Cognitive Biases Among Millennial Indian Investors: Do Personality and Demographic Factors Matter?

Sangita Choudhary, Mohit Yadav and Anugamini Priya Srivastava

FIIB Business Review, 2024, vol. 13, issue 1, 106-117

Abstract: This study examines the influence of financial literacy, gender, annual family income and neuroticism personality trait on the probability of millennial equity investors to suffer from selected cognitive biases (availability bias, representative bias, mental accounting bias and anchoring and adjustment bias). Binary logistic regression method is applied to conduct the analysis. Results of the current study indicate that selected demographic factors and investor personality are significant in predicting the probability of millennial Indian investor to suffer from the biases under consideration. For availability bias, financial literacy; for representative bias, financial literacy, neuroticism and gender; for mental accounting bias, neuroticism, gender and annual family income; and for anchoring and adjustment bias, financial literacy, neuroticism, gender and annual family income are found as significant predictors.

Keywords: Anchoring and adjustment bias; availability bias; cognitive bias; equity investors; financial literacy; investment decisions; mental accounting bias; neuroticism; representative bias (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:sae:fbbsrw:v:13:y:2024:i:1:p:106-117

DOI: 10.1177/23197145211057343

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