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Maximizing Profit With Boston’s Financial Education Resources
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By Zain UI Abideen Zain UI Abideen Scilit Preprints.org Google Scholar 1 , Zeeshan Ahmed Zeishan Ahmed Scilit Preprints.org Google Scholar 2, Huang Qiu Huang Qiu Scilit Preprints.org Google Scholar 3, * and Yiwei Zhao Yiwei Zhaossorg Sci. Scholar 4
Received: 13 April 2023 / Revised: 19 May 2023 / Accepted: 29 May 2023 / Published: 6 June 2023
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Using a unique sample of 600 investor responses to a structured questionnaire, we examine the impact of behavioral biases on investment decision-making by investors in the Pakistani stock market, as well as the role of market anomalies and financial literacy in decision-making. making process. We first document empirical evidence that behavioral and market anomalies are closely related and that these two factors significantly influence investors’ investment decisions. Additional analyzes confirm the mediating role of certain market anomalies in the relationship between investors’ behavior and their investment decisions. Furthermore, empirical evidence suggests that financial literacy moderates the relationship between behavioral and market anomalies, ultimately influencing investors’ investment decisions. Overall, although the results are inconclusive for the relationships between individual variables, our results indicate the importance of financial literacy in terms of individuals making optimal investment decisions and overall stock market stability.
In different situations, investors exhibit irrational behavior due to different situations, feelings, emotions and perceptions. They may include wrong decisions in their investments and may perceive them as perfectly rational choices in the stock market (Babajide and Adetiloye 2012). Some emotions and feelings of investors are caused by the dispositional effect or other psychological factors, and in turn, psychological factors can significantly influence their investment decisions (Summers and Duxbury 2012; Ahmad et al. 2017b; Barberis and Thaler 2003). In addition, most investors use CAPM, capital budgeting methods, arbitrage, etc. to process available information and make investment decisions. emotions and conflicts during investment decisions (Sanfey et al. 2003).
Some factors have little effect on investor behavior while some may have a large effect on investor behavior (Iqbal et al. 2014). These factors contribute greatly to the irrational behavior of investors when their investments are based on personal experience and characteristics (Kudryavtsev et al. 2013). Certain behavioral tendencies, such as herd resistance, anchoring, mental accounting, and overconfidence, have a significant impact on investors’ investment decision-making (Ullah 2019). For example, overconfidence is found in active investors, while passive investors follow herds in financial markets (Abdin et al. 2018). Since the financial market consists of investors, the general behavior of investors in the market reflects the behavior of the financial market as a whole. If a large number of investors in the market are biased in making investment decisions, some market anomalies may occur. Stock market anomalies are typically associated with specific types of financial securities, leading to over- or underperformance of the securities (Giles et al. 2014; Thaler 2005). These anomalies explain events (such as certain stock price movements) that cannot be explained by the efficient market hypothesis (Silver 2011).
The occurrence of stock market anomalies can, in turn, affect investor behavior and overall stock market performance (Barber and Odean 2008; Brealey et al. 2012; Daniel et al. 1998). Specifically, three types of anomalies such as fundamental, technical, and calendar anomalies have long been known to exist in the stock market (Lam et al. 2008). Many investors lack basic technical skills and knowledge related to the stock market (Frydman and Rangel 2014). These investors always follow other investors or brokers to make investment decisions that result from generalization of information and the inability of investors to make complementary trades (Shefrin 2002). Thus, it is important to create the most effective financial advisory services and policies for a strong and secure financial system.
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Most developed countries, such as the United States, have more complex financial markets. In contrast, emerging market countries such as Pakistan have experienced rapid economic growth but less sophisticated financial markets. As much of the existing literature focuses on the study of investment decision-making in developed countries, the study of investment decision-making in emerging markets can provide a better understanding of investor and financial market behavior. Specifically, the Pakistan Stock Exchange has faced many ups and downs in recent times. Many investors attribute this scenario to behavioral factors and manipulation by large investors in the market. These factors are created by known investors who bias their investment decisions (Hayat and Anwar 2016). Many studies have established a direct link between individual investor behavior and investment decisions. Investors follow the portfolios of other investors to make investment decisions and may ignore their own perceptions due to greed or concern about loss (Landberg 2003). In some scenarios, investors overestimate their own estimates and ignore the suggestions of other investors, assuming that their perceptions are accurate (Dar et al. 2021; Larrick et al. 2007). It should also be noted that research shows that financial knowledge has an important effect on reducing irrational behavior in investment decisions (Hsiao and Tsai 2018; Al-Tamimi and Kalli 2009).
As Pakistan is a developing country, individual investors in the country do not have sufficient financial education. Thus, most of the private investors in Pakistan do not know or fully understand the concept of rationality and this scenario can strongly affect their investment decisions (Akbar et al. 2016). They are behaviorally biased, taking less risk in some scenarios and more risk taking in others (Kim and Nofsinger 2008). Most studies have been conducted to examine the behavioral biases on the investment decisions of individual and institutional investors (Hayat and Anwar 2016). Several studies have been conducted to investigate the multimedia mechanism between behavioral attitudes and investment decision making in Pakistan. Thus, one of the main objectives of the study is to bridge this gap and focus on testing the multimediation mechanism that explains the relationship between behavioral attitudes and investment decisions. By examining alternative mediating mechanisms, we can better understand the decision-making process (Abdin et al. 2018), address some of the problems in the analytic process identified by the current literature (Peloza 2009), and clarify the nature of The relationship between behavior and investment decisions. To the best of our knowledge, Abdin et al. (2018) is the only study using the multimediation mechanism between perspective factors and investment performance, but no other studies have been conducted to test the role of financial literacy in conjunction with the multimediation mechanism between behavioral attitudes and investment decisions.
This study examines the role of investor behavior in investment decision making. For this purpose, we developed and distributed a questionnaire among stock market investors in 2021. We then collected questionnaire responses from various respondents and used the data to analyze the relationships between behavioral trends, anomalies, and financial relationships. literacy, and investment decisions. Specifically, this study is characterized by the study of the mediating role of three modules of stock market anomalies (fundamental, technical and calendar anomalies) between behavior and investment decisions, especially behavioral tendencies integrated into their speculative choices leading to illogical investment. In addition, the study examines the moderating role of financial literacy between bias and stock market anomalies.
The current analysis contributes to the available records by gathering new proposals
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