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首页> 外文期刊>European Journal of Business and Management >Investors’ Behavioral Biases and the Nigerian Stock Market Returns (2002 – 2012)
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Investors’ Behavioral Biases and the Nigerian Stock Market Returns (2002 – 2012)

机译：投资者的行为偏见和尼日利亚股市回报（2002 - 2012）

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The paper was intended to find other reasons, based on investors’ behavior that may impact on the performance of the Nigerian stock market. The objectives were in three-fold: to examine the extent of behavioral biases among stock market investors in Nigeria; to determine the level of returns in the period using the Nigerian Stock Exchange All share index; and to examine the effects of behavioral biases on stock market return in Nigeria. This study was motivated by the fundamental explanations given for the causes of the 2008 collapse of the Nigerian Stock Market. This paper adopted a primary data approach based on survey research design to investigate the effects of behavioral biases on stock market return in Nigeria. The paper also used secondary data from the Nigerian Stock Exchange and employed questionnaire as instrument and the technique of correlation with Pearson Product Moment Coefficient to analyze a survey of 110 randomly selected investors in Nigeria stock market. The study found strong evidence that behavioral biases existed but not very dominant in the Nigeria stock market because a weak negative relationship existed between behavioral biases and stock market returns in Nigeria. The paper concluded that being aware of behavioral biases in the Nigerian stock market was a crucial first step in ensuring that investment decisions were properly controlled to avoid any negative impacts on the individual investors and on the stock market; again, behavioral biases might be of relevant consideration in portfolio construction in order to moderate these biases. Key words: Behavioral, Biases, Investors, Portfolios, Stock Market, Return, All Share Index.
机译：本文旨在根据投资者的行为找到其他原因，可能会影响尼日利亚股市的表现。目标是三倍：审查尼日利亚股票市场投资者之间的行为偏差程度;确定使用尼日利亚证券交易所所有股指的期间的回报水平;并研究行为偏见对尼日利亚股市回报的影响。本研究受到2008年尼日利亚股市崩溃的原因的基本解释。本文采用了一种基于调查研究设计的主要数据方法，探讨了行为偏差对尼日利亚股市回报的影响。本文还将尼日利亚证券交易所的二级数据用于仪器和Pearson产品时刻系数的相关技术，以分析尼日利亚股票市场的110名随机选定投资者的调查。该研究发现，尼日利亚股市存在的行为偏见存在但行为偏差并不是非常占主导地位，因为尼日利亚的行为偏见与股票市场返回之间存在薄弱的负面关系。本文得出结论认为，尼日利亚股市中的行为偏见是确保妥善控制投资决策的至关重要的第一步，以避免对个人投资者和股票市场的任何负面影响;同样，行为偏差可能是在投资组合建设中的相关考虑，以便中等这些偏差。关键词：行为，偏见，投资者，投资组合，股票市场，返回，所有分享指数。

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