Impact of Behavioural Finance on Investment

Decisions
Ananya Agarwal longer than they should, and they tend to sell winning stocks
NMIMS University too early just to avoid any unseen losses. Investors also tend
Mumbai, India to be influenced by herd behaviour, which can lead to
[email protected]
market bubbles and crashes.

Abstract— Finance as a field has been studied for

Practical Implications: Investors should be aware of their
decades, but behind every financial decision, a person’s thoughts behavioural biases and should try to prevent them from
and beliefs play a role. Behavioural finance deals with this. It's a affecting decision-making. Financial advisors should also be
newer field of study that has emerged to explain how cognitive aware while suggesting investment opportunities. Knowing
and emotional biases can affect investment related decisions. how their clients are affected by biases can help advisors get
This paper explores the difference between Traditional financing a better understanding of the way the client will want to
and Behavioural financing, key concepts of behavioural finance maintain their portfolio and build more trust and loyalty
including various factors which affect decisions and its between the client and advisor. Knowing these biases will
difference in global and Indian markets. The paper reviews the
also help them protect their clients from irrational
theoretical background and empirical research on behavioural
finance and its impact on the investment decision making. By investment decisions.
identifying and addressing common behavioural biases, investors
can improve their investment decisions and potentially achieve
better returns. Furthermore, policymakers and financial II. LITERATURE REVIEW
professionals can use those insights to design more effective
policies and strategies that take into account investors' [Sharma, 2016] attempts to highlight the short-comings of
behavioural biases. the traditional finance theories as pointed out by behavioural
finance supporters and also a discussion on the significance
Keywords— Traditional finance, Behavioural finance,
Factors affecting investment decisions, Cognitive and emotional
of behavioural finance. The main objective of the paper is to
biases highlight the limitations of the traditional finance theories
and the significance of the growth of behavioural finance
discipline in the study of investors’ behaviour in financial
I. INTRODUCTION market. A detailed view of a few behavioural finance
principles is also tried to be presented as the next objective.
Investment decisions are typically based on rational analysis The paper is mainly conceptual and descriptive in nature and
of available information and are intended to maximize future it is based on the different research papers, journals, articles
returns while minimizing risk. They are critical for financial related to behavioural finance available over internet-based
success, and investors are constantly seeking to make sources. Various other related books and journals which are
informed decisions based on all available information. available in physical form are also accessed to develop the
Traditional finance assumes that investors are rational and foundation of the paper. The growth of behavioural finance
make decisions based only on the available information. in this regard is definitely a positive aspect to better study
However, this is not true. Every investor is influenced by the investor behaviour. The behavioural finance alone can’t
certain internal biases that can lead to irrational decisions. It be said to be a perfect one because the discipline is not too
is a field of study that seeks to explain how these biases old to accept as a theory and the behavioural finance is only
affect investment decision making. a collection of ideas and thoughts which are descriptive and
This research paper aims to clearly differentiate between the advisory in nature but they are not exhaustive. More
two theories of investment decision-making. It also shows discussions and studies are required to point the limitations
the impact of certain factors (individual factors like age and of behavioural finance itself so as to refine it to be a good
gender; market factors and socio-economic factors) and their theory. [12]
observable impacts on investment decisions as well as [Virigineni & Rao, 2017] demonstrates that investment
compare its effect on Indian and global markets. decision-making process is more human than analytical,
owing to behavioural biases. Recent studies in prospect
Empirical Research: There is a growing body of research on theory and heuristic decision-making process focused more
behavioural finance. This research has shown that investors on investor behaviour causing market anomalies. At a time
are often influenced by cognitive and emotional biases, such when irrational behaviour is demonstrated not only in
as overconfidence and loss aversion, which can lead to sub- security markets but also in other markets such as property,
optimal investment outcomes. For example, investors tend bullion and commodities, this paper explores the
to hold on to losing stocks contemporary research in behavioural finance.
Conclusion- Behavioural finance has important allusions for
both intellectuals and practitioners. It provides the
Tushar Jashnani groundwork for evolving theories for a deeper
NMIMS University understanding of the psychological processes involved in
Mumbai, India
financial decision-making. Behavioural biases have been
[email protected]
and will continue to influence human judgment in financial
decision-making. As it is still evolving, both theoretical Quantitative research approach adopted to collect data in
analysis and pragmatic testing are required. [15] this study. The results of study prominent that heuristic
[Wu, 2020]- Study of the phenomenon of intuitive decision- behaviour influenced more than prospect theory and
making in the asset management sector through the use of personality characteristics as well as all the sub-variables are
in-depth semi-structured interviews and self-reported also supported in the acceptance of all alternative
cognitive tests on a population of 72 experienced hypotheses. [10]
professional fund managers from both China and the West
The findings of this research reflect two different levels of
cognitive processing, including pure cognitive style which III. RESEARCH METHODOLOGY
relates to the way individuals process information and
decision-making behaviour style which reflects the ways Research Problem: Understanding the effects of behavioural
individuals approach a decision-making situation. The finance principles on investment decisions.
conclusion of this research, that intuitive judgment is
embedded in the organizational and social context, that
strategic decision makers require an abundance of tacit Research Objectives:
knowledge, intuitive judgment, social competences and a 1. To study the difference between Traditional
deep understanding of the local context. Finance and Behavioural Finance
Limitations- the coding and interpretation of the textural 2. To understand how behavioural biases of investors
data was a subjective process and therefore prone to bias. are affected by various factors
Moreover only 2 kinds of groups were used in the research 3. To compare the effect of Behavioural Finance on
limiting the variety. [16] Indian and Global Markets
[Atinuke, 2021] - Limitation is that the key findings found
out from the analysis cannot be inferred on other millennials
in other parts of the world because of individual preferences Methodology: This research paper uses a mixed-methods
and different approaches to life and investment. The sole approach, including a literature review, reviewing case
objective of this research was to know the impact of studies and interpreting secondary data. The literature
behavioural factors on millennials investment decisions. review examines existing research on traditional finance and
This objective has been achieved with the impact levels seen behavioural finance to help gain a better understanding of
and the correlation seen between the sociodemographic and the scope of the field of study. The case studies focus on Behav
the behavioural factors. The market factors had the greatest real-life examples of behavioural biases affecting investment Fina
impact which shows that information is one important factor decisions via various papers and online articles. The
to be considered when investing as it can trigger how an secondary data was collected from electronic sources and
investor can react (over or under) to price changes and also tabloids. They were further analysed and interpreted in
trail past trend of stocks in the financial markets. [3] Section V.
Investment decision in India is taken quickly thinking of
short term without proper planning and reviewing. [Kandpal
& Mehrotra, 2018] highlights the behaviours of the different IV. TRADITIONAL VS BEHAVIOURAL FINANCE
investors and the investment decisions made by them.
Investor saving and investment decision making and Traditional Finance: It is the conventional method of
parameters in Indian market is highlighted - 358 respondents managing money and investments that has been in use for
opinions are gathered. The results show that majority people many years. “Conventional money” accepts that financial
belong to the 31-40 age group, almost half have a PhD and backers are normal and consistently act to their greatest
two-thirds are married. The monthly income mostly was advantage, and pursue choices in light of all suitable data.
above Rs. 30000 and the research proved that a lot of factors This is based on the principles of modern finance theory,
were taken into consideration before making said decision which includes various concepts such as portfolio
like goals in life, spending habits, one’s financials, risk management, risk analysis, and asset allocation. Traditional
bearing capacity, etc. To find the best possible opportunity, finance involves the use of various financial instruments
one should follow their psychological avenue. Although such as stocks, bonds, and mutual funds. It also emphasizes
normal behaviour pattern varies from investment behaviour the importance of analysing financial data and economic
pattern, common things like a clear goal, comparison in trends to make informed investment decisions.
options, risk analysis, etc still exists. [6]
Figure 1: Instruments of Traditional Finance
[Sattar, Toseef, & Sattar, 2020] - The aim of this research
paper is to explore how behavioural biases affect investment
decision making under uncertainty. Dependent variable
investment decision making is a composite activity, it never Stocks
be made in a vacuity by depending on personal resources.
Based on this study investment choices alternatives
influence by human rational and irrational behaviour,
therefore, examine the impact of behavioural finance in the Mutual
Bonds
decision-making process. Findings revealed that there was Funds
an effect of behavioural biases on investment decisions.
Empirical results concluded investment decision making
influenced by heuristic behaviours more than prospects and
personality characteristics. The originality of this study, it is
very beneficial for investors and financial institutions to Behavioural Finance: Behavioural Finance is made of two
make decision by observation of psychological factors. words: ‘Behaviour’ and ‘Finance’ which basically means
peoples’ behaviour towards money. It is a sub-field of  Decision-making: Traditional Finance assumes that
Finance that explains how psychological and emotional investors use objective decision-making models
factors influence financial decisions and market outcomes. It and statistical tools, such as expected utility theory,
recognizes that investors are not always rational or objective while behavioural finance recognizes that investors
in their decision-making processes, and that biases and may use heuristics, or mental shortcuts, that can
errors can often lead to substandard investment choices. lead to substandard decisions.
“Social money” perceives that financial backers are human,  Predictions: Traditional Finance assumes that
and they are many times affected by mental and close to financial markets are efficient and are regulated by
home inclinations that can influence their speculation investors' decisions which are based on rational
choices. Behavioural finance draws on insights from fields calculations, while behavioural finance recognizes
such as psychology, sociology, and neuroscience to better that irrational behaviour can create market
understand human behaviour in financial contexts. inefficiencies and anomalies in the market that can
INDIAN MA
GLOBAL M

be exploited for profit.

Figure 2: Fields involved in Behavioural Finance

V. INDIAN AND GLOBAL MARKETS

Psychology
The Efficient Market Hypothesis (EMH) states that at any
given point of time in a very liquid market, the prices of
stocks are efficiently valued to show all the available
Economics Finance information. However, various studies have shown a long-
term historical phenomenon in securities markets that does
not align with the EMH and cannot be captured plausibly in
models based on perfect investor rationality i.e., traditional
finance.
Behavioural finance is useful for both corporate and The EMH is generally based on the belief that market
personal finance: participants i.e., investors view stock prices objectively
 Corporate finance: Behavioural Finance can help based on all internal and external factors. When studying the
identify biases such as overconfidence or stock market, from the point of view of behavioural finance;
groupthink, and develop strategies to mitigate these markets are not fully efficient. This essentially demonstrates
biases. It can also inform the design of how the gap between the EMH and actual market results is
compensation packages to incentivize executives to due to some cognitive or emotional errors.
make rational, long-term decisions.
 Personal finance: Behavioural Finance can help Behavioural Biases are broadly classified in two distinct
individuals understand their own biases and make theories: Heuristic Decision Theory and The Prospect
better financial decisions. For example, Theory. They highlight different biases and errors that
understanding the impact of loss aversion bias can investors often make which lead to suboptimal investment
help individuals make more objective decisions decisions.
about selling or holding onto shares. Additionally,
understanding the impact of framing bias can help Figure 3: Behavioural Biases Theories
individuals make more informed decisions when
presented with financial options. Behavioural Heuristic Decision
Biases Theory
Theories The Prospect Theory
Traditional finance and behavioural finance are two
different approaches to understanding and explaining
financial decision-making-
 Assumptions: Traditional Finance assumes that HEURISTIC DECISION THEORY:
investors are rational and always act in their own Heuristic decision theory is an approach to decision-making
best interest, while behavioural finance recognizes that emphasizes the use of mental shortcuts or rules of
that investors are subject to biases that can lead thumb to simplify complex problems and reduce cognitive
them to make irrational decisions. effort. In behavioural finance, heuristic decision theory is
 Emphasis: Traditional Finance emphasizes the role often used to explain why people make irrational financial
of market efficiency, the use of mathematical decisions.
models and rational decision-making, while Heuristics are mental shortcuts that people use to make
behavioural finance focuses on understanding the judgments and decisions. They can be useful because they
psychological and emotional factors that influence help us make quick decisions without having to process all
and limit the investors' decision-making abilities. of the available information.
 Information processing: Traditional Finance
assumes that investors process all available
information in an objective manner, while
behavioural finance recognizes that investors may
have limited attention and internal errors that can
distort their perception and interpretation of
information.
 Figure 4: Biases in Heuristic Decision Theory Global Market:
Herding 1. Availability Bias: In the Global market, behavioural
Behaviour
finance has been studied extensively since the 1970s. One of
Disposition Effect the most well-known biases observed in the global market is
the availability bias, where investors tend to overestimate
Overconfidence
Heuristic Bias the likelihood of events that are easily recalled from
Decision memory. This can lead to the overvaluation or
Theory Availability Bias
undervaluation of assets. Availability bias can manifest in a
number of ways. For example, investors may be more likely
Anchoring Bias
to invest in companies from their home country, as they are
Confirmation Bias
more familiar with them and have greater access to
information about them. This can lead to an over-
concentration of investments in a particular country, and a
Indian Market: missed opportunity to diversify globally.
1. Herding Behaviour: In the Indian market, behavioural Another example is that investors are more likely to invest
finance has gained increasing attention in recent years. One in industries or sectors that are currently popular or are
of the most prominent biases observed in the Indian market performing well, rather than evaluating each sector on its
is herding behaviour, where investors tend to follow the individual merits. This can lead to an over-concentration of
decisions of other investors rather than making their own investments in a particular industry, and a missing on other
independent choices. This can result in market bubbles and sectors.
crashes. When a group of investors is optimistic about a
particular stock, they may begin to buy it, causing its price 2. Anchoring Bias: Another bias observed in the global
to rise. Other investors begin to see this price hike and market is the anchoring bias, where investors tend to rely
believe that the asset is a good investment and purchase it. too heavily on a particular piece of information or past
As more investors buy in, the price continues to rise, experience when making investment decisions. It is one in
attracting even more investors, and the cycle continues. This which individuals rely too heavily on an initial piece of
creates a market bubble. On the other hand, when the market information, or "anchor", when making subsequent
sentiment changes and investors become pessimistic, the decisions.
same herd behaviour can lead to a market crash. As For example, in ‘Price Anchoring’, investors may anchor
investors start to sell off their positions, the price of the asset their expectations of a company's future performance based
drops, causing more investors to sell, which creates a on its current stock price. Let’s say a stock is currently
downward spiral. trading at a high price; investors may anchor their
Herd behaviour can amplify market movements, leading to expectations of the future price to increas, leading them to
rapid and extreme price fluctuations. It can also create make overly optimistic decisions.
inefficiencies in the market, as investors make decisions Another example is ‘Economic Anchoring’ where investors
based on emotions rather than fundamental analysis. may anchor their expectations of a country's future
economic performance based on past performances, rather
2. Disposition Effect: Another bias observed in the Indian than considering the current economic conditions. This can
market is the disposition effect, where investors tend to hold lead to a failure in adapting to changing market conditions
on to their losing investments for too long and sell their and relying too much on historical data.
winning investments too quickly. This is often attributed to
the psychological tendency of investors to avoid regret, 3. Confirmation Bias: Another important bias observed in
meaning they are more likely to sell a stock that has gained the Global market is the confirmation bias. This is where
value, even if there is still potential for it to continue investors seek out information that confirms their pre-
increasing, in order to lock in profits and avoid the regret of existing beliefs and ignore information that contradicts
not selling at the peak. On the other hand, investors may them.
hold onto a losing stock in order to avoid the regret of Investment selection- investors tend to seek out only that
selling at a loss. This behaviour often leads to suboptimal information that confirms their belief in a particular
investment outcomes. investment or market, while ignoring information that
suggests the investment may not be a good choice and
3. Overconfidence Bias: Another key observation in the Market forecasts- investors may seek out market forecasts
Indian market indicates the overconfidence bias. This is that confirm their existing beliefs about the direction of the
where investors overestimate their ability to predict market market, while ignoring forecasts that suggest a different
trends and make successful investments. This can lead to outcome.
excessive risk-taking and suboptimal investment outcomes.
Overconfident investors may believe that they have the
ability to predict market movements and make profitable THE PROSPECT THEORY:
trades. As a result, they may engage in excessive trading, Prospect theory talks about the ways in which psychological
which can lead to higher transaction costs as compared to biases can impact an investor’s behaviour and market
the returns from the transactions. outcomes.
Investors may also believe that their knowledge and abilities In global markets, prospect theory suggests that an investor
will allow them to make successful investments in high-risk would probably sell winning stock too early (Regret
assets. This can lead them to take on more risk than is Aversion) and hold on to losing stock for too long (Loss
appropriate for their investment goals and financial Aversion). This eventually leads to lower returns for
situation, increasing the likelihood of significant losses. investors. Similarly, in Indian Markets, investors have a
fixed amount they would invest in a particular stock (Mental
Accounting) and prospect theory also explains why there is in favour of the value which is more meaningful and closer
a low level of equity investment in the Indian Market due to to the person.
some beliefs and attitudes (Cognitive dissonance).

Figure 5: Behavioural Biases in Prospect Theory VI. DATA COLLECTION AND ANALYSIS
Loss
Aversion The following tables are taken from (Sendilvelu & Shah,
2021) [11].

Mental Prospect Cognitive

It shows 4 key Behavioural Biases namely:
Accounting Theory Dissonance - Herding Behaviour
- Overconfidence Bias
- Availability Bias
Regret - Loss Aversion.
Aversion

1. Mental accounting: This is basically how people create

different accounts in their mind for multiple purposes for Table I: The sources of the information respondents
e.g., Entertainment, household expenses, food, etc. It is a avail for their investment
part of behavioural bias as once a person has set a particular Relatives 17.35%
amount of money to be spent in a specific time period in an Friends 53.73%
account, they would not use that money anywhere else. If a Journal and Magazines 10.36%
person has to pay off debt and has a lot of money in their Advisors 17.59%
entertainment account, they would spend freely there even if Websites 0.24%
they could use the money to pay off debt. Same way, while Self 0.72%
investing, this mindset applies, even if a person knows they
Figure 6: Herding Behaviour demonstrated by investors
will earn more by investing more for sure, they would not do
that because their mental account for investing won’t allow 60.00%
going beyond the set amount. 40.00%
20.00%
2. Loss Aversion: This concept is about the tendency of
0.00%
people to avoid losses rather than acquire gains. The fear of lf
ve
s
nd
s es or
s
ite
s
Se
losing is twice as impactful than the happiness of gaining ti ir e z in vi s s
l a a eb
which stops people from taking risks even if there is a Re
F ag Ad W
M
higher probability of gaining than losing. The impact of this nd
bias has a high negative impact on investment decisions, a la
n
however, it makes a person so cautious that they avoid ur
Jo
significant losses. To reduce the impact of loss aversion, a Interpretation:
person should reframe their decisions in terms of gains
rather than losses and have a more rational choice.

3. Regret aversion: This is very similar to loss aversion, but

here there is a fear of regretting a decision and not the fear
of making losses. It involves focusing on only negative
outcomes even if the positive outcome is very beneficial and Table II: Responses reflecting the overconfidence level of the
has a higher chance of happening. For example, an investor respondents
might avoid investing in a promising but relatively unknown Q2) I am confident about my
stock, because they are afraid of regretting their decision if it Q1) I am an experienced own investment opinions than
investor opinions from my friends or
does not perform well. To reduce the impact of regret advisor
aversion, a person should reframe decisions in terms of Strongly Agree 5.70% Strongly Agree 3.45%
potential gains rather than potential regrets.
Agree 38.34% Agree 57.64%

4. Cognitive dissonance: It is a psychological concept that Neutral 53.89% Neutral 33.99%

describes the discomfort that arises when an individual holds Disagree 0.00% Disagree 0.00%
two or more conflicting beliefs, attitudes, or values. A
Strongly Disagree 2.07% Strongly Disagree 4.93%
person might experience this while making a financial
decision which might contradict with their existing belief, Q3) I have the ability to choose
for e.g.- A person who believes in a sustainable environment investments when their Q4) I go for riskier investment
might not invest in a company which is not environmentally performance is better than options
market performance
sustainable even though the shares are very profitable. Strongly Agree 5.91% Strongly Agree 3.94%
Cognitive dissonance would take place as now the person
has to prioritise one of the two beliefs between sustainable Agree 55.67% Agree 31.53%
environment or profitable investment. To reduce the impact Neutral 33.50% Neutral 46.31%
of this, a person should note down points and devalue one
Disagree 0.00% Disagree 0.00%
option so that a clear and unbiased choice is made which is
 Strongly Disagree 4.93% Strongly Disagree 18.23% is poor
Strongly Agree 7.39% Strongly Agree 8.37%

Figure 7: Chart showing overconfidence bias in investors Agree 48.28% Agree 50.74%

Q2 Q3 Neutral 40.89% Neutral 38.92%

60.00% Disagree 0.00% Disagree 0.00%

50.00% Strongly 3.45% Strongly 1.97%
40.00% Disagree Disagree
30.00% Q3) I invest in low return, Q4) I sell stocks that
guaranteed investment increase in value very
20.00% over investments that quickly
10.00% carry a higher risk
0.00% Strongly Agree 7.39% Strongly Agree 6.40%
l
ee ee ra ee ee
gr gr ut gr gr Agree 43.84% Agree 37.44%
yA A e sa is a
l N Di yD
ng nl
Neutral 44.33% Neutral 42.36%
S tro tro
S Disagree 0.00% Disagree 0.00%
Interpretation: Strongly 4.43% Strongly 13.79%
Disagree Disagree

Figure 9: Chart showing Loss Aversion in investors

50.00%
45.00%
40.00%
Table III: Responses reflecting the availability biased nature 35.00%
of the respondents 30.00%
Q1) I would go for an Q2) I rely on internet 25.00%
investment where my sources to make investment 20.00%
friends or relatives have decisions 15.00%
achieved higher returns 10.00%
Strongly Agree 10.84% Strongly Agree 5.91%
5.00%
Agree 56.16% Agree 55.17% 0.00%
Strongly Agree Neutral Disagree Strongly
Neutral 31.03% Neutral 33.50% Agree Disagree
Disagree 0.00% Disagree 0.00% Q1 Q3 Q4
Strongly 1.97% Strongly 5.42% Interpretation:
Disagree Disagree
Q3) I would invest in Q4) I would rely on the
avenues recommended by information given by
my friends or relative financial advisors
Strongly Agree 11.82% Strongly Agree 18.23%

Agree 58.13% Agree 51.72%

Neutral 28.57% Neutral 29.56%

Disagree 0.00% Disagree 0.00%

Strongly 1.48% Strongly 0.49%

Disagree Disagree

Figure 8: Chart showing availability bias in investors VII. CONCLUSION

60.00% The study concludes that investors should be aware of their

50.00% Behavioural Biases and seek to overcome them to make
40.00% informed investment decisions. The study recommends that
30.00%
20.00% investors should seek financial education and advice,
10.00% diversify their portfolios, and avoid herding behaviour. The
0.00% study also suggests that policymakers should promote
e e l e e
re re ra re re financial literacy and create regulations that encourage
g Ag ut g g
yA e sa is a rational decision-making. The study's findings have
l N Di yD
ng l important implications for investors, financial advisors, and
tro ng
S tro policymakers seeking to improve investment outcomes.
S
Moreover, re-evaluating one's priorities, seeking out
Q1 Q3 unbiased information and advice, or reframing the decision
Interpretation: in a way that aligns more closely with one's values, and
Table IV: Responses reflecting the Loss aversion nature of the reframing decisions in terms of potential gains would help
respondents an investor to have better investment decisions by reducing
Q1) I am concerned more Q2) I do not increase my
the negative impact of major behavioural biases. If this is
about losses in investment investment when the
than substantial gain performance of the market done successfully, the market outcome and potential gains
by an investor in any market would be very high as it will International Journal of Economics and Financial
have the most beneficial aspects of traditional as well as Issues, 14.
behavioural finance like rational decision- making and [16] Wu, H. (2020). Intuition in Investment Decision-
prioritising beliefs, values and then gaining profits in an Making Across Cultures. Journal of Behavioural
unbiased manner. Finance, 16.

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