This paper examines the nexus between behavioural bias and investment decisions in a developing country context. Specifically, this study tests the effect of four behavioural biases (overconfidence, regret, belief, and “snakebite”) on investment decisions. Descriptive statistics and inferential statistics including multiple regression are used to examine the behavioural biases-investment decisions nexus. The study reveals that the four bias have a significant positive and robust relationship with investment decision making. The result also shows that the "snakebite" effect contributes more to the decision making, followed by belief bias then regret bias. Overconfidence bias, however, contributes the least effect on investment decisions. Our contribution confirms the prospect theory and that behavioural bias influences investment decisions in the developing country perspective.

/pdf/behavioural-finance-and-investment-decisions-does-behavioral-1ss5w9kcof.pdf

Behavioural Finance and Investment Decisions: Does Behavioral Bias Matter?

O estudo teve como objetivo analisar a relacao do perfil pessoal dos academicos e profissionais da atuaria frente aos aspectos comportamentais de investimento pela teoria do prospecto. A amostra corresponde a 183 respondentes, no qual sao compostos por academicos, professores e profissionais da area de atuaria. Identificou-se que o comportamento do investidor e semelhante entre estudantes e profissionais atuarios em relacao a ganhos certos. Para efeito reflexo, os prospectos demonstram que as perdas certas sao menos preferidas quando envolve incertezas. No efeito isolamento, os respondentes desconsideram elementos comuns de probabilidades, tendo preferencias inconsistentes quando a mesma opcao e proporcionada de formas distintas.

/pdf/aversao-a-perda-e-satisfacao-ao-ganho-nos-aspectos-d83599jtyk.pdf

Aversão a perda e satisfação ao ganho nos aspectos comportamentais dos acadêmicos e profissionais da atuária

Investment decisions are decisions to allocate funds into firms of investment that will generate higher profits in the future. This study aims to examine factors affecting financial investment decisions in undergraduate student context. Undergraduate students become interesting to investigates since they started investing their monthly income. This study employs quantitative research and the structural equation model analysis method. A total of 230 undergraduate students responded to the survey. The findings of the study indicate that there are several factors which significantly affect student financial investment decision which are financial literacy, financial attitude, regret aversion bias, and herding. Risk tolerance does not influence student investment decision. Thus, this study implies the importance financial service institutions roles and universities in educating and providing insight to potential investors, i.e., undergraduate students. Efforts to improve investment decisions from an early age are essential since increasing the amount of investment is beneficial for a country's economy.

Factors affecting financial investment decisions: undergraduate student context

This chapter provides an operational definition of civilizational populism. It examines how populists incorporate and instrumentalize notions of “civilization” into their discourses. It first discusses the literature on civilizational populism and shows how it has largely been described as a European and North American phenomenon. It then examines civilizational populism in three key non-Western nations representing three of the world’s major faiths: Turkey, India, and Myanmar. Finally, the chapter defines civilizational populism as a group of ideas that together considers that politics should be an expression of the volonté générale (general will) of the people, and society to be ultimately separated into two homogenous and antagonistic groups, “the pure people” versus “the corrupt elite” who collaborate with the dangerous others belonging to other civilizations that are hostile and present a clear and present danger to the civilization and way of life of the pure people. 

Civilizational Populism: Definition, Literature, Theory, and Practice

Insurance can help you manage your risk. It is much better to take a critical illness insurance policy that provides valuable form of financial protection in the event of critical illness. Most of the people are not aware of critical illness insurance and the perception is found to be affected by behavioural biases. The study aims to understand the level of awareness regarding Critical Illness Care Insurance among individuals and the factors contributing to the perception towards Critical Illness Insurance. Further it also attempts to measure the level of overconfidence bias among individuals and assess the relationship between overconfidence bias and perception towards Critical Illness Care Insurance among individuals. The present study is descriptive in nature using both primary and secondary data. Primary data has been collected using Structured Questionnaires using Google Forms. Scale Items were adapted from Berthet et.al. (2021) and Roshani et.al. (2022). Analysis of the data was conducted using Jamovi. Percentages, Mean Scores, Correlation and Correspondence Analysis were used to analyse the data. Awareness regarding Life Insurance, Motor Insurance and General Health Insurance are higher when compared to Critical Illness Care Insurance and Property Insurance. Overall perception towards critical illness care insurance is found to be low. There exist a moderate level of Overconfidence Bias. A high level of bias is associated with a low level of perception towards critical illness care insurance. Serious policy attention is needed to overcome the biases and educate the public in creating awareness and favourable perception towards critical illness care insurance. 

Awareness and Perception towards Critical Illness Care Insurance

Investor's previous experience appears to be one of the major determining factors in investment decision making. It is observed that investors avoid those stocks which resulted in losses earlier. The painful experience known as snakebite effect makes the investor more risk averse when the repeat behaviour comes into the picture. A completely opposite behaviour is observed when the repeat behaviour is related to reinvestment of their earlier earned profit. It is like a gambler who takes greater risk while playing with the house's money, an investor also becomes willing to take greater risk if she/he plans to reinvest their earlier earned profit. Loss of the earlier earned profit is not considered as loss of their own money which insists them to undertake greater risks. A risk averse investor becomes increasingly risk seeker due to this house money effect. In this research study, it is strongly evidenced that both the snakebite and house money effects influence the investors in their decision making process which may lead to a serious error in judgement in many occasions.

Behavioural Biases in Investment Decision Making: A research study on snakebite and house money effects on Indian individuals


 India has used civilizational discourses as part of its foreign policy to articulate its rise and rightful place in the world order. This article primarily examines India's civilizational arguments in south Asia. India's civilizational arguments in the region demand scrutiny as the neighbourhood is a theatre of contestation between territorial India and the claims of its civilizational space. Analysing historical accounts on Indian civilization, official documents and domestic narratives in India about south Asia, the article makes three points. First, India's civilizational articulation oscillates between two paradigmatic and contrasting representations of Nehruvianism and Hindutva variants. Second, it is argued that despite the ascendancy of Hindutva's civilizational symbolism since 2014, India's south Asia policy shows no paradigmatic change. Finally, it points to how the Hindutva project may be detrimental to India's self-image and dealings in south Asia. The article argues that while there is no official corroboration of Hindutva's claims in India's south Asia policy, the increasing salience of the domestic discussions around Akhand Bharat (undivided India) invites complications for India in its neighbourhood. India's Hindutva-driven civilizational claims raise anxieties of an Indian cultural hegemony in an asymmetric region splintered across territorial and nationalistic lines.

India's civilizational arguments in south Asia: from Nehruvianism to Hindutva

Refugees in South Asia: Political Membership, Nation-Building Projects and Securitisation of Human Flows

The Prospect theory developed by Daniel Kahneman and Amos Tversky represents an alternative theory of decision making under risk opposing the standard Morgenstern–von Neumann Expected utility theory. Normative theory proposes the guideline of “should behave” which is ever questionable as “observed behaviours” do not conform to the same in many cases. Unlike a normative theory, such as Expected utility theory, Prospect theory is a positive theory which is based on “observed behaviours” or “actually behave”. Kahneman and Tversky made various experimental observations which were based on different questions. This paper attempts to revisit the Prospect Theory by using the same questions in the context of Indian evidences. This empirical study helps learning the Prospect theory with “hands on” experimentation. It ends with an optimistic note that these Indian evidences may add some value to the body of knowledge of empirical research in the field of Behavioural Finance.

Prospect Theory Revisited: An Empirical Study of Students’ Behaviour in an Indian B School

Background The increased prevalence of knee trauma predominantly adds to the anterior cruciate ligament (ACL) tear frequencies that require single- or double-bundle reconstructive surgeries. Few studies have demonstrated the superior results of double-bundle reconstruction compared to single-bundle approaches. This study investigated the knee function improvement capacity of both reconstruction techniques in patients with ACL tears. Methods Thirty cases with ACL tears have been enrolled and segregated equally in distinct (single-bundle versus double-bundle) batches. The diagnostic assessments were undertaken through comprehensive clinical history, knee radiographs, Lysholm scoring, the International Knee Documentation Committee (IKDC) scale, the Lachman analysis, the International Knee Documentation Committee (IKDC) scale, and the pivot shift method. Results After one year, there was a significant enhancement in the postoperative versus preoperative Lysholm scores in the single-bundle (58.5 ± 21.2 vs. 82.4 ± 26.2, p<0.001) and double-bundle (86.4 ± 22.8 vs 60.3 ± 19.2, p<0.001) groups. There was a significant improvement in the IKDC scores after a follow-up period of one year (p-value: 0.012 and p-value: 0.002, respectively) in both of the study batches. After a year of follow-up, Lysholm scores (p=0.352) and IKDC scores (p=0.574) between the study groups (82.4 ± 26.2 vs. 86.4 ± 22.8) were comparable. Conclusion The clinical outcomes remained comparable between subjects with single-bundle reconstruction versus double-bundle reconstruction subjects with ACL injuries. Findings were similar between the groups after one year and two years of surgical interventions.

Double-Versus Single-Bundle Anterior Cruciate Ligament Reconstructive Surgery: A Prospective Study With >1 Year Follow-Up.

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