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Behavioral mediators of financial decision making – a state-of-art literature review

Author

Listed:
  • Rupali Misra Nigam
  • Sumita Srivastava
  • Devinder Kumar Banwet

Abstract

Purpose - The purpose of this paper is to review the insights provided by behavioral finance studies conducted in the last decade (2006-2015) examining behavioral variables in financial decision making. Design/methodology/approach - The literature review assesses 623 qualitative and quantitative studies published in various international refereed journals and identifies possible scope of future work. Findings - The paper identifies stock market anomalies which contradict rational agents of modern portfolio theory at an aggregate level and behavioral mediators, influencing the financial decision making at an investor level. The paper also attempts to classify different dimensions of risk as professed by the investor. Originality/value - The authors synthesize the contribution made by behavioral finance studies in extending the knowledge of financial market and investor behavior.

Suggested Citation

  • Rupali Misra Nigam & Sumita Srivastava & Devinder Kumar Banwet, 2018. "Behavioral mediators of financial decision making – a state-of-art literature review," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 10(1), pages 2-41, March.
    • Handle: RePEc:eme:rbfpps:rbf-07-2016-0047
    DOI: 10.1108/RBF-07-2016-0047
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    Citations

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    Cited by:

    1. Ritika & Nawal Kishor, 2020. "Development and validation of behavioral biases scale: a SEM approach," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 14(2), pages 237-259, November.
    2. Goodell, John W. & Kumar, Satish & Rao, Purnima & Verma, Shubhangi, 2023. "Emotions and stock market anomalies: A systematic review," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    3. S, Ramya, 2023. "Analyzing the Impact of the Covid-19 Pandemic on Stock Market Investments," OSF Preprints wm4z3, Center for Open Science.

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