FACTORS AFFECTING DISPOSITION EFFECT IN EQUITY INVESTMENT: A SOCIAL NETWORK ANALYSIS APPROACH
Keywords:
Disposition Effect, Equity Investment, Stock Market, Social Network Analysis.
Abstract
The study aims at identifying the factors influencing the disposition effect acting on equity investors and further identifying the relationship between the influencing factors. The study aims at conducting a complete analysis of the influencing factors along with measuring their impact on disposition effect using Social Network Analysis (SNA).The factors affecting disposition effect on investors were identified through the literature review. Experts’ opinions were sought for determining the relationship among the factors and finally, the importance of those factors was analyzed using Social Network Analysis (SNA). It was found that social trust, investor emotion are the two most important factors affecting the other factors of disposition effect and consequently disposition effect finally. Besides, mental accounting; regret aversion, trading intensity, trading volume, and portfolio performance strongly influence the effect of disposition on investors because of their higher in-degree and out-degree. Therefore, the policymakers need to impart training to the investors to understand the mechanism of the stock market so that they can evaluate their standing in the stock market which, in the long run, will be reflected in their investment behavior.
References
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Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2009). Just How Much Do Individual Investors Lose by Trading? The Review of Financial Studies, 22(2), 609–632.https://doi.org/10.1093/rfs/hhn046
Barber, B.M. & Odean, T. (1999). The Courage of Misguided Convictions. Financial Analysis Journal, 55(6), 41-55.https://doi.org/10.2469/faj.v55.n6.2313
Barberis, N., &Xiong, W. (2009). What drives the disposition effect? An analysis of a long‐standing preference‐based explanation. The Journal of Finance, 64(2), 751-784.https://doi.org/10.1111/j.1540-6261.2009.01448.x
Barberis, Nicholas, Andrei Shleifer, and Robert Vishny, (1998). A Model of Investor Sentiment, Journal of Financial Economics, 49(1), 307-343.https://doi.org/10.1016/S0304-405X(98)00027-0
Ben-David, I., & Doukas, J. (2006). Overconfidence, trading volume, and the disposition effect: Evidence from the trades of institutional investors. Unpublished Manuscript, University of Chicago.
Ben-David, I., & Hirshleifer, D. (2012). Are investors really reluctant to realize their losses? Trading responses to past returns and the disposition effect. The Review of Financial Studies, 25(8), 2485-2532. https://doi.org/10.1093/rfs/hhs077
Bhattacharjee, J., & Singh, R. (2017). Awareness about equity investment among retail investors: a kaleidoscopic view. Qualitative Research in Financial Markets, 9(4), 310-324. https://doi.org/10.1108/QRFM-04-2017-0036
Bleijlevens, M. H., Wagner, L. M., Capezuti, E., Hamers, J. P., & International Physical Restraint Workgroup. (2016). Physical restraints: Consensus of a research definition using a modified Delphi technique. Journal of the American Geriatrics Society, 64(11), 2307-2310. https://doi.org/10.1111/jgs.14435
Bordoloi, D., Singh, R., Bhattacharjee, J., &Bezborah, P. (2020). Assessing the Awareness of Islamic Law on Equity Investment in State of Assam, India. Journal of Islamic Finance, 9(1),001-012.https://journals.iium.edu.my/iiibf journal/index.php/jif/article/view/323
Borgatti, S. P. (2002). Netdraw Network Visualization. Analytic Technologies:Harvard, MA.
Borgatti, S. P., Everett, M. G., & Freeman, L. C. (2002). Ucinet for Windows: Software for social network analysis. Harvard, MA: analytic technologies, 6.
Brown, P.R., Chappel, N., Rosa, R.S. and Walter, T.S. (2006). The Reach of the Disposition Effect: Large Sample Evidence Across Investor Classes. Working Paper, Lancaster University.https://doi.org/10.1111/j.1468-2443.2007.00059.x
Čekauskas, K., Liatukas, V., Verlaine, M., &Putniņš, T. (2011). Behavioural Biases of the Disposition Effect and Overconfidence and their Impact on the Estonian Stock Market.
Choe, H. and Eom, Y. 2006. Th e Disposition Effect and Investment Performance in the Futures Market. Working Paper, Seoul National University.https://doi.org/10.1002/fut.20398
Choudhury, M., Singh, R., &Saikia, H. (2016). Measuring customer experience in bancassurance: an empirical study. Trziste, 28(1), 47-62.
Da Costa, N., Goulart, M., Cupertino, C., Macedo, J., & Da Silva, S. (2013). The disposition effect and Investor experience. Journal of Banking and Finance, 37(5), 1669–1675.https://doi.org/10.1016/j.jbankfin.2012.12.007
Deb, S. & Singh, R. (2017). Influence of Demographic and Socio-economic Variables on Investors’ Risk Perception towards Mutual Fund: A Study on Bank Employees of Tripura. Bank Parikrama, XLII (1 & 2), 94 – 116
Dhar, R. and Zhu, N. (2006). Up Close and Personal: An Individual Level Analysis of the Disposition Effect. Management Science, 52(5), 726-740.
Feng, L. and Seasholes, M.S. (2008). Individual Investors and Gender Similarities in an Emerging Stock Market. Pacific-Basin Finance Journal, 16(1-2), 44–60.https://doi.org/10.1287/mnsc.1040.0473
Frazzini, A. (2006). The disposition effect and underreaction to news. The Journal of Finance, 61(4), 2017-2046.https://doi.org/10.1111/j.1540-6261.2006.00896.x
Giusti, J. D., Alberti, F. G., &Belfanti, F. (2020). Makers and clusters. Knowledge leaks in open innovation networks. Journal of Innovation & Knowledge, 5(1), 20-28. https://doi.org/10.1016/j.jik.2018.04.001
Goetzmann, W. N., & Massa, M. (2008). Disposition matters: Volume,volatility, and price impact of a behavioral bias. The Journal of Portfolio Management, 34(2), 103-125.https://doi.org/10.3905/jpm.2008.701622
Grinblatt, M. & Keloharju, M. (2001). The Investment Behavior and Performance of Various Investor Types: A Study of Finland’s Unique Data Set. Journal of Financial Economics, 55(1),43-67.https://doi.org/10.1016/S0304-405X(99)00044-6
Heimer, R. Z. (2016). Peer pressure: Social interaction and the disposition effect. The Review of Financial Studies, 29(11), 3177-3209.https://doi.org/10.1093/rfs/hhw063
Hoffmann, A. O., & Post, T. (2014). Self-attribution bias in consumer financial decision-making: How investment returns affect individuals’ belief in skill. Journal of Behavioral and Experimental Economics, 52(1), 23-28.https://doi.org/10.1016/j.socec.2014.05.005
Huang, N., Bai, L., Wang, H., Du, Q., Shao, L., & Li, J. (2018). Social network analysis of factors influencing green building development in China. International journal of environmental research and public health, 15(12), 2684. https://doi.org/10.3390/ijerph15122684
Kahneman, D., & Lovallo, D. (1993). Timid choices and bold forecasts: A cognitive perspective on risk taking. Management science, 39(1), 17-31.https://doi.org/10.1287/mnsc.39.1.17
Kahneman, D. & Tversky, A. (1979). Prospect Theory: An Analysis of Decision Under Risk, Econometrica, 47, 263-291. https://doi.org/10.1287/mnsc.39.1.17
Kaustia, M. (2004). Market-wide impact of the disposition effect: evidence from IPO trading volume. Journal of Financial Markets, 7(2), 207-235.https://doi.org/10.1016/j.finmar.2003.11.002
Kumar, A. (2009). Who gambles in the stock market? The Journal of Finance, 64(4), 1889-1933.https://doi.org/10.1111/j.1540-6261.2009.01483.x
Leal, C.C., Armada, M.J.R., & Duque, J.L.C. (2008). Are All Individual Investors Equally Prone to the Disposition Effect All the Time? New Evidence from a Small Market. SSRN Working papers.
Li, J. J., Massa, M., & Zhang, H. (2016). Culture vs. Bias: can social trust mitigate the disposition effect?
Moreno, J. L. (1934). Who shall survive?: A new approach to the problem of human interrelations.
Lusher, D., Robins, G., & Kremer, P. (2010). The application of social network analysis to team sports. Measurement in physical education and exercise science, 14(4), 211-224.https://doi.org/10.1080/1091367X.2010.495559
Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53 (5), 1775-1798. https://doi.org/10.1111/0022-1082.00072
Parveen, S., Siddiqui, M. A., & Malik, N. (2016). Exploring disposition effect and overconfidence in Pakistani investors in KSE listed sectors. Research Journal of Finance and Accounting, 7(7), 72-85.
Richards, D. W., Rutterford, J., Kodwani, D., & Fenton-O’Creevy, M. (2017) Stock market Investors’ use of stop losses and the disposition effect. The European Journal of Finance 23(2), 130 – 152. https://doi.org/10.1080/1351847X.2015.1048375
Seo, M. G., & Barrett, L. F. (2007). Being emotional during decisionmaking—good or bad? An empirical investigation. Academy of Management Journal, 50(4), 923-940.https://doi.org/10.5465/amj.2007.26279217
Seru, A., Shumway, T., & Stoffman, N. (2010). Learning by trading. The Review of Financial Studies, 23(2), 705-739. https://doi.org/10.1093/rfs/hhp060
Shapira, Z. & Venezia, I. (2001). Patterns of Behavior of ProfessionallyManagedand Independent Investors. Journal of Banking and Finance, 25(8), 1573-1587.https://doi.org/10.1016/S0378-4266(00)00139-4
Shefrin, H., & Statman, M. (1985). The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence. The Journal of Finance, 40(3), 777-790.https://doi.org/10.1111/j.1540-6261.1985.tb05002.x
Shleifer Andrei. Inefficient markets: An introduction to behavioral finance. New York: Oxford University Press; 2000.
Singh, R., & Barman, H. (2011). Learning Investors’ Club. IMT Case Journal, 1(2), 39-47.
Singh, R. & Bhowal, A. (2009). Equity Investment Behaviour of Employees: A Study of Volume Dimension. Banijya, 2(1), 16 – 25.
Singh, R. & Leepsa, N. M. (2016). Feasibility of Investing in Carbon Efficient Portfolios. International Journal of Banking and Finance, 12(2), 23-41. https://doi.org/10.32890/ijbf2016.12.2.8490
Singh, R. (2009). Behavioural Finance-A Kaleidoscopic View. BVIMSR’s Journal of Management Research, 1(3), 313-321.
Singh, R. (2010). Behavioural Finance Studies: Emergence and Developments. Journal of Contemporary Management Research, 4(2), 1-9.
Singh, R. (2011). Overconfidence in financial decisions: a critical review. IASMS Journal of Business Spectrum, 4(02), 105-114.
Singh, R. (2012). Risk Perception of Investors in Initial Public Offer of Shares: A Psychometric Study. Asia-Pacific Journal of Risk and Insurance, 6(2).https://doi.org/10.1515/2153-3792.1131
Singh, R. (2019). Behavioural Finance. PHI Learning Pvt. Ltd.
Singh, R., & Bhattacharjee, D. (2010a). Equity Investment Decisions: Are Demographic Variables Really Significant? Paradigm, 14(1), 7-11. https://doi.org/10.1177/0971890720100103
Singh, R., & Bhattacharjee, D. (2010b). Impact of Demographic Variables on Indirect Equity Investment: An Empirical Study. Indira Management Review, 4(1), 4-11.
Singh, R., & Bhowal, A. (2010a). Risk perception of employees with respect to equity shares. Journal of behavioral finance, 11(3), 177-183.https://doi.org/10.1080/15427560.2010.507428
Singh, R., & Bhowal, A. (2010b). Imparting investment education to employees by the employer: an expectation-experience gap study. Amity Management Analyst, 5(2), 57-65.
Singh, R., & Bhowal, A. (2011). Development of marketing‐driven measure of risk perception. The Journal of Risk Finance, 12(2), 140-152. https://doi.org/10.1108/15265941111112857
Singh, R., & Bhowal, A. (2012). Marketing dimension of equity related risk perception of employees: Own company’s shares vs other company’s shares. Management Insight, 6(2).
Soheili, F., Khademi, R., & Mansoori, A. (2014). Correlation between Impact Factor and productivity with centrality measures in journals of Information science: A social network analysis. International Journal of Information Science and Management (IJISM), 13(1). https://ijism.ricest.ac.ir/index.php/ijism/article/view/501
Steward, D. V. (1981). The design structure system: A method for managing the design of complex systems. IEEE transactions on Engineering Management, (3), 71-74.
Talpsepp, T. (2013). Does gender and age affect investor performance and the disposition effect? Research in Economics and Business: Central and Eastern Europe, 2(1), 76-93.
Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of economic behavior & organization, 1(1), 39-60.
Thaler, R. (1985). Mental accounting and consumer choice. Marketing science, 4(3), 199-214.
Thaler, R. H., & Johnson, E. J. (1990). Gambling with the house money and trying to break even: The effects of prior outcomes on risky choice. Management science, 36(6), 643-660.https://doi.org/10.1287/mnsc.36.6.643
Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211(4481), 453-458.10.1126/science.7455683
Umadevi, V. (2013). Case study–centrality measure analysis on co-authorship network. Journal of Global Research in Computer Science, 4(1), 67-70.
Visaltanachoti, N., Lu, L., & Luo, H. (2007). Holding periods, illiquidity anddisposition effect in the Chinese stock markets. Applied Financial Economics, 17(15), 1265-1274.https://doi.org/10.1080/09603100600905053
Wasserman, S., & Faust, K. (1994). Social network analysis: Methods and applications. Cambridge: Cambridge University Press.
Weber, M. & Welfens, F. (2007). An Individual-Level Analysis of the Disposition Effect: Empirical and Experimental Evidence.
Zuchel, H. (2001). What drives the disposition effect? 01-39.
Bae, S. H., Nikolaev, A., Seo, J. Y., &Castner, J. (2015). Health care provider social network analysis: a systematic review. Nursing Outlook, 63(5), 566-584.https://doi.org/10.1016/j.outlook.2015.05.006
Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2009). Just How Much Do Individual Investors Lose by Trading? The Review of Financial Studies, 22(2), 609–632.https://doi.org/10.1093/rfs/hhn046
Barber, B.M. & Odean, T. (1999). The Courage of Misguided Convictions. Financial Analysis Journal, 55(6), 41-55.https://doi.org/10.2469/faj.v55.n6.2313
Barberis, N., &Xiong, W. (2009). What drives the disposition effect? An analysis of a long‐standing preference‐based explanation. The Journal of Finance, 64(2), 751-784.https://doi.org/10.1111/j.1540-6261.2009.01448.x
Barberis, Nicholas, Andrei Shleifer, and Robert Vishny, (1998). A Model of Investor Sentiment, Journal of Financial Economics, 49(1), 307-343.https://doi.org/10.1016/S0304-405X(98)00027-0
Ben-David, I., & Doukas, J. (2006). Overconfidence, trading volume, and the disposition effect: Evidence from the trades of institutional investors. Unpublished Manuscript, University of Chicago.
Ben-David, I., & Hirshleifer, D. (2012). Are investors really reluctant to realize their losses? Trading responses to past returns and the disposition effect. The Review of Financial Studies, 25(8), 2485-2532. https://doi.org/10.1093/rfs/hhs077
Bhattacharjee, J., & Singh, R. (2017). Awareness about equity investment among retail investors: a kaleidoscopic view. Qualitative Research in Financial Markets, 9(4), 310-324. https://doi.org/10.1108/QRFM-04-2017-0036
Bleijlevens, M. H., Wagner, L. M., Capezuti, E., Hamers, J. P., & International Physical Restraint Workgroup. (2016). Physical restraints: Consensus of a research definition using a modified Delphi technique. Journal of the American Geriatrics Society, 64(11), 2307-2310. https://doi.org/10.1111/jgs.14435
Bordoloi, D., Singh, R., Bhattacharjee, J., &Bezborah, P. (2020). Assessing the Awareness of Islamic Law on Equity Investment in State of Assam, India. Journal of Islamic Finance, 9(1),001-012.https://journals.iium.edu.my/iiibf journal/index.php/jif/article/view/323
Borgatti, S. P. (2002). Netdraw Network Visualization. Analytic Technologies:Harvard, MA.
Borgatti, S. P., Everett, M. G., & Freeman, L. C. (2002). Ucinet for Windows: Software for social network analysis. Harvard, MA: analytic technologies, 6.
Brown, P.R., Chappel, N., Rosa, R.S. and Walter, T.S. (2006). The Reach of the Disposition Effect: Large Sample Evidence Across Investor Classes. Working Paper, Lancaster University.https://doi.org/10.1111/j.1468-2443.2007.00059.x
Čekauskas, K., Liatukas, V., Verlaine, M., &Putniņš, T. (2011). Behavioural Biases of the Disposition Effect and Overconfidence and their Impact on the Estonian Stock Market.
Choe, H. and Eom, Y. 2006. Th e Disposition Effect and Investment Performance in the Futures Market. Working Paper, Seoul National University.https://doi.org/10.1002/fut.20398
Choudhury, M., Singh, R., &Saikia, H. (2016). Measuring customer experience in bancassurance: an empirical study. Trziste, 28(1), 47-62.
Da Costa, N., Goulart, M., Cupertino, C., Macedo, J., & Da Silva, S. (2013). The disposition effect and Investor experience. Journal of Banking and Finance, 37(5), 1669–1675.https://doi.org/10.1016/j.jbankfin.2012.12.007
Deb, S. & Singh, R. (2017). Influence of Demographic and Socio-economic Variables on Investors’ Risk Perception towards Mutual Fund: A Study on Bank Employees of Tripura. Bank Parikrama, XLII (1 & 2), 94 – 116
Dhar, R. and Zhu, N. (2006). Up Close and Personal: An Individual Level Analysis of the Disposition Effect. Management Science, 52(5), 726-740.
Feng, L. and Seasholes, M.S. (2008). Individual Investors and Gender Similarities in an Emerging Stock Market. Pacific-Basin Finance Journal, 16(1-2), 44–60.https://doi.org/10.1287/mnsc.1040.0473
Frazzini, A. (2006). The disposition effect and underreaction to news. The Journal of Finance, 61(4), 2017-2046.https://doi.org/10.1111/j.1540-6261.2006.00896.x
Giusti, J. D., Alberti, F. G., &Belfanti, F. (2020). Makers and clusters. Knowledge leaks in open innovation networks. Journal of Innovation & Knowledge, 5(1), 20-28. https://doi.org/10.1016/j.jik.2018.04.001
Goetzmann, W. N., & Massa, M. (2008). Disposition matters: Volume,volatility, and price impact of a behavioral bias. The Journal of Portfolio Management, 34(2), 103-125.https://doi.org/10.3905/jpm.2008.701622
Grinblatt, M. & Keloharju, M. (2001). The Investment Behavior and Performance of Various Investor Types: A Study of Finland’s Unique Data Set. Journal of Financial Economics, 55(1),43-67.https://doi.org/10.1016/S0304-405X(99)00044-6
Heimer, R. Z. (2016). Peer pressure: Social interaction and the disposition effect. The Review of Financial Studies, 29(11), 3177-3209.https://doi.org/10.1093/rfs/hhw063
Hoffmann, A. O., & Post, T. (2014). Self-attribution bias in consumer financial decision-making: How investment returns affect individuals’ belief in skill. Journal of Behavioral and Experimental Economics, 52(1), 23-28.https://doi.org/10.1016/j.socec.2014.05.005
Huang, N., Bai, L., Wang, H., Du, Q., Shao, L., & Li, J. (2018). Social network analysis of factors influencing green building development in China. International journal of environmental research and public health, 15(12), 2684. https://doi.org/10.3390/ijerph15122684
Kahneman, D., & Lovallo, D. (1993). Timid choices and bold forecasts: A cognitive perspective on risk taking. Management science, 39(1), 17-31.https://doi.org/10.1287/mnsc.39.1.17
Kahneman, D. & Tversky, A. (1979). Prospect Theory: An Analysis of Decision Under Risk, Econometrica, 47, 263-291. https://doi.org/10.1287/mnsc.39.1.17
Kaustia, M. (2004). Market-wide impact of the disposition effect: evidence from IPO trading volume. Journal of Financial Markets, 7(2), 207-235.https://doi.org/10.1016/j.finmar.2003.11.002
Kumar, A. (2009). Who gambles in the stock market? The Journal of Finance, 64(4), 1889-1933.https://doi.org/10.1111/j.1540-6261.2009.01483.x
Leal, C.C., Armada, M.J.R., & Duque, J.L.C. (2008). Are All Individual Investors Equally Prone to the Disposition Effect All the Time? New Evidence from a Small Market. SSRN Working papers.
Li, J. J., Massa, M., & Zhang, H. (2016). Culture vs. Bias: can social trust mitigate the disposition effect?
Moreno, J. L. (1934). Who shall survive?: A new approach to the problem of human interrelations.
Lusher, D., Robins, G., & Kremer, P. (2010). The application of social network analysis to team sports. Measurement in physical education and exercise science, 14(4), 211-224.https://doi.org/10.1080/1091367X.2010.495559
Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53 (5), 1775-1798. https://doi.org/10.1111/0022-1082.00072
Parveen, S., Siddiqui, M. A., & Malik, N. (2016). Exploring disposition effect and overconfidence in Pakistani investors in KSE listed sectors. Research Journal of Finance and Accounting, 7(7), 72-85.
Richards, D. W., Rutterford, J., Kodwani, D., & Fenton-O’Creevy, M. (2017) Stock market Investors’ use of stop losses and the disposition effect. The European Journal of Finance 23(2), 130 – 152. https://doi.org/10.1080/1351847X.2015.1048375
Seo, M. G., & Barrett, L. F. (2007). Being emotional during decisionmaking—good or bad? An empirical investigation. Academy of Management Journal, 50(4), 923-940.https://doi.org/10.5465/amj.2007.26279217
Seru, A., Shumway, T., & Stoffman, N. (2010). Learning by trading. The Review of Financial Studies, 23(2), 705-739. https://doi.org/10.1093/rfs/hhp060
Shapira, Z. & Venezia, I. (2001). Patterns of Behavior of ProfessionallyManagedand Independent Investors. Journal of Banking and Finance, 25(8), 1573-1587.https://doi.org/10.1016/S0378-4266(00)00139-4
Shefrin, H., & Statman, M. (1985). The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence. The Journal of Finance, 40(3), 777-790.https://doi.org/10.1111/j.1540-6261.1985.tb05002.x
Shleifer Andrei. Inefficient markets: An introduction to behavioral finance. New York: Oxford University Press; 2000.
Singh, R., & Barman, H. (2011). Learning Investors’ Club. IMT Case Journal, 1(2), 39-47.
Singh, R. & Bhowal, A. (2009). Equity Investment Behaviour of Employees: A Study of Volume Dimension. Banijya, 2(1), 16 – 25.
Singh, R. & Leepsa, N. M. (2016). Feasibility of Investing in Carbon Efficient Portfolios. International Journal of Banking and Finance, 12(2), 23-41. https://doi.org/10.32890/ijbf2016.12.2.8490
Singh, R. (2009). Behavioural Finance-A Kaleidoscopic View. BVIMSR’s Journal of Management Research, 1(3), 313-321.
Singh, R. (2010). Behavioural Finance Studies: Emergence and Developments. Journal of Contemporary Management Research, 4(2), 1-9.
Singh, R. (2011). Overconfidence in financial decisions: a critical review. IASMS Journal of Business Spectrum, 4(02), 105-114.
Singh, R. (2012). Risk Perception of Investors in Initial Public Offer of Shares: A Psychometric Study. Asia-Pacific Journal of Risk and Insurance, 6(2).https://doi.org/10.1515/2153-3792.1131
Singh, R. (2019). Behavioural Finance. PHI Learning Pvt. Ltd.
Singh, R., & Bhattacharjee, D. (2010a). Equity Investment Decisions: Are Demographic Variables Really Significant? Paradigm, 14(1), 7-11. https://doi.org/10.1177/0971890720100103
Singh, R., & Bhattacharjee, D. (2010b). Impact of Demographic Variables on Indirect Equity Investment: An Empirical Study. Indira Management Review, 4(1), 4-11.
Singh, R., & Bhowal, A. (2010a). Risk perception of employees with respect to equity shares. Journal of behavioral finance, 11(3), 177-183.https://doi.org/10.1080/15427560.2010.507428
Singh, R., & Bhowal, A. (2010b). Imparting investment education to employees by the employer: an expectation-experience gap study. Amity Management Analyst, 5(2), 57-65.
Singh, R., & Bhowal, A. (2011). Development of marketing‐driven measure of risk perception. The Journal of Risk Finance, 12(2), 140-152. https://doi.org/10.1108/15265941111112857
Singh, R., & Bhowal, A. (2012). Marketing dimension of equity related risk perception of employees: Own company’s shares vs other company’s shares. Management Insight, 6(2).
Soheili, F., Khademi, R., & Mansoori, A. (2014). Correlation between Impact Factor and productivity with centrality measures in journals of Information science: A social network analysis. International Journal of Information Science and Management (IJISM), 13(1). https://ijism.ricest.ac.ir/index.php/ijism/article/view/501
Steward, D. V. (1981). The design structure system: A method for managing the design of complex systems. IEEE transactions on Engineering Management, (3), 71-74.
Talpsepp, T. (2013). Does gender and age affect investor performance and the disposition effect? Research in Economics and Business: Central and Eastern Europe, 2(1), 76-93.
Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of economic behavior & organization, 1(1), 39-60.
Thaler, R. (1985). Mental accounting and consumer choice. Marketing science, 4(3), 199-214.
Thaler, R. H., & Johnson, E. J. (1990). Gambling with the house money and trying to break even: The effects of prior outcomes on risky choice. Management science, 36(6), 643-660.https://doi.org/10.1287/mnsc.36.6.643
Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211(4481), 453-458.10.1126/science.7455683
Umadevi, V. (2013). Case study–centrality measure analysis on co-authorship network. Journal of Global Research in Computer Science, 4(1), 67-70.
Visaltanachoti, N., Lu, L., & Luo, H. (2007). Holding periods, illiquidity anddisposition effect in the Chinese stock markets. Applied Financial Economics, 17(15), 1265-1274.https://doi.org/10.1080/09603100600905053
Wasserman, S., & Faust, K. (1994). Social network analysis: Methods and applications. Cambridge: Cambridge University Press.
Weber, M. & Welfens, F. (2007). An Individual-Level Analysis of the Disposition Effect: Empirical and Experimental Evidence.
Zuchel, H. (2001). What drives the disposition effect? 01-39.
Published
2020-10-28
How to Cite
Kajol, K., Biswas, P., Singh, R., Moid, S., & Das, A. K. (2020). FACTORS AFFECTING DISPOSITION EFFECT IN EQUITY INVESTMENT: A SOCIAL NETWORK ANALYSIS APPROACH. International Journal of Accounting & Finance Review, 5(3), 64-86. https://doi.org/10.46281/ijafr.v5i3.845
Section
Regular Research Article/ Short Communication Article
Copyright (c) 2020 K. Kajol, Prasita Biswas, Ranjit Singh, Sana Moid, Amit Kumar Das
This work is licensed under a Creative Commons Attribution 4.0 International License.
