References
- Aigbovo, O., & Ilaboya, O. J. (2019). Does Behavioural Biases Influences Individual Investment Decisions. Management Science Review, 10(1), 68–89.
- Asad, H., Khan, A. A. T. I. Q. A., & Faiz, R. (2018). Behavioral Biases across the Stock Market Investors: Evidence from Pakistan. Pakistan Economic and Social Review, 56(1), 185–209.
- Atif Sattar, M., Toseef, M., & Fahad Sattar, M. (2020). Behavioral Finance Biases in Investment Decision Making. International Journal of Accounting, Finance and Risk Management, 5(2), p.69. https://doi.org/10.11648/j.ijafrm.20200502.1110.11648/j.ijafrm.20200502.11
- Barberis, N., & Thaler, R. (2003). A survey of behavioral finance. Handbook of the Economics of Finance, 1, Vol. 1B. Financial markets and asset pricing, pp.1053-1128.10.1016/S1574-0102(03)01027-6
- Babajide, A. A., & Adetiloye, K. A. (2012). Investors’ behavioural biases and the security market: An empirical study of the Nigerian security market. Accounting and Finance Research, 1(1), 219–229. https://doi.org/10.5430/afr.v1n1p21910.5430/afr.v1n1p219
- Brown, D. T. (2000). Liquidity and Liquidation: Evidence from Real Estate Investment Trusts. The Journal of Finance, 55, 469–485. https://doi.org/10.1111/0022-1082.0021310.1111/0022-1082.00213
- Bracha, A., & Brown, D. J. (2012). Affective decision making: A theory of optimism bias. Games and Economic Behavior, 75(1), 67–80. https://doi.org/10.1016/j.geb.2011.11.00410.1016/j.geb.2011.11.004
- Burtch, G. (2011). Herding behavior as a network externality. In International Conference on Information Systems 2011, ICIS 2011, 1061-1076.
- Chhapra, I.U., Kashif, M., Rehan, R. & Bai, A. (2018). An empirical investigation of investors behavioral biases on financial decision making. Asian Journal of Empirical Research, 8(3), pp.99-109. DOI: 10.18488/journal.1007/2018.7.3/1007.3.99.10910.18488/journal.1007/2018.7.3/1007.3.99.109
- Constantinescu, M. (2010). What is the “duration” of Swiss direct real estate? Journal of Property Investment & Finance, 28(3), 181–197. https://doi.org/10.1108/1463578101104884910.1108/14635781011048849
- Choka, D. (2014). The effect of investor sentiment on real estate investment decisions in Kenya (Doctoral dissertation).
- Caparrelli, F., D’Arcangelis, A. M., & Cassuto, A. (2004). Herding in the Italian stock market: A case of behavioral finance. Journal of Behavioral Finance, 5(4), 222–230. https://doi.org/10.1207/s15427579jpfm0504_510.1207/s15427579jpfm0504_5
- De Bondt, W. F., & Thaler, R. H. (1995). Financial decision-making in markets and firms: A behavioral perspective. Handbooks in Operations Research and Management Science, 9, 385–410. https://doi.org/10.1016/S0927-0507(05)80057-X10.1016/S0927-0507(05)80057-X
- Daniel, K., & Hirshleifer, D. (2015). Overconfident investors, predictable returns, and excessive trading. The Journal of Economic Perspectives, 29(4), 61–88. https://doi.org/10.1257/jep.29.4.6110.1257/jep.29.4.61
- Darrat, A. F., Zhong, M., & Cheng, L. T. (2007). Intraday volume and volatility relations with and without public news. Journal of Banking & Finance, 31(9), 2711–2729. https://doi.org/10.1016/j.jbankfin.2006.11.01910.1016/j.jbankfin.2006.11.019
- Feduzi, A., & Runde, J. (2014). Uncovering unknown unknowns: Towards a Baconian approach to management decision-making. Organizational Behavior and Human Decision Processes, 124(2), 268–283. https://doi.org/10.1016/j.obhdp.2014.04.00110.1016/j.obhdp.2014.04.001
- Ehrlinger, J., Mitchum, A. L., & Dweck, C. S. (2016). Understanding overconfidence: Theories of intelligence, preferential attention, and distorted self-assessment. Journal of Experimental Social Psychology, 63, 94–100. https://doi.org/10.1016/j.jesp.2015.11.00110.1016/j.jesp.2015.11.001
- Filiz, I., Nahmer, T., Spiwoks, M., & Bizer, K. (2018). Portfolio diversification: The influence of herding, status-quo bias, and the gambler’s fallacy. Financial Markets and Portfolio Management, 32(2), 167–205. https://doi.org/10.1007/s11408-018-0311-x10.1007/s11408-018-0311-x
- Hilton, D. (2006). Overconfidence, trading and entrepreneurship: cognitive and cultural processes in risk-taking (Vol. 280). Contributions to Economic Analysis.
- Jennergren, L. P. (2011). A tutorial on the discounted cash flow model for valuation of companies. SSE/EFI Working paper series in business administration, (1998), p.1.
- Kallinterakis, V., Munir, N., & Radovic-Markovic, M. (2010). Herd behaviour, illiquidity and extreme market states: Evidence from Banja Luka. Journal of Emerging Market Finance, 9(3), 305–324. https://doi.org/10.1177/09726527100090030310.1177/097265271000900303
- Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrical, 47(2), 263–291. https://doi.org/10.2307/191418510.2307/1914185
- Kahneman, D., & Tversky, A. (1981). The simulation heuristic (No. TR-5). Stanford Univ CA Dept of Psychology.
- Kahneman, D., & Tversky, A. (2013). Choices, values, and frames. In Handbook of the fundamentals of financial decision making: Part I (pp. 269-278). https://doi.org/10.1142/9789814417358_001610.1142/9789814417358_0016
- Kempf, A., & Ruenzi, S. (2006). Status quo bias and the number of alternatives: An empirical illustration from the mutual fund industry. Journal of Behavioral Finance, 7(4), 204–213. https://doi.org/10.1207/s15427579jpfm0704_310.1207/s15427579jpfm0704_3
- Khan, D. (2020). Cognitive Driven Biases, Investment Decision Making: The Moderating Role of Financial Literacy. Investment Decision Making: The Moderating Role of Financial Literacy, January 5, 2020).
- Khan, M.T.I., Tan, S.H., Chong, L.L. & Ong, H.B. (2017). Investment characteristics, stock characteristics and portfolio diversification of finance professionals. Borsa Istanbul Review, 17(3), pp.164-177.https://doi.org/10.1016/j.bir.2017.04.001.10.1016/j.bir.2017.04.001
- Le Luong, P. & Thi Thu Ha, D. (2011). Behavioral factors influencing individual investors´ decision-making and performance: A survey at the Ho Chi Minh Stock Exchange.
- Lopes, P.N.(2016). Emotional intelligence in organizations: Bridging research and practice. Emotion Review, 8(4), pp.316-321.https://doi.org/10.1177/175407391665049610.1177/1754073916650496
- Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661–2700. https://doi.org/10.1111/j.1540-6261.2005.00813.x10.1111/j.1540-6261.2005.00813.x
- Madaan, G. &Singh, S. (2019). An Analysis of Behavioral Biases in Investment Decision-Making. International Journal of Financial Research, 10(4), pp.55-67.https://doi.org/10.5430/ijfr.v10n4p5510.5430/ijfr.v10n4p55
- Majewski, S. (201). November. Could the Volatility Be a Measure of Investors’ Optimism? In International Conference on Computational Methods in Experimental Economics (pp. 133-142). Springer, Cham.10.1007/978-3-030-30251-1_10
- Mather, M., Mazar, N., Gorlick, M. A., Lighthall, N. R., Burgeno, J., Schoeke, A., & Ariely, D. (2012). Risk preferences and aging: The “certainty effect” in older adults’ decision making. Psychology and Aging, 27(4), 801–816. https://doi.org/10.1037/a0030174 PMID:2306680010.1037/a0030174
- Montier, J. (2009). Behavioural investing: a practitioner’s guide to applying behavioral finance. John Wiley & Sons.
- Muhammad, N. M. N. (2009). Behavioural finance vs traditional finance. Adv. Manage, 2(6), 1–10.
- Mushinada, V.N.C. and Veluri, V.S.S., 2018. Investors overconfidence behaviour at Bombay stock exchange. International Journal of Managerial Finance. https://doi.org/10.1108/IJMF-05-2017-009310.1108/IJMF-05-2017-0093
- Ndiritu, B. G. (2015). The effect of behavioral bias and frame dependence on real estate prices in Nairobi county (Doctoral dissertation, University of Nairobi).
- Njenga, E. N., & Kagiri, A. (2018). Effect Of Behavioral Bias On Real Estate Prices In Kenya (A Case Of Real Estates In Kiambu County).
- Odean, T. (1998). Are investors reluctant to realize their losses? The Journal of Finance, 53(5), 1775–1798. https://doi.org/10.1111/0022-1082.0007210.1111/0022-1082.00072
- Obeng-Odoom, F. (2015). Informal real estate brokerage as a socially-embedded market for economic development in Africa. Real estate, construction and economic development in emerging market economies, 224.
- Pompian, M.M. &Wood, A.S.(2006). Behavioral finance and wealth management: How to build optimal portfolios for private clients.
- Phan, T. C., Rieger, M. O., & Wang, M. (2018). What leads to overtrading and under-diversification? Survey evidence from retail investors in an emerging market. Journal of Behavioral and Experimental Finance, 19, 39–55. https://doi.org/10.1016/j.jbef.2018.04.00110.1016/j.jbef.2018.04.001
- Ritter, J. R. (2003). Behavioral finance. Pacific-Basin Finance Journal, 11(4), 429–437. https://doi.org/10.1016/S0927-538X(03)00048-910.1016/S0927-538X(03)00048-9
- Rabin, M. (2002). Inference by believers in the law of small numbers. The Quarterly Journal of Economics, 117(3), 775–816. https://doi.org/10.1162/00335530276019389610.1162/003355302760193896
- Rakesh, H. M. (2014). A study on individuals investors behavior in stock markets of India. International Journal of Management and Social Sciences, 2(2), 165–174.
- Razek, Y. H. A. (2011). An overview of behavioral finance and revisiting the behavioral life cycle hypothesis. IUP Journal of Behavioral Finance, 8(3), 7.
- Ritter, J. R. (2003). Differences between European and American IPO markets. European Financial Management, 9(4), 421–434. https://doi.org/10.1111/1468-036X.0023010.1111/1468-036X.00230
- Sekaran, U., & Bougie, R. (2003). Research Methods For Business, A Skill Building Approach, John Willey & Sons. Inc. New York.
- Shah, S. Z. A., Ahmad, M., & Mahmood, F. (2018). Heuristic biases in investment decision-making and perceived market efficiency. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-04-2017-003310.1108/QRFM-04-2017-0033
- Statman, M. (2009). The cultures of insider trading. Journal of Business Ethics, 89(S1), 51–58. https://doi.org/10.1007/s10551-008-9905-y10.1007/s10551-008-9905-y
- Stilwell, F. (2011). Political economy: The contest of economic ideas. OUP Catalogue.
- Tan, L., Chiang, T. C., Mason, J. R., & Nelling, E. (2008). Herding behavior in Chinese stock markets: An examination of A and B shares. Pacific-Basin Finance Journal, 16(1-2), 61–77. https://doi.org/10.1016/j.pacfin.2007.04.00410.1016/j.pacfin.2007.04.004
- Tversky, A. & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124-1131.
- Waweru, N. M., Munyoki, E., & Uliana, E. (2008). The effects of behavioural factors in investment decision-making: A survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 1(1), 24–41. https://doi.org/10.1504/IJBEM.2008.01924310.1504/IJBEM.2008.019243
- Wenden, A.L. (1981). The Processes of Self Directed Learning: A Study of Adult Language Learners.