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    Preface: Structure of The Thesis

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    Peter
    The document discusses factors affecting individual investor's sentiment towards equity markets. It provides an introduction and outlines 6 chapters covering traditional analysis techniques, literature review on sentiment and related factors, research methodology, data analysis and findings. The thesis aims to understand concept of sentiment and identify factors influencing individual investor sentiment.

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    Preface: Structure of The Thesis

    Uploaded by

    Peter
    17 views9 pages
    The document discusses factors affecting individual investor's sentiment towards equity markets. It provides an introduction and outlines 6 chapters covering traditional analysis techniques, literature review on sentiment and related factors, research methodology, data analysis and findings. The thesis aims to understand concept of sentiment and identify factors influencing individual investor sentiment.

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    The document discusses factors affecting individual investor's sentiment towards equity markets. It provides an introduction and outlines 6 chapters covering traditional analysis techniques, literature review on sentiment and related factors, research methodology, data analysis and findings. The thesis aims to understand concept of sentiment and identify factors influencing individual investor sentiment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views9 pages

    Preface: Structure of The Thesis

    Uploaded by

    Peter
    The document discusses factors affecting individual investor's sentiment towards equity markets. It provides an introduction and outlines 6 chapters covering traditional analysis techniques, literature review on sentiment and related factors, research methodology, data analysis and findings. The thesis aims to understand concept of sentiment and identify factors influencing individual investor sentiment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 9

    PREFACE

    Traditional research in finance focuses on asset pricing with special emphasis on


    company specific and economic drivers that hold significant impact on asset prices.
    Now, the recent entrant in the area of finance literature has been non-economic factors
    like the investor’s sentiment as possible drivers of asset prices.

    Human behaviour has largely been ignored in understanding the financial market. The
    most of research on investor’s behaviour has focused on testing the efficiency of the
    financial market, identifying the anomalies due to investor’s behaviour and testing the
    assumption that the economic agents are rational as prescribed by expected utility
    theory. The conventional models are not able to explain fully the movement in share
    prices. It is therefore suggested that understanding investor’s sentiment would provide
    a superior explanation of stock price performance. Against this backdrop, it becomes
    important to identify the factors affecting investor’s sentiment. The thesis aims to
    assist the reader to develop a thorough understanding of the concept of investor’s
    sentiment and factor affecting investor’s sentiment. It will also assist the reader to
    understand the fair value of equity share and supports them to predict better price of
    equity share.

    Structure of the thesis

    This thesis consists of six chapters and bibliography. Chapter 1 deals with the
    introduction of the topic under study, research rationale, objectives of research,
    significance and the potential value of the study. This chapter also gives the outline of
    the whole thesis.

    Chapter 2 describes the theory of traditional financial analysis techniques like


    fundamental analysis used by investors for the determination of intrinsic value of
    equity share and technical analysis techniques used by investors to predict the price of
    share based on understanding of the trend in price change through charting.

    i
    Chapter 3 contains the review of literature related to the research area. Literature
    review covers the studies undertaken on financial behaviour of individual investors
    and more specifically on investor’s sentiment towards equity market. It also provides
    the theoretical definition of key variables under discussion like investor’s sentiment. It
    contains different models for the measurement of investor’s sentiment and the model
    of individual investor’s sentiment selected for the present study. It deals with market
    specific factors and stock specific factors that influence individual investor’s
    sentiment. Market specific factors are Herd Behaviour, Macro-Economic Factors,
    Internet led access to Information, Best Game in Town, Performance Factors and
    Confidence of Institutional Investors and Risk and Cost Factor; whereas the stock
    specific factors are Expected Events Surrounding the Stock and Book Value,
    Financial Characteristics, Psychological Factors and Quality of Management, Past
    Price Performance and Sector Attractiveness, Who else is Buying and
    Recommendations of the Financial Community.

    Chapter 4 describes research methodology which contains introduction to research,


    the statement of problem, research objectives, hypothesis and research design.
    Research design includes the population under study followed by the sampling
    element, sampling frame, sampling technique, sample size, method of data collection,
    description of research instrument, type of research approach used for the present
    study, pilot testing of questionnaire, coding of questionnaire, time dimension of the
    study, research environment, sources of data, data analysis method, software used for
    data analysis and procedure of research.

    Chapter 5 shows data analysis and interpretation, following the objectives under
    study. Different statistical tools are used based on requirement like descriptive
    statistics, factor analysis, multiple regression and Variance Inflation Factor (VIF)
    Value. First of all factor analysis is conducted for market specific variables and stock
    specific variables to extract the factors which affect the investor’s optimism,
    investor’s participation and investor’s stock market outlook. Multiple regression is
    conducted to test the factors significantly affecting the dependent variables under
    study and the VIF value was considered to assess the multi collinearity issue. To

    ii
    assess the irrational behaviour of individual investor, frequency analysis is conducted
    to confirm existence of mental accounting and regret.

    Chapter 6 contains findings, conclusion, implications and limitations of the study.


    Finally, chapter concludes with providing scope for further research.

    iii
    ACKNOWLEDGEMENTS

    A large number of individuals have been instrumental in enabling me to give a


    concrete shape to research work. Constraints of time and space preclude the mention
    of all of them here. However, I must mention the names of those people who have
    made a catalytic impact on the development of this thesis.

    First and foremost, I pay reverence to the omniscient, omnipresent, omnipotent, the
    God who has perpetually patronized me with the contentiousness and love.

    I convey my heartfelt gratitude and warm regards to my research guide Dr. Akash B.
    Patel, Assistant Professor, School of Petroleum Management, Pandit Deendayal
    Petroleum University, Gandhinagar, for his invaluable guidance and constant support
    throughout the period of research work for which I am forever indebted to him.

    I convey my sincere gratitude to Dr. Mahendra S. Sharma, Dean, Faculty of


    Management Studies and Vice-chancellor, Ganpat University, for providing me an
    opportunity for my doctoral research in this university.

    I am thankful to Dr. Ashwin G. Modi, Associate Professor, S. K. School of Business


    Management, Patan; Dr. Narayan Baser, Shri Jairambhai Patel Institute of Business
    Management, Gandhinagar; Dr. P. K. Priyan, Associate Professor, G. H. Patel
    Institute of Business Management, Sardar Patel University, Vallabh Vidyanagar for
    their moral support.

    I am thankful to Dr. Hiren J. Patel, Dr. Jayesh Patel, Prof. Poonam Chhaniwal, Dr.
    Abhishek Parikh, Prof. Dipesh Dasani, Faculty Members, V.M. Patel Institute of
    Management for their continuous support and encouragement. I am also thankful to
    Mr. Dipak Patel, Librarian of V. M. Patel Institute of Management for his continuous
    support.

    I am thankful to Dr. Amit Rajdev, Faculty Member, Atmiya Institute of Technology


    and Science, Rajkot for his support and encouragement.

    iv
    I am greatly indebted to my beloved parents Smt. Bhagvatiben Kiri and Shri
    Dalpatram Kiri, who have inspired me and supported in all the activities. I am also
    thankful to my brothers Shri Lakshminarayanbhai Kiri and Shri Manojbhai Kiri for
    supporting me in all the initiatives. I also acknowledge the support and co-operation
    of my wife, Smt. Jyotsna Kiri and my loving son, Himank Kiri.

    I further express my thanks to all my friends and well-wishers whose words of


    encouragement have kept me going.

    Rajeshkumar Kiri

    v
    CERTIFICATE BY GUIDE

    This is to certify that the thesis titled “A Study on Factors Affecting Individual

    Investor’s Sentiment towards equity market” submitted by Mr. Rajeshkumar

    Dalpatram Kiri, Assistant Professor at V. M. Patel Institute of Management, Ganpat

    University is the bonafide work completed under my supervision and guidance for the

    award of the degree of Doctor of Philosophy (Ph. D.) in Management.

    Research Guide:

    Dr. Akash B. Patel


    Assistant Professor
    School of Petroleum Management
    Pandit Deendayal Petroleum University, Gandhinagar.
    Gujarat – India.

    Forwarded Through:

    Dr. Mahendra Sharma


    Dean, Faculty of Management Studies,
    Ganpat University, Ganpat Vidyanagar,
    Gujarat – India.

    Date:
    Place: Ganpat University

    vi
    DECLARATION BY CANDIDATE

    The thesis titled “A Study on Factors Affecting Individual Investor’s Sentiment

    towards equity market” is submitted in fulfilment of the requirements for the award

    of the degree of Doctor of Philosophy (Ph. D.) in Management to Ganpat University,

    Mehsana. I declare that this thesis is based on my original work except for quotations

    and citations which have been duly acknowledged. I also declare that this thesis has

    not been previously or concurrently submitted either in whole or in part, for any other

    qualification to Ganpat University or other institutions.

    Date:

    Place: Ganpat University (Rajeshkumar Dalpatram Kiri)

    vii
    PRE-SYNOPSIS CERTIFICATE

    This is to certify that the thesis titled “A Study on Factors Affecting Individual

    Investor’s Sentiment towards equity market” submitted by Mr. Rajeshkumar

    Dalpatram Kiri, fulfil the suggestions given by doctoral committee during pre-

    doctoral seminar held on 8th February, 2016, vide Ganpat University letter no.

    F.No.89/GNU/Ph.D./217/2016 dated 3rd March, 2016. Those suggestions are duly

    incorporated in this thesis.

    Research Guide:

    Dr. Akash B. Patel


    Assistant Professor
    School of Petroleum Management
    Pandit Deendayal Petroleum University, Gandhinagar.
    Gujarat – India.

    Forwarded Through:

    Dr. Mahendra Sharma


    Dean, Faculty of Management Studies,
    Ganpat University, Ganpat Vidyanagar,
    Gujarat – India.

    Date:

    Place: Ganpat University

    viii
    THESIS APPROVAL CERTIFICATE

    The Ph. D. thesis titled “A Study on Factors Affecting Individual Investor’s

    Sentiment towards equity market” Submitted by Mr. Rajeshkumar Dalpatram

    Kiri has been approved for the award of the degree of Doctor of Philosophy under the

    Faculty of Management, Ganpat University, Gujarat, India.

    External Examiner: Research Guide:

    Dr. Akash B. Patel

    Date:

    Place: Ganpat University

    ix

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