巴基斯坦行为偏差对投资绩效的影响:金融知识的调节作用

Amir Rafique, M. U. Quddoos, Usama Kalim, Dr Muhammad Ramzan Sheikh
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引用次数: 4

摘要

本研究旨在了解某些行为偏差与投资绩效的关系,并确定金融素养对这些假设关系的调节作用。数据是通过问卷调查收集的投资者在巴基斯坦证券交易所(PSX)交易。采用结构方程模型(SEM)对数据进行分析,结果表明只有锚定和过度自信偏差对投资绩效有显著影响。结果还表明,金融知识的存在对提高投资者的业绩没有任何作用。目前的研究结果主要是通过测试金融素养在行为偏差和投资决策结果之间的调节作用,从而期望对投资者和政策制定者有用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Impact of Behavioral Biases on Investment Performance in Pakistan: The Moderating Role of Financial Literacy
This study aims at understanding the relationships of certain behavioral biases with the investment performance, and identifies the moderating role of financial literacy upon these hypothesized relationships. Data is collected through questionnaire from the investors trading at Pakistan Stock Exchange (PSX). Structured Equation Modeling (SEM) is used to analyze the data with the results that only anchoring and overconfidence biases have significant effects on investment performance. The results also show that presence of financial literacy does not play any role in improving the performance of investors. Majorly, findings of current study contribute by testing the moderating role of financial literacy between the behavioral biases and the outcome of investment decisions and thus expected to be useful for investors and policy makers.  
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