Overconfidence and Loss Aversion in Investment Decisions: A Study of the Impact of Gender and Age in Pakistani Perspective

Abstract

This study investigates the impacts of gender and age on two of the behavioral biases i.e. over confidence and loss aversion with reference to Pakistan. We used questionnaire based survey method to collect data from a sample amounting to 391 individuals. Chi-sguare analysis, OLS and correlation analysis have been used to estimate the models under study. The findings revealed men and older investors to be more overconfident whereas women and older investors to be more loss averse. Similarly, the results indicate that those who prefer risk are likely to be more over confident. The limitations include time and geographical constraints as well as unavailability of data. In the add, some recommendations have been made that could help researchers in their future works.

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