An Analysis on Factors influencing on Stock Investment Decision: A Behavioural Finance Perspective

1. Background

Behavioural finance is regarded as an emerging discipline in finance, which is also rapidly expanding. The behavioural finance emerged in the 1980s as a new concept in finance which combines behavioural and psychological aspects of financial decision-making. It challenges the traditional finance to understand why investors behave in a particular manner while investing in financial assets. The standard finance or traditional finance is based on various theories and principle arbitrage principles of Miller & Modigliani; the portfolio principles of Markowitz; the capital asset pricing theory of Sharpe, Lintner & Black; and the option-pricing theory of Black, Scholes & Merton, these theories and principle assumes that market participant behaves rationally so the market is efficient and systematic. The investors are theoretically considered to be rational regarding the investment decision by traditional finance; in other words the mainstream finance believe that the investor assumes that the investment decision is made with rational expectation, furthermore, whenever a new information arrives the investor updates their belief and that is reflected through the investment decision which is to maximize their expected return at a given level of risk.

On the other hand, the behavioural finance incorporates behavioural biases and intellectual psychological component accompanied by economics and finance so that the viable supportive argument can be drawn for the irrational behaviour of people during the financial decision (Javed, Bagh, & Razzaq, 2017). DeBont's and Thaler's (1985) paper on stock market overreaction provides initial ground for behavioural finance. The behavioural finance deals with the human decision process which is subjective to the cognitive illusion which has been discussed by various scholars (e.g. - Illiashenko, 2017; Ritter, 2003).  According to Barberis and Thaler (2003), even though the investors are able to process all the available information accurately, not all the investor are rational, their investment related decision has behavioural preconceptions. Thaler (1994) coined the term 'quasi-rational' which indicate for much less than the full rational situation. In the word of Ritter, (2003) the behavioural finance believes in the asymmetric distribution of financial information. The investor’s decision to invest in a particular stock is an investment decision which is subject to several cognitive illusions, one among these illusions is caused by a heuristic decision process.

वित्तीय लैङ्गिक समानता

विश्वको सबैभन्दा ठूलो प्रजातान्त्रिक मुलुक छिमेकी देश भारतको हालै सम्पन्न लोकसभाको चुनावमा १४.६ प्रतिशत महिला मात्रै चुनाव जितेर संसद्मा पुगेका छन् । २४ वर्षअगाडिको लोकसभा चुनावमा केवल ८ प्रतिशत महिलाले चुनाव जितेको तथ्यसँग तुलना गरेर हेर्दा हालको उपस्थिति राम्रो देखिएला, नीति–निर्माण तहमा महिलाको यो उपस्थिति ज्यादै न्यून हो । भारत मात्रै नभएर विश्वका अन्य मुलुकको अवस्था हेर्ने हो भने पनि खासै फरक दृश्य देखिँदैन । जापानमा अहिले पनि केवल १०.२ प्रतिशत महिला मात्रै त्यहाँको संसद् डायटमा प्रतिनिधित्व गर्छन् । संयुक्त राज्य अमेरिकामा २३.५ प्रतिशत मात्रै संसद सदस्य महिला छन् । वर्ल्ड इकोनोमिक फोरमले गत वर्ष प्रकाशन गरेको तथ्याङ्कअनुसार रुवान्डा, क्युवा र बोलिभियाको संसद्मा मात्रै महिलाको उपस्थिति पुरुषको भन्दा ज्यादा छ । विश्वभर नै नीति निर्माण र कानुन तर्जुमा गर्ने सर्वोच्च स्थानमा महिलाको सम्मानजनक उपस्थिति हुन सकेको देखिदैन । 

ओइसिडीले २०१२ मा प्रकाशन गरेको एक अध्ययन–प्रतिवेदनअनुसार अस्ट्रेलियामा महिलाहरूले दैनिक औसत रूपमा पाँच घण्टाभन्दा केही बढी समय ज्याला नपाउने काममा बिताउँछन् जबकि त्यहाँका पुरुषहरूले त्यस्तो काममा तीन घण्टाभन्दा कम समय बिताउँछन् । संयुक्त राज्य अमेरिकामै पुरुषले भन्दा महिलाले ज्याला नआउने काममा दैनिक करिब डेढ घण्टा ज्यादा समय बिताउँछन् । टर्कीमा यस्तो अन्तर महिलाले दैनिक ६ घण्टा बढी कार्य गर्ने गरी छ । ओइसिडीका विभिन्न सदस्य राष्ट्रमा गरिएको उक्त अध्ययनले सबै देशमा पैसा नआउने काममा महिलालाई बढी लगाइन्छ भन्ने निचोड निकालेको छ ।