Impact of Behavioral Biases on Investment Decisions ‘A Systematic Review’

International Journal of Management, 11 (4), 2020, pp. 68-76

9 Pages Posted: 8 Jun 2020

See all articles by Anurag Shukla

Anurag Shukla

Research Scholar, Dr. A.P.J. Abdul Kalam Technical University Lucknow, Uttar Pradesh, India

Dr. Naela Jamal Rushdi

Professor & Director, IILM Academy of Higher Learning, Lucknow, Uttar Pradesh, India

Dr. Rakesh Chandra Katiyar

Ex- Professor & Pro Vice Chancellor, CSJM University, Kanpur, Uttar Pradesh, India

Date Written: May 13, 2020

Abstract

The objective of this paper is to study and describe various biases in investment decision-making through the review of research papers in the area of behavioral finance. This research paper describes various behavioral patterns of investors. For writing this paper, research papers have been collected over a period of year’s right from the time when the most introductory paper was published (1974) till the most recent papers (2019). These research papers are segregated on the basis of biases. This study is more focused towards the study of individual investors. This study has identified 7 various types of biases. This study is also based on some of the most recent research work to have a quick overview of the latest work carried out in this area. Practical implications of the research is that individual investors, investment advisers , students and other institutions in this area can get inputs from this research. The unique aspect of this paper is that this paper not only pays attention on basic principles of behavioral finance but also describes some emerging concepts of behavioral finance. Thus, the paper creates interest in the readers to find the solutions to minimize the effect of biases in decision-making.

Keywords: Financial markets, Behavioral finance, Behavioral biases, Investment decisions

Suggested Citation

Shukla, Anurag and Rushdi, Dr. Naela Jamal and Katiyar, Dr. Rakesh Chandra, Impact of Behavioral Biases on Investment Decisions ‘A Systematic Review’ (May 13, 2020). International Journal of Management, 11 (4), 2020, pp. 68-76, Available at SSRN: https://ssrn.com/abstract=3600023

Anurag Shukla (Contact Author)

Research Scholar, Dr. A.P.J. Abdul Kalam Technical University Lucknow, Uttar Pradesh, India ( email )

Lucknow, Uttar Pradesh
India

Dr. Naela Jamal Rushdi

Professor & Director, IILM Academy of Higher Learning, Lucknow, Uttar Pradesh, India ( email )

Lucknow
U.P
India

Dr. Rakesh Chandra Katiyar

Ex- Professor & Pro Vice Chancellor, CSJM University, Kanpur, Uttar Pradesh, India ( email )

National Highway 34
Kanpur, Uttar Pradesh 208017
India

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