary research is conducted to gather the data from 100 respondents from Delhi, for this study and it is analyzed that the overall risk perception level of investors is moderate to high and there is no significant relationship between gender and investment choices. This implies that the sample does not prove that a particular gender has a higher or a lower degree of risk tolerance. It is also observed that experience in stock market has a higher significance on the level of risk appetite of a person and as experience increases, the risk-taking capability also increases. The reason for overall moderate-risk perception among these 100 respondents could be the average level of financial awareness and knowledge about markets and finance because 60% of the respondents belong to the age group of 18-40 years and hence it can be said that they have comparatively more knowledge about finance and investment.  Yet, the knowledge about finance and financial market is not sufficient enough to increase their risk-taking capacity.

In developing country like India, individual investments play a major role in the economy for growth and development of the country. Traditionally India appreciates a very high saving rate. It was roughly 34 % in financial year of 2011 of which household savings in financial assets were around 11.8 %. As per the survey conducted in 2008 by NCAER (National Council of Applied Economic Research) it was found that although Indians have a positive attitude towards increased savings, around 65% of savings are invested in banks or post office deposits and cash at home, 23% are invested in real estate and gold and only 12% is invested in financial Instruments. This depicts that the individual investments in India is majorly with traditional investment avenues. Unfortunately, in India it is a fact that most of the investors are not much interested in other avenues offered by financial markets. There is a limited participation towards these offerings. This may be because of lack of awareness, existence of biases and negative perception on other modern instrument or avenues. Therefore, there is a need to conduct a detailed study on investment awareness, motive to save/invest, behavior and perception of investors. A review of extant literature also revealed that there are some prevailing gaps which require a detailed study on this area. Hence there is an attempt made to study on the investment strategy and behavior.

Im 19. Jahrhundert gründeten viele Schweizer Textilindustrielle Firmen in Süddeutschland. Damit umgingen sie die Zollschranken und profitierten von billigen Arbeitskräften. An der Baumwollspinnerei Wangen im Allgäu war neben Schaffhauser Unternehmern und der Maschinenfabrik Rieter (Winterthur), welche die Maschinen lieferte, auch Kapital aus Wädenswil beteiligt.

This study aims to examine the influence of attitudes, the impact of the social environment, and investment knowledge on the desire to invest in the capital market by young investors. Specifically, this study refers to the predictors of Theory of Planned Behavior (Ajzen, 1991) to establish factors that influence investment desires. This study uses primary data from a closed questionnaire, with 166 valid responses through online surveys from investors in several university investment galleries in Indonesia. Data were analyzed using Structural Equation Modeling (SEM). The results showed that the attitude of investors and investment knowledge influence the desire to invest. However, the impact of the social environment did not succeed in triggering the investment desire of young investors. These finding underscores the influence of the social environment only being a support, meanwhile, the internal factors of the individual are the main ones making young investors want to invest. As a...

Purpose-The purpose of the paper is to investigate the influence of digital banking on customer satisfaction using different parameters namely speed of transactions, accessibility, adaptability and affordability in Urban Cooperative Banks. Design/methodology/approach-52 Urban Cooperative Banks in Pune District, out of which a sample size of 12 banks is chosen and analysis of 120 customers using digital platforms was done. Questionnaire is used to collect the primary data (customer's perception). Analysis was undertaken with the aid of Statistical Package for Social Sciences where both descriptive and correlation analysis were performed. Findings-There is a strong positive correlation between speed of transactions, accessibility of digital banking, adaptability of digital banking and customer satisfaction was a negative significant relationship between affordability and customer satisfaction. Practical implications-The results of the study provide insights for bankers and policymakers to enhance Urban Cooperative Banking sector. It will help the policy makers in designing a customer centric techno business strategy for the sector. Social implications-it will act as an enabler for Urban Cooperative Banking Sector to get into the financial mainstream hence living the financial inclusion vision. Originality/value-This study is considered as the first attempt in investigating the role of digital banking and its influence to customer satisfaction in Urban Cooperative Banks

This “Indian Mutual Fund Investor’s Awareness
Study” uses a behavioral science lens to understand
the reasons why the Indian investor has a sub-optimal
engagement with Mutual Funds (MFs), despite the fact
that they are one of the most attractive investment
avenues available for long-term wealth creation.
Specifically, the study aims to improve retail
penetration in Indian MFs by understanding the:
1. Quality of awareness among potential and existing
investors
2. Barriers to engaging with mutual funds and the role
of regulations
3. Role of communication and intermediaries in
influencing decisions related to investment in
mutual funds

This study aims to examine the determinants of both cryptocurrency ownership and willing to invest in altcoins, using people’s demographic information and the tendency of behavioral biases which are overconfidence, risk-seeking, ambiguity aversion, and loss aversion.  The data has been collected by an internet survey conducted between April 22, 2019, and May 7, 2019, with 304 attendees.

The article examines the process of forming a “stock market-induced corporate identity”. Nowadays, the concept of corporate identity is becoming multifaceted and interdisciplinary. The main thing in forming this image is the role and active position of the company’s management, a built-up system of communications with society, and a proactive management policy. At the same time, there are external factors of corporate identity that do not depend on the proactive actions of management. According to the author, the financial market can be the field for establishing indirect communications between corporations and society where many investors are mediating. The stock market-induced corporate identity is forming in the process of this mediation. The driving belt between the financial market and corporate identity is investors’ behavior, moods, preferences, and characteristics of investment choices. Recently emotions and subjective moods are replacing fundamental analysis. As a result, investors selecting the groups of stocks with the most noticeable stories – “story stocks”. These stories provoke their rush of investment demand. Story stocks serve as an integrated concept for “meme stocks”, “hot stocks”, “NFT stocks”, “buzzing stocks”, “concept stocks”,“thematic investing”, “ESG stocks”. The author shows the dynamics and growth of investors’ attention to these groups of stocks in the article. Based on the analysis of quotes and fundamental indicators of story stocks, the author proves that the formation of corporate identity is divorced from internal factors that depend on the corporation itself, its management and shareholders, and increasingly depends on external factors determined by market sentiments of investors. The stock market-induced corporate identity is acquiring an independent role as one of the critical drivers of investors’ behavior. Analysis of story stocks reveals a particular pattern: the more popular and louder the stories of stocks the more their value breaks away from the fundamental indicators.

Main task in this article is to research corporate governance system, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world. Large investors appear to be necessary to force managers to distribute profits. These investors require at least some basic legal rights, such as the voting rights or the power to pull collateral, to exercise their power over the management. Legal protection and large investors are complementary in an effective corporate governance system. Shleifer and Vishy (1997) want to know how investors get the managers to give them back their money, and which corporate governance systems is the best. In sum, this survey deals with the separation of financing and management of firms, and tries to discuss how this separation is dealt with in theory and in practice.

The life of Warren E. Buffett, the CEO and Chairman of Berkshire Hathaway, has mesmerized people all over the world for decades. Part of Buffett's mystique is how can someone so rich and intelligent can be so humble, gentile and generous. By the time Buffett passes, he will have given $100 billion to charities. Buffett is the J.P. Morgan of our generation by showing great strength and courage through the Great Recession. When the world stopped and was in shock, Buffett spoke with calmness and rationality. This article examines Buffett, Berkshire Hathaway, and his investment methodology. Specifically, the article explores his background, entrepreneurial ventures, college and work experiences, and the people that influenced him. The article examines Buffett's relationship with Benjamin Graham, one of the three people that had the biggest influence on him during his life. The other two being his father, Howard, and his first wife, Susie. After working for Graham on Wall Street, Buffett became a millionaire in today's dollars by age 26. He then moved back to his hometown of Omaha, Nebraska where he founded seven investment partnerships that returned an average annual rate of 30%. After closing his partnerships, Buffett built Berkshire Hathaway into an empire with Charlie Munger, his Vice Chairman. The article then moves into Buffett's investment methodology by examining value investing, margin of safety, and intrinsic valuation.

Financial markets are becoming more extensive with wide-ranging financial products trying innovations in designing mutual funds portfolio but these changes need unification in correspondence with investor " s behaviour. Thus, it has become imperative to study mutual funds. This research paper focuses on preferences of investors " for mutual funds and to study the impact of various demographic actors like age, gender, occupation, income and education on the decision of mutual fund investment. The present study analyses the mutual fund investments in relation to investor " s behaviour. Investors " opinion and perception has been studied relating to various issues like type of mutual fund scheme, main objective behind investing in mutual fund scheme, role of financial advisors and brokers, investors " opinion relating to factors that attract them to invest in mutual funds, sources of information.

Financial behavior and financial well-being are two closely related aspects of an individual's financial decision making. This study attempts to investigate the extent to which financial behavior influences financial well-being in the Indian scenario. The data is collected using a structured questionnaire from a sample of 150 respondents. The study employs Financial Management Behaviour Scale (FMBS) (Dew & Xiao, 2012) to measure financial behavior. Factor analysis and multiple regression are performed to find the influence of financial behavior on financial well-being. The findings of the study suggest that except for credit commitment all the other behavioral factors like future security, savings and investments, credit indiscipline, and financial consciousness have a significant impact on the financial well-being of an individual in the Indian scenario. The regression coefficients of financial well-being are strongly determined by financial consciousness. The study is a contribution to the existing behavioral studies literature and the model used identifies the factors that influence the financial well-being in the Indian scenario. The study is conducted during the year 2020, so the results could have been influenced by the economic scenario of the period. The results of the study can be used by financial advisors to understand the financial well-being in the Indian scenario.

A regulação tem sido apresentada como uma das facetas do enforcement protecção do investidor no mercado de valores mobiliários, por isso neste ensaio vamos de que modo a regulação pode funcionar como um mecanismo concreto de protecção do investidor, para o efeito vamos analisar as questões ligadas ao processo regulatório. Mas antes será necessário mergulhar na história para daí retira as premissas da regulação financeira; caracterizar o conceito de regulação para daí explorar os objectivos da regulação. Feito este caminho peripatético, olharemos para a realidade angolana para discutir sobre o papel do Estado na actual constituição angolana, enquanto ente regulador da economia. Depois nos debruçaremos sobre a construção da regulação no mercado de valores mobiliário e sobre o modelo de regulação adoptado pela Comissão do mercado de capitais.

Investor expectations about the course of future economic processes are one of the key factors influencing their decisions. It seems that expectations play a particular role because they constitute unobservable variables that can account for observable economic phenomena. Getting to know the process of how investor expectations are formed is a crucial element of description, interpretation and forecasting changes in the value of assets on financial markets, and especially changes in stock prices on capital markets which affect the value of publicly traded companies. The aim of this paper is to present the psychological factors shaping investor expectations and influencing the market value of companies, factors determining both the motivational and cognitive inclinations of investors. The main questions that arise from the background of the analysis conducted in this paper are: 1. whether awareness of the psychological determinants of investment decisions enables companies to consciously create long-term investor expectations, inspiring, in a sense, a more fundamental response from the capital market, 2. whether there is the potential to include investor expectations in the value-based management process and to make the transition from value-based management to expectations-based management.

The investment objective of Mutual fund investors is the first and foremost aspect for a mutual fund investor when investment decisions are made. Investment objective is referred to as a collective sum of all the factors considered by an investor while investing in to a particular avenue where he needs to capitalize reaping desired returns in future. Through this paper the author analyses the objectives of mutual fund investors by considering various factors such as time horizon and demographic profile to evaluate their financial behaviour. For this a sample of 400 individual investors has been selected to analyse the objectives of mutual fund investors, weighted score ranking of objectives and its association with time horizon and demographic profile of investors. The current research revealed that the investment objectives of mutual fund investors vary with their time horizon of investment where as it doesn't vary with demographic features. Highlights of this paper • The paper depicts the investors behavior while choosing investment avenues, the factors like time horizon, demography and risk. • The current research revealed that the investment objectives of mutual fund investors vary with their time horizon of investment where as it doesn't vary with demographic features.

Rationality is the only factor that differentiates us as " Homo Economicus " from Homo sapiens. It is on which theories and concepts of economics and finance are built upon. Neo classical economics stresses that people are rational in making decisions. That is why rational preferences are assumed to be complete and transitive. Most important foundation work on this aspect " expected utility theory " was developed by John Van Neuman and Oskar Mor Genstern in 1944 gives a conceptual framework of how people should act in making decisions. But empirical evidences have proved that people are not always rational in considering all the available information of an opportunity before deciding on it. After all, theory is a way to explain an observation. The most important breakthrough came in the year 1979 from Daniel Kahneman and Amos Tversky, who came out with a theory opposite to expected utility theory, called " Prospect Theory ". Prospect theory " s " value function " is analogues to utility function of expected utility theory. Another key building block of prospect theory is the use of decision weights rather than probabilities. Practically, it is not possible to have a decision maker with unlimited cerebral RAM, who would consider all relevant information and come up with a choice under all circumstances. Ease of processing and information overloaded leads to Heuristics or Shortcuts. There are two types of heuristics. Type 1 is autonomic, non cognitive, economize on effort and Type 2 is purely cognitive in nature. In a series of articles Daniel Kahneman and Amos Tversky identified three key heuristics named Representativeness, Availability, Anchoring. This paper studies the impact of demographic variables in determining these heuristics and also the level of impact of heuristics on investment performance. In addition to the three heuristic variables mentioned overconfidence and Gambler " s fallacy are also included in the study. Data are collected through questionnaires. The collected data then analyzed using statistical tools like ANOVA and Regression to know the relationship and impact of the Heuristics

In this paper, I have examined the relationship between stock returns and five variables, Dividend price ratio, Price Earnings ratio, Size, Market to book ratio and Payout ratio, by examining this relationship I have attempted to analyze investors approach and choice towards investing their money in stock market. I have also tried to analyze what factors investors do take into consideration while investing in any particular security or stock. For this study I have collected the sample of 357 firms from Indian stock market and divided the sample in four different sectors namely Banking Sector, General industrials sector, Industrial engineering and Software and computer services sector. I have used OLS regression in this study to study this relationship. Results and findings of this paper show that, some variables are statistically significant with stock return for each sector. Result of each sector is different from each other. Investors approach is also different in each industry and changes according to industry. There are different factors in each sector which investors take into consideration, so therefore their strategies and choices regarding investment differ from one sector to other.

This paper examine the unconditional and conditional relationships between beta, size, B/M, E/P and returns in the CSE from 1995 to 2006 by using (FM) (1973) cross-sectional regression test. There is no evidence of a positive risk premium on beta when the unconditional relationship between beta and return is considered. However, when the market is split on the market excess returns, there is a significant positive (negative) relationship between beta and returns in up (down) markets for individual and portfolio of stocks. Further, there is a significant negative size-return and positive B/M-return relations, are unconditional and also insignificant E/P-return relation in the CSE. Thus, we cannot reject the usability of beta in explaining stock returns in the CSE. Beta has a significant relationship with stock returns subject to the condition of the market. Further, size and B/M are significant in explaining stock returns in the CSE and it doesn't seem that they are affected by the condition of the market. Since these findings are important, are could be useful for making investment decisions.

Although Stock Market has been studied for many of years and moreover from last 10 years. The study mainly talks about the Volatility of Indian the stock market during the period of COVID19 i.e. March 2020 to May 2020. The report has been done based on various news articles which brings major impact on the volatility of the stock market as well as indices rate. The arrival of news at every moment changes the perception or sentiment towards indices. The research has been carried out by taking indices of NSE and BSE i.e. NIFTY50, SENSEX and VIX. The study is grounded on Primary data from questionnaire as well Secondary data extracted from various sources. The objectives of the study are to understand the volatility of major indices during the period of COVID19 Pandemic as well as to study on retail investors/traders behaviour on this market and to study their perception and psychology during this pandemic. The design of the research is descriptive research design. Here is the main cause of coronavirus outbreak and that effect on the volatility of the stock market. The findings of this research study revealed that every news articles brings certain impact on the indices rate especially in COVID19 pandemic time. The findings also suggest that volatile stock market not only happen because of COVID19 but also various international factors affected. There also opposite effect of NIFTY50 and SENSEX versus Volatility Index. As in this COVID19 period psychology of people also changed to trade or invests in stock market. The findings also suggest that it is necessary for retail investors to trade/invest in stock market for short term period as well as after checking through the fundamentals of the respective company. As this all taken into consideration it revealed that COVID19 did not have significant effect on the volatility of Indian Stock Market.

Purpose: India is experiencing a phase of savings and investment, especially with the growth spurt in its working class. The Indian mutual fund industry is growing rapidly and this is reflected in the increase in Assets under management of various fund houses. This research paper focused on number of factors that highlights investors’ behaviour towards mutual funds and preferences of investors. The impact of various demographic and behavioural factors on investors has been studied. Design/Methodology/Approach: The study is empirical and analytical based on survey approach. It is primary data based study. Data is collected through structured questionnaire. For this purpose, we have used frequency distribution, percentages, chi square test, ANOVA, Average Score analysis and Kruskal Wallis test to prove the hypotheses. Also, Cronbach’s Alpha (CFA) is applied to measure the internal consistency of the variables. Findings: The major findings of the study reveal that demographic factors have impact on the investment decisions taken by investors. Also, it is found the aged and educated people preferred mostly safe and high return on their investment. They avoid risk. The study will be beneficial for researchers & academicians for further research, brokers, dealers, investors and share market officials. Research Applications/Limitations: this study is helpful to identify the behaviour of investors towards mutual funds investment. Despite at most care, there has been some limitation in this study which may have impact on findings of the study. As we used convenience sampling method and only 100 samples of respondents has been selected, it is dif icult to generalize the findings to the large population. We have selected a limited area i.e. only Delhi and NCR. Also, there may be errors in development of questionnaire and data feeding. Practical Implications: Contributes to the body of knowledge on investor’s behaviours, perception n their attitude towards investment in mutual funds and its implications for investors, agencies and government for formulating policies. Originality/Value: The paper identifies a framework of relevant values and facilities that will be of use to those interested in this field.

Modern finance theories are built on the foundation of Neo classical economics, which says that humans are always rational, in decision making. Expected Utility Theory (EUT) of neoclassical economics states that, humans take decisions primarily based on the " utility " to be derived from a decision. After all theory is a way to explain an epmrical observation. Prospect theory an alternative to expected utility theory proves that humans are not always rational in taking decisions. Loss aversion, Regret aversion, Mental accounting, are the factors considered in prospect theory for influencing the decision maker " s behavior. Behavioral finance which deals with psychological aspects of investors in taking financial decisions, details about the various biases and heuristics which cause behavioral differences or irrationality in taking financial decisions. In this study, we have collected data from 100 respondents (investors) to know the impact and influence of various prospect and market variables on investor satisfaction. Tools like ANOVA and Regression have been used to analyze the collected data. Result shows that not all the prospect factors and Market forces have influence on the satisfaction of the investors.

Financial behavior and financial well-being are two closely related aspects of an individual’s financial decision making. This study attempts to investigate the extent to which financial behavior influences financial well-being in the Indian scenario. The data is collected using a structured questionnaire from a sample of 150 respondents. The study employs Financial Management Behaviour Scale (FMBS) (Dew & Xiao, 2012) to measure financial behavior. Factor analysis and multiple regression are performed to find the influence of financial behavior on financial well-being. The findings of the study suggest that except for credit commitment all the other behavioral factors like future security, savings and investments, credit indiscipline, and financial consciousness have a significant impact on the financial well-being of an individual in the Indian scenario. The regression coefficients of financial well-being are strongly determined by financial consciousness. The study is a contributi...

This work aims to analyze the key success factors of a start-up. A start-up that has made the exit, either through acquisition (M&A) or market listing (IPO), can be considered successful. The focus of the analysis is on start-ups based in the European Union. On the basis of a comparison method, differences as to the origin of the investors have been taken into account. More specifically, the investigation was intended to identify potential differences existing between the European and US investors’ modi operandi, by highlighting the choices made by these agents through the analysis of the characteristics of investments themselves. The set of data on which the analysis is conducted are derived from the “Crunchbase” database, which represents the largest portal including information related to start-ups. Such materials pertain to companies founded between 2005 and 2020 and headquartered in Europe. The first analytical level is descriptive in nature, in that it highlights dissimilarities between the European and US markets in terms of investment power and differentiation capacity compared to successful start-ups. This entails controlling for all the possible features of a company, from its headquarter location to the number of years preceding the exit since its foundation date. It is worth noticing, however, that there are some variables, such as the total amount of funding received or the value of each exit made, which do not follow a typical distribution and thus deserve to be analyzed according to different criteria. The Power-Law function might serve as a valid representation for phenomena of this kind, in which few cases cover a large percentage of the total value. To check the soundness of this assumption (i.e. that such phenomena actually follow this trend), a fitting test of these distributions was carried out by relying on the Matlab software. For those distributions for which this hypothesis cannot be verified, a fit test is performed on other types of recurrent distributions (through statistical software) with the aim of deriving analogies with phenomena previously verified in the extant literature. Results from the present analysis shed light on the fact that the European start-up market constantly generates new ideas, despite being sometimes lacking in local investments, which leads it to ask for support from international investors. As a result, almost all of the non-European investors are from the United States, and a closer look at their models reveals different patterns of identification of successful start-ups, with a more distributed concentration among those start-ups that end up actually achieving the exit.

Financial market in India offers wide variety mutual fund products to the retail investors to satisfy their requirement,s Anancial goals and risk tolerance level. It is very difficult to offer one type of fund to satisfy all the requirements of investors. Retail investors are heterogeneous in terms of their socio-economic/demographic proAle, preferences, and beliefs. The mutual fund preference of investors mainly depends on the investment objectives, and risk appetite of the investors. It has been observed that wrong selection of mutual fund/schemes will not satisfy the requirements of the investors. The present study aims to analyse scheme/ fund preferences of mutual fund investors; and examine the relationship of fund/scheme preferences of the mutual fund investors with their investment objectives, and risk perception. The investigation has been done with the help of primary data collected from sample mutual fund investors. The study found that most of the mutual investors select funds/schemes without considering the investment objectives and risk appetite of the investors.

Investors’ primary goal is to increase their wealth. For long term wealth creation, stocks and gold are inevitable components of the investment portfolio. Generally
individual investors have certain behavioral tendencies that affect their investment decisions and portfolio returns as a result. There has been a lot of research
interest around this topic in the recent years. Many people invest in stocks but not all have the skills or the expertise to evaluate which stocks are good and which
are not. Therefore, they rely on some cognitive and emotional decision-making methods to make a suitable investment decision for them. Gold investment is also
guided by the traditions and customs rather than a rational and sound investment decision. This research paper mainly focuses on the factors that affect the
individual investors’ investment decision making process for stocks and gold and eventually affect the portfolio performance. The investors’ preferences and behavior
have been analyzed with the help of descriptive statistics, Mann-Whitney U Test and Principal Component Analysis statistical tools.

Product performance satisfaction level can be referred to as the satisfaction level of mutual fund investors in terms of return, transparency, safety, liquidity, service quality, fund management and the overall performance of the mutual fund products. Here, the researcher attempted to analyze the satisfaction level of mutual fund investors concerning different funds/schemes opted by the investors. Based on these objectives seven parameters of satisfaction of mutual fund investors including the overall performance of the fund has been taken into consideration. The findings of the standardized regression weight of product performance satisfaction level and the Chi-square test reveals that there is a significant difference in the product performance satisfaction level of mutual fund investors about the funds opted by them (except in case of balanced-fund).