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To the best of authors’ knowledge, this study is the first using systematic literature review method in the area of behavioural finance and also the first to examine a combination of four different biases involved in investment decision-making. (2015), "Behavioural biases in investment decision making – a systematic literature review", Qualitative Research in Financial Markets, Vol.
On the other hand, other pessimists believe that FDI may bring about crowding out effect on domestic investment, external vulnerability and dependence, destructive competition of foreign affiliates with domestic firms and “market-stealing effect” as a result of poor absorptive capacity.Thus, the paper generates interest in the readers to find the solutions to minimize the effect of biases in decision-making. A systematic review", Qualitative Research in Financial Markets, Vol. The individuals, companies and organizations in view of the associated risks and returns consider finance with procurement and allocation of financial resources.Ironically, trading and investing are considered as the interchangeable terms.The purpose of this paper is to systematically review the literature published in past 33 years on behavioural biases in investment decision-making.The paper highlights the major gaps in the existing studies on behavioural biases.These papers are collected over a period of year’s right from the time when the most introductory paper was published (1979) that contributed this area a basic foundation till the most recent papers (2016).These articles are segregated into biases wise, year-wise, country-wise and author wise.Moreover, this area is not only attracting the, attention of academicians but also of the various corporates, financial intermediaries and entrepreneurs thus adding to its importance.The study is more inclined toward the study of individual and institutional investors and financial advisors’ investors but the behavior of intermediaries through which some of them invest should be focused upon, narrowing down population into various variables, targeting the expanding economies to reap some unexplained theories.All research tools that have been used by authors related to primary and secondary data have also been included into our table.A new era of understanding of human emotions, behavior and sentiments has been started which was earlier dominated by the study of financial markets.