锚定偏差对投资决策的影响:来自加纳的证据

IF 1.9 Q2 BUSINESS, FINANCE Review of Behavioral Finance Pub Date : 2022-06-02 DOI:10.1108/rbf-09-2020-0223
E. Laryea, Sally Peaches Owusu
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引用次数: 1

摘要

本文的目的是探讨锚定如何影响共同基金投资者决策的动态,以及这种偏见在性别和金融知识水平之间的差异。设计/方法/方法采用实验研究设计来揭示被研究变量之间的关系;这包括使用问卷和嵌入式实验。本研究数据采用Pearson卡方检验和双向方差分析进行分析。研究结果表明,总体而言,投资者容易受到锚定偏差的显著影响。研究发现,参与者对锚的敏感性与性别和参与者的金融知识水平之间存在很强的关联,尽管不是很显著。女性被观察到比男性更容易锚定。此外,较高的金融知识水平无助于降低锚定的可能性;反而增加了它。研究局限性/启示研究结果不能被解释为表明因果关系,因为研究只测试变量之间的关联,而不是因果关系。此外,由于采用准实验方法,外部效度不能完全建立。实际意义本研究增加了关于该次区域行为偏差影响的知识体系,使投资者意识到他们的偏差,以尽量减少这些偏差对其投资决策的影响。原创性/价值本研究与早期研究的不同之处在于,它分析了锚定的存在受到一组完全不同的变量(专业知识和性别)的影响,并且是在一个非洲国家的背景下进行的,该国家对行为金融学的研究仍然缺乏。
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The impact of anchoring bias on investment decision-making: evidence from Ghana
PurposeThe objective of this paper is to explore how anchoring affects the dynamics of investor decision-making with regard to mutual funds and how this bias differs amongst gender and level of financial knowledge.Design/methodology/approachAn experimental research design was adopted to uncover the relationship between the variables under study; this involved the use of a questionnaire with an embedded experiment. Data obtained from the study were analysed using Pearson's chi-square test and two-way analysis of variance.FindingsThe findings show that, overall, investors were prone to be significantly influenced by the anchoring bias. The study finds a strong, albeit not significant, association between participants' susceptibility to anchor and both gender and the level of financial knowledge of participants. Females were observed to be more likely to anchor than their male counterparts. Also, a higher level of financial knowledge did not help to reduce the possibility of anchoring; it rather increased it.Research limitations/implicationsThe findings of the study cannot be interpreted as suggesting causality as the study only tests for association between variables and not causality. Additionally, external validity cannot be fully established as a result of the quasi-experiment approach used.Practical implicationsThe study adds to the body of knowledge on the influences of behavioural biases in the sub-region to make investors aware of their biases in order to minimise the influence of these biases on their investment decisions.Originality/valueThis study differs from earlier studies in that it analyses the presence of anchoring as influenced by a completely different set of variables (expertise and gender) and also does it within the context of an African country where there remains a paucity of research on behavioural finance.
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来源期刊
Review of Behavioral Finance
Review of Behavioral Finance BUSINESS, FINANCE-
CiteScore
4.70
自引率
5.00%
发文量
44
期刊介绍: Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.
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