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Investors’ Behavioural Biases and the Security Market: An Empirical Study of the Nigerian Security Market

机译：投资者的行为偏向与证券市场：对尼日利亚证券市场的实证研究

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Behavioural biases describe a replicable pattern in perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality. This paper adopts a primary data approach to investigate the effects of behavioural biases on security market performance in Nigeria. The objectives are in twofold: one, to examine the extent of behavioural biases among security market investors in Nigeria and, to examine the effects of behavioural biases on stock market performance in Nigeria. The paper employed questionnaire as instrument and the technique of correlation with Pearson Product Moment Coefficient to analyze a survey of 300 randomly selected investors in Nigeria security market. We find strong evidence that behavioural biases exists but not so dominant in the Nigeria security market because a weak negative relationship exists between behavioural biases and stock market performance in Nigeria. The paper recommends that individual investors in the market should engage the services of investment advisors which will reduce personal biases in the management of their portfolios.
机译：行为偏见描述了感知失真，错误判断，不合逻辑的解释或非理性中的可复制模式。本文采用主要数据方法来研究行为偏见对尼日利亚证券市场表现的影响。目标有两个方面：一是检查尼日利亚证券市场投资者中行为偏见的程度，以及检查行为偏见对尼日利亚股票市场表现的影响。本文以问卷调查为工具，采用与皮尔逊乘积矩系数的相关技术，对尼日利亚证券市场随机抽取的300名投资者进行了调查。我们发现有力的证据表明，在尼日利亚证券市场中存在行为偏差，但没有那么明显，因为在尼日利亚，行为偏差和股票市场表现之间存在弱的负相关关系。该文件建议市场上的个人投资者应聘用投资顾问的服务，以减少投资组合管理中的个人偏见。

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