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<p>The current research attempts to examine how heuristic-driven and emotional biases impact the investment behavior of Indian stock market-sampled retail investors. We tested research hypotheses that make use of Smart Partial Least Square-4 on a sample of 449 retail investors. Results exhibit that the heuristic biases (anchoring, disposition effect, herding, hindsight, mental accounting, overconfidence, representativeness bias, and emotional biases) positively and significantly impact investment behavior. The phenomenon of self-attribution negatively impacts investment behavior. Findings indicate the presence of heuristic-driven and emotional biases among Indian stock market-sampled retail investors.</p>

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Impact of heuristics driven biases and emotional biases on investment behavior: a study of retail investors

  • 期刊论文

  • 发表日期：

    2025年7月8日

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  • Ishrat Bashir,
  • Sushil Kumar Mehta

摘要

The current research attempts to examine how heuristic-driven and emotional biases impact the investment behavior of Indian stock market-sampled retail investors. We tested research hypotheses that make use of Smart Partial Least Square-4 on a sample of 449 retail investors. Results exhibit that the heuristic biases (anchoring, disposition effect, herding, hindsight, mental accounting, overconfidence, representativeness bias, and emotional biases) positively and significantly impact investment behavior. The phenomenon of self-attribution negatively impacts investment behavior. Findings indicate the presence of heuristic-driven and emotional biases among Indian stock market-sampled retail investors.