Home The Influence of Anchoring and Overconfidence on Investment Decision-Making in the Saudi Stock Market: A Moderated Mediation Model
Article
Licensed
Unlicensed Requires Authentication

The Influence of Anchoring and Overconfidence on Investment Decision-Making in the Saudi Stock Market: A Moderated Mediation Model

  • Naseem Al Rahahleh EMAIL logo
Published/Copyright: April 24, 2024

Abstract

This research sheds light on the relationships between heuristic biases and investment decisions as demonstrated by Saudi investors by establishing a mediating role for investor overconfidence in the relationship between anchoring heuristics and investment decision-making. The first to present evidence for this role, the study takes into account specific types of investment decisions – i.e. decisions to buy, sell, and engage in frequent trading. Based on a sample of 598 responses, empirical evidence is presented to show that anchoring directly increases the extent to which investment decisions are irrational and also does so indirectly through its impact on overconfidence. Given that this is the case, investors would be well-advised to critically assess the influence on their investment decision-making of overconfidence, which may, in turn, be rooted in deep-seated biases such as anchoring. Further, the potential moderating effect of trading frequency on overconfidence and investment decisions is examined and a moderated mediation model presented to elucidate the relationship between anchoring bias and investment decisions. The findings underscore the importance of understanding these biases and taking a scientific approach to trading, including by engaging in infrequent trading, to producing more rational investment decisions. Put differently, the study highlights the benefit of infrequent over frequent trading: Compared to those who trade less frequently, investors who trade more frequently are more susceptible to overconfidence and anchoring biases.

JEL Classification: G11; G0; G1

Corresponding author: Naseem Al Rahahleh, Finance Department, Faculty of Economics and Administration, King Abdulaziz University, Jeddah, Saudi Arabia, E-mail:

References

Aljifri, R. 2023. “Investor Psychology in the Stock Market: An Empirical Study of the Impact of Overconfidence on Firm Valuation.” Borsa Istanbul Review 23 (1): 93–112. https://doi.org/10.1016/j.bir.2022.09.010.Search in Google Scholar

Al Rahahleh, N. 2022. “Financial Literacy Levels Among Saudi Citizens across Budgeting, Saving, Investment, Debt, and Insurance Dimensions.” Journal of Risk and Financial Management 15 (12): 582. https://doi.org/10.3390/jrfm15120582.Search in Google Scholar

Al Rahahleh, N. 2025. “Examining Behavioral Biases Among Investors in the Saudi Arabian Stock Market: A Behavioral Finance Approach.” Journal of Accounting, Business and Management (JABM) 32 (2): 1.Search in Google Scholar

Al Rahahleh, N., T. A. Al-Khyal, A. Daghran Alahmari, and M. K. Al-Hanawi. 2023. “The Financial Performance of Private Hospitals in Saudi Arabia: An Investigation into the Role of Internal Control and Financial Accountability.” PLoS One 18 (5): e0285813. https://doi.org/10.1371/journal.pone.0285813.Search in Google Scholar

Alrabadi, D. W. H., S. Y. Al-Abdallah, and N. I. A. Aljarayesh. 2018. “Behavioral Biases and Investment Performance: Does Gender Matter? Evidence from Amman Stock Exchange.” Jordan Journal of Economic Sciences 5 (1): 77–92. https://doi.org/10.35516/1250-005-001-006.Search in Google Scholar

Anum, B. A., and B. Ameer. 2017. “Behavioral Factors and their Impact on Individual Investors Decision Making and Investment Performance: Empirical investigation from Pakistani stock market.” Global Journal of Management and Business Research 17 (1): 61–70.Search in Google Scholar

Aravind, M., and C. G. Manojkrishnan. 2020. “COVID 19: Effect on Leading Pharmaceutical Stocks Listed with NSE.” International Journal of Research in Pharmaceutical Sciences 11 (SPL(1)): 31–6, https://doi.org/10.26452/ijrps.v11ispl1.2014.Search in Google Scholar

Argan, M, G. Sevil, A. Yalaman, and V. Manahov. 2023. “Stock Market Investment and Different Behavioural Patterns: An Exploratory Study.” Review of Behavioral Finance 15 (2): 138–61.10.1108/RBF-04-2020-0077Search in Google Scholar

Baker, H. K., and J. R. Nofsinger. 2010. “Behavioral finance: An overview.” In Behavioral Finance: Investors, Corporations, and Markets, edited by H. K. Baker, and J. R. Nofsinger, 1–21. Hoboken, NJ: John Wiley & Sons, Inc.10.1002/9781118258415.ch1Search in Google Scholar

Baker, H. K., S. Kumar, N. Goyal, and V. Gaur. 2019. “How Financial Literacy and Demographic Variables Relate to Behavioral Biases.” Managerial Finance 45 (1): 124–46. https://doi.org/10.1108/mf-01-2018-0003.Search in Google Scholar

Barber, B. M., and T. Odean. 2000. “Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors.” The Journal of Finance 55 (2): 773–806. https://doi.org/10.1111/0022-1082.00226.Search in Google Scholar

Barber, B. M., and T. Odean. 2001. “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment.” Quarterly Journal of Economics 116 (1): 261–92. https://doi.org/10.1162/003355301556400.Search in Google Scholar

Barber, B. M., X. Huang, K. J. Ko, and T. Odean. 2020. Leveraging Overconfidence. Working paper. California: University of California-Davis.10.2139/ssrn.3445660Search in Google Scholar

Benos, A. V. 1998. “Aggressiveness and Survival of Overconfident Traders.” Journal of Financial Markets 1 (3–4): 353–83. https://doi.org/10.1016/s1386-4181(97)00010-4.Search in Google Scholar

Bougie, R., and U. Sekaran. 2019. Research Methods for Business: A Skill Building Approach. Hoboken, NJ: John Wiley & Sons.Search in Google Scholar

Bucchianeri, G. W., and J. A. Minson. 2013. “A Homeowner’s Dilemma: Anchoring in Residential Real Estate Transactions.” Journal of Economic Behavior & Organization 89 (C): 76–92. https://doi.org/10.1016/j.jebo.2013.01.010.Search in Google Scholar

Campbell, S. D., and S. A. Sharpe. 2009. “Anchoring Bias in Consensus Forecasts and its Effect on Market Prices.” Journal of Financial and Quantitative Analysis 44 (2): 369–90. https://doi.org/10.1017/s0022109009090127.Search in Google Scholar

Chandra, A., and R. Kumar. 2011. “Determinants of Individual Investor Behaviour: An Orthogonal Linear Transformation Approach.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1790713.Search in Google Scholar

Chang, C. C., C. H. Chao, and J. H. Yeh. 2016. “The Role of Buy-Side Anchoring Bias: Evidence from the Real Estate Market.” Pacific-Basin Finance Journal 38: 34–58. https://doi.org/10.1016/j.pacfin.2016.02.008.Search in Google Scholar

Chari, S., P. Hegde-Desai, and N. Borde. 2017. “A Review of Literature on Short Term Overreaction Generated by News Sentiment in Stock Market.” https://api.semanticscholar.org/CorpusID:158351968.Search in Google Scholar

Chen, G., K. A. Kim, J. R. Nofsinger, and O. M. Rui. 2007. “Trading Performance, Disposition Effect, Overconfidence, Representativeness Bias, and Experience of Emerging Market Investors.” Journal of Behavioral Decision Making 20 (4): 425–51. https://doi.org/10.1002/bdm.561.Search in Google Scholar

Çömlekçi, İ., and A. Özer. 2018. “Behavioral Finance Models, Anomalies, and Factors Affecting Investor Psychology.” In Global Approaches in Financial Economics, Banking, and Finance, 309–30. Cham: Springer.10.1007/978-3-319-78494-6_15Search in Google Scholar

Costa, D. F., F. D. M. Carvalho, and B. C. D. M. Moreira. 2019. “Behavioral Economics and Behavioral Finance: A Bibliometric Analysis of the Scientific Fields.” Journal of Economic Surveys 33 (1): 3–24. https://doi.org/10.1111/joes.12262.Search in Google Scholar

Czerwonka, M. 2017. “Anchoring and Overconfidence: The Influence of Culture and Cognitive Abilities.” International Journal of Management and Economics 53 (3): 48–66. https://doi.org/10.1515/ijme-2017-0018.Search in Google Scholar

Daniel, K., and D. Hirshleifer. 2015. “Overconfident Investors, Predictable Returns, and Excessive Trading.” The Journal of Economic Perspectives 29 (4): 61–88. https://doi.org/10.1257/jep.29.4.61.Search in Google Scholar

Demir, I. 2017. “The Relevant Literature on Past Outcomes, Overconfidence and Risk Taking.” In Overconfidence and Risk Taking in Foreign Policy Decision Making, 9–17. Cham: Palgrave Macmillan.10.1007/978-3-319-52605-8_2Search in Google Scholar

Fakhry, B. 2016. “A Literature Review of Behavioural Finance.” Journal of Economics Library 3 (3): 458–65.Search in Google Scholar

Fornell, C., and D. F. Larcker. 1981. “Evaluating Structural Equation Models with Unobservable Variables and Measurement Error.” Journal of Marketing Research 18 (1): 39–50. https://doi.org/10.2307/3151312.Search in Google Scholar

George, D. 2011. SPSS for Windows step by step: A simple study guide and reference, 17.0 update, 10/e. Boston, MA: Allyn & Bacon.Search in Google Scholar

George, T. J., and C. Y. Hwang. 2004. “The 52-Week High and Momentum Investing.” The Journal of Finance 59 (5): 2145–76. https://doi.org/10.1111/j.1540-6261.2004.00695.x.Search in Google Scholar

Gigerenzer, G. 1996. “On Narrow Norms and Vague Heuristics: A Reply to Kahneman and Tversky.” Psychological Review 103 (3): 592–6. https://doi.org/10.1037//0033-295x.103.3.592.Search in Google Scholar

Glaser, M., and M. Weber. 2003. “Momentum and Turnover: Evidence from the German Stock Market.” Schmalenbach Business Review 55: 108–35. https://doi.org/10.1007/bf03396669.Search in Google Scholar

Glaser, M., and M. Weber. 2007. “Overconfidence and Trading Volume.” The Geneva Risk and Insurance Review 32: 1–36. https://doi.org/10.1007/s10713-007-0003-3.Search in Google Scholar

Graham, J. R., C. R. Harvey, and H. Huang. 2009. “Investor Competence, Trading Frequency, and Home Bias.” Management Science 55 (7): 1094–106. https://doi.org/10.1287/mnsc.1090.1009.Search in Google Scholar

Gul, F., and N. Akhtar. 2016. “Predictors of Investor Overconfidence in Karachi Stock Exchange.” Journal of Managerial Sciences X (2): 302–15.Search in Google Scholar

Hair, J. F., G. T. M. Hult, C. M. Ringle, and M. Sarstedt. 2022. A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), 3rd ed. Thousand Oaks: Sage.10.1007/978-3-030-80519-7Search in Google Scholar

Haixia, Y. 2018. “Investor Sentiment, Managerial Overconfidence, and Corporate Investment Behavior.” International Journal of Social Science and Economic Research 3 (3): 858–68.Search in Google Scholar

Hao, Y., H. H. Chu, K. Y. Ho, and K. C. Ko. 2016. “The 52-Week High and Momentum in the Taiwan Stock Market: Anchoring or Recency Biases?” International Review of Economics & Finance 43: 121–38. https://doi.org/10.1016/j.iref.2015.10.035.Search in Google Scholar

Hayes, A. F. 2016. The PROCESS Macro for SPSS and SAS. New York: Guilford Press.Search in Google Scholar

Hayes, A. F. 2022. Introduction to Mediation, Moderating, and Conditional Process Analysis: A Regression-Based Approach, 3rd ed. New York: Guilford Press.Search in Google Scholar

Henseler, J., C. M. Ringle, and M. Sarstedt. 2015. “A New Criterion for Assessing Discriminant Validity in Variance-Based Structural Equation Modeling.” Journal of the Academy of Marketing Science 43: 115–35. https://doi.org/10.1007/s11747-014-0403-8.Search in Google Scholar

Iqbal, A., K. Jebran, Z. U. R. Rao, T. Ahsan, and S. S. Mirza. 2015. “Self-Attribution Bias, Overconfidence Bias, and Perceived Market Efficiency.” International Journal of Business Insights & Transformation 8 (2): 12.Search in Google Scholar

Jain, J., N. Walia, and S. Gupta. 2020. “Evaluation of Behavioral Biases Affecting Investment Decision Making of Individual Equity Investors by Fuzzy Analytic Hierarchy Process.” Review of Behavioral Finance 12 (3): 297–314. https://doi.org/10.1108/rbf-03-2019-0044.Search in Google Scholar

Johnson, D. D., D. T. Blumstein, J. H. Fowler, and M. G. Haselton. 2013. “The Evolution of Error: Error Management, Cognitive Constraints, and Adaptive Decision-Making Biases.” Trends in Ecology & Evolution 28 (8): 474–81. https://doi.org/10.1016/j.tree.2013.05.014.Search in Google Scholar

Kahneman, D., and A. Tversky. 1996. “On the Reality of Cognitive Illusions.” Psychological Review 103 (3): 582–91. https://doi.org/10.1037//0033-295x.103.3.582.Search in Google Scholar

Kahneman, D., P. Slovic, and A. Tversky, eds. 1982. Judgment Under Uncertainty: Heuristics And Biases. Cambridge: Cambridge University Press.10.1017/CBO9780511809477Search in Google Scholar

Khan, H. H., I. Naz, F. Qureshi, and A. Ghafoor. 2017. “Heuristics and Stock Buying Decision: Evidence from Malaysian and Pakistani Stock Markets.” Borsa Istanbul Review 17 (2): 97–110. https://doi.org/10.1016/j.bir.2016.12.002.Search in Google Scholar

Khan, M. T. I., S. H. Tan, and L. L. Chong. 2019. “Overconfidence Mediates How Perception of Past Portfolio Returns Affects Investment Behaviors.” Journal of Asia-Pacific Business 20 (2): 140–61. https://doi.org/10.1080/10599231.2019.1610688.Search in Google Scholar

Khanthavit, A. 2020. “World and National Stock Market Reactions to COVID-19.” ABAC Journal 40 (2): 1–20.Search in Google Scholar

Kirchler, E., and B. Maciejovsky. 2002. “Simultaneous Over- and Underconfidence: Evidence from Experimental Asset Markets.” Journal of Risk and Uncertainty 25: 65–85. https://doi.org/10.1023/a:1016319430881.10.2139/ssrn.303387Search in Google Scholar

Kufepaksi, M. 2008. “The Contribution of Self-Deceptive Behavior on Price Discovery: An Experimental Approach.” Asia Pacific Management Review 13 (1): 419–34.Search in Google Scholar

Li, J., and J. Yu. 2009. Psychological Anchors, Underreaction, Overreaction, and Asset Prices. (working paper).Search in Google Scholar

Lin, H. W. 2011. “Elucidating Rational Investment Decisions and Behavioral Biases: Evidence from the Taiwanese Stock Market.” African Journal of Business Management 5 (5): 1630–41.Search in Google Scholar

Mathur, S., and A. Rastogi. 2018. “Investor Sentiment and Asset Returns: The Case of Indian Stock Market.” Afro-Asian Journal of Finance and Accounting 8 (1): 48–64.10.1504/AAJFA.2018.089198Search in Google Scholar

Metawa, N., M. K. Hassan, S. Metawa, and M. F. Safa. 2019. “Impact of Behavioral Factors on Investors’ Financial Decisions: Case of the Egyptian Stock Market.” International Journal of Islamic and Middle Eastern Finance and Management 12 (1): 30–55. https://doi.org/10.1108/imefm-12-2017-0333.Search in Google Scholar

Madaan, G., and S. Singh. 2019. “An Analysis of Behavioral Biases in Investment Decision-Making.” International Journal of Financial Research 10 (4): 55–67. https://doi.org/10.5430/ijfr.v10n4p55.Search in Google Scholar

Mittal, S. K. 2022. “Behavior Biases and Investment Decision: Theoretical and Research Framework.” Qualitative Research in Financial Markets 14 (2): 213–28.10.1108/QRFM-09-2017-0085Search in Google Scholar

Nofsinger, J. R. 2005. “Social Mood and Financial Economics.” The Journal of Behavioral Finance 6 (3): 144–60. https://doi.org/10.1207/s15427579jpfm0603_4.Search in Google Scholar

Odean, T. 1998. “Are Investors Reluctant to Realize Their Losses?” The Journal of Finance 53 (5): 1775–98. https://doi.org/10.1111/0022-1082.00072.Search in Google Scholar

Odean, T. 1999. “Do Investors Trade Too Much?” The American Economic Review 89 (5): 1279–98. https://doi.org/10.1257/aer.89.5.1279.Search in Google Scholar

Parveen, S., Q. Abdul Subhan, S. Baber, and Z. Satti. 2020a. “Role of Overconfidence as Mediator Between Anchoring Heuristic and Trade Volume in Pakistan Stock Exchange.” City University Research Journal 10 (3): 406–23.Search in Google Scholar

Parveen, S., Z. W. Satti, Q. Abdul Subhan, and S. Jamil. 2020b. “Exploring Market Overreaction, Investors’ Sentiments and Investment Decisions in an Emerging Stock Market.” Borsa Istanbul Review 20 (3): 224–35. https://doi.org/10.1016/j.bir.2020.02.002.Search in Google Scholar

Parveen, S., Z. W. Satti, Q. Abdul Subhan, N. Riaz, S. F. Baber, and T. Bashir. 2023. “Examining Investors’ Sentiments, Behavioral Biases and Investment Decisions During COVID-19 in the Emerging Stock Market: A Case of Pakistan Stock Market.” Journal of Economic and Administrative Sciences 39 (3): 549–70. https://doi.org/10.1108/jeas-08-2020-0153.Search in Google Scholar

Podsakoff, P. M., S. B. MacKenzie, and N. P. Podsakoff. 2012. “Sources of Method Bias in Social Science Research and Recommendations on How to Control it.” Annual Review of Psychology 63: 539–69. https://doi.org/10.1146/annurev-psych-120710-100452.Search in Google Scholar

Pompian, M. 2012. Behavioral Finance and Wealth Management: How To Build Optimal Portfolios that Account for Investor Biases, 2nd ed. Hoboken, New Jersey: John Wiley & Son.10.1002/9781119202400Search in Google Scholar

Prosad, J. M., S. Kapoor, J. Sengupta, and S. Roychoudhary. 2017. “Overconfidence and Disposition Effect in Indian Equity Market: An Empirical Evidence.” Global Business Review 19 (5): 1303–21. https://doi.org/10.1177/0972150917726660.Search in Google Scholar

Raheja, S., and B. Dhiman. 2020. “How Do Emotional Intelligence and Behavioral Biases of Investors Determine Their Investment Decisions?” Rajagiri Management Journal 14 (1): 35–47. https://doi.org/10.1108/ramj-12-2019-0027.Search in Google Scholar

Rahim, D. A., D. M. H. Shah, D. S. U. Jan, and D. A. Aamir. 2020. “Post COVID-19 Influence of Overconfidence Bias on Investment Decisions of Pakistani Stock Investors.” International Journal of Management 11 (9): 973–81.Search in Google Scholar

Ramelli, S., and A. F. Wagner. 2020. “Feverish Stock Price Reactions to COVID-19.” The Review of Corporate Finance Studies 9 (3): 622–55. https://doi.org/10.1093/rcfs/cfaa012.Search in Google Scholar

Rasheed, M. H., A. Rafique, T. Zahid, and M. W. Akhtar. 2018. “Factors Influencing Investor’s Decision Making in Pakistan: Moderating the Role of Locus of Control.” Review of Behavioral Finance 10 (1): 70–87. https://doi.org/10.1108/rbf-05-2016-0028.Search in Google Scholar

Rasool, N., and S. Ullah. 2020. “Financial Literacy and Behavioural Biases of Individual Investors: Empirical Evidence of Pakistan Stock Exchange.” Journal of Economics, Finance and Administrative Science 25 (50): 261–78. https://doi.org/10.1108/jefas-03-2019-0031.Search in Google Scholar

Raza, M. W., and H. M. Mohsin. 2014. “Portfolio Management and Disposition Effect: Empirical Evidence from Pakistan.” VFAST Transactions on Education and Social Sciences 4 (1): 33–41.Search in Google Scholar

Reilly, F. K., K. C. Brown, and S. J. Leeds. 2024. Investment Analysis and Portfolio Management, 12th ed. Mason, OH: South-Western College Publishing.Search in Google Scholar

Ru, H., E. Yang, and K. Zou. 2020. What Do We Learn from SARS-CoV-1 to SARS-CoV-2: Evidence from Global Stock Markets. Available at SSRN, 3569330.10.2139/ssrn.3569330Search in Google Scholar

Sabir, S. A., H. B. Mohammad, and H. B. K. Shahar. 2019. “The Role of Overconfidence and Past Investment Experience in Herding Behaviour with a Moderating Effect of Financial Literacy: Evidence from Pakistan Stock Exchange.” Asian Economic and Financial Review 9 (4): 480–90. https://doi.org/10.18488/journal.aefr.2019.94.480.490.Search in Google Scholar

Scheinkman, J. A., and W. Xiong. 2003. “Overconfidence and Speculative Bubbles.” Journal of Political Economy 111 (6): 1183–220. https://doi.org/10.1086/378531.Search in Google Scholar

Scott, S. G., and R. A. Bruce. 1995. “Decision-Making Style: The Development and Assessment of a New Measure.” Educational and Psychological Measurement 55 (5): 818–31.10.1177/0013164495055005017Search in Google Scholar

Shah, S. Z. A., M. Ahmad, and F. Mahmood. 2018. “Heuristic Biases in Investment Decision-Making and Perceived Market Efficiency: A Survey at the Pakistan Stock Exchange.” Qualitative Research in Financial Markets 10 (1): 85–110. https://doi.org/10.1108/qrfm-04-2017-0033.Search in Google Scholar

Shankar, D., and R. S. Dhankar. 2015. “Understanding the Behavior of Stock Market Functionality: Need and Role of Behavioral Finance.” Review of Knowledge Management 5 (3/4): 5–11.Search in Google Scholar

Sharma, V, and R. Kumar. 2022. “Examining the Role of Behavioural Biases in Financial Decisions: A Literature Review.” Journal of Positive School Psychology 6 (3): 6685–97.Search in Google Scholar

Shefrin, H. 2002. Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. New York: Oxford University Press.10.1093/0195161211.001.0001Search in Google Scholar

Shiller, R. J. 1999. “Chapter 20 Human Behavior and the Efficiency of the Financial System.” In Handbook of Macroeconomics, 1, Part C, edited by J. B. Taylor, and M. Woodford, 1305–40. Elsevier Science B. V.10.1016/S1574-0048(99)10033-8Search in Google Scholar

Statman, M., S. Thorley, and K. Vorkink. 2006. “Investor Overconfidence and Trading Volume.” Review of Financial Studies 19 (4): 1531–65. https://doi.org/10.1093/rfs/hhj032.Search in Google Scholar

Saudi Stock Exchange (Tadawul). 2023. Weekly Stock Market Ownership and Trading Activity Report [PDF]. https://www.saudiexchange.sa/wps/wcm/connect/82118d78-1011-4b64-accc-874225da7214/Weekly+Trading+and+Ownership+By+Nationality+Report+14-12-2023.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-82118d78-1011-4b64-accc-874225da7214-oNTyOd6.Search in Google Scholar

Subash, R. 2012. Role of Behavioral Finance in Portfolio Investment Decisions: Evidence from India. (working paper).Search in Google Scholar

Thaler, R. H., ed. 2005. Advances in Behavioral Finance, II. New Jersey: Princeton University Press.10.1515/9781400829125Search in Google Scholar

Trinugroho, I., and R. Sembel. 2011. “Overconfidence and Excessive Trading Behavior: An Experimental Study.” International Journal of Business and Management 6 (7): 147–52. https://doi.org/10.5539/ijbm.v6n7p147.Search in Google Scholar

Tversky, A., and D. Kahneman. 1974. “Judgment Under Uncertainty: Heuristics and Biases.” Science 185 (41–57): 1124–31. https://doi.org/10.1126/science.185.4157.1124.Search in Google Scholar

Waweru, N. M., E. Munyoki, and E. Uliana. 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): 24–41.10.1504/IJBEM.2008.019243Search in Google Scholar

Westerhoff, F. 2003. “Anchoring and Psychological Barriers in Foreign Exchange Markets.” The Journal of Behavioral Finance 4 (2): 65–70. https://doi.org/10.1207/s15327760jpfm0402_03.Search in Google Scholar

Zaidi, F. B., and M. Z. Tauni. 2012. “Influence of Investor’s Personality Traits and Demographics on Overconfidence Bias.” Institute of Interdisciplinary Business Research 4 (6): 730–46.Search in Google Scholar

Zhang, D., M. Hu, and Q. Ji. 2020. “Financial Markets Under the Global Pandemic of COVID-19.” Finance Research Letters 36: 101528. https://doi.org/10.1016/j.frl.2020.101528.Search in Google Scholar

Received: 2023-11-01
Accepted: 2024-03-29
Published Online: 2024-04-24

© 2024 Walter de Gruyter GmbH, Berlin/Boston

Downloaded on 17.11.2025 from https://www.degruyterbrill.com/document/doi/10.1515/rmeef-2023-0015/pdf
Scroll to top button