文章基本信息

标题：Analyzing Information Dynamics within Trading Companies: Evidence from Indian Market
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作者：Shraddha Mishra ; Dilip Kumar
期刊名称：Theoretical Economics Letters
印刷版ISSN：2162-2078
电子版ISSN：2162-2086
出版年度：2018
卷号：08
期号：06
页码：1279-1311
DOI：10.4236/tel.2018.86084
语种：English
出版社：Scientific Research Publishing
摘要：The motive of the research is to assess the practices adopted by investors to counter total risk and profit with the criteria for the investment decision and to know that if insider information is providing better returns from investments. The research is a cross-sectional study of descriptive nature. Moreover, it is a causal research because of various causative influences being studied among the variables. In our study, there are often deeper psychological considerations (such as; profit earning capacity, forecasting capabilities, risk bearing attitude and several others) that even the respondent (brokers) may not be aware of. The researcher has consulted 767 share brokers, investors, and transfer agents of the equity shares. After applying content analysis over the feedback provided by them, the study has originated a questionnaire based on their interviews. The 382 respondents filled the final constructed instruments, and further were analyzed with the help of the Confirmatory factor analysis (CFA) and Exploratory factor analysis (EFA) to measure the model. The model suggests that the insider information always depends upon the profit earning capacity, forecasting capabilities, risk bearing attitude and investment decisions. The results assimilated with the theory of efficient market hypothesis (Fama; 1965) which suggests that no investor will be able to beat the market with either public or private information if the market is in the strong form of efficient. The outcome complied after the survey did propose the same concept that insider information very soon converts into the public information.
关键词：Psychological Biases;Behavioural Finance;Financial Investment Decision Behavior;Exploratory Study;Qualitative Research