How to cite this paper
Qasim, M., Hussain, R., Mehboob, I & Arshad, M. (2019). Impact of herding behavior and overconfidence bias on investors’ decision-making in Pakistan.Accounting, 5(2), 81-90.
Refrences
Arouri, M. E. H., Bellando, R., Ringuedé, S., & Vaubourg, A. G. (2010). Herding by institutional investors: empirical evidence from French mutual funds.
Aspara, J., & Tikkanen, H. (2011). Individuals’ affect-based motivations to invest in stocks: Beyond
expected financial returns and risks. Journal of Behavioral Finance, 12(2), 78-89.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292.
Bailey, W., Kumar, A., & Ng, D. (2011). Behavioral biases of mutual fund investors. Journal of Financial Economics, 102(1), 1-27.
Biais, B., Hilton, D., Mazurier, K., &Pouget, S. (2005). Judgemental overconfidence, self-monitoring, and trading performance in an experimental financial market. The Review of economic studies, 72(2), 287-312.
Bengtsson, C., Persson, M., & Willenhag, P. (2005). Gender and overconfidence. Economics letters, 86(2), 199-203.
Chen, G. M., Kim, K., Nofsinger, J. R., &Rui, O. M. (2007). Trading performance, disposition effect, overconfidence, representativeness bias, and experience of emerging market investors. Disposition Effect, Overconfidence, Representativeness Bias, and Experience of Emerging Market Investors (January 2007).
Chen, A., &Pelger, M. (2013). How Relative Compensation can lead to Herding Behavior.
Chiang, T. C., Li, J., Tan, L., &Nelling, E. (2013). Dynamic herding behavior in Pacific-Basin markets: Evidence and implications. Forthcoming in Multinational Finance Journal.
Cipriani, M., &Guarino, A. (2012). Estimating a structural model of herd behavior in financial markets. FRB of New York Staff Report, (561).
Coval, J. D., & Shumway, T. (2005). Do behavioral biases affect prices?. The Journal of Finance, 60(1), 1-34.
Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic literature, 47(2), 448-74.
Demirer, R., &Kutan, A. M. (2006). Does herding behavior exist in Chinese stock markets?. Journal of international Financial markets, institutions and money, 16(2), 123-142.
Deaves, R., Lüders, E., & Luo, G. Y. (2008). An experimental test of the impact of overconfidence and gender on trading activity. Review of finance, rfn023.
Deshmukh, S., Goel, A. M., & Howe, K. M. (2009). CEO overconfidence and dividend policy (No. 2009-06). Working Paper, Federal Reserve Bank of Chicago.
Dittrich, D. A., Güth, W., &Maciejovsky, B. (2005). Overconfidence in investment decisions: An experimental approach. The European Journal of Finance, 11(6), 471-491
Drehmann, M., Oechssler, J., &Roider, A. (2004). Herding and contrarian behavior in financial markets-an internet experiment. Available at SSRN 650462.
Fairchild, R. J. (2005). The effect of Managerial Overconfidence, asymmetric information, and moral hazard on capital structure decisions. Available at SSRN 711845.
Grable, J. E., & Roszkowski, M. J. (2008). The influence of mood on the willingness to take financial risks. Journal of Risk Research, 11(7), 905-923.
Gervais, S., & Goldstein, I. (2003). Overconfidence and team coordination.Available at SSRN 470787.
Gervais, S., Heaton, J. B., & Odean, T. (2002). The positive role of overconfidence and optimism in investment policy. RODNEY L WHITE CENTER FOR FINANCIAL RESEARCH-WORKING PAPERS-
Glaser, M., & Weber, M. (2007). Overconfidence and trading volume. The Geneva Risk and Insurance Review, 32(1), 1-36.
Graham, J. R., Harvey, C. R., & Huang, H. (2009). Investor competence, trading frequency, and home bias. Management Science, 55(7), 1094-1106.
Hirshleifer, D. (2001). Investor psychology and asset pricing. The Journal of Finance, 56(4), 1533-1597.
Hirshleifer, D., & Luo, G. Y. (2001). On the survival of overconfident traders in a competitive securities market. Journal of Financial Markets, 4(1), 73-84.
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, 23-28.
Hsieh, S., Tai, Y. Y., & Vu, T. B. (2008). Do herding behavior and positive feedback effects influence capital inflows? Evidence from Asia and Latin America. The International Journal of Business and Finance Research, 2(2), 19-34.
Hwang, S., & Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4), 585-616.
Jhandir, S. U., & Elahi, M. A. (2014, May). Behavioral Biases in Investment Decision Making and Moderating Role of Investor's Type. In SZABIST's 20th National Research Conference, 10th May.
Kallinterakis, V., &Kratunova, T. (2007). Does thin trading impact upon the measurement of herding? Evidence from Bulgaria. Evidence from Bulgaria.
Kahneman, D., & Tversky, A. (1972). Subjective probability: A judgment of representativeness. Cognitive Psychology, 3(3), 430-454.
Keysar, B., Hayakawa, S. L., & An, S. G. (2012). The foreign-language effect: Thinking in a foreign tongue reduces decision biases. Psychological science, 23(6), 661-668.
Lakshman, M. V., Basu, S., & Vaidyanathan, R. (2013). Market-wide herding and the impact of institutional investors in the Indian capital market. Journal of Emerging Market Finance, 12(2), 197-237.
Lakshmi, P., Visalakshmi, S., Thamaraiselvan, N., & Senthilarasu, B. (2013). Assessing the Linkage of Behavioural Traits and Investment Decisions using SEM Approach. International Journal of Economics & Management, 7(2).
Lakonishok, J., Shleifer, A., & Vishny, R. W. (1992). The impact of institutional trading on stock prices. Journal of financial economics, 32(1), 23-43.
Lewellen, K. (2006). Financing decisions when managers are risk averse.Journal of Financial Economics, 82(3), 551-589.
Libby, R., & Rennekamp, K. (2012). Self‐Serving Attribution Bias, Overconfidence, and the Issuance of Management Forecasts. Journal of Accounting Research, 50(1), 197-231.
MacGregor, D. G., Slovic, P., Dreman, D., & Berry, M. (2000). Imagery, affect, and financial judgment. The Journal of Psychology and Financial Markets, 1(2), 104-110.
Malmendier, U., & Tate, G. A. (2005). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European Financial Management, 11(5), 649-659.
Matsumoto, A., Fernandes, J., Ferreira, I., & Chagas, P. (2013). Behavioral Finance: A Study of Affect Heuristic and Anchoring in Decision Making of Individual Investors.
Ngoc, L. T. B. (2013). Behavior pattern of individual investors in stock market. International Journal of Business and Management, 9(1), 1.
Nada, S. M. A., &Moa’mer, F. A. (2013). Deanery Of Higher Studies Faculty Of Commerce Dep. Of Business Administration
Oehler, A., & Chao, G. G. C. (2000). Institutional herding in bond markets.Bamberg University Dept. of Finance Working Paper
Oehler, A., & Wendt, S. (2009). Herding behavior of mutual fund managers in Germany. Available at SSRN 1343470.
Oliver, J. D. (2005). The viable but non-culturable state in bacteria. J Microbiol,43(1), 93-100.
Ornelas, J. R. H., & Alemanni, B. (2008). Herding behaviour by equity foreign investors on emerging markets.
Parrino, R., Poteshman, A. M., &Weisbach, M. S. (2002). Measuring investment distortions when risk-averse managers decide whether to undertake risky projects (No. w8763). National Bureau of Economic Research.
Park, J., Konana, P., Gu, B., Kumar, A., &Raghunathan, R. (2010). Confirmation bias, overconfidence, and investment performance: Evidence from stock message boards. McCombs Research Paper Series No. IROM-07-10.
Puckett, A., & Yan, X. S. (2008). Short-term institutional herding and its impact on stock prices. Available at SSRN 972254.
Raddatz, C. E., &Schmukler, S. L. (2011). Deconstructing herding: evidence from pension fund Investment behavior. World Bank Policy Research Working Paper Series, Vol.
Redding, L. (1996). Noise traders and herding behavior.
Shaw, K. L. (1996). An empirical analysis of risk aversion and income growth.Journal of Labor Economics, 626-653.
Shiller, R. J. (2003). From efficient markets theory to behavioral finance. Journal of economic perspectives, 17(1), 83-104.
Suresh, A. (2013). Understanding Behavioral Finance Through Biases And Traits Of Trader Vis-À-Vis Investor.
Sias, R. W. (2004). Institutional herding. The Review of Financial Studies, 17(1), 165-206.
Skala, D. (2008). Overconfidence in psychology and finance-an interdisciplinary literature review. Bank iKredyt, (4), 33-50.
Venezia, I., Nashikkar, A. J., &Shapira, Z. (2009). Herding in trading by amateur and professional investors. Available at SSRN 1358623.
Wang, D. (2008). Herd behavior towards the market index: Evidence from 21 financial markets.
Yao, S. (2010). New Sight of Herding Behavioural Through Trading Volume.
Aspara, J., & Tikkanen, H. (2011). Individuals’ affect-based motivations to invest in stocks: Beyond
expected financial returns and risks. Journal of Behavioral Finance, 12(2), 78-89.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292.
Bailey, W., Kumar, A., & Ng, D. (2011). Behavioral biases of mutual fund investors. Journal of Financial Economics, 102(1), 1-27.
Biais, B., Hilton, D., Mazurier, K., &Pouget, S. (2005). Judgemental overconfidence, self-monitoring, and trading performance in an experimental financial market. The Review of economic studies, 72(2), 287-312.
Bengtsson, C., Persson, M., & Willenhag, P. (2005). Gender and overconfidence. Economics letters, 86(2), 199-203.
Chen, G. M., Kim, K., Nofsinger, J. R., &Rui, O. M. (2007). Trading performance, disposition effect, overconfidence, representativeness bias, and experience of emerging market investors. Disposition Effect, Overconfidence, Representativeness Bias, and Experience of Emerging Market Investors (January 2007).
Chen, A., &Pelger, M. (2013). How Relative Compensation can lead to Herding Behavior.
Chiang, T. C., Li, J., Tan, L., &Nelling, E. (2013). Dynamic herding behavior in Pacific-Basin markets: Evidence and implications. Forthcoming in Multinational Finance Journal.
Cipriani, M., &Guarino, A. (2012). Estimating a structural model of herd behavior in financial markets. FRB of New York Staff Report, (561).
Coval, J. D., & Shumway, T. (2005). Do behavioral biases affect prices?. The Journal of Finance, 60(1), 1-34.
Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic literature, 47(2), 448-74.
Demirer, R., &Kutan, A. M. (2006). Does herding behavior exist in Chinese stock markets?. Journal of international Financial markets, institutions and money, 16(2), 123-142.
Deaves, R., Lüders, E., & Luo, G. Y. (2008). An experimental test of the impact of overconfidence and gender on trading activity. Review of finance, rfn023.
Deshmukh, S., Goel, A. M., & Howe, K. M. (2009). CEO overconfidence and dividend policy (No. 2009-06). Working Paper, Federal Reserve Bank of Chicago.
Dittrich, D. A., Güth, W., &Maciejovsky, B. (2005). Overconfidence in investment decisions: An experimental approach. The European Journal of Finance, 11(6), 471-491
Drehmann, M., Oechssler, J., &Roider, A. (2004). Herding and contrarian behavior in financial markets-an internet experiment. Available at SSRN 650462.
Fairchild, R. J. (2005). The effect of Managerial Overconfidence, asymmetric information, and moral hazard on capital structure decisions. Available at SSRN 711845.
Grable, J. E., & Roszkowski, M. J. (2008). The influence of mood on the willingness to take financial risks. Journal of Risk Research, 11(7), 905-923.
Gervais, S., & Goldstein, I. (2003). Overconfidence and team coordination.Available at SSRN 470787.
Gervais, S., Heaton, J. B., & Odean, T. (2002). The positive role of overconfidence and optimism in investment policy. RODNEY L WHITE CENTER FOR FINANCIAL RESEARCH-WORKING PAPERS-
Glaser, M., & Weber, M. (2007). Overconfidence and trading volume. The Geneva Risk and Insurance Review, 32(1), 1-36.
Graham, J. R., Harvey, C. R., & Huang, H. (2009). Investor competence, trading frequency, and home bias. Management Science, 55(7), 1094-1106.
Hirshleifer, D. (2001). Investor psychology and asset pricing. The Journal of Finance, 56(4), 1533-1597.
Hirshleifer, D., & Luo, G. Y. (2001). On the survival of overconfident traders in a competitive securities market. Journal of Financial Markets, 4(1), 73-84.
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, 23-28.
Hsieh, S., Tai, Y. Y., & Vu, T. B. (2008). Do herding behavior and positive feedback effects influence capital inflows? Evidence from Asia and Latin America. The International Journal of Business and Finance Research, 2(2), 19-34.
Hwang, S., & Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4), 585-616.
Jhandir, S. U., & Elahi, M. A. (2014, May). Behavioral Biases in Investment Decision Making and Moderating Role of Investor's Type. In SZABIST's 20th National Research Conference, 10th May.
Kallinterakis, V., &Kratunova, T. (2007). Does thin trading impact upon the measurement of herding? Evidence from Bulgaria. Evidence from Bulgaria.
Kahneman, D., & Tversky, A. (1972). Subjective probability: A judgment of representativeness. Cognitive Psychology, 3(3), 430-454.
Keysar, B., Hayakawa, S. L., & An, S. G. (2012). The foreign-language effect: Thinking in a foreign tongue reduces decision biases. Psychological science, 23(6), 661-668.
Lakshman, M. V., Basu, S., & Vaidyanathan, R. (2013). Market-wide herding and the impact of institutional investors in the Indian capital market. Journal of Emerging Market Finance, 12(2), 197-237.
Lakshmi, P., Visalakshmi, S., Thamaraiselvan, N., & Senthilarasu, B. (2013). Assessing the Linkage of Behavioural Traits and Investment Decisions using SEM Approach. International Journal of Economics & Management, 7(2).
Lakonishok, J., Shleifer, A., & Vishny, R. W. (1992). The impact of institutional trading on stock prices. Journal of financial economics, 32(1), 23-43.
Lewellen, K. (2006). Financing decisions when managers are risk averse.Journal of Financial Economics, 82(3), 551-589.
Libby, R., & Rennekamp, K. (2012). Self‐Serving Attribution Bias, Overconfidence, and the Issuance of Management Forecasts. Journal of Accounting Research, 50(1), 197-231.
MacGregor, D. G., Slovic, P., Dreman, D., & Berry, M. (2000). Imagery, affect, and financial judgment. The Journal of Psychology and Financial Markets, 1(2), 104-110.
Malmendier, U., & Tate, G. A. (2005). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European Financial Management, 11(5), 649-659.
Matsumoto, A., Fernandes, J., Ferreira, I., & Chagas, P. (2013). Behavioral Finance: A Study of Affect Heuristic and Anchoring in Decision Making of Individual Investors.
Ngoc, L. T. B. (2013). Behavior pattern of individual investors in stock market. International Journal of Business and Management, 9(1), 1.
Nada, S. M. A., &Moa’mer, F. A. (2013). Deanery Of Higher Studies Faculty Of Commerce Dep. Of Business Administration
Oehler, A., & Chao, G. G. C. (2000). Institutional herding in bond markets.Bamberg University Dept. of Finance Working Paper
Oehler, A., & Wendt, S. (2009). Herding behavior of mutual fund managers in Germany. Available at SSRN 1343470.
Oliver, J. D. (2005). The viable but non-culturable state in bacteria. J Microbiol,43(1), 93-100.
Ornelas, J. R. H., & Alemanni, B. (2008). Herding behaviour by equity foreign investors on emerging markets.
Parrino, R., Poteshman, A. M., &Weisbach, M. S. (2002). Measuring investment distortions when risk-averse managers decide whether to undertake risky projects (No. w8763). National Bureau of Economic Research.
Park, J., Konana, P., Gu, B., Kumar, A., &Raghunathan, R. (2010). Confirmation bias, overconfidence, and investment performance: Evidence from stock message boards. McCombs Research Paper Series No. IROM-07-10.
Puckett, A., & Yan, X. S. (2008). Short-term institutional herding and its impact on stock prices. Available at SSRN 972254.
Raddatz, C. E., &Schmukler, S. L. (2011). Deconstructing herding: evidence from pension fund Investment behavior. World Bank Policy Research Working Paper Series, Vol.
Redding, L. (1996). Noise traders and herding behavior.
Shaw, K. L. (1996). An empirical analysis of risk aversion and income growth.Journal of Labor Economics, 626-653.
Shiller, R. J. (2003). From efficient markets theory to behavioral finance. Journal of economic perspectives, 17(1), 83-104.
Suresh, A. (2013). Understanding Behavioral Finance Through Biases And Traits Of Trader Vis-À-Vis Investor.
Sias, R. W. (2004). Institutional herding. The Review of Financial Studies, 17(1), 165-206.
Skala, D. (2008). Overconfidence in psychology and finance-an interdisciplinary literature review. Bank iKredyt, (4), 33-50.
Venezia, I., Nashikkar, A. J., &Shapira, Z. (2009). Herding in trading by amateur and professional investors. Available at SSRN 1358623.
Wang, D. (2008). Herd behavior towards the market index: Evidence from 21 financial markets.
Yao, S. (2010). New Sight of Herding Behavioural Through Trading Volume.