期刊名称：Journal of Accounting and Finance in Emerging Economies
印刷版ISSN：2519-0318
电子版ISSN：2518-8488
出版年度：2020
卷号：6
期号：4
页码：1199-1205
DOI：10.26710/jafee.v6i4.1512
语种：English
出版社：CSRC Publishing
摘要：This study aims at understanding the relationships of certain behavioral biases with the investment performance, and identifies the moderating role of financial literacy upon these hypothesized relationships. Data is collected through questionnaire from the investors trading at Pakistan Stock Exchange (PSX). Structured Equation Modeling (SEM) is used to analyze the data with the results that only anchoring and overconfidence biases have significant effects on investment performance. The results also show that presence of financial literacy does not play any role in improving the performance of investors. Majorly, findings of current study contribute by testing the moderating role of financial literacy between the behavioral biases and the outcome of investment decisions and thus expected to be useful for investors and policy makers.
