scholarly journals Differential Investment Performance In South Africa Based On Gender

2014 ◽  
Vol 14 (1) ◽  
pp. 221 ◽  
Author(s):  
Gizelle Willows ◽  
Darron West
Keyword(s):  
South African ◽  
Investment Decisions ◽  
Significant Negative Correlation ◽  
Individual Investors ◽  
Trading Behavior ◽  
Investment Performance ◽  
Men And Women ◽  
Trading Frequency ◽  
Significant Difference ◽  
Attribution Biases

Research has shown that, as a result of certain behavioural biases, individuals do not always make investment decisions in such a way as to maximise their expected utility. These biases have also been observed to manifest differently within gender: men are more overconfident, they display higher risk tolerances and they exhibit stronger self-efficacy and self-attribution biases. The trading behavior and resultant returns of 19,021 individual investors from a South African investment house were analysed over a five-year period (1 January 2007 31 December 2011). The results showed a statistically significant negative correlation between trading frequency and investor return. While there is no statistically significant difference in the returns earned by men and women; men trade more and have higher variances of returns than women. The data suggests that, on a risk-adjusted basis, women are better investors than men.

scholarly journals Differential Investment Performance In South Africa Based On Gender And Age

2015 ◽  
Vol 14 (3) ◽  
pp. 537 ◽  
Author(s):  
Gizelle Willows ◽  
Darron West
Keyword(s):  
South African ◽  
Behavioral Finance ◽  
Total Sample ◽  
Individual Investors ◽  
Investment Performance ◽  
Men And Women ◽  
Trading Frequency ◽  
Gender And Age ◽  
Significant Difference ◽  
Different Ages

Behavioral finance shows us that individuals do not always behave rationally, owing to certain behavioural biases. A certain bias known as overconfidence has been found to incite increased trading frequency which in turn, reduces the overall return earned. Behavioral biases manifest differently amongst men and women of different ages. Men and more overconfident and women are more risk averse, whilst the young hold more volatile portfolios and the more experienced display fewer of these biases. A sample of 19,021 individual investors from a South African investment house was analysed over five years in order to draw conclusions on the trading behaviour, returns earned and variances in these returns earned by men and women of different ages. The results showed women over the age of 60 years earning statistically significantly higher returns than men and older investors having lower variances in return. For investors of younger ages, no statistically significant difference in the returns earned by men and women are noted, however men were found to have higher variances of returns. Whilst the trading frequency of men is statistically significantly higher than women for the total sample of investors; this result is not consistent amongst the different age-groupings analysed.

scholarly journals The familiar versus the unfamiliar: Familiarity bias amongst individual investors

2017 ◽  
Vol 17 (1) ◽  
Author(s):  
Annalien De Vries ◽  
Pierre D. Erasmus ◽  
Charlene Gerber
Keyword(s):  
Stock Market ◽  
South African ◽  
Online Survey ◽  
Investment Decisions ◽  
Negative Attitude ◽  
Individual Investors ◽  
Investment Performance ◽  
Emotional Detachment ◽  
Familiarity Bias ◽  
Corporate Brands

Purpose: The purpose of this study was to investigate the existence of familiarity bias amongst individual investors in the South African stock market. Problem investigated: According to Warren Buffet, one needs to maintain emotional detachment if one wants to be a successful investor. However, recent research indicates that the perceptions of companies’ products and brands may influence individuals’ investment decisions in the stock market. This phenomenon implies that the investment decisions of individual investors are not purely based on firm fundamentals as suggested by traditional finance theories, but might be driven partly by the positive or negative attitude they have towards certain companies’ products and brands. The existence of familiarity bias amongst individual investors was investigated to determine if individuals prefer to invest in companies they are familiar with as opposed to unfamiliar companies. Methodology: A quantitative approach was followed. An online survey was used to show images of familiar and unfamiliar company brands to respondents, whereafter respondents were asked to indicate whether they will invest in the shares of the identified companies. The statistical analysis entailed descriptive statistics as well as one-way analyses of variance to test the stated hypotheses. Main findings: The results of this exploratory study indicate that investors do exhibit familiarity bias when choosing between different companies to invest in. Value of the research: The inclination of individual investors to invest in familiar corporate brands can have implications for the marketing industry, financial markets, the performance of companies as well as the investment performance of individual investors in the sense that it would seem that company brands could have an influence on investment decisions.

A multi-group analysis of the effects of individual differences in mindfulness on nomophobia

2017 ◽  
Vol 35 (2) ◽  
pp. 333-341 ◽  
Author(s):  
Ibrahim Arpaci ◽  
Mustafa Baloğlu ◽  
Şahin Kesici
Keyword(s):  
Individual Differences ◽  
Group Analysis ◽  
Structural Models ◽  
Significant Negative Correlation ◽  
Test Results ◽  
Men And Women ◽  
Significant Difference ◽  
Mindful Attention Awareness Scale ◽  
The Impact ◽  
The Relationship

This study aimed to investigate the impact of individual differences in mindfulness on nomophobia. We developed and validated two structural models to identify the relationship between mindfulness and nomophobia. The ‘Nomophobia Questionnaire’ and the ‘Mindful Attention Awareness Scale’ were used to obtain data from the subjects. One-way MANOVA results suggested a statistically significant difference in nomophobia based on higher versus lower mindfulness. Further, a multi-group analysis was conducted to test the hypothesized relationships in the structural models for men and women. The results revealed that mindfulness had a significant negative correlation with nomophobia for both men and women. As scores in mindfulness increased, subjects exhibited less nomophobic tendencies. Further, those subjects who had lower scores in mindfulness showed higher anxiety when they were unable to communicate. However, subjects who scored higher in mindfulness showed lower anxiety when they could not access desired information. Independent sample t-test results were variant across men and women in nomophobia. Based on the findings we conclude that mindfulness based treatments can be beneficial in dealing with nomophobia for women.

scholarly journals Assertiveness and Fear of Negative Evaluation among Young Adults

2021 ◽  
Author(s):  
Himaja Prabha P ◽  
Kiran Babu NC
Keyword(s):  
Young Adults ◽  
Sampling Technique ◽  
Well Being ◽  
Significant Negative Correlation ◽  
Negative Evaluation ◽  
Fear Of Negative Evaluation ◽  
Men And Women ◽  
Correlational Research ◽  
Significant Difference ◽  
The Relationship

Assertiveness is an important social skill among Young Adults that enhance their personal well-being. Assertiveness may be influenced by certain variables like Fear of Negative Evaluation, especially in social interaction situations. The purpose of the study was to analyze the relationship between Assertiveness and Fear of Negative Evaluation among Young Adults. The current study was conducted on 174 Young Adults both men and women between the age group of 18-25 years, who are residing in the cities of Hyderabad and Bengaluru. Quantitative approach was used along with Correlational research design was adopted and the sampling technique was purposive. Rathus Assertiveness Schedule (Rathus, 1978) and Brief Fear of Negative Evaluation scale (Leary, 1983) were administered on the participants to assess differences based on gender (men and women). Correlational analysis showed a moderate significant negative correlation between Assertiveness and Fear of Negative Evaluation among Young Adults. Results of t- test showed no significant difference in the level of Assertiveness and Fear of Negative Evaluation between men and women among Young Adults. The results of the study will help to develop interventions for people with low levels of Assertiveness and will also help to develop interventions for people with high levels of Fear of Negative Evaluation.

scholarly journals nvestigating the Effects of Behavioral Factors on Investment Performance in Nigerian Capital Market

2017 ◽  
Vol 7 (3) ◽  
pp. 65-82
Author(s):  
Umar Abbas Ibrahim ◽  
◽  
Fareedah Faruk Umar ◽  
Keyword(s):  
Capital Market ◽  
Survey Design ◽  
Investment Decisions ◽  
Individual Investors ◽  
Cognitive Errors ◽  
Behavioral Factors ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Investment Performance ◽  
Brokerage Firms

The study sought to investigate the effect of behavioral factors, including prospects on investment performance in Nigerian capital market using a cross sectional survey design was employed. A sample size of 160 staff was drawn from a population of 225 staff of active stock brokerage firms in Abuja. Data were collected by way of administered questionnaire and the analysis was done using a simple percentage and multiple regression analysis with the aid of SPSS the relationships between the behavioral factors and investment performance. The findings show that that there is a positive significant relationship between prospect factor and investment performance, It is recommended that investors should carefully consider and carry out research before making investment decisions and should not be carried away by their earlier loss for their future investment decisions. Emphasis should be made on probable cognitive errors such as representativeness, hindsight, illusion of control and availability biases and emotional biases such as regret aversion and over optimism. Also, training programs that create investor awareness in terms of the capacity to point out and protect against cognitive errors and emotional biases that lead to bad investment choices should be offered to prospective individual investors

scholarly journals What Drives Excess Trading during the COVID-19 Pandemic?

2021 ◽  
Vol 14 (1) ◽  
pp. 113-143
Author(s):  
Phaik Nie Chin
Keyword(s):  
Global Health ◽  
Personality Traits ◽  
Small Sample ◽  
Future Research ◽  
Individual Investors ◽  
Economic Factors ◽  
Health Crisis ◽  
Trading Frequency ◽  
Significant Difference ◽  
Socio Economic Factors

Manuscript type: Research paperResearch aims: This study aims to examine the underlying psychological and sociological factors that drive excess trading in the Malaysian stock market during a global health crisis such as the COVID-19 pandemic. Design/Methodology/Approach: A self-administered online questionnaire was collected from 271 individual investors to examine the association between big-five personality traits and trading frequency. Demographic information and investment behaviours of investors were also included in the study. The multinomial logit regression model was used to test the research hypotheses. Research findings: Findings show that personality traits such as openness to experience and agreeableness have a significant influence on trading frequency. Demographic factors and investment behaviours such as gender, household income level, years of investment experience and type of investor all have a significant positive relationship with trading frequency. Theoretical contribution/Originality: This study contributes to the current investor behaviour literature in Malaysia, which remains to be very limited, especially during a global health crisis. The study indicates that personality traits, demographic, socio-economic factors, and investment behaviours affect the trading frequency of Malaysian. Practitioner/Policy implication: This study offers insights for financial institutions and individual investors on the type of personality traits, demographic, socio-economic factors, and investment behaviours that drive excess trading during a global health crisis. The findings provide important contributions to avoid serious mistakes in investment analysis and trading profitable investment strategies, thus improving individual and team performance. Research limitation/Implications: Some results are not significant and may be limited due to the small sample size used in this study. Future research could recruit more retail investors to confirm the significance level of those variables. Besides, the study can be conducted after the COVID-19 pandemic to explore whether there is any significant difference in the variables during and after the global health crisis.

Pediatric Cataract Surgery: Comparison between Ages at Surgery and Contrast Sensitivity Outcomes

2019 ◽  
Vol 43 (1) ◽  
pp. 50
Author(s):  
Aquirina Caesari Putri ◽  
Rozalina Loebis
Keyword(s):  
Visual Acuity ◽  
Cataract Surgery ◽  
Contrast Sensitivity ◽  
Cataract Extraction ◽  
Significant Negative Correlation ◽  
Natural World ◽  
P Value ◽  
Pediatric Cataract ◽  
Low Contrast ◽  
Significant Difference

Background: Pediatric cataracts are major causes of children’s blindness. Surgery has proven to be beneficial in terms of visual function prognosis. Contrast sensitivity evaluation after surgery is as important as visual acuity considering that natural world consists of various objects in low-to-medium contrasts. The purpose of this study is to analyze the difference of contrast sensitivity outcomes based on ages at surgery. Method: Retrospective data of children with pediatric developmental cataract from July 2013 to November 2015 were collected. All children who underwent cataract surgery at 60-months-old or less were randomized into two groups, ≤24 months and >24-to-60 months. Contrast sensitivity was then examined with preferential-looking method using Hiding Heidi low-contrast test face chart. The main outcome measures were contrast sensitivity of both groups. Age-at-evaluation, cataract onset, duration of follow-up, duration of deprivation and visual acuity were also noted. Result: Of 14 children (23 eyes), 11 eyes (47,8%) were in ≤24 months group, 12eyes (52,2%) were in >24-to-60 months group. All eyes underwent cataract extraction and similar type of intraocular lens implantation. Mean age-at-surgery was 28,2 months±16,8 (SD). Mean contrast sensitivity for each group was 47,50 %±42,29 and 18,33%±27,38, respectively, with p-value 0,031. Further analysis of Spearman’s correlation test demonstrated significant negative correlation (rs = -0,559; p = 0,006) between the two groups. Conclusion: There was statistically significant difference in contrast sensitivity between those who underwent surgery at ≤24 months and >24-to-60 months. Children who underwent surgery at older ages tend to have better contrast sensitivity afterwards.

Rice tablet (Aluminum Phosphide) poisoning

2016 ◽  
Vol 5 (11) ◽  
pp. 5041
Author(s):  
Farkhondeh Jamshidi ◽  
Ahmad Ghorbani ◽  
Sina Darvishi*
Keyword(s):  
Medical Records ◽  
Statistical Tests ◽  
Patient Records ◽  
Demographic Information ◽  
Aluminum Phosphide ◽  
Men And Women ◽  
Significant Difference ◽  
The Mean ◽  
Aluminum Phosphide Poisoning ◽  
Commit Suicide

The abuse of some pesticides especially to suicide is one of the current problems of pesticides. Aluminum phosphide induced poisoning usually happens to suicide and sometimes it is due to accidental occupational exposure and in a few cases it has some criminal intensions. This study is conducted to evaluate patients poisoned with aluminum phosphide. In the present study the medical records of cases of poisoning with rice tablets (aluminum phosphide) hospitalized in Ahvaz Razi hospital is studied. Accordingly, a checklist is prepared that included demographic information of patients (age, gender) and information on patient records (information on poisoning) are completed using the patients’ medical records. The analysis of data is done by SPSS V22. 18 patients poisoned with rice tablet (aluminum phosphide) are studied. Results of the study show that 11 patients are male and seven are female. The mean patient age is 27.06 ±8.04 years that is 28 ±9 and 25 ±6.02 in men and women respectively. Statistical tests show no statistically significant difference in mean age in both genders (P> 0.05). Among patients, 11 subjects took aluminum phosphide to attempt suicide and 3 cases took it unintentionally and of course the reason is not mentioned in four cases. Among the patients who tried to commit suicide by taking aluminum phosphide, 6 cases are male and 5 cases are female that no statistically significant difference is observed between the genders in this respect (P> 0.05). In addition to the study of the complications caused by this poisoning and its mortality, it is recommended to responsible authorities to provide the necessary educations and treatments to prevent this type of poisoning.

Heuristic biases in investment decision-making and perceived market efficiency

2018 ◽  
Vol 10 (1) ◽  
pp. 85-110 ◽  
Author(s):  
Syed Zulfiqar Ali Shah ◽  
Maqsood Ahmad ◽  
Faisal Mahmood
Keyword(s):  
Financial Markets ◽  
Market Efficiency ◽  
Negative Impact ◽  
Investment Decisions ◽  
Sampling Technique ◽  
Investment Strategy ◽  
Individual Investors ◽  
Content Type ◽  
Specific Investment ◽  
The Relationship

Purpose This paper aims to clarify the mechanism by which heuristics influences the investment decisions of individual investors, actively trading on the Pakistan Stock Exchange (PSX), and the perceived efficiency of the market. Most studies focus on well-developed financial markets and very little is known about investors’ behaviour in less developed financial markets or emerging markets. The present study contributes to filling this gap in the literature. Design/methodology/approach Investors’ heuristic biases have been measured using a questionnaire, containing numerous items, including indicators of speculators, investment decisions and perceived market efficiency variables. The sample consists of 143 investors trading on the PSX. A convenient, purposively sampling technique was used for data collection. To examine the relationship between heuristic biases, investment decisions and perceived market efficiency, hypotheses were tested by using correlation and regression analysis. Findings The paper provides empirical insights into the relationship of heuristic biases, investment decisions and perceived market efficiency. The results suggest that heuristic biases (overconfidence, representativeness, availability and anchoring) have a markedly negative impact on investment decisions made by individual investors actively trading on the PSX and on perceived market efficiency. Research limitations/implications The primary limitation of the empirical review is the tiny size of the sample. A larger sample would have given more trustworthy results and could have empowered a more extensive scope of investigation. Practical implications The paper encourages investors to avoid relying on heuristics or their feelings when making investments. It provides awareness and understanding of heuristic biases in investment management, which could be very useful for decision makers and professionals in financial institutions, such as portfolio managers and traders in commercial banks, investment banks and mutual funds. This paper helps investors to select better investment tools and avoid repeating expensive errors, which occur due to heuristic biases. They can improve their performance by recognizing their biases and errors of judgment, to which we are all prone, resulting in a more efficient market. So, it is necessary to focus on a specific investment strategy to control “mental mistakes” by investors, due to heuristic biases. Originality/value The current study is the first of its kind, focusing on the link between heuristics, individual investment decisions and perceived market efficiency within the specific context of Pakistan.

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