Information Processing, Belief Perseverance, and Emotional Biases: A Study of the Impact of Gender and Investor Sophistication Factors of Secondary Market Equity Investors in Ajmer, Jaipur, Kota, and Udaipur

Abstract

The research paper makes an attempt to study the different levels of demographics among the secondary market equity investors with regard to the composite scales of information processing, belief perseverance, and emotional bias. The respondent groups based on gender, city of residence, and level of education were found to be different in information processing cognitive biases, the respondent groups based on investment frequency were found to be different in belief perseverance cognitive biases, and the respondent groups based on the category of occupation and early financial sensitization were found to be different in emotional biases. The variables of age group, income group, and investment experience did not show any significant association with any of the three composite biases.