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Investors' Behavior and Preference: A Case Study of Indian Stock Market

Finance has been studied around the globe from ages but the dimensions of behavioral science have been related with finance only a few decades before. This led to evolution of behavioral finance, where effect of human emotions, cognitive errors and psychology on investment decision is studied. The main objective of this study was to explore the individual investors’ investment preference i.e., utilitarian or value-expressive. Moreover, the extent to which their investment decision is dominated by their investment preference has been studied. The relationship between demographic factors and investment preference of an individual has also been examined. The results show that the individual investors at Indian stock exchange, in general, are more value-expressive than utilitarian. Their investment decisions are affected by many behavioral biases as well as with certain demographic factors.

Related Papers

Journal ijmr.net.in(UGC Approved)

Emotional finance is a new area in finance and is at an early stage of its development as a coherent discipline. It aims to provide an understanding of financial market behavior and investment processes by formally recognizing the role of unconscious needs and fears play in all investment activity. The objective of this research is to study the emotions that play in the trading and investment activity of the investors and to analyze the impact of emotions on the stock market investments. The data was collected extensively from Coimbatore district in Tamil Nadu identifying investors through share broker officers and financial institutions. The research findings are investment decisions involve emotions. The investors 'fall in the confidence' that may follow a big loss, leading to inability to make a buy or sell decisions and the investors finds inability to stick with the planned strategies due to this emotional influence. Respondent's emotions or the brain activity affects the stock market financial decisions, the respondents take bigger risk to avoid loss and they trust in instincts. It is concluded that there is association between the risk appetites of the respondents with that of the level of education of the respondents. By understanding the emotions in human behavior and psychological mechanisms involved in financial decision-making, standard finance models may be improved to better reflect and explain the reality in today's evolving markets. The ability to understand the judgment heuristics like rationality or irrationality of the investment pattern and experience along with emotional management would enable the investor to act with caution as the consequences are likely to affect the asset value, lifestyle, relationship with others and social interaction.

Nuel Chinedu Ani

Investing in stocks is beyond picking well performing stocks; it is more on how to decide which asset to acquire, hold or sell and when to do so. Investors tends not to be logical when making decisions; they respond to numerous psychological biorhythms, which is related to overconfidence, fear, excitement, experience and others. These psychological biases distort investors decisions, alters investment goal and cause market volatility. Behavioral finance field developed this hypothetical theory in response to this argument which could not be clarified by traditional finance theory. It is on this note that the need to investigate these biases arose. The paper generated its data through 26 dispatched items on the questionnaire then employed reliability test and correlation analysis as estimation technique on a sample of 121 respondents in Lagos Nigeria. The results revealed that individual investor decisions were significantly correlated to representative bias, cognitive bias and herd instinct bias. The statistically significant correlations indicate that these dimensions of Behavioural biases influence investor's decision even though it is weak. Nevertheless, motive on investment return wasn't significantly related to loss aversion bias, self-attribution bias, regret aversion bias, over optimism bias, Illusion of control bias, hindsight bias. The paper suggests that investors should seek the services of professional investors in the managing their portfolios to lessen the influence of behavioral biases.

Prayag Gokhale

Investment is a topic of interest of most of those people who are wanting to make money through their savings, the question of When to invest? Where to invest? How much to invest? And build an optimal portfolio still remains unanswered due to the various anomalies in the market and its related risks and uncertainties.<br>In the Standard finance theory, the investors or decision makers are assumed to be rational and markets are considered to be perfect. i.e. all the individuals in the market have the same information and one can earn extra earnings only through insider information. On the other hand, the behavioural finance scholars argue that the investors are not rational and they are affected by their emotions and the behaviour of the investor is sometimes unpredictable. Likewise, there are a numerous studies that have shown that the investor's decisions are influenced by psychological factors. The current study aims at evaluating the various psychological aspects that i...

IOSR Journals

Finance and investment amongst the quantified notions have reportedly been unduly impacted by the non-quantified biases. Underscoring the plethora of behavioral biases that affect the decision making process of investors, the present paper unearth the role of biases in conventional finance models which are based on assumption of rationality. In contemporary times, behavioral finance has emerged as an important phenomenon which can be relied upon to capture the various factors affecting the decision making process of investors. The present study attempts to examine the most referred seven biases identified as per our review of literature including overconfidence, herd behavior, cognitive dissonance, disposition effect, representative bias, mood and cultural bias residing in the capital city of the country. The analysis of the study reveals that investors gets maximum influenced by representative bias, followed by overconfidence, cognitive dissonance and disposition effect. However, there is no impact of herd behavior on the decision making process of investors.

Publisher: Emerald Publication Name: PSU Research Review

pallabi siddiqua

Determining the behavioral influences on the stock market has an important implication for the investment analysis and portfolio management. Behavioral biases are one parameter that needs to be considered in investment decision-making. The purpose of this paper is to suggest the Bangladeshi investors about the behavioral biases which they may perceive in making their investment decisions in the prevailing frontier environment. Through the Chi-square test, One-way ANOVA, and descriptive analysis based on the facts collected from 281 respondents of Dhaka Stock Exchange (DSE) , the study has found that individual investors of Bangladesh often make investment decisions emotionally rather than based on theories. The novelty of this research is that we considered the investors of Dhaka Stock Exchange (DSE) which is treated as a representative in the frontier market like Bangladesh. Since this market is not that much resilient so small investors should know the biasness of behavioral factors so that they can survive. The result shows that risk aversion and risk perception are the two most influential emotional dimensions that impact that decision. The findings are in harmonize with the other researchers and expose the statistic that investors hardly act according to the norms recommended in the financial theories.

Dr. Yogita Yadav

This study aims to determine the significant impact of overconfidence bias, Loss Aversion Bias, Cognitive Bias, Optimistic Bias and Bounded Rationality on stock market investment patterns in Lucknow city. The study includes three types of market investment such as Mutual funds, Debt market and Share Market. The study is based on primary data collection from various brokerage firms from individual investors. The findings of this paper shows the significant impact of investor's psychological biases on investment pattern. This study is helpful for individual investors for develop awareness about the biases which affect their investment decision. It is also helpful for brokerage houses, financial advisors, brokers, financial institutions to take a better investment decision while finding the presence of psychological biases in individual investors which helps to maintain rationality in investment choices in order to avoid risk and uncertainties in future investments.

IAEME Publication

Asia-Pacific Journal of Management Research and Innovation

Rajdeep Raut

This article attempts to identify differences in perception for the seven most prominent behavioural biases between two groups of individual investors: (a) experienced and (b) new to the market investors in investment decision-making. Primary data have been collected from the active individual stock market participants from the four states of India, namely, Jharkhand, Bihar, Odisha and West Bengal. Findings of this study suggest that respondents have a similar perception for availability bias, representativeness and emotional contagion while the other four factors such as herding, informational cascades, anchoring and overconfidence show significant discrimination in investment decision-making between the two groups of investors. Herding is identified as the most discriminatory factor for investor groups.

Dr Jhansi Rani Boda

Worldwide the financial markets are influenced by several factors such as the changes in economic and political processes that occur in the country and the globe, information diffusion and approachability and so on. Yet, the foremost important factor is the investor’s reaction and perception. For an individual investor, decision making process can be perceived as a continuous process that have significant impact of their psychology while making investment decisions. Behavioral finance relies on research of human and social recognition and emotional tolerance studies to identify and understand the investment decisions. This article aims to report the research of individual investor’s financial behavior in a historical perspective. This article uncovers the investor’s psychology in investment decision making focusing on the investor’s rationality by explaining psychological and emotional factors that affect investing. The results of the study are revealed by means of Graphical visuali...

shikta Singh

The human mind is capable of taking complicated decisions at very ease but sometimes they also do mistakes and fall prey to certain biases. Such biases lead them to take the wrong decisions which results in suffering losses. As emotion plays a very vital role in the human decisionmaking process, it sometimes leads them to wrong investment decisions. This is why it becomes very evident to study in detail the various emotional biases in investors’ decisions. Therefore the purpose of this present research paper is to address the role of different emotional biases in investors’ investment decision making in the Indian context. Maximum number of research papers has been reviewed in this regard and most relevant literatures have been quoted here in the paper. This paper has tried to explain some of the emotional biases such as overconfidence, loss-aversion, home bias and endowment effect which work as a guideline that can be considered by the decision makers while making invested related ...

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Real-World Case Studies to Help You Understand Stock Market Valuation Fundamentals

• December 27, 2022

The stock market can seem like a murky, complicated world of numbers and figures. But the truth is, once you understand the basics, it becomes much easier to explore the different types of stocks on the market.

Stock market valuation is an essential part of investing in stocks . It can change over time as well as across different regions. Here are some case studies that you’ll want to read if you’re new to investing or are trying to better your understanding of the fundamentals.

• Investing Lessons from Test Match Cricket
• Bombay Stock Exchange – Case study
• Game stop Stock Price Movements – Case study
• Indian IT companies valuation – Case study

What are different case studies to help with stock market valuation

Above are four different case studies that can help in understanding stock market valuation. Each one includes a detailed explanation of the fundamentals, in addition to the end goal.

For example, in one study they talk about how Indian IT companies are valued. They include everything from revenue, profit margins, and growth rates to identify which companies are worth investing in. Every company is different, so it’s important to read through these case studies to determine which one best applies to your situation.

Power of Compounding in Stock Market

One of the primary concepts to understand in stock market valuation is the power of compounding .

This case study illustrates how investing can affect your stock market valuation. For example, if you invest $100 at the start of year 1 and then $200 at the start of year two, this would lead to a compounded growth rate of 100% over the course of three years.

What this means for your investment portfolio is that even if you don’t make any additional investments, your portfolio’s value will still continue to grow. This concept applies to understanding how much money you need to save for retirement or other goals.

When you buy stocks, the value of your stock can change depending on what you paid for it. But there are also other factors that affect the price – like the interest rates, economic growth, or how much demand there is for a specific product or service. One factor to keep in mind is compounding.

Compounding is an investment term that means earning interest the more often it’s compounded. The more frequently your money earns interest, the higher your potential earnings will be. To take advantage of this power, you should invest in stocks that have a high annual rate of return.

If you’ve invested in stocks that aren’t earning as much, then your money will grow slower because it’s not getting reinvested at a high enough rate.

Investing Lessons from Test Cricket

One way to understand the fundamentals of valuation is by looking at stock market movements in different industries.

Cricket is one industry that illustrates this well. One reason for this may be the long-term perspective of cricket – all matches are five days, which contrasts with other popular sports, like football or basketball, where games are often measured in minutes rather than hours. This longer time-frame seems to lead to more stable stock price movements.

If you’ve ever watched a cricket match – or even the show “Cricket 24×7” on ESPN 3 – you’ll know that it’s one of the most unpredictable sports. The game is played over five days, with each team having one innings, or turn to bat. It can be difficult to predict the outcome of the game because anything could happen in between – rain delays, time-outs, and even scorecard disputes. But if you look at how teams fare historically after they’ve had two innings to bat, you’ll notice something interesting:

The team batting second has won more than twice as many matches as those batting first.

This is a valuable lesson for those looking to invest in stocks. It can be tough to predict what will happen as companies grow and change over time, but it’s helpful to look at their past financial performance and see if they’re trending upwards or downwards. Those who have been on a losing streak for some time may just need a break to get back on top of their game. And those who have been successful might be worth investing in right now before they take off.

Bombay Stock Exchange

The Bombay Stock Exchange (BSE) is a major Indian stock exchange. It was established in the 1800s and has been operating since then. It was incorporated with the Securities and Exchange Board of India with the passing of the Securities and Exchange Board of India Act in 1988.

The BSE has seen many fluctuations in its share prices. In 2011, the index peaked at over 25,000 points only to drop down to under 15,000 points by 2013. But since then it has recovered and is currently hovering around 23,000 points.

It has been calculated that the BSE’s market capitalization as of October 2017 was just over 1 trillion US dollars.

In a separate post, we also cover about London Stock Exchange specifically around it history and impact on the overall financial markets. 

Gamestop Stock Price Movements

Gamestop has been a popular choice for game enthusiasts and those who enjoy the traditional video game store experience. Gamestop is a retail company that sells new and pre-owned video games, consoles, and accessories, in addition to other items related to gaming.

Gamestop is an American video game and electronics retailer. Gamestop has been struggling in recent years, not just because of a shift in the market but also because they have made some mistakes. In particular, Gamestop has been slow to adapt to the rise of mobile gaming and digital downloads.

Gamestop has faced stiff competition in recent years from online retailers like Amazon and also brick-and-mortar stores like Best Buy. This has resulted in lower profit margins for Gamestop than at its peak in 2006.

In 2015, Gamestop stock prices dropped by 20%. The company has lost over $1 billion in market cap in 2017 alone. In November 2017, shares were down by 5% to $14.30 per share. Gamestop’s management team has acknowledged the difficulties the company faces, but insists that it will be able to turn things around with new leadership and investments in technology.

NSE 20 stocks that have shown a positive growth in the past 12 months

1. HERO MOTOCORP LTD

2. TATAELXSI LIMITED

3. SUN TV NETWORK LTD

4. BHARAT FORGE LIMITED

5. VEDANTA LTD

6. HINDUSTAN UNILEVER LTD

8. SBI CAPITAL MARKETS LIMITED

10. GAIL (India) Ltd

11. BANK OF MAHARASHTRA

12. ASIAN PAINTS INDIA LIMITED

13. CEAT LIMITED

14. COAL INDIA LTD

15. CANARA BANK

16. IRB INFRA ENGINEERS LTD

17. GAIL (INDIA) LIMITED

18. IDFC FIRST BANK LIMITED

19. L&T HOLDINGS LTD

20. RELIANCE COMMUNICATIONS

When it comes to learning the fundamentals of the stock market, you’ve got a lot of options.

And with so many options, it can be hard to know which one is the right one for you.

Case studies can help you learn about the basics of stock market investing and valuation, but they don’t tell the whole story.

The best way to learn is by doing. Start investing in stocks to see the power of compounding in action for yourself!

Stock market valuation is a complex subject. There are many factors that contribute to a company’s worth, and this makes it difficult to assess a set value. To help you understand, we have compiled a list of case studies that can teach you about stock market valuation.

In this article, we have discussed different case studies to help with your understanding of the stock market valuation. The lesson from Gamestop is an example of how a company can fail in spite of a high valuation due to the lack of expected growth. In order to avoid this, it’s important to have a clear understanding of what your company can offer in terms of growth.

You also need to consider the other factors that go into the equation, such as management quality and their ability to execute on a vision. And while valuation might seem like a difficult subject to wrap your head around, the case studies we’ve discussed here should help you get started.

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• February 2020 (Revised April 2021)
• HBS Case Collection

StockX: The Stock Market of Things

• Format: Print
• | Language: English
• | Pages: 17

About The Author

Chiara Farronato

Related work.

• Faculty Research

StockX: The Stock Market of Things (Data Set)

• June 2021 (Revised March 2022)
• April 2021 (Revised July 2021)

StockX: The Stock Market of Things (Abridged)

• StockX: The Stock Market of Things (Data Set)  By: Chiara Farronato, John J. Horton, Annelena Lobb and Julia Kelley
• StockX: The Stock Market of Things  By: Chiara Farronato, John J. Horton, Annelena Lobb and Julia Kelley
• StockX: The Stock Market of Things  By: Chiara Farronato
• StockX: The Stock Market of Things (Abridged)  By: Chiara Farronato, John J. Horton, Annelena Lobb and Julia Kelley

Analysis and prediction of Indian stock market: a machine-learning approach

• CASE STUDIES
• Published: 01 July 2023
• Volume 14 , pages 1567–1585, ( 2023 )

Cite this article

• Shilpa Srivastava   ORCID: orcid.org/0000-0002-8566-1646 1 ,
• Millie Pant 2 &
• Varuna Gupta 1  

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Prediction of financial stock market is a challenging task because of its volatile and non- linear nature. The presence of different factors like psychological, sentimental state, rational or irrational behaviour of investors make the stock market more dynamic. With the inculcation of algorithms based on artificial intelligence, deep learning algorithms, the prediction of movement of financial stock market is revolutionized in the recent years. The purpose of using these algorithms is to help the investors for taking decisions related to the Stock Pricing. A model has been proposed to predict the direction of movement of Indian stock market in the near future. This model makes use of historical Indian stock data of companies in nifty 50 since they came existence along with some financial and social indicators like financial news and tweets related to stocks. After pre-processing and normalization various machine learning algorithms like LSTM, support vector machines, KNearest neighbour, random forest, gradient boosting regressor are applied on this time series data to produce better accuracy and to minimize the RMSE error. This model has the ability to reduce major losses to the investors who invest in stock market. The social indicators will give an insight for predicting the direction of stock market. The LSTM network will make use of historical closing prices, tweets and trading volume.

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Srivastava, S., Pant, M. & Gupta, V. Analysis and prediction of Indian stock market: a machine-learning approach. Int J Syst Assur Eng Manag 14 , 1567–1585 (2023). https://doi.org/10.1007/s13198-023-01934-z

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Received : 03 October 2021

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DOI : https://doi.org/10.1007/s13198-023-01934-z

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Google acted illegally to maintain a monopoly in online search, a federal judge ruled on Monday , a landmark decision that strikes at the power of tech giants in the modern internet era and that may fundamentally alter the way they do business.

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