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Title: A Study of relationships between personality traits and demographic characteristics with behavioural biases of individual investors
Researcher: Sachan Abhishek
Guide(s): Chugan P K
Keywords: behavioural
University: Nirma University
Completed Date: 13/09/2017
Abstract: The world of standard finance considers an investor as rational economic human being and expects him to behave with perfect rationality, perfect self-interest and perfect information; however, in the real world with real investors, investments are not fully efficient. A real investor has limitation to information procurement and processing, and his decisions are also affected by his emotional preferences which may not have any sound basis. newlineGiven the above limitations of investors, investors end up taking imperfect decisions. One of the major thrust in the field of behavioral finance is to understand the way investors take decisions. Understanding the decision process of an investor is also necessary for client-advisor relationship, which in turn can help clients to achieve most optimal portfolio in accordance to their taste and knowledge, as well as, fulfilling if not all, but many of the principles of standard finance. newlineLiterature has indicated that personality trait and demographics have reasonable newline newlinerelationship with the way people invest. Intervention studies, along with studies in biology and neuroscience, establish a causal basis for the observed effect of personality traits on economic and social outcomes. Given that returns of investments are affected by behavioral biases and personality traits relate to economic outcomes, the relationship between personality traits and behavioral biases may provide a better insight as in which personality may be prone to which biases. newlineLiterature also suggests that demographics and investment choice are related in Indian scenario. If we connect this with the behavioral portfolio theory and framework of behaviorally modified asset allocation, then we have reasons to believe that there may be relationship between demographics and behavioral biases. newline newline newlineX1X newline newlineThis study reports the relationships between major biases, demographic variables and big five personality traits. The study is based on responses of 516 individual investors across Gujarat.
Appears in Departments:Institute of Management

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02_certificate.pdfAttached File1.53 MBAdobe PDFView/Open
05_acknowledgement.pdf185.21 kBAdobe PDFView/Open
06_contents.pdf517.03 kBAdobe PDFView/Open
07_list_of_tables.pdf324.39 kBAdobe PDFView/Open
08_list_of_figures.pdf315.55 kBAdobe PDFView/Open
09_abbreviations.pdf191.22 kBAdobe PDFView/Open
10_chapter1.pdf559.34 kBAdobe PDFView/Open
11_chapter2.pdf736.18 kBAdobe PDFView/Open
12_chapter3.pdf1.28 MBAdobe PDFView/Open
13_chapter4.pdf503.51 kBAdobe PDFView/Open
14_chapter5.pdf504.5 kBAdobe PDFView/Open
15_chapter6.pdf457.3 kBAdobe PDFView/Open
16_chapter7.pdf351.44 kBAdobe PDFView/Open
17_conclusion.pdf568.3 kBAdobe PDFView/Open
18_future_scope.pdf251.75 kBAdobe PDFView/Open
19_implications.pdf265.72 kBAdobe PDFView/Open
1_title.pdf273.07 kBAdobe PDFView/Open
20_limitations.pdf245.92 kBAdobe PDFView/Open
21_bibliography.pdf327.5 kBAdobe PDFView/Open

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