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Overconfidence bias and investment performance: A mediating effect of risk propensity

Borsa Istanbul Review, 2022-07, Vol.22 (4), p.780-793 [Peer Reviewed Journal]

2022 Borsa Ä°stanbul Anonim Åžirketi ;ISSN: 2214-8450 ;DOI: 10.1016/j.bir.2022.03.001

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  • Title:
    Overconfidence bias and investment performance: A mediating effect of risk propensity
  • Author: ul Abdin, Syed Zain ; Qureshi, Fiza ; Iqbal, Jawad ; Sultana, Sayema
  • Subjects: Illusion of control ; Individual investors ; Investment performance ; Optimism ; Overconfidence bias ; Self-attribution
  • Is Part Of: Borsa Istanbul Review, 2022-07, Vol.22 (4), p.780-793
  • Description: This study examines the determinants of overconfidence bias that, in turn, influence investment performance via risk propensity. This study also investigates the three cognitive biases that lead to overconfidence bias, influence investment performance, and establish the indirect relationship through risk propensity. The mixed methodology is applied to examine the proposed research model. The results depict that all the cognitive biases influence the risk propensity and investment performance via risk propensity. The illusion of control is the strongest predictor of risk propensity and investment performance. Furthermore, findings imply that all the cognitive biases have a positive relation with investment performance. This study provides policy implications to practitioners and individual investors.
  • Publisher: Elsevier B.V
  • Language: English
  • Identifier: ISSN: 2214-8450
    DOI: 10.1016/j.bir.2022.03.001
  • Source: ROAD: Directory of Open Access Scholarly Resources
    DOAJ Directory of Open Access Journals
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