دانلود مقاله با موضوع سوگیری های اکتشافی و سرمایه گذاری تصمیمات
در قالب pdf و در 15 اسلاید،قابل ویرایش، شامل:
موضوع به انگلیسی:Heuristic biases and investment
decisions
Abstract
Purpose – The purpose of this research is to examine the effect of heuristic biases on investment decisions
through multiple mediation mechanisms of risk tolerance and financial literacy in the Tanzanian stock market.
Design/methodology/approach – A sample of 316 individual investors in the Tanzanian stock market was
obtained through questionnaires. The data were analyzed using structural equation modeling (SEM).
Findings – The findings show that financial literacy mediates insignificantly the effects of overconfidence,
availability, anchoring and representativeness heuristics on investment decisions. Further, financial literacy
does not influence the effect of risk tolerance and investment decisions. Risk tolerance is confirmed as a positive
mediator of overconfidence, availability, anchoring and representativeness heuristics in investment decisions.
Also, the study shows that overconfidence exerts a stronger influence on investment decisions, followed by
availability, representativeness, risk tolerance, anchoring and financial literacy.
Research limitations/implications – The study deals with real investors. Therefore, it uses fewer items to
measure the constructs in order to avoid respondent bias. Further research could examine the effects of
heuristic biases on investment decisions by adding or modifying the items of particular constructs and
studying institutional investors.
Practical implications – The findings can help individual investors to analyze and evaluate their behavior
toward stock selection. Securities institutions can use this research to understand investors’ behavior, evaluate
future market trends and provide advice to the investors.
Originality/value – Previous studies have examined the impact of heuristics on the investment decisions of
individual investors. The unique empirical analysis developed in this paper is that it examines the multiple
mediation mechanisms of risk tolerance and financial literacy with respect to heuristic biases and investment
decisions in the Tanzanian stock market.
Keywords Behavioral finance, Risk tolerance, Financial literacy, Heuristics biases, Investment decision,
Individual investor
Paper type Research paper
