Impact of Demographic Variables on Behavioural Biases and Stock Market Investment Decisions

Author(s)	Ms. Aparna Shukla, Dr. Archana Singh
Country	India
Abstract	The rationality hypothesis has been a very popular topic among the academics. Being a widely accepted hypothesis as part of the traditional finance theories, an investor is deemed a rational agent and makes rational decisions by exhausting all available alternatives. However, recently, new behavioural finance theories have been gaining ground as many empirical findings, which have been left unanswered by the traditional theories, can be explained by these behavioural-approach based theories. This research examined the behaviour of stock market investors were studied through three factors herding, overconfidence, and investment decisions. The study period was between November 2024 and May 2025. Questionnaire is floated online from which 107 responses are received out of which 80 responses are used for the study after refining the data. The study attempts to analyse the difference in the behaviour of stock market investors in terms of gender, age, education, income, and investment experience.
Keywords	Behavioural factors, Investment decisions, Herding, Overconfidence
Field	Business Administration
Published In	Volume 7, Issue 3, May-June 2025
Published On	2025-06-13
DOI	https://doi.org/10.36948/ijfmr.2025.v07i03.46856
Short DOI	https://doi.org/g9qp46

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International Journal For Multidisciplinary Research