The Indian capital markets have seen significant upheaval in recent decades, propelled by financial liberalisation, technological progress, and heightened retail involvement.  The development of these markets has resulted in an increased focus on comprehending the decision-making processes of individual investors.  In contrast to institutional investors, individual investors are more susceptible to biases such as overconfidence, loss aversion, and herd mentality, frequently resulting in poor investment decisions.  These behavioural inclinations diverge from traditional financial theories like the Efficient Market Hypothesis (EMH), which posits that markets are perpetually efficient and that investors behave rationally.  Empirical research on Indian investors demonstrates that financial literacy significantly influences investing behaviour.  A significant number of retail investors in India possess insufficient information regarding market instruments, resulting in risk-averse behaviour or dependence on informal financial advice sources.  Moreover, risk perception differs among demographic cohorts, with younger investors exhibiting a greater inclination towards risk-taking than older individuals who favour stable and fixed-income investments.  The regulatory system in India, encompassing the Securities and Exchange Board of India (SEBI), has implemented steps to bolster investor safety and advance financial inclusion.  Notwithstanding these endeavours, information asymmetry persists as an issue, undermining investor confidence and decision-making.  Financial intermediaries, including brokers, advisors, and mutual funds, play a vital role in connecting investors and facilitating informed decision-making.

Figure: 1

Research background

Market mood significantly influences investing decisions.  In times of economic uncertainty or stock market volatility, investors frequently display herd behaviour, resulting in sudden market movements.  Empirical data indicates that market patterns, media stories, and macroeconomic indicators profoundly influence investor psychology, frequently resulting in illogical decision-making.  The Indian capital market features a variety of investor profiles, encompassing high-net-worth people and small retail investors.  Comprehending these diverse investing behaviours necessitates a multifaceted strategy that amalgamates economic theories with insights from behavioural finance.  The growing use of digital investment platforms has transformed investing behaviours, rendering real-time data accessibility essential for decision-making.  The decision-making process of individual investors in Indian capital markets is shaped by a blend of rational and irrational elements.  While traditional financial theories give a platform for understanding investing behavior, behavioral finance offers a more complete perspective by adding psychological effects.  Empirical research underscores the necessity for augmented investor education, refined regulatory frameworks, and customised financial products to address varied investor requirements.  Future research should focus on longitudinal study of investor behavior to uncover changing patterns and solutions for optimizing investment decision-making in India. The influence of macroeconomic issues, including inflation, interest rates, and regulatory regulations, on retail investor attitude is still little examined.  Although some studies have emphasised investor reactions to economic recessions and stock market fluctuations, there is a paucity of attention on how individual investors manage these issues in real-time.  The progression of investing options, especially in the post-pandemic digital age, reveals a study need.  The emergence of fintech platforms, algorithmic trading, and mobile investing applications has altered the decision-making environment; nevertheless, research documenting this transition is limited. Moreover, while gender and demographic variations in investment decision-making have been examined to a degree, research on intersectional factors such educational background, occupational position, and geographical inequities remains scarce.  Although research has explored behavioural biases such as swarming, overconfidence, and loss aversion, their interplay with technology-driven investing contexts requires more investigation.  A significant gap exists regarding the influence of peers, social media, and online investing forums on the decision-making of individual investors.  Despite extensive discourse on investor networks and information asymmetry, its digital representations through social trading and influencer-driven investing behaviour are still inadequately explored.

Figure: 02

Despite comprehensive study on investing behaviour in Indian capital markets, considerable gaps persist in comprehending the intricate decision-making processes of individual investors.  Numerous research have concentrated on overarching aspects such as risk tolerance, market trends, and behavioural biases; nevertheless, a more profound investigation into the cognitive and emotional impacts on decision-making remains insufficient.  Moreover, although theories such as the Theory of Planned Behaviour (TPB) and Behavioural Finance have been utilised, empirical research including psychological and socio-cultural factors pertinent to Indian investors remains scarce.  The influence of financial literacy and digital investing platforms on investment decisions necessitates more research, since most current studies have either examined these factors in isolation or concentrated on institutional investors. Addressing these gaps can yield a comprehensive knowledge of the decision-making processes of individual investors in India, hence allowing policymakers, financial institutions, and fintech businesses to develop more effective interventions for informed investment decisions.  A thorough investigation including behavioural, technical, and economic viewpoints will greatly enhance both scholarly literature and actual implementations in financial markets.

Significance of the Research

Comprehending the decision-making process of individual investors in Indian capital markets is essential for several players, including regulators, financial institutions, fintech firms, and the investors themselves.  The Indian stock market has experienced significant development over the years, driven by rising retail involvement facilitated by the expansion of digital trading platforms and mobile investing apps.  As an increasing number of individuals participate in capital markets, it is essential to examine the determinants affecting their investment decisions to guarantee financial stability and market efficiency.  This study is significant as it explores the behavioural dimensions of investment decision-making, a realm frequently neglected by conventional economic theories.  Classical finance posits rational decision-making, but behavioural finance indicates that investors often diverge from rationality owing to cognitive biases, emotions, and social factors.  By examining these psychological and emotional elements, the study can yield insights into investor behaviour, facilitating the development of more effective financial education programs and risk management techniques.  The study is pertinent to the issues of financial inclusion and literacy in India.  Despite enhanced access to investing platforms, numerous individual investors possess insufficient understanding of market dynamics, resulting in inefficient investment choices.  Comprehending the interplay between financial literacy and investor psychology might facilitate the development of focused treatments aimed at improving investing awareness and decision-making abilities. The study's conclusions also bear significance for regulatory entities like SEBI (Securities and Exchange Board of India).  A comprehensive comprehension of individual investor behaviour can facilitate the development of investor protection regulations, guarantee transparency, and avert fraudulent investment schemes.  This study will examine how algorithmic trading, robo-advisors, and AI-driven investing advice affect investor trust and decision-making. Moreover, in a swiftly changing financial environment, comprehending the generational and demographic disparities in investing choices is essential.  Millennial investors, swayed by social media and digital platforms, may demonstrate distinct behaviours in contrast to conventional investors who depend on basic research and long-term strategy.  By analysing these disparities, the study can offer significant insights into the future direction of retail investment patterns in India.  This study is crucial for addressing deficiencies in academic research and guiding effective tactics for investor education, market regulation, and financial technology advancement.  The findings will enhance investment decision-making processes, bolster investor trust, and cultivate a more resilient capital market environment in India.

A significant concern is the influence of macroeconomic conditions and regulatory alterations on investor sentiment.  Inflation, interest rates, governmental regulations, and market volatility together influence investment decisions.  Nonetheless, individual investors frequently react to these external influences with behavioural biases such herding, overconfidence, and panic selling.  Comprehending the influence of these biases on investing decisions might facilitate the development of improved financial education initiatives and regulatory measures. Nonetheless, a gap persists in comprehending how these factors combine and affect investment decisions within the unique setting of Indian capital markets. A primary difficulty in individual investor decision-making is the influence of financial literacy.  Numerous retail investors possess insufficient understanding of market tools, risk evaluation, and portfolio diversification techniques.  Notwithstanding the existence of digital trading platforms and investment advising services, disinformation and insufficient financial literacy persist in undermining investor trust and market engagement.  The impact of social networks, peer endorsements, and media exposure on investment behaviour requires more examination.  The increasing prominence of online investing groups, influencer-led financial guidance, and algorithmic trading introduces further complexity to investor decision-making.  The emergence of fintech platforms has revolutionised the financial environment, providing ordinary investors with enhanced access to stock markets, mutual funds, and alternative investment vehicles.  The degree to which technology-driven investing tools affect decision-making processes is yet inadequately examined.  Although digital platforms offer convenience and immediate access to market data, they can also result in impulsive trading behaviour and heightened exposure to high-risk assets.  In light of these issues, comprehensive research is required to analyse the decision-making processes of individual investors in India, incorporating behavioural, financial, and technology aspects.  This research seeks to address current gaps by examining the primary causes of investing decisions, the influence of financial literacy, the effects of social and digital factors, and the behavioural biases impacting retail investors.  This study's findings will enhance comprehension of investor psychology and provide ideas for improving financial literacy programs, regulatory legislation, and investment advising services.

Objectives:

1. To examine the key factors influencing the decision-making process of individual investors in Indian capital markets.
2. To analyze the impact of behavioral biases and psychological factors on investment decisions.
3. To assess the role of financial literacy and risk perception in shaping investor choices..
4. To provide policy recommendations for improving investor education and financial market efficiency.

Investment decision-making is a multifaceted cognitive process that involves the evaluation of financial data, risk assessment, and strategy selection.  The decision-making process of individual investors in Indian capital markets is influenced by several elements, including psychological biases, market dynamics, regulatory pressures, and personal financial objectives.  Conventional economic theories propose that investors make logical decisions based on accessible information to optimise their profits.  Behavioural finance contests this idea, asserting that psychological and emotional elements profoundly influence investing choices.            

Demographic characteristics -'Decision Process of Individual investor'

The data provides insights into the demographic characteristics of individual investors in the study. Among the 300 respondents, the largest age group consists of young investors (18-35 years old), making up 43.0% (129 individuals) of the total sample. This suggests that a significant portion of retail investors in Indian capital markets belong to the younger generation, possibly influenced by increasing financial literacy programs, the rise of fintech platforms, and the accessibility of mobile trading apps. The middle-aged group (36-50 years old) accounts for 28.7% (86 individuals), while the older investors (51 years and above) represent 28.3% (85 individuals). The near-equal distribution between middle-aged and older investors indicates that investing remains relevant across different life stages, though younger individuals are more actively engaging with capital markets. In terms of gender distribution, males dominate the sample (57.0%, 171 individuals), while females account for 43.0% (129 individuals). This aligns with previous studies indicating that Indian financial markets have traditionally been male-dominated. However, the growing female participation suggests an increasing awareness and financial independence among women, likely driven by educational advancements and workplace opportunities. Regarding marital status, single investors form the majority (58.7%, 176 individuals), while married individuals make up 41.3% (124 individuals). This could indicate that single individuals have more disposable income and greater risk tolerance, allowing them to explore investment opportunities more freely. In contrast, married investors may have financial responsibilities, leading to more conservative investment strategies.

The findings highlight the increasing participation of young and single individuals in Indian capital markets, as well as a growing presence of female investors. These demographic factors play a crucial role in shaping investment behaviors, risk tolerance, and financial decision-making. The study underscores the need for customized financial education programs and investment strategies catering to different age groups and personal factors.

Table 2: Benefits expected most by respondents towards Indian capital markets

The data presents the perceived benefits of Indian capital markets as evaluated by 300 respondents, categorized into five levels: Very Low, Low, Neither Low nor High, High, and Very High. Analyzing the distribution of responses across different benefits helps in understanding which aspects investors value the most. Among the listed benefits, Investor Protection received the highest number of responses in the Very High category (71 individuals), indicating that safeguarding investor interests is a top priority for participants in the Indian capital markets. This suggests that investors are highly concerned about issues such as fraud prevention, regulatory oversight, and market transparency. The demand for robust investor protection highlights the need for stronger regulations and increased awareness of financial safety measures. Stronger Regulatory Framework also emerged as a key benefit, with 75 individuals rating it as High and 62 as Very High, demonstrating that investors recognize the importance of clear and strict regulations in fostering a secure and efficient market environment. A well-regulated capital market helps in building trust among retail investors, reducing unethical practices, and ensuring fair trading mechanisms.

Technological Advancements & Efficiency was another crucial benefit, with 77 respondents rating it as High and 41 as Very High. This reflects the growing role of digitalization in Indian capital markets, where fintech innovations, automated trading, and AI-driven financial advisory services are improving efficiency and accessibility for retail investors. The focus on technology suggests that investors appreciate the ease of access to trading platforms and data analytics tools that aid in informed decision-making. Increased Retail Participation, which is vital for a dynamic and inclusive capital market, had a mixed response. While 58 respondents rated it as High and 44 as Very High, a significant number (66 individuals) still perceived it as Very Low. This indicates that while digital trading platforms and awareness campaigns have encouraged more retail investors, barriers such as financial literacy, market volatility, and trust issues still hinder widespread participation. Capital Formation & Economic Growth, which is essential for national development, received 55 High and 39 Very High responses, indicating moderate recognition. While capital markets contribute significantly to economic expansion by mobilizing savings into productive investments, retail investors may not always perceive this as a direct benefit. Their focus might be more on personal financial gains rather than broader economic contributions.

Table 3: Factors considered for 'Decision Process of Individual investor'

The table presents key factors influencing the decision-making process of individual investors in Indian capital markets, along with their mean scores, standard deviation, and mean rank. Additionally, the Chi-Square value (6.91), degrees of freedom (3), and Asymptotic Significance (0.175) indicate the statistical differences among these factors.

Key Observations

Economic Factors Are the Most Influential

Economic factors have the highest mean score (3.56) and mean rank (4.56), indicating that investors prioritize elements such as interest rates, inflation, market conditions, GDP growth, and investment returns while making decisions.

The higher standard deviation (1.126) suggests more variability in how different investors perceive economic factors, possibly due to varying levels of financial literacy or exposure to market dynamics.

Demographic Factors Rank Second

With a mean score of 3.01 and a mean rank of 4.36, demographic factors (such as age, gender, income level, and family background) play a notable role in investment decisions.

This suggests that personal circumstances and financial responsibilities influence risk tolerance and investment choices.

Psychological Factors Have a Moderate Influence

Psychological factors, including risk tolerance, investor sentiment, and behavioral biases (such as herd mentality and overconfidence), have a mean score of 2.89 and a mean rank of 4.12.

Investors acknowledge that emotions and cognitive biases influence their decisions, but they might still prioritize economic and demographic factors more when making investment choices.

Market-Related Factors Rank the Lowest

With a mean score of 2.84 and a mean rank of 4.10, market-related factors (such as stock trends, market news, and analyst recommendations) are the least influential.

While market conditions impact investment choices, individual investors appear to give more weight to broader economic indicators and personal financial circumstances rather than short-term market trends.

Statistical Significance (Chi-Square Test)

The Chi-Square value (6.91) with three degrees of freedom and an Asymptotic Significance (p-value) of 0.175 indicates that the differences among the four factors are not statistically significant at the 5% level (p > 0.05).

This suggests that while economic factors are ranked the highest, no single factor overwhelmingly dominates investor decision-making, and all four factors contribute to varying degrees.

The study also has implications for the financial services industry, particularly investment advisory firms and fintech companies. As technology plays an increasing role in investment decision-making, understanding how digital platforms influence investor behavior can help fintech firms design user-friendly, data-driven, and educational investment tools. If the study finds that digital platforms contribute to impulsive trading, fintech firms can introduce features such as risk assessment tools, automated financial planning, and personalized investment recommendations to guide investors toward more rational decision-making. Moreover, the research has broader implications for investor psychology and behavioral finance theories. By examining the role of emotions, social influences, and digital engagement in investment choices, the study contributes to the growing literature on behavioral finance and financial decision-making. These insights can be useful not only for academic researchers but also for financial professionals seeking to develop behavioral-driven investment strategies. Additionally, the study's findings can inform corporate strategies for asset management firms, brokerage houses, and banks that provide investment services. By understanding investor preferences and decision-making patterns, financial institutions can tailor their product offerings to align with the risk appetite, investment horizon, and financial goals of retail investors. This can lead to better customer engagement, improved investment advisory services, and higher investor satisfaction.

The study has far-reaching implications for multiple stakeholders in the Indian capital markets. By bridging the gap between traditional finance, behavioral finance, and technology-driven investment trends, the research can contribute to a more informed, resilient, and efficient investment ecosystem. The findings will help investors make better financial decisions, assist policymakers in regulatory reforms, support fintech innovations, and advance academic knowledge in financial decision-making. Technology may significantly enhance investment decision-making.  Fintech businesses and stock broking firms have to prioritise the improvement of user experience by delivering AI-driven investment advising services that assess market trends, forecast dangers, and furnish tailored investment recommendations.  Robo-advisors, offering algorithm-driven financial planning services, ought to be advocated for ordinary investors, especially those possessing minimal financial acumen.  Furthermore, gamification strategies may be integrated into financial platforms to promote education and prudent investment practices.

Implications for the Study

The implications of this study extend across multiple domains, including financial policy, investor education, market regulation, and technological advancements in the investment ecosystem. One of the most significant contributions of this research is its potential to enhance financial literacy among individual investors. By identifying the key cognitive and behavioral biases influencing investment decisions, the study can inform the development of targeted financial education programs. These programs can help investors make more informed decisions, improve risk assessment capabilities, and foster better portfolio diversification strategies. For policymakers and regulatory bodies like SEBI, this study provides valuable insights into investor behavior in Indian capital markets. Understanding how individual investors respond to macroeconomic changes, regulatory interventions, and financial market trends can aid in designing policies that promote market transparency, investor protection, and financial stability. For instance, if the research finds that certain behavioral biases lead to excessive risk-taking, regulatory bodies can implement measures to provide clearer disclosures and safeguards against impulsive investment decisions.

A significant result of this study is that governments must prioritise the cultivation of long-term investing behaviours.  Investors ought to be incentivised to allocate funds into diverse portfolios instead than pursuing rapid profits through speculative trading.  Incentives, such tax advantages for long-term investments and reduced fees for systematic investment plans (SIPs), can foster a culture of steady and sustainable investing.  An other significant conclusion is the necessity for ongoing study and surveillance of investor behaviour patterns.  The investment landscape is ever transforming owing to economic fluctuations, regulatory modifications, and technology innovations.  Future research should examine the impact of new trends, such cryptocurrency investments, ESG (Environmental, Social, and Governance) investing, and AI-driven financial advice services, on investor decision-making.

Recommendations and Suggestions

This study's findings yield various recommendations to enhance the decision-making processes of individual investors in Indian capital markets.  These ideas emphasize the enhancement of financial literacy, the improvement of market regulation, the use of technology, and the cultivation of investor trust through superior decision-making frameworks. A key proposal is the necessity for extensive financial literacy programs.  A significant number of individual investors in India possess insufficient understanding of stock market dynamics, risk evaluation, and portfolio diversification.  Financial education programs have to be incorporated into school and college curricula to establish a robust basis for future investors.  Furthermore, governmental entities, financial institutions, and regulatory organisations have to cooperate in providing workshops, online courses, and interactive seminars that impart fundamental investing principles.  Mobile applications and AI-driven chat bots may be created to deliver tailored financial education according to an investor's risk profile and investment behaviour.  A vital proposal is to enhance regulatory rules to safeguard individual investors against market manipulation and fraudulent investment schemes.  The Securities and Exchange Board of India (SEBI) must enhance openness in investment products and require explicit disclosures of related risks.  Furthermore, systems must be established to oversee investment recommendations propagated through social media, as most retail investors rely their judgments on online influencers and unconfirmed information.  Regulators may assist investors in making informed selections by regulating financial material on digital platforms and implementing stringent compliance rules for investment advisers.

A significant recommendation is to promote behavioral finance training for investors.  A multitude of individuals succumb to cognitive biases, including overconfidence, herd mentality, and loss aversion.  Financial institutions have to organize behavioral finance seminars to inform investors about these biases and offer solutions to mitigate emotional decision-making.  Investors must to be educated in the adoption of systematic investment plans (SIPs) and goal-oriented investing techniques, rather than participating in impulsive trading. Finally, authorities have to contemplate promoting long-term investing behaviours by offering tax incentives and lowering transaction costs for individuals who maintain assets for prolonged durations.  Investor protection programs must be reinforced to mitigate risks associated with severe market volatility and economic recessions.  Moreover, research organisations have to do ongoing investigations on investing behaviour trends to furnish current insights into investor psychology and market dynamics.  By adopting these advices, individual investors may cultivate a more systematic investment strategy, mitigate risks, and optimise returns.  These recommendations would not only advantage investors but also enhance the resilience and efficiency of the Indian capital market.

The decision-making process of individual investors in Indian capital markets is influenced by financial literacy, behavioural biases, market circumstances, and technology improvements.  Comprehending these impacts is crucial for fostering a more informed and reasonable investment landscape.  This study has elucidated the essential aspects influencing investor behaviour and offered insights into the obstacles encountered by retail investors in making prudent financial decisions. The study's principal result is that financial knowledge is essential in influencing investing decisions.  Investors possessing greater financial acumen are more inclined to make sensible decisions, diversify their investments, and evaluate risks proficiently.  A significant portion of individual investors in India lacks sufficient financial literacy, resulting in impulsive trading, excessive dependence on market speculation, and vulnerability to fraudulent schemes.  Consequently, the necessity for organised financial literacy initiatives is apparent.  Such programs should not only focus on young investors but also encompass working professionals and retirees who participate in capital markets without adequate comprehension of investing concepts. Behavioural biases have been recognised as a crucial determinant affecting investment decisions.  Prevalent biases, including herd mentality, overconfidence, and loss aversion, compel investors to make illogical decisions.  A multitude of investors often adhere to market trends without performing independent analysis, resulting in bubbles and market inefficiencies.  Likewise, several investors experience fear during market downturns and withdraw at inopportune moments, resulting in substantial losses.  Mitigating these biases necessitates a combination of education, regulatory measures, and technology instruments that facilitate objective decision-making for investors. The growing influence of technology on investment decisions is another significant finding from this research.  The proliferation of digital trading platforms, smart phone investing applications, and robo-advisory services has granted investors unprecedented access to market information.  Although this has facilitated investment, it has also resulted in issues such as information saturation and impulsive trading behaviour.  A multitude of investors depend on short-term market fluctuations and speculative trading instead of embracing long-term wealth accumulation tactics.  This necessitates a balance between digital convenience and prudent investment, attainable through AI-driven advising services, risk assessment tools, and financial literacy applications.  Regulatory entities like SEBI are essential for safeguarding investor interests and enhancing market transparency.  Market laws must be continuously revised to confront emerging issues presented by technical innovations, such algorithmic trading and investing habits influenced by social media.  More stringent regulations should be implemented for financial influencers and internet advising services to avoid deceptive investment recommendations.  Moreover, procedures for investor protection must be enhanced to avoid fraud, disinformation, and unethical trading activities. In summary, comprehending the decision-making processes of individual investors in Indian capital markets is essential for enhancing financial literacy, mitigating risks, and cultivating a robust investment environment.  By addressing deficiencies in financial information, controlling market dynamics, using technology, and alleviating behavioural biases, investors may make better informed and logical decisions.  This study's findings offer significant insights for regulators, financial institutions, fintech firms, and investors, facilitating a more stable and efficient capital market in India.  A collaborative initiative among regulators, financial educators, and investment platforms is essential to foster a more investor-friendly atmosphere that encourages sustained wealth generation and economic advancement.

1. Ahuja, S., & Kumar, B. (2025). An elicitation study to understand the equity investment motivation and decisions among Indian millennials. Qualitative Research in Financial Markets, 17(1), 66-86.
2. Sood, K., Pathak, P., & Gupta, S. (2025). How do the determinants of investment decisions get prioritized? Peeking into the minds of investors. Kybernetes, 54(4), 2175-2203.
3. Dhingra, D., Gupta, S., & Ahalawat, K. (2025). Exploring the impact of risk propensity between cognitive biases and investment decision-making of individual investors. In Challenges in Information, Communication and Computing Technology(pp. 432-436). CRC Press.
4. Meher, P., & Mishra, R. K. (2025). Assessing the influence of factors affecting stock market: an ISM approach. Qualitative Research in Financial Markets.
5. Kumar, J., Rani, M., Rani, G., & Rani, V. (2025). Unlocking the secrets of stock market investment behaviour: A comparative study among rural and urban investors in an emerging economy. Studies in Economics and Econometrics, 1-17.
6. Vijaya, An Empirical Analysis on Behavioural Pattern of Indian Retail Equity Investors, Journal of Resources Development and Management, 16, 2016, 103–112.
7. Fatima, A. Farhana, A. R. Mirza, Factors Influencing Investors’ Decisions in Stock Market Investment in Bangladesh [A Study on Khulna City], Journal of Finance and Accounting, 3(6), 2015, 198-204.
8. Islamoğlu,M.Apan,A.Ayvali, Determination of Factors Affecting Individual Investor Behaviours : A Study on Bankers, International Journal of Economics and Financial Issues, 5(2), 2015, 531–543.
9. Jagongo, V. S. Mutswenje, A Survey of the Factors Influencing Investment Decisions : The Case of Individual Investors at NSE, International Journal of Humanities and Social Science, 4(4), 2014, 92–102.
10. Chitra, T.Jayashree, Does Demographic Profile Create a Difference in the Investor Behavior? The International Journal of Business & Management, 2 (7), 2014, 24-30.
11. [6]. S. Lodhi, Factors Influencing Individual Investor Behavior : An Empirical study of City Karachi. The Business Review, 5(2), 2006, 225–232.
12. Sultana, & S. Pardhasaradhi,An Empirical Analysis of Factors Influencing Indian Individual Equity Investors Decision Making and Behavior. European Journal of Business and Management, 4(18), 2012, 50–61.
13. Aregbeyen, & S. O. Mbadiugha, Factors influencing investors decisions in shares of quoted companies in Nigeria. The Social Sciences, 6(3), 2011, 205–212.
14. Merikas, & A.Merikas, Economic factors and individual investor behavior: The case of the Greek stock exchange, Journal of Applied Business Research, 20(4), 2011, 93–98.
15. Moore, & P. J. Healy, The trouble with overconfidence, Psychological Review, 115(2), 2008, 502-517.
16. Benos, Aggressiveness and Survival of Overconfident Traders, Journal of Financial Markets, 1, 1998, 353-383.
17. Shefrin, & M. Statman, The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence, The Journal of Finance, 40(3), 1985, 777-790.
18. Odean, Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53(5), 1998, 1775-1798.
19. Shanmugam, R., & Muthusamy, P. (2001). Decision process of individual investor. In, Indian capital markets theories and empirical evidence.