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The main objective of this study was to examine the effect of financial information on investment in shares for Kenyan retail investors, applying the behavioral finance theory. The traditional Efficient Market Hypothesis is becoming deficient to explain investor behaviors in the capital markets. Hence behavioral factors are being considered as possibly playing a role in the securities market activity. Primary data was collected from 311respondents randomly sampled form the population of 836.250 investors participating at the Nairobi Securities Exchange as at March, 2013. Data analysis was done applying descriptive andlinear regression statistical data analysis. The results revealed that financial information variable had significant influence on decisions to invest in shares with p-value .000 (p<0.05).Acquiring financial information therefore has the potential to improve investors’ decision making resulting on improved overall portfolio performance. On formulating policy, both the stock market regulators and financial advisers should make strategic frameworks toeducate investors to improve their financial analysis knowledge, economic, and commercial skills as a means to encourage more participation in the securities markets.
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