Academic Survey: Behavioural Biases Influencing Equity Investment Decisions of Retail Investors in India

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This anonymous survey is for a BBA dissertation and aims to understand how behavioural biases influence the equity investment decisions of retail investors in India.

Your honest responses are crucial for academic research.

Completion time: 5–7 minutes.

Consent and Screening *

Yes, I have read the consent information and voluntarily agree to participate in this anonymous survey.

No, I do not wish to participate.

Have you ever invested in equities (i.e., stocks, equity mutual funds, or Equity Traded Funds - ETFs)? *

Yes

Demographic Information *

18 - 25 years

26 - 35 years

36 - 45 years

46 - 55 years

56 years or above

Gender *

Male

Female

Other

Annual Household Income Range (INR) *

Less than ₹3,00,000

₹3,00,001 - ₹5,00,000

₹5,00,001 - ₹10,00,000

₹10,00,001 - ₹25,00,000

More than ₹25,00,000

Years of Experience in Equity Investing *

Less than 1 year

1 - 3 years

4 - 7 years

8 - 15 years

More than 15 years

Primary platform used for equity investing (e.g., Brokerage app, Bank portal) *

Discount Brokerage App (e.g., Zerodha, Groww)

Full-Service Brokerage App (e.g., ICICI Direct, HDFC Securities)

Bank's Investment Portal (e.g., SBI, Axis)

Financial Advisor/Wealth Management Firm

Other Digital Platform

Primary Investment Style *

Long-term Investor (holding for 5+ years)

Medium-term Investor (holding for 1-5 years)

Short-term Trader (holding for less than 1 year)

Frequent Day Trader

SECTION 1: Behavioural Biases - A. Overconfidence Bias *

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

I believe my investment skills are above average compared to other retail investors.

I am confident in my ability to consistently pick winning stocks.

I rarely seek advice from financial experts because I trust my own judgement.

When an investment fails, I often attribute it to bad luck rather than poor judgement.

SECTION 2: Behavioural Biases - B. Herding Behaviour *

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

I am likely to buy a stock if I notice many people in the market are buying it.

I prefer investing in popular stocks that are widely discussed in the news or social media.

My investment decisions are often influenced by what my friends or colleagues are doing.

I feel uncomfortable holding a stock that most other investors are selling.

Attention Check. This question is added to ensure response quality. *

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

To ensure response quality, please select “Agree” for this statement.

SECTION 3: Behavioural Biases - C. Loss Aversion *

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

The fear of losing money is a stronger motivator for me than the prospect of making gains.

I tend to hold onto a losing investment for too long, hoping it will recover.

I feel significantly more discomfort from a financial loss than the pleasure from an equal gain.

I avoid taking even moderate investment risks to prevent any possible loss.

SECTION 4: Behavioural Biases - D. Anchoring Bias *

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

The original purchase price of a stock significantly influences my decision to sell it, even if the current market situation has changed.

I rely heavily on a stock's historical high or low price to judge its current value.

I often wait for a stock to return to a past high price before considering selling it.

SECTION 5: Behavioural Biases - E. Representativeness Bias *

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

I believe that companies with consistently good past earnings will continue to perform well in the future.

I tend to invest in stocks that have shown high growth in the immediate past, assuming this trend will continue.

When a stock has multiple quarters of poor performance, I believe this 'bad run' is likely to continue.

SECTION 6: Equity Investment Decision Behaviour *

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

I regularly monitor the performance of all my investments (at least weekly).

I execute trades (buy or sell) frequently, often making multiple transactions per month.

I am willing to take high risks in my investments to achieve potentially higher returns.

My investment portfolio is well-diversified across different sectors and asset classes.

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