phd in behavioural finance in india

Executive Education

Investment decisions and behavioral finance, error message.

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Programme Overview

Behavioural finance offers exciting insights into the role of human behaviour in financial decision-making. It has greatly unravelled how individuals assess investment opportunities, formulate their portfolios and trade in the market. The insights brought about by behavioural finance are immensely valuable for an improved understanding of the behaviour of aggregate market prices. The behavioural finance approach is key to the understanding of the profitability of arbitrage opportunities in the market. It helps to identify the influence of market irrationality and formulate timely and focused investment and trading strategies. It offers promising directions in the structuring of products and its effective communication to clients. The practical applications which emerge from the recent advances in behavioural finance would be the key focus of the programme.

For more information or any questions, contact Hridam Agarwal: [email protected] | +91 70690 10184

Programme Chairperson

Joshy Jacob

Professor Finance and Accounting

Participants’ Profile

Finance professionals involved in treasury operations, fund management, trading, financial product design and investment advice.

Program Objectives

Program highlights.

The programme takes participants through the implications of the departure from market efficiency on asset pricing and investment decisions. The programme exposes investment professionals in financial institutions to the practical applications of behavioural finance to improve their investment and trading outcomes. It also helps investment advisors in their role of advising asset allocation and trading to clients.

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Behavioural Finance

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An Analytical Study on Behavioural Finance And Its Impact on Portfolio Investment Decisions – Evidence: India

2016, Savithribai Phule Pune University

Related Papers

Shabarisha Narayan

Decision-making is a versatile action. Decisions cannot be made in an annulled by relying on the personal resources and complex models, which do not take into consideration the situations. A situation based on decision-making activity encompasses not only the explicit dilemma faced by the individual but also drag out to the environment. The most decisive challenge faced by the investors is in the vicinity of investment decisions. In designing the investment portfolio, the investors should consider their financial and investment goals, risk forbearance level, and other constraints. In addition to that, they have to envisage the output return-risk optimization. This process is better suited for institutional investors; it often fails for individuals, who are vulnerable to heuristic and behavioural biases. The presence of frequently occurring anomalies in conventional economic theory was a big contributor to the configuration of behavioral finance. These ostensible anomalies, and their unrelenting subsistence, directly infringe modern financial and economic theories, which assume rational and logical behaviour. Such a decision-maker would consider all relevant information and come up with the best choice under the situations in a progression known as constrained optimization. The present paper spotlights on Heuristic and Biases Related to Financial Investment and the Role of Behavioural Finance in Investment.

TJPRC Publication

Behavioral finance is an open-minded finance which includes the study of psychology, sociology, and finance. Behavioral finance micro examines behavior or biases of investors and behavioral finance macro describe anomalies in the efficient market. Nowadays, behavioral finance is not a new concept, the existence, and impact of behavioral biases in investor's behavior and human judgment are huge. In this paper, we will review various studies in this area so as to have a clear understanding of the behavioral finance and its significance in the financial decision making of investors. JEL CLASSIFICATION: G11, G14

Nada Ibrahim

This study investigates the existence of behavioral biases in Amman Stock Exchange and their effect on investment performance from investor's point of view. In specific, the effects of overconfidence bias, familiarity bias, loss aversion bias, disposition bias, availability bias, representativeness bias, confirmation bias and herding bias are investigated. Moreover, the study inspects whether the behavioral biases differ between males and females. The results show that there is a statistically significant effect of overconfidence bias, familiarity bias, availability bias, representativeness bias and herding bias on investment performance (p≤5%). Moreover, disposition bias, confirmation bias and loss aversion bias significantly affect investment performance but at a critical level of (p≤10%). No statistically significant differences are found between the answers of males and females.

Imran Umer Chhapra

Investor’s irrationality is an inevitable reality that has been time and again highlighted by researchers (Statman, 2008). Therefore, this study is another effort to assess the role of behavioral biases in financial decision making in Pakistan Stock Exchange (PSX). A survey questionnaire is designed and used to collect responses using convenience sampling technique from sample of 250 investors of PSX. Behavioral biases include overconfidence, over thinking, herding, cognitive bias, and hindsight effect of investors. Multiple regression models are used to test influence of five behavioral biases on investment decision. The results show that overconfidence, over thinking, herding, cognitive bias, and hindsight effect have significant positive impact on investment decision. Overall results conclude that much change in investment decision is due to behavioral biases. This study will help financial advisors to better advice their clients. The one way to reduce these biases may be education and training of investors.

IJREAM EDITOR

Finance is the system that includes the granting of money and credit, making of investments and provision of banking facilities. Behavioral finance is a new academic discipline which seeks to apply the insights of the psychologists to understand the behavior of both investors and financial markets. This study analyse the Investors behavior through 600 respondents using Factor analysis test. The results of the study show that the 16 variables selected for the study had been reduced to 5 factor models using the principle component analysis such as Market Dynamics, Logical Analysis , Herding Bias, Regret Aversion and Heuristic Bias. Thus, Behavioral finance is becoming a primary part of the decision making process, since it influences investors' behavior greatly.

Journal of Research in Business

Abdu Seid Ali

This paper aims to assess whether there is a behavioral bias of Turkish FDI investors in Ethiopia. Besides, it addresses the influence of firm size, investment duration, target customers and amount of investment on the behavioral variables. In order to do so, a survey was conducted on a sample of Turkish FDI investors in Ethiopia which tries to examine their cognitive psychological factors towards their investment decisions. The survey result was analyzed using factor analysis. The statistical findings confirm that some psychological anomalies such as representativeness, herding, regret aversion and mental accounting have been observed on Turkish FDI investors. The regression analysis shows that amount of investment of the firms significantly and positively affects herding, representativeness, regret aversion and mental accounting behaviors. Furthermore, duration of investment in Ethiopia affects their representativeness and mental accounting behavioral biases of investors positively.

Sana Jameel

rayhan kabir

Salman Shahid

This research aims to investigate behavioral factors influencing the decisions of individual investors at the Securities Companies in Ho Chi Minh City, Vietnam. Data for this research was collated from 188 responses from individual investors, accounting for the response rate of 63%. There are five behavioral factors of individual investors at the Ho Chi Minh Stock Exchange: Herding, Market, Prospect, Overconfidence-gamble's fallacy, and Anchoring-ability bias. Securities Companies may also use the findings of this research for better understanding on investors' decision to give better recommendations to them. Stock prices then reflect their true value and Ho Chi Minh stock market becomes the yardstick of the economy's wealth and helps enterprises to raise capital for business activities.

Fitry Andry

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Ph.D. in Finance & Banking |

Finance is one of the preferred areas of Ph.D. under Management Studies. Finance specialization covers wide range of topics which are relating to finance in micro aspects as well as macro aspects. Under micro aspects areas like financial problems of a business unit are covered. Under macro aspects financial markets and policy issues are covered. Major topic of research will be relating to issues of raising of the funds by a firm. This activity involves so many topics which can be researched. Here the management perspective also comes. Raising of the right amount of funds from right source and at right cost involves lot of research. The other aspects of research could be, once the funds are raised, how to use it in an optimum way. The distribution of surplus by a business and use of internal source can also be covered here.

The macro aspect of finance includes topics like financial markets, financial institutions, financial instruments, micro finance, Government finance and various policy issues relating to these components. Under financial markets research areas can be relating to capital markets, money markets, credit markets, foreign currency markets, Government security markets etc. There is a lot of scope to cover in the research, various financial instruments. Apart from traditional finance instruments, now a day there is lot of research required for structured products and products which are used for risk management like derivatives. In India and in the world, there are many issues relating to management, solvency, restructuring of various financial institutions in innovative ways. The other areas are relating to NBFCs, private equity, venture capital, micro finance and Government finance. All these topics are highly dynamic because there is continuous change in policy relating to them by Government to make the financial system robust. Hence, it gives ample opportunity of research to a researcher.

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Behavioral and Personal Finance

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Through their teaching, research, and professional activities, area faculty members aim to influence the theories of asset pricing, financial management, and financial reporting. Area faculty’s research on fundamental questions in finance and accounting has been published in leading academic accounting journals. Some recent areas of interest include: Corporate Finance, Financial Management of Non-Corporate Sector, Asset Pricing, Capital Markets, Corporate Governance, Financial Institutions and Services, Market Microstructure, Risk Management

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Touching upon Corporate Finance, Asset Pricing, and Risk Management in the Banking and Finance sector, Professor V. Ravi Anshuman sets the context for research by faculty in the Finance and Accounting area at IIMB. He also offers a broad overview of the curriculum and highlights the strength of the Area’s faculty body.

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I am Arnab Biswas, a fifth-year doctoral student in Finance & Accounting Area. My research interest lies in the intersection of Macro and Finance, typically in the questions we encounter in day-to-day life like “how much Central Bank will hike interest rates, government budgets, growth, unemployment, etc. and its spill-over to financial markets and resultant economic fluctuations. In my current research at IIMB, I am exploring the nature of term premium, i.e., excess return commanded by investors and fund managers in the long-term, typically 10-year Indian Government Debt Market

I am Rajeev Agarwal, a doctoral student in the Finance & Accounting area at IIM Bangalore. My research interest is the Indian financial derivatives market. I am currently working on establishing the potential impact which major regulatory changes and the exponential increase in the retail traders have on the Indian derivatives market.

My thesis provides an empirical investigation into the role of creditor rights on the behaviour of firms, institutional investors and wilful defaults.

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Behavioral Finance Research

The International Center for Finance is a leading center for research in behavioral science – specifically, research in the fields of behavioral decision-making, behavioral economics, and behavioral finance. Behavioral decision-making studies the basic psychology of decision-making, while behavioral economics and behavioral finance study the role of irrational thinking in economic and financial decision-making, respectively. Yale’s research efforts in these fields have been helped immeasurably by the generous support of the Lynne & Andrew Redleaf Foundation (formerly Whitebox Advisors).

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The Yale Summer School in Behavioral Finance, which has been led since its inception in 2009 by Nicholas Barberis with support from the ICF’s outstanding staff members, is a one-week intensive course in behavioral finance for PhD students.

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Lynne & Andrew Redleaf Foundation Student Fellows (formerly Whitebox Advisors student fellows) are selected by a committee of Yale faculty and receive funding to help with their research.

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Behavioral research projects funded with the generous support of the Lynne & Andrew Redleaf Foundation (formerly Whitebox Advisors) that have been published either in journals or as working papers.

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Since 2005, the annual Lynne & Andrew Redleaf Foundation Graduate Student Conference (formerly the Whitebox Advisors Graduate Student Conference) , held in conjunction with the Behavioral Science Conference, draws top doctoral students from around the world to present their research in the fields of behavioral economics, behavioral finance and behavioral marketing. The goal of the conference is to foster an environment to promote interaction amongst doctoral student researchers, and to provide feedback for students presenting their work in these fields.