Project Dated 4-A STUDY OF RETAIL INVESTOR BEHAVIOR ON INVESTMENT DECISION

INTRODUCTION OF THE STUDYInvestment is the employment of funds with the aim of achieving additional incomes or growth in value. The essential quality of an investment is that it involves 'waiting' for reward. It involves the commitment of resources which have been saved or put away from current consumption in the hope that some benefits will accrue in future. An investment is a sacrifice of current money or other resources for future benefits to be uncertain. In some investments (like government bonds) the time element is the dominant attribute. In other investments (like equity shares) both time and risk are important. Almost everyone owns a portfolio of investments. The portfolio is likely to comprise financial assets (bank deposits, bonds, stocks, and so on) and real assets (motorcycle, house, and so on). The portfolio may be the result of a series of haphazard decisions or may be the result of deliberate and careful planning. Todays investor has a variety of options to choose from while making his/her investment decision. Keeping pace with the changing times and under the liberalized financial sector regime, the financial institutions are also decorated with innovative instruments to meet the growing demand of modern investors. Numerous avenues of investment are available today. You can either deposit money in a bank account or purchase a long-term government bond or invest in the equity shares of a company or contribute to a provident fund account or buy a stock option or acquire a plot of land or invest in some other form. The two key aspects of any investment are time and risk. The sacrifice takes place now and is certain. The benefit that is expected in the future tends This is a project about the study to determine the investment behaviour of investors and investment preferences for the same. The Investors perception will provide a way to accurately measure how the investors think about the products and services provided by the company. Todays economic conditions have forced difficult decision for companies. Most are making conservative decisions that reflect a survival mode in the business operation. During these difficult times, understanding what investors on an ongoing basis is critical for survival. Executives need a third party understanding on where investors loyalties stand. The common perception of investors is to buy when the market supports in uptrend and not to invest in the falling time. They wait for the stabilization in the market. This research is an attempt to understand the investment behaviour of individual investor by identifying the determinants of investment behaviour. It not only seeks to identify but also to define the relative importance of determinants of behaviour in shaping the investment behaviour of individual investor. This research also attempts to understand the investment decision making1

process of individual investors by identifying different tools and techniques of investment decision. Research also seeks to define the relative importance of determinants of investment decision in reaching an investment decision. According to Kent et al. (2001), the most common behaviour that most investors do when making investment decision are: Investors often do not participate in all asset and security categories Individual investors exhibit loss-averse behaviour, Investors use past performance as an indicator of future performance in stock purchase decisions, Investors trade too aggressively, Investors behave on status quo, Investors do not always form efficient portfolios, Investors behave parallel to each other, and Investors are influenced by historical high or low trading stocks.

Taken as a whole, these psychologies really have only one effect, that is - a financial decision is taken that lacks accuracy. And these errors are strongest when uncertainty, inexperience, attitudes and market pressures come together to undermine decision-making ability. Each person has his own personal psychology and response style. There are three elements that comprise the essence of success theory: The way in which, we as investors deal with loss and failure is just as important, if not more important, than the way in which we deal with success. Effectively controlling and channeling emotions are two very important issues in the equation for success. Those successful continue to be successful as investors, recognize the importance of market psychology and incorporate it in their work to a certain extent1.

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Kent D., Hirshleifer, and Siew Hong Teoh. (2001). Investor psychology in capital markets: evidence and

policy implications, Journal of Monetary Economics, Vol.49, No 1, pp 139-209.

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OBJECTIVES OF THE STUDY To find out the present Investments of retail investors. To identify the purpose of investments of retail investors. To assess the knowledge level on investment market by the retail investors. To assess the time horizon of investment of retail investors. To identify the various factors considered before investing by the retail investors. To find out the proportion of investment made from the income of the retail investors To identify the expected rate of return on investment of the retail investors. To examine the level of risk taken by the retail investors. To find out the source of information on investment by the investors. To find out how the investors manage their funds. To find out the profit and loss expectations of the investors. To find out the investment strategy used by the investors. To probe the influence of fundamental, technical and market psychology factors among the retail investors.

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HYPOTHESES OF THE STUDY

There is a significant relationship between age group of investors and the level of risk taken by the investors.

There is a significant relationship between the level of knowledge on investment market of the investors and expected rate of return on investment by the investors.

There is a significant relationship between the proportion of investment made from the income of investors and the level of risk taken by the investors.

There is a significant difference of views between conservative investors and aggressive investors on expected rate of return.

There is a significant difference in investment strategy used by the investors according to the investment experience of the investors.

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RESEARCH METHODOLOGY

RESEARCH DESIGN

A Research design is purely and simply the framework of plan for a study that guides the collection and analysis of data. The study is intended to find the determinants of retail investor behaviour on investment decision. The study design is descriptive in nature. TYPE OF RESEARCH- DESCRIPTIVE RESEARCH Descriptive study is a fact-finding investigation with adequate interpretation. It is the simplest type of research and is more specific. Mainly designed to gather descriptive information and provides information for formulating more sophisticated studies.

Sampling Design1. Selection of study area: The study area is in Chennai. 2. Selection of the sample size: 100

Target PopulationIt is useful to be suggestive that the data the researcher is interested in are the attitude and behaviour of retail investors (individual investors). Since the present study aims to examine the most influential factors for individual investors, the target population for the survey is individual investors. DATA COLLECTION 1. Primary data collected through Structured Questionnaire. Data are collected through a survey of individual investors based in CHENNAI. The sample is drawn using the convenient sampling technique, from the clientele of one of the leading stock broking firm which provided the researcher with access to the contact details of their client base. The researcher contacted their client and requested them to participate in the study; out of which about more than 180 individual investors agreed to participate in the survey out of which 100 completely filled questionnaires were taken5

which were used for final analysis. The questionnaires were distributed through, e-mails, and also through the executives of the participating broking firm in some cases.

2. Secondary data Earlier records from journals, magazines and other sources.

TOOLS OF THE STUDY1. Percentage analysis 2. Chi-square test 3. Correlation Analysis 4. ANOVA 5. T-test

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SCOPE OF THE STUDY

This analysis on Investors behaviour is an attempt to know the profile of the investor and also know the characteristics of the investors so as to know their preference with respect to their investments. The study also tries to explore the influence of demographic factor like age on risk tolerance level of the investor. Different investors behave differently in different market situation before investing like return, flexibility etc. but the markets will face a question mark in knowing the pulse of an investor. This analysis will also throw light on various investment avenues available in India that will help in many ways like the expectations of different types of investors regarding particular service requirements can be identified. This study will help in gaining a better understanding of what an investor looks for in an investment option. It can be used by the financial sector in designing better financial instrument customized to suit the needs of the investor. It also enhances new services initiatives by the company. It will also help the agents and brokers in marketing the existing financial instruments. It will also help the company to understand what is the requirement and expectations of different categories of investors.

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LIMITATIONS OF THE STUDY

The total number of financial instruments in the market is so large that it needs a lot of resources to analyze all of them. Handling and analyzing such a varied and diversified data needs a lot of time and resources.

Time was a limiting factor. Only those investors who deal in capital markets are considered. Respondents bias was another limiting factor. Reluctance of the people to provide complete information about them can affect the validity of the responses. The behavior of the active market participants will vary depending on market conditions. So the investment preferences in this current trend may not be the same in the future.

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CHAPTER FRAMEWORK

CHAPTER I CHAPTER II

INTRODUCTION OF THE STUDY REVIEW OF LITERATURE PROFILE OF THE COMPANY ANALYSIS AND INTERPRETATION SUMMARY, FINDINGS, SUGGESTIONS AND CONCLUSION

CHAPTER III CHAPTER IV CHAPTER V

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REVIEW OF LITERATURE

Many Organizations and individuals conducted several studies on the various aspects of the capital markets in the past. These studies were mainly related to various instruments of capital market, shareholding pattern, new issue market and scope, market efficiency, risk and return, performance and regulation of mutual funds etc. Hence an attempt is made to review some of the studies relevant to the topic in order to get into in depth details of the chosen study. Abhijeet Chandra (2009) in his article Individual Investors' Trading Behaviour and the Competence Effect has analyzed the impact of competence of individual investors on their trading behaviour in the stock market. Individual investors take trading decisions based on their self-perceived competence that is influenced by several factors. The study examined the factors that determine the competence level of individual investors. Age, education, and income were found to be the most influencing factors of the individual investors' competence in the stock market activities and trading behaviour. The results of the study reveal that a person invests as per his/her own judgments once he/she perceives himself/herself more knowledgeable about investing. It finds that investors having high, high to moderate income and professional qualification are supposed to be more confident about their competence when it comes to trading in stock markets. Thus, it can be said that competence effect rules the trading behaviour of individual investors2. Aregbeyen & Mbadiugha (2011), in their research article named Factors influencing investors decisions in shares of quoted companies in Nigeria study says 20 variable grouping under social, economical, psychological and cultural factors influences investment decisions. The ten most influencing variables based on the ranking of the investor are motivation by people who have attained financial security through share investment, future financial security, recommendations by reputable and trusted stock brokers, management team of the company, awareness of the prospects of investing in shares, composition of board of directors of the companies, recent financial performance of the company, ownership structure of the company and reputable predictions of future increment

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Abhijeet Chandra, (March 2009), Individual Investors' Trading Behavior and the Competence Effect The ICFAI University Journal of Behavioral Finance, Vol. 6, No. 1, pp. 56-70

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in share value. Social factor was ranked as most influencing factor next to economic factors followed by psychological and cultural factors.3 Baker and Haslem (1973) in their study titled Information needs of individual investors the importance of accounting information for investment decisions was identified as one of the selection criteria. Financial statements were also found to be another important source of information for a minority of individual investors in some other studies. Further, evidence revealed that corporate reports are dramatically considered by investors as the most important sources of information for investment decisions.4 Brad M. Barber, Terrance Odean (2008), in their research article titled All That Glitters: The Effect of Attention and News on the Buying Behaviour of Individual and Institutional Investors, tested and confirmed the hypothesis that individual investors are net buyers of attention-grabbing stocks, e.g., stocks in the news, stocks experiencing high abnormal trading volume, and stocks with extreme one-day returns. They hypothesize that many investors consider purchasing only stocks that have first caught their attention. Thus, preferences determine choices after attention has determined the choice set.5 Brown and Cliff (2004) in their research paper titled Investors Sentiment and the Near-term Stock Market investigate investor sentiment and its relation to near-term stock market returns. They suggest that many commonly cited indirect measures of sentiments are related to direct measures (surveys) of investor sentiment. However, past market returns are also an important determinant of sentiment. Although sentiment levels and changes are strongly correlated with contemporaneous market returns, the tests in their study show that sentiment has little predictive power for near-term future stock returns. Finally, the evidence

3

Aregbeyen & Mbadiugha, 2011 Factors influencing investors decisions in shares of quoted companies in

Nigeria, Medwell Journals, Vol 6 No 3 pp 205-212. Retrieved from http//docsdrive.com/pdfs/medwelljournals/sscience/2011/205-212.pdf4

Baker K B H, Haslem J A. 1973, Information needs of individual investors, Journal of Accountancy, Vol

5, No 2, pp 64-695

Barber, M. Brad, Odean, Terrance 2008, All That Glitters: The Effect of Attention and News on the

Buying Behavior of Individual and Institutional Investors, Review of Financial Studies, Vol 21, No 2, pp 785-818

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does not support the conventional wisdom that sentiment primarily affects individual investors and small stocks.6 David Ansie, Melainie Powell (1997) , in their research paper Gender difference in risk behaviour in financial markets: An experimental analysis. studies whether gender differences in risk propensity and strategy in financial decision making can be viewed as general traits or whether they arise because of contextual factors. The results of this study tells that females are less risky seeking than males irrespective of familiarity and framing of , costs or ambiguity. It also says that males and females adopt different strategies in financial decision environments but these strategies have no significant impact on their ability to perform.7 Harrison Hong, Jeffery D. Kubik, Jeremy C. Stein(2000), in their research paper Social Interaction and Stock Market participation, the study proposes that stock-market participation is influenced by social interaction. Any given "social" investor finds the market more attractive when more of his peers participate. This theory is supported using data from the Health and Retirement Study, and found that social householdsthose who interact with their neighbours, or attend churchare substantially more likely to invest in the market than non-social households. Moreover, consistent with a peer-effects story, the impact of sociability is stronger in states where stock-market participation rates are higher.8 Hodge, F. D. (2003) in his research paper titled Investors perceptions of earnings quality, auditor independence, and the usefulness of audited financial information analyzes investors perceptions of earnings quality, auditor independence, and the usefulness of audited financial information. He concludes that lower perceptions of earnings quality are

6

Brown, G.W. and Michael T. Cliff. 2004, Investors Sentiment and the Near-term Stock Market, Journal of Empirical Finance Vol. 11, pp. 1-277

David Ansie, Melainie Powell, July 1997, Gender difference in risk behaviour in financial markets: An

experimental analysis. Journal of Economic Psychology, Vol 18, pp 605-6288

Harrison Hong, Jeffery D. Kubik, Jeremy C. Stein, 2000 Social Interaction and Stock Market

participation. Journal of Finance, Vol 59, No 1, pp137-163

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associated with greater reliance on a firms audited financial statements and fundamental analysis of those statements when making investment decisions.9 Dr. K Santi Swarup (2003) in her research article Measures for improving common investor Confidence in Indian primary market a survey concentrates on the decisions taken by the investors while investing in primary markets. The study indicates that the sample investors give importance to their own analysis as compared to brokers advice. They also consider market price as a better indicator than analyst recommendations. The study also identifies factors that are affecting primary market situation in India. Issue price, information availability, market price after listing and liquidity emerge as important factors. This study suggests that investors need to be assured of some return and current level of risk associated with investment in the market is very high. They have had bad experience in terms of lower market price after listing and high issue price. Accordingly number of measures in terms of regulatory, policy level and market oriented were suggested to improve the investor confidence in equity primary markets.10 Kabra, G., Mishra, P.K. and Dash M.K. (2010), in their research article titled Factors Influencing Investment Decision of Generations in India: An Econometric Study, studied factors, which affect individual investment decisions using factor analysis. Their study on Indian investors which focuses initially on 18 variables later reduced to 14 variables and then further enumerated into six component factors as Security, Opinion, Awareness, Hedging, Duration and Benefits.11 Kadiyala and Rau (2004), in their article titled Investor reaction to corporate event announcements: Under reaction or overreaction? Investigate investor reaction to corporate event announcements. They conclude that investors appear to under-react to prior information9

Hodge, F. D. 2003. Investors perceptions of earnings quality, auditor independence, and the usefulness

of audited financial information. Accounting Horizons, Vol 1, pp 37-4810

K Santi Swarup 2003, Measures For Improving Common Investor Confidence In Indian Primary A Survey, National Stock Exchange India. Retrieved from

Market

http://nseindia.com/content/press/oct2003a.pdf

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Kabra, G., Mishra, P.K. and Dash M.K. 2010), Factors Influencing Investment Decision of Generations

in India An Econometric Study, Asian Journal of Management Research, Vol 1, No 1, pp 305-326

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as well as to the information conveyed by the event, leading to different patterns: return continuations and return reveals, both documented in long horizon return.12 Kim, K.A., and John R. Nofsinger (2007) , in their research paper titled The Behaviour of Japanese Individual Investors during bull and bear markets study individual investors in the Japanese markets and examine their behaviour and performance. They use the market level data and find that Japanese investors own risky and high book-to-market stocks, trade frequently, make poor trading decisions, and buy recent winners. Further, these characteristics appear to vary depending on the bull or bear market conditions. They observe that it is primarily during a bull market where individuals tend to hold high book-to-market stocks, as opposed to a bear market where they exhibit an inclination towards high beta stocks. Overall the poor performance by individual investors can largely be explained by this tendency to hold value stocks during advancing markets and high risk stocks during declining market13. Krishnan and Brooker (2002) in their research article titled Investors use of analysts recommendations analyzes the factors influencing the decisions of investor who use analysts recommendations to arrive at a short-term decision to hold or sell a stock. The results indicate that a strong form of the analyst summary recommendation report, i.e. one with additional information supporting the analysts position further, reduces the disposition error for gains and also reduces the disposition error for losses as well.14 Lim (2006) in his article named Do investors integrate losses and segregate gains? Study tests whether investors trading decisions are influenced by their preferences for framing of gains and losses that Investors are more likely to bundle sales of losers on the same day than sale of winners. This result is consistent with the hedonic editing hypothesis according to which individuals prefer integrating losses and segregating gains. Alternative explanations based on tax-loss selling, margin calls, the number of stocks in the portfolio, the12

Kadiyala, P. and R Rau. 2004. Investor reaction to corporate event announcements: Under reaction or

overreaction? Journal of Business, Vol 77 No 2 pp 357-38613

Kim, K.A., and John R. Nofsinger. 2007, The Behavior of Japanese Individual Investors during bull and

bear markets, The Journal of Behavioral Finance, Vol 8, No 3, pp 138-15314

Krishnan, R. and D. M. Brooker. 2002. Investors use of analysts recommendations, Behavioral

Research in Accounting, Vol 14, No 1 pp 129-158

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difference in the potential proceeds from selling winners and losers, correlations among winners and among losers, and delays in sales order execution do not fully account for the observed behaviour. In addition, the extent to which mixed sales of winners and losers are consistent with the hedonic editing hypothesis is greater than what we could expect under random realizations. The evidence suggests that a psychological process called mental accounting is likely to play a significant role in investor behaviour15. Maditinos et al. (2007) in his study titled Investors behaviour in the Athens stock exchange stated that individual investors, while making investment decision, prefer to think more about the media, newspapers and noise in market, despite this, professional investor would rather concentrate more on technical and fundamental analysis and less on portfolio analysis. In addition, their evidence describe that all kind of investors according to accounting instruments, first look at the earnings (P/E) as their first priority and consider earnings per share (EPS) as their second priority, later pay attention to the net operating profit after taxes (NOPAT) as their third priority, and finally regard return on equity (ROE) as their fourth priority16. Manish Mittal and R K Vyas, (2007) in their research paper titled, Demographics and Investment Choice among Indian Investors, it is investigated on how investment choice gets affected by the demographics of the investor. Mutual funds, followed by equity were the most preferred choices for investment and derivatives were least preferred. The results revealed that the differences are not significant for mutual funds, debentures/bonds, real estate/bullions and derivatives between male and female. However males preferred equities and females preferred post office deposits. Investors with less education prefer high-risk investments, such as, equity and derivatives. Undergraduate investors invest in high-risk, high-return investments, such as, derivatives and real estate/bullion. Graduates prefer moderate risk and moderate return investments like debentures/bonds, while postgraduates and professionals invest in mutual funds and equity. The propensity to take risk decreases with increase in education level. Service class people like to invest in equities and mutual funds while business class have shown an inclination to invest in debentures/bonds and real15

Lim, Sonya Seongyeon. 2006, Do investors integrate losses and segregate gains? Mental accounting and

investors trading decisions, Journal of Business, Vol 79 No 5, pp 2539-257316

Maditinos D, Sevic Z, Theriou N, 2007, Investors behavior in the Athens stock exchange, Students

Economics & Finance, Vol 24, No 1, 32-50. Retrieved from http://abd.teikav.edu.gr/articles_th/emerald.pdf

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estate/bullions. Housewives prefer safe investments like real estate/bullions, while professionals invest their money in post office deposits and derivatives and students prefer high investments like derivatives and equities. The study provided evidence that the investment choice depends on and is affected by the demographic variables such as gender, age, income, education and occupation17. Meenu Verma(2008), in the research article titled Wealth Management and Behavioural Finance: The Effect of Demographics and Personality on Investment Choice among Indian Investors, the author has observed that demographic profile and investor personality can be the two determinants for making perception about the investor psychology. The study revealed that real estate, followed by mutual funds are the most preferred choices for investment among the investors. It was noted males prefer real estate, PPF and equity shares as attractive avenues for investment, females prefer bank FD, insurance and bullions. Young investors find investing in equity shares/derivatives more comfortable, while old investors prefer PPF as their first choice. Middle aged investors prefer investing in mutual funds and NSC. Thus it clearly shown that as age increases, the ability to take risks decreases and people go towards safer investments. People with low income prefer investments in low risk investments like NSC. People with high income like to invest in real estate. Middle income groups prefer investing in bank FD and mutual funds. The study provides the evidence that the investment choice depends on and is affected by the demographic variables such as gender, age, income, education, occupation as well as various personality types such as conservative, medium moderate and aggressive18. Nagy,R.A. and Obenberger, R.W.(1994), in their research article titled Factors influencing investor behaviour, examined factors influencing investor behaviour. The study tells that classical wealth maximization criteria are important to investors, even though investors employ diverse criteria when choosing stocks. Contemporary concerns such as local or international operations, environmental track record and the firms ethical posture appear to be given only cursory consideration. The recommendations of brokerage houses,17

Manish Mittal and R K Vyas, 2007, Demographics and Investment Choice among Indian Investors ,

Review of Business & Technology Research RBTR) Vol3, No 1,pp12-2018

Meenu Verma ,December, 2008, Wealth Management and Behavioral Finance: The Effect of

Demographics and Personality on Investment Choice among Indian Investors , The IUP Journal of Behavioral Finance, Vol 20 No 2,p 20

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individual stockbrokers, family members and co-workers go largely unheeded. Many individual investors discount the benefits of valuation models when evaluating stocks19. Peter (1970) in his research article titled Motivating Factors Guiding the Common Stock Investor carried out a study to identify those factors which motivate or guide the investment decisions of the small stock investors. The study identified factors such as income from dividends, rapid growth, purposeful investment as a protective outlet of savings and Professional investment management20. Potter (1971) in his research paper titled An empirical study of motivations of common stock investors observed several profitability variables such as dividends, rapid growth and quick profits beside other variables such as investment for saving purposes and long-term growth were empirically identified as effective factors on the attitudes of individual investors in making investment decisions21. Sushant Nagpal and B S Bodla, (2009), in their research article titled Impact of Investors Lifestyle on Their Investment Pattern: An Empirical Study, the author has observed that the individuals may be equal in all aspects, but their financial planning needs are very different. Demographics alone no longer suffice as the basis of segmentation of individual investors. It is by using lifestyles or psychographics along with demographics that synergism between investors can be generated. It was studied that the modern investor is a mature and adequately groomed person. The individual investors prefer less risky investments. Blind investments are scarce, as a majority of investors are found to be using some source and reference groups for taking decisions. Brokers who are in direct touch with investors play a vital role in keeping the capital market lively by providing various services to investors. Investors have made media as a part of their investment life. Psychographics play an important role in determining investment behaviour and preferences of individual

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Nagy,R.A. and Obenberger, R.W., 1994 Factors influencing investor behavior, Financial Analysts

Journal, Vol.50, pp 63-6820

Peter Roger Ewing 1970). Motivating Factors Guiding the Common Stock Investor , The Journal of

Finance, Vol 25, No 5, p 118421

Potter R E. 1971). An empirical study of motivations of common stock investors , Southern Journal of

Business, Vol 6, No 1, pp 41-44

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investors. The study concludes that investors lifestyle predominantly decides the risk taking capacity of investors.22 William E. Warren, Robert E. Stevens and C. William McConkey, (1990) in their research paper titled Using Demographic and Lifestyle Analysis to Segment Individu al Investors it is found that Demographics characteristics are a good predictor of whether investors will be light or heavy investors. None of the lifestyle characteristics proved to be a predictor of stock and bond ownership. But demographics were found to be a strong predictor of whether investors would have heavy or light concentrations in stocks and bonds. Not only do life style dimensions help differentiate between investor behaviour types (active/ passive), they may also be useful in differentiating between light and heavy investors in particular investments (stock and bonds)23. William B. Riley Jr. and K. Victor Chow (1992), in their article Asset Allocation and Individual Risk Aversion developed a model to examine the hypothesized relationships between risk tolerance and other demographic variables. He found that relative risk aversion decreases as one rises above poverty level and decreases significantly for the very wealthy. It also decreases with age- but only up to a point. After age 65, risk aversion increases with age24. Yoo, Peter S, (1994), in their research paper named Age Dependent Portfolio Selection said that the diminishing of risky assets over an individuals lifetime is not uniform and individuals appeared to increase their investment in risky assets throughout their working lifetime and decrease their risk exposure once they retire. He also used regressions and found that age was a significant factor in determining the portfolio composition25.

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Sushant Nagpal and B S Bodla, 2009) Impact of Investors Lifestyle on Their Investment Pattern: An

Empirical Study, the IUP Journal of Behavioral Finance, Vol. VI, No. 2. Pp 22-4623

W.E. Warren, R.E. Stevens and C.W. McConkey, 1990, Using Demographic and Lifestyle analysis to

segment Individual Investors, Financial Analysts Journal,Vol 46, No2, pp 74-7724

William B. Riley Jr. and K. Victor Chow,1992, Asset Allocation and Individual Risk Aversion, Financial

Analysts Journal,Vol 48, No 6, pp 32-3725

Yoo, Peter S, (1994) Age Dependent Portfolio Selection. Federal Reserve Bank of St. Louis, February 1994. Working Paper 1994-003A pp 1-22. Retrieved from http: //research.stlouisfed.org/wp/1994/94-003.pdf

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PROFILE OF THE COMPANY

SRINIVASA STOCKS are one of the leading financial services providers with strong presence in Chennai. It was incorporated in 2005 as a franchisee of GEOJIT BNP Paribas and over the years it acquired a name of trust through Equity and Commodity Broking businesses. With the investment of fresh inflow of talent and a focused team committed to taking this company to greater heights. Since then SRINIVASA STOCKS has undergone several transformations by adopting state-of-the-art technology, strengthening credit and risk management systems, creating new products and strengthening client relationships through service focus. The company is committed to fully compliant with all regulatory compliances with the Exchanges, SEBI, IRDA, FMC and RBI. As the company transforms itself to being a professionally run, high quality brokerage house, the focus is on providing best-in-class services to the customers. The new management team consists of high quality professional talent from within the company and from the marketplace. The company strives to attract and retain the best talent, which is amongst the key building blocks for the company. The new growth strategy has four key building blocks Trust, Transparency, Technology and Talent. Today, SRINIVASA STOCKS caters to a gamut of financial products and services ranging from Equity Trading, Commodity Trading, Currency Derivatives, Insurance Broking and Loans (Loan against shares, Margin Funding, Gold Loans etc.) all catering to the mass affluent retail customers. The Company is a member of the National Stock Exchange of India (NSE), the Bombay Stock Exchange (BSE), the National Multi Commodity Exchange of India Ltd (NMCE), the National Commodities Derivatives Exchange Ltd (NCDEX), the Multi Commodity Exchange of India Ltd (MCX) and the Indian Pepper and Spices Trades Association (IPSTA). In order to expand its reach, SRINIVASA STOCKS has launches its internet trading services through www.geojit.com. The online services will provide customers an opportunity to trade from the comfort of their home or offices and also trade while travelling.

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4 PILLARS OF SRINIVASA STOCKS Trust Investors and top management team are of the highest pedigree with a demonstrated track record in the industry Professionally managed team with the highest standards of ethics Best-in-class compliance and risk management systems to ensure safety and data integrity Our long-term relationships speak for our commitment to trust and integrity in our business dealings Transparency Highest standards of corporate governance with well-constituted Board of Directors and Management Review Committees that closely participate and monitor business operations Transparency, disclosure norms and accountability are of paramount importance. We follow industry best practices Our commitment extends further than our customers, investors and stakeholders, as we focus on corporate social responsibility and aspire to institutionalize it Technology We believe that technology is one of the biggest differentiators in our business, and commit to investing continuously to ensure we deliver superior value to the customer Our compliance and risk management systems are best-in-class and technologically enabled to manage risk Through technology, we ensure safety and efficiency of our business processes We have an innovative technology team that is delivers smart solutions and is core to our business strategy

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Talent We believe in a strong employee value proposition of creating and sharing value We have built the organization based on the philosophy of professional entrepreneurship We aim to attain the preferred employer status in our industry Our employees are our wealth creators and we reward them for their motivation We invest heavily in training our employees on a continuous basis to improve our quality delivery levels. We ensure that building learning and development solutions enhances employee value.

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ANALYSIS AND INTREPRETATION

TABLE NO: I DISTRIBUTION OF RESPONDENTS ACCORDING TO AGE GROUP

AGE Below 30years 30-40years 41-50-years Above 50years TOTALSource: Primary data

NO. OF RESPONDENTS 26 48 14 12 100

PERCENTAGE 26% 48% 14% 12% 100%

INTERPRETATION From the above Table no: I, it is evident that out of 100 respondents 26% of the respondents belong to the age below 30 years, 48% of the respondents belong to the age between 30- 40 years, 14% of the respondents belong to the age between 41-50 years and 12% of the respondents belong to above 50yrs of age group. Hence, the investors belonging to the age between 30 - 40 years are major investors in the market.

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CHART NO: IDISTRIBUTION OF RESPONDENTS ACCORDING TO THE AGE GROUP 60%

50%

48%

PERCENTAGE OF RESPONDENTS

40%

30% 26%

20% 14% 12% 10%

0% Below 30years 30-40years 41-50-years Above 50years

AGE GROUP

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TABLE NO: II

DISTRIBUTION OF RESPONDENTS ACCORDING TO THE GENDERGENDER Male Female TOTALSource: Primary data

NO. OF RESPONDENTS 67 33 100

PERCENTAGE 67% 33% 100%

INTERPRETATION From the above Table No: I, it is evident that out of 100 respondents, 67% of the respondents are male and 33% are female. It reveals that majority of the investors are male.

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CHART NO: II

DISTRIBUTION OF RESPONDENTS ACCORDING TO THE GENDER

33%

67%

Male

Female

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TABLE NO: III DISTRIBUTION OF RESPONDENTS ACCORDING TO MARITAL STATUSMARITAL STATUS Married Unmarried TOTALSource: Primary data



INTERPRETATION From the above Table No: III it is evident that out of 100 respondents 74% of the respondents are married and 26% of the respondents are unmarried.

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CHART NO: III DISTRIBUTION OF RESPONDENTS ACCORDING TO MARITAL STATUS

26%

74%

Married

Unmarried

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TABLENO: IV

DISTRIBUTION OF RESPONDENTS ACCORDING TO THE EDUCATIONAL QUALIFICATIONEDUCATION SSLC Higher Secondary Bachelors Degree Masters Degree TOTALSource: Primary data


PERCENTAGE 4% 8% 48% 40% 100%

INTERPRETATION From the above Table no: IV it is evident that out of 100 respondents 48% of them have an educational qualification of bachelors degree, 40% of them are with Masters degree, 8% with higher secondary and 4% of them are having an educational qualification of SSLC.

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CHART NO: IV

DISTRIBUTION OF RESPONDENTS ACCORDING TO THE EDUCATIONAL QUALIFICATION

4% 8%

40%

48%

SSLC

Higher Secondary

Bachelors Degree

Masters Degree

29

TABLE NO: V

DISTRIBUTION OF RESPONDENTS ACCORDING TO THEIR OCCUPATION

OCCUPATION Student Business Professional Service Others TOTALSource: Primary data

NO. OF RESPONDENTS 8 23 14 19 36 100

PERCENTAGE 8% 23% 14% 19% 36% 100%

INTERPRETATION From the above Table no: V it is evident that out of the 100 respondents, 36% of them are included in other occupation which include home maker and retired people. 23 % of them are into business occupation, 19% of them are into service occupation and 14% of them are in professionals and remaining 8% of them are students.

30

CHART NO: V

DISTRIBUTION OF RESPONDENTS ACCORDING TO THEIR OCCUPATION

8%

36% 23%

14% 19%

Student

Business

Professional

Service

Others

31

TABLE NO: VI DISTRIBUTION OF THE RESPONDENTS ACCORDING TO THEIR INCOME PER MONTH

INCOME Below 20,000 20000-30000 30000-40000 Above40000 TOTALSource: Primary data


PERCENTAGE 7% 49% 28% 16% 100%

INTERPRETATIONFrom the above Table No: VI it is depicted that 49% of them are in the income group of 20000-30000 per month, 28% of them in the income group of 30000-40000, 16% of them in the income group of above 40000 and 7% of them are in the income group of below 20000 per month.

32

CHART NO: VI

DISTRIBUTUION OF THE RESPONDENTS ACCORDING TO THEIR MONTHLY INCOME

16%

7%

28%

49%

Below 20,000

20000-30000

30000-40000

Above 40000

33

TABLE NO: VII THE TYPE OF INVESTOR AS PERCEIVED BY THE RESPONDENTS

TYPE OF INVESTORConservative Investor

NO. OF RESPONDENTS76

PERCENTAGE76%

Aggressive Investor

24

24%

TOTALSource: Primary data

100

100

INTERPRETATION

From the above Table No: VII, it is depicted that 76% of the respondents consider themselves as Conservative Investor and 24% of them considered themselves as Aggressive Investor. Majority of them are in the category of conservative investor. A conservative investor is someone who wants his money to grow but does not want to risk his principle investment. Conservative investors choose financial products that do not fluctuate much in value. An aggressive investor is someone who is prepared to take high risks, in the hope of achieving higher than average returns.

34

CHART NO: VII

THE TYPE OF INVESTOR AS PERCEIVED BY THE RESPONDENTS

24%

76%

Conservative Investor

Aggressive Investor

35

TABLE NO: VIII

INVESTMENT PRODUCTS INVESTED IN BY THE RESPONDENTS

INVESTMENT PRODUCT Stock market Mutual Funds Debt Instruments Commodity market Insurance TOTALSource: Primary data

NO. OF RESPONDENTS 100 53 20 16 92 281

PERCENTAGE 36% 19% 7% 6% 32% 100%

INTERPRETATION From the above Table No: VIII it depicts that 36% of them have invested in Stock market, 19% of them have invested in Mutual Funds , 7% of them have invested in Debt Instruments, 6% of them have invested in Commodity Markets and 32% of them have invested in Insurance. Majority of the investors have invested in stock market and insurance.

36

CHART NO: VIII

INVESTMENT PRODUCTS INVESTED IN BY THE RESPONDENTS

33%

36%

6%

7% 19%

Stock market Commodity market

Mutual Funds Insurance

Debt Instruments

37

TABLE NO: IX THE YEARS OF EXPERIENCE IN INVESTMENT BY THE RESPONDENTS

INVESTMENT EXPERIENCE Below 3years 3-6years 6-9 years 9years and above TOTALSource: Primary data

NO.OF RESPONDENTS 27 52 11 10 100

PERCENTAGE 27% 52% 11% 10% 100%

INTERPRETATION Form the above Table No: IX, it is depicted that 27% of the respondents belong to the group of below 3 years of investment experience , 52% of them belong to 3-6 years of experience11% of them belong to the group of 6-9 years and 10 percent of them are under the category of 9 years and above.

38

CHART NO: IX

YEARS OF EXPERIENCE IN INVESTMENT BY THE RESPONDENTS

10% 27% 11%

52%

Below 3years

3-6 years

6-9years

9years and above

39

TABLE NO: X LEVEL OF KNOWLEDGE ON INVESTMENT MARKET OF THE RESPONDENTS

LEVEL OF KNOWLEDGE Little Moderate Good Extensive TOTALSource: Primary data


PERCENTAGE 7% 44% 45% 4% 100%

INTERPRETATION From the above Table No: X it is depicted that 7% of the respondents are having little knowledge on investment market, 44% of them are having a moderate knowledge, 45% of them are having good knowledge and 4% of them are having an extensive knowledge on investment market.

40

CHART NO: X

LEVEL OF KNOWLEDGE ON INVESTMENT MARKET OF THE RESPONDENTS50% 45%

45%

44%

40%

35% Percentage of respondents

30%

25%

20%

15%

10%

7%5% 4%

0% Little Moderate Good Extensive Level of knowledge

41

TABLE NO: XI EXPECTED RATE OF RETURN ON INVESTMENTS BY THE RESPONDENTS

RATE OF RETURN 8-12 percent 12-16 percent 16-20 percent 20 percent and above TOTALSource: Primary data


PERCENTAGE 8% 31% 38% 23% 100%

INTERPRETATION From the above Table No: XI it is depicted that 8% of the respondents expect a very nominal of rate of return of 8-12 percent on their investment, 31% of them expect 12-16 percent, 38% of them expect 16-20 percent and 23% of them expect 20 percent and above rate of returns on investment.

42

CHART NO: XI

EXPECTED RATE OF RETURN ON INVESTMENTS BY THE RESPONDENTS40%

38%

35%

31%30%

Percentage of respondents

25%

23%

20%

15%

10%

8%

5%

0%

8-12 percent

12-16 percent

16-20 percent

20 percent and above

Expected rate of returns

43

TABLE NO: XII TIME HORIZON OF INVESTMENT OF THE RESPONDENTSTIME HORIZON 0-1 year 1-3 years 3-5 years 5 years and above TOTALSource: Primary data


PERCENTAGE 36% 42% 17% 5% 100%

INTERPRETATION From the above Table No: XII it is depicted that 36% of the respondents have a holding period of investments for a time horizon of 0-1 year, 42% for a period of 1-3 years,17% for 3-5 years and 5% for more than 5 years.

44

CHART NO: XII

TIME HORIZON OF INVESTMENT OF THE RESPONDENTS

5%

17% 36%

42%

0-1 year

1-3 years

3-5 years

5 years and above

45

TABLE NO: XIII

LEVEL OF RISK TAKEN ON INVESTMENT BY THE RESPONDENTS

LEVEL OF RISK Very high risk High risk Moderate risk Low risk TOTALSource: Primary data


PERCENTAGE 16% 11% 26% 47% 100%

INTERPRETATION From the above Table No: XIII, it indicates that 16% of the respondents take very high risk, 11% take high risk, 26% take moderate risk and 47% of the respondents take low risk. Majority of the respondents take low risk on investment.

46

CHART NO: XIII

LEVEL OF RISK TAKEN ON INVESTMENT BY THE RESPONDENTS

16%

47%

11%

26%

Very high risk

High risk

Moderate risk

Low risk

47

TABLE NO: XIV PURPOSE OF INVESTMENT OF THE RESPONDENTS

PURPOSE OF INVESTMENT Earn Regular Income Future expenses Wealth creation All of the above TOTALSource: Primary data


PERCENTAGE 10% 45% 9% 36% 100 %

INTERPRETATION From the above Table No: XIV it is depicted that 10% of the respondents purpose of investment is to earn regular income, 45% invest for future expenses, 9% invest to accumulate wealth and 36% of the respondents include all of the above said factors as their purpose of investment.

48

CHART NO: XIV

PURPOSE OF INVESTMENT OF THE RESPONDENTS50% 45% 45% 40% 36% Percentage of respondents 35% 30% 25% 20% 15%

10%10% 5% 0% Earn regular Income For future expenses

9%

Wealth creationAll of the above

Purpose of investment

49

TABLE NO: XV FACTORS CONSIDERED BEFORE INVESTING BY THE RESPONDENTS

FACTORS Safety of capital Risk tolerance High returns Maturity period TOTALSource: Primary data


PERCENTAGE 18% 31% 40% 11% 100%

INTERPRETATION From the above Table No: XV it is depicted that 18% of the respondents consider safety of capital is the most important factor before investing, 31% of them consider risk tolerance as the factor before investing , 40% consider high returns and 11% of the respondents consider maturity period to be the factor considered before investing.

50

CHART NO: XV

FACTORS CONSIDERED BEFORE INVESTING BY THE RESPONDENTS40%

40%

35% 31% 30% Percentage of respondents

25%

Safety of capital20% 18% Risk level High returns 15% 11% 10% Maturity period

5%

0%

Factors considered before investing

51

TABLE NO: XVI THE PROPORTION OF INVESTMENT FROM THE RESPONDENTS INCOMEPERCENTAGE OF INVESTMENT NO. OF RESPONDENTS Below 5% 5 10 % 10 20% Above 20% TOTALSource: Primary data

PERCENTAGE 9% 13% 32% 46% 100%

9 13 32 46 100

INTERPRETATION From the above Table No: XVI it is depicted that 9% of the respondents have invested in investment avenues below 5 percent of their income, 13% of them have invested 5-10 percent of their income in investment, 32% of them with 10-20 percent of their income and 46% of the respondents have invested above 20 percent of their income in investment. .

52

CHART NO: XVI

THE PROPORTION OF INVESTMENT FROM THE RESPONDENTS INCOME

9%

13%

46%

32%

Below 5%

5 10 %

10 20%

Above 20%

53

TABLE NO: XVII

MEDIUM OF MANAGING THE FUNDS OF THE RESPONDENTSMEDIUM OF MANAGING FUNDS NO. OF RESPONDENTS Self managing With the help of Portfolio Manager With the help of adviser and broker With help of Friends and relatives TOTALSource: Primary data

PERCENTAGE 71% 14% 9% 6% 100%

71 14 9 6 100

INTERPRETATION From the above Table No: XVII it is depicted that 71% of the respondents manage their funds by themselves, 14% of them manage with the help of portfolio manager, 9 % of them with the help of advisor and broker and only 6 % of the respondents manage their funds in investment with the help of friends and relatives.

54

CHART NO: XVII

MEDIUM OF MANAGING THE FUNDS OF THE RESPONDENTS

80%71% 70%


50%

40%

30%

20% 14% 9% 10% 6%

0% Self managing With the help of Portfolio Manager With the help of adviser and broker With help of Friends and relatives

Medium of managing the funds

55

TABLE NO: XVIII PROFIT AND LOSS EXPECTATIONS OF THE RESPONDENTS

EXPECTATIONS

NO. OF RESPONDENTS

PERCENTAGE

Stable and low level of profit or no loss Expect moderate level of profit and low level of loss Expect high level of profit and moderate loss Expect very high level of profit and high level of loss TOTALSource: Primary data

3 33 53 11 100

3% 33% 53% 11% 100%

INTERPRETATION From the above Table No: XVIIII it is depicted that 3% of the respondents expect stable and low level of profit or no loss, 33% of them expect moderate level of profit and low level of loss, 53 % of them expect high level of profit and moderate loss, 11% of them expect very high level of profit and high level of loss

56

CHART NO: XVIII

PROFIT AND LOSS EXPECTATIONS OF THE RESPONDENTS

3% 11%

33%

53%

Stable and low level of profit or no lossExpect moderate level of profit and low level of loss Expect high level of profit and moderate loss Expect very high level of profit and high level of loss

57

TABLE NO: XIX THE SOURCE OF INFORMATION ON INVESTMENT OF THE RESPONDENTS

SOURCE OF INFORMATION NO. OF RESPONDENTS Newspaper Financial websites Corporate documents Television All of the above TOTALSource: Primary data

PERCENTAGE 9% 35% 8% 36% 12% 100%

17 60 13 61 20 171

INTERPRETATION From the above Table No: XIX it is depicted that 9% of the respondents rely on newspaper for information on investment market, 35% of them rely on financial websites to get information, 8 % of them with the help corporate documents, 36 % of them rely on television as the source of information on investment and 12% of them rely on all the said sources to gain information on investment.

58

CHART NO: XIX

THE SOURCE OF INFORMATION ON INVESTMENT OF THE RESPONDENTS

40%

35%

36%

35%


25%

20% 12% 9% 8%

15%

10%

5%

0% Source of information

Newspaper Television

Financial websites All of the above

Corporate documents

59

TABLE NO: XX MOST IMPORTANT BASIS FOR INVESTMENT DECISIONS OF THE RESPONDENTS (INVESTMENT STRATEGY)

BASIS FOR INVESTMENT DECISIONS Technical analysis Fundamental analysis Market psychology TOTALSource: Primary data

NO. OF RESPONDENTS 36 32 32 100

PERCENTAGE 36% 32% 32% 100%

INTERPRETATION From the above Table No: XX it is depicted that 36 % of them rely on technical analysis as their basis for investment,32% of them rely on fundamental analysis and 32% of them rely on Market psychology as their investment strategy.

60

CHART NO: XX

MOST IMPORTANT BASIS FOR INVESTMENT DECISIONS OF THE RESPONDENTS (INVESTMENT STRATEGY)36% 36%


34%

33% 32% 32% 32%

31%

30% Technical analysis Fundamental Market analysis psychology Investment Strategy Used

61

TECHNICAL FACTORS TABLE NO: XXI THE INFLUENCE OF PAST PRICE MOVEMENTS ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXI it is depicted that 93% of the respondents consider that past price movements influence them on taking investment decision and 7% of them consider it doesnt influence them on investment.

62

CHART NO: XXI

THE INFLUENCE OF PAST PRICE MOVEMENTS ON INVESTMENT DECISION OF RESPONDENTS100% 93% 90% 80% Percentag of respondentse 70%

60%50% 40% 30% 20% 10% 0% YES Variables NO 7%

63

TABLE NO: XXII THE INFLUENCE OF DAILY PRICE FLUCTUATIONS ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXII it is depicted that 98% of the respondents consider that daily price fluctuations on investment influence them on taking investment decision and 2% of them consider it doesnt influence them on investment.

64

CHART NO: XXII

THE INFLUENCE OF DAILY PRICE FLUCTUATIONS ON INVESTMENT DECISION OF RESPONDENTS120%

100%

98%


60%

40%

20%

2% 0% YES Variables NO

65

TABLE NO: XXIII THE INFLUENCE OF CHARTS, PATTERNS AND TRENDS ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXIII it is depicted that 86% of the respondents consider that charts, patterns and trends influence them on taking investment decision and 14% of them consider it doesnt influence them on investment.

66

CHART NO: XXIII

THE INFLUENCE OF CHARTS, PATTERNS AND TRENDS ON INVESTMENT DECISION OF RESPONDENTS100%

90%80% 70% 60% 50% 40% 30% 20%

86%


14% 10% 0% YES Variables NO

67

TABLE NO: XXIV THE INFLUENCE OF ACTIVE TRADING VOLUME ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXIV it is depicted that 86% of the respondents consider that active trading volume influence them on taking investment decision and 14% of them consider it doesnt influence them on investment.

68

CHART NO: XXIV

THE INFLUENCE OF ACTIVE TRADING VOLUME ON INVESTMENT DECISION OF RESPONDENTS100%

90%

86%

80%


60%

50%

40%

30%

20% 14% 10%

0% YES Variables NO

69

FUNDAMENTAL FACTORS

TABLE NO: XXV THE INFLUENCE OF RETURN ON INVESTMENT ON INVESTMENT DECISION OF RESPONDENTS

VARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXV it is depicted that 100% of the respondents consider that return on investment influence them on taking investment decision and 0% of them consider it doesnt influence them on investment.

70

CHART NO: XXV

THE INFLUENCE OF RETURN ON INVESTMENT ON INVESTMENT DECISION OF RESPONDENTS120%

100% Percentage of respondents 100%

80%

60%

40%

20%

0% YES Variables NO

71

TABLE NO: XXVI THE INFLUENCE OF PRICE TO EARNINGS RATIO ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXVI it is depicted that 91% of the respondents consider that price to earnings ratio influence them on taking investment decision and 9% of them consider it doesnt influence them on investment.

72

CHART NO: XXV

THE INFLUENCE OF PRICE TO EARNINGS RATIO ON INVESTMENT DECISION OF RESPONDENTS100%

91%90%


80%

70%

60%

50%

40%

30%

20% 9%

10%

0% YES Variables NO

73

TABLE NO: XXVII THE INFLUENCE OF EXPECTED STOCK SPLIT ON INVESTMENT DECISION OF RESPONDENTS




INTERPRETATION From the above Table No: XXVII it is depicted that 90% of the respondents consider that expected stock split influence them on taking investment decision and 10% of them consider it doesnt influence them on investment.

74

CHART NO: XXVII

THE INFLUENCE OF EXPECTED STOCK SPLIT ON INVESTMENT DECISION OF RESPONDENTS

100% 90% 90% 80% 70% Percentage of respondents 60% 50% 40% 30% 20% 10% 10% 0% YES NO

Variables

75

TABLE NO: XXVIII THE INFLUENCE OF COMPANY'S DIVIDEND PAYING ABILITY ON INVESTMENT DECISION OF RESPONDENTS




INTERPRETATION From the above Table No: XXVIII it is depicted that 98% of the respondents consider that companys dividend paying ability influence them on taking investment decision and 2% of them consider it doesnt influence them on investment.

76

CHART NO: XXVIII

THE INFLUENCE OF COMPANY'S DIVIDEND PAYING ABILITY ON INVESTMENT DECISION OF RESPONDENTS120%


100%

98%

80%

60%

40%

20%

2% 0% YES Variables NO

77

TABLE NO: XXIX

THE INFLUENCE OF DEBT TO EQUITY RATIO ON INVESTMENT DECISION OF RESPONDENTS




INTERPRETATION From the above Table No: XXIX it is depicted that 93% of the respondents consider that debt to equity ratio influence them on taking investment decision and 7% of them consider it doesnt influence them on investment.

78

CHART NO: XXIX

THE INFLUENCE OF DEBT TO EQUITY RATIO ON INVESTMENT DECISION OF RESPONDENTS100% 93% 90%

80%


60%

50%

40%

30%

20%

10%

7%

0% YES Variables NO

79

TABLE NO: XXX THE INFLUENCE OF USE OF COMPANY INFORMATION ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXX it is depicted that 86% of the respondents consider that use of company information influence them on taking investment decision and 14% of them consider it doesnt influence them on investment.

80

CHART NO: XXX

100% 90% 80% 70% 60% 50% 40% 30%

THE INFLUENCE OF USE OF COMPANY INFORMATION ON INVESTMENT DECISION OF RESPONDENTS

86%


20%14% 10% 0% YES Variables NO

81

TABLE NO: XXXI

THE INFLUENCE OF GOVERNMENT REGULATIONS ON INVESTMENT DECISION OF RESPONDENTS




INTERPRETATION From the above Table No: XXXI it is depicted that 83% of the respondents consider that government regulations influence them on taking investment decision and 17% of them consider it doesnt influence them on investment. .

82

CHART NO: XXXI

THE INFLUENCE OF GOVERNMENT REGLATIONS ON INVESTMENT DECISION OF RESPONDENTS90% 83% 80% Percentage of respondents

70%

60%

50%

40%

30%

20%

17%

10%

0% YES Variables NO

83

TABLE NO: XXXII THE INFLUENCE OF MANAGEMENT QUALITY OF THE COMPANY ON INVESTMENT DECISION OF RESPONDENTS




INTERPRETATION From the above Table No: XXXII it is depicted 82% of the respondents consider that management quality of the company influence them on taking investment decision and 18% of them consider it doesnt influence them on investment.

84

CHART NO: XXXII

THE INFLUENCE OF MANAGEMENT QUALITY OF THE COMPANY ON INVESTMENT DECISION OF RESPONDENTS 90%82% 80%

70%


60%

50%

40%

30%

20%

18%

10%

0% YES Variables NO

85

MARKET PSYCHOLOGY FACTORS

TABLE NO: XXXIII

THE INFLUENCE OF RUMOR DRIVEN MARKET ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXXIII it is depicted that 82% of the respondents consider that rumour driven market influence them on taking investment decision and 18% of them consider it doesnt influence them on investment. .

86

CHART NO: XXXIII

90%

THE INFLUENCE OF RUMOR DRIVEN MARKET ON INVESTMENT DECISION OF RESPONDENTS82%

80%


60%

50%

40%

30%

20%

18%

10%

0% YES Variables NO

87

TABLE NO: XXXIV

THE INFLUENCE OF NEWS ON MEDIA ON INVESTMENT DECISION OF RESPONDENTS




INTERPRETATION From the above Table No: XXXIV it is depicted that 83% of the respondents consider that news on media influence them on taking investment decision and 17% of them consider it doesnt influence them on investment.

88

CHART NO: XXXIV

THE INFLUENCE OF NEWS ON MEDIA ON INVESTMENT DECISION OF RESPONDENTS90%

83%80%

70%

60%

50%


40%

30%

20%

17%

10%

0%

YESVariables

NO

89

TABLE NO: XXXV THE INFLUENCE OF RECOMMENDATION OF PROFESSIONAL INVESTOR ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXXV it is depicted that 90% of the respondents consider that recommendation of professional investor or advisor influence them on taking investment decision and 10% of them consider it doesnt influence them on investment.

90

CHART NO: XXXV

THE INFLUENCE OF RECOMMENDATION OF PROFESSIONAL INVESTOR ON INVESTMENT DECISION OF RESPONDENTS100% 90% 90% Percentage of respondents

80%

70%

60%

50%

40%

30%

20% 10% 10%

0% YES Variables NO

91

TABLE NO: XXXVI THE INFLUENCE OF RECOMMENDATIONS OF FRIEND AND FAMILY ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXXVI it is depicted that 85% of the respondents consider that recommendations of family and friends influence them on taking investment decision and 15% of them consider that it doesnt influence them on investment decision.

92

CHART NO: XXXVI

THE INFLUENCE OF RECOMMENDATIONS OF FRIEND AND FAMILY ON INVESTMENT DECISION OF RESPONDENTS90% 85%

80%

70%


60%

50%

40%

30%

20%

15%

10%

0% YES Variables NO

93

TABLE NO: XXXVII THE INFLUENCE OF MAJOR INSTITUTIONS CURRENTLY BUYING THE STOCKS OF THE COMPANY ON INVESTMENT DECISION OF RESPONDENTSVARIABLES YES NO TOTALSource: Primary data



INTERPRETATION From the above Table No: XXXVII it is depicted that 91% of the respondents consider that major institutions currently buying the stocks of the company influence them on taking investment decision and 9% of them consider it doesnt influence them on investment.

94

CHART NO: XXXVII

THE INFLUENCE OF MAJOR INSTITUTIONS CURRENTLY BUYING THE STOCKS OF THE COMPANY ON INVESTMENT DECISION OF RESPONDENTS100% 91% 90% Percentage of respondents

80%

70%

60%

50%

40%

30%

20% 9%

10%

0% YES Variables NO

95

CHI SQUARE TEST -I

TESTING THE DIFFERENCE BETWEEN LEVEL OF RISK TAKEN BY THE INVESTORS AND THE AGE GROUP OF THE INVESTORS AGE RISK LEVEL Very High Risk High Risk Moderate Risk Low Risk TOTAL BELOW 30 YEARS 0 0 16 16 26 30-40 YEARS 15 3 8 8 48 41-50 YEARS 1 4 1 1 14 ABOVE 50 YEARS 0 4 1 1 12 TOTAL

16 11 26 47 100

H0: There is no significant relationship between age group of the investors and the level of risk taken by the investors. HA: There is a significant relationship between age group of investors and the level of risk taken by the investors.

Here, H0: Denotes Null Hypothesis HA: Denotes Alternative Hypothesis

(O E ) 2 Chi- Square ( = E2)

Here, O: denotes the observed frequencies E: denotes the expected frequencies E = (Row Total*Column Total)/Grand Total

96

O0 15 1 0 0 3 4 4 16 8 1 1 10 22 8 7

E4.16 7.68 2.24 1.92 2.86 5.28 1.54 1.32 6.76 12.48 3.64 3.12 12.22 22.56 6.58 5.64

O-E-4.16 7.32 -1.24 -1.92 -2.86 -2.28 2.46 2.68 9.24 -4.48 -2.64 -2.12 -2.22 -0.56 1.42 1.36

(O-E)217.31 53.58 1.54 3.69 8.18 5.20 6.05 7.18 85.38 20.07 6.97 4.49 4.93 0.31 2.02 1.85

(O-E)2/E4.16 6.98 0.69 1.92 2.86 0.98 3.93 5.44 12.63 1.61 1.91 1.44 0.40 0.01 0.31 0.33 45.60

Calculated value of Chi-square= 45.60 Degrees of freedom = (r-1) (c-1) = (4-1) (4-1) =9 Table value of 9 degrees of freedom @ 5% level of significance= 16.92 RESULT: The calculated value (45.60) is greater than the table value (16.92) Hence, H0 is rejected and HA is accepted.

INFERENCE: Since the calculated value is greater than the table value, the null hypothesis is rejected and alternate hypothesis is accepted. So, there is a significant relationship between the levels of risk taken by the investors with the age group of investors. It can be concluded that the increase in age increases the risk tolerance level among the investors. The older an investor, the better seems his/her performance in comparison to the younger ones. Overconfidence in their own investment ability among the youngsters largely accounts for the excessive trading among younger investors leading to lower returns and this direct to decline in the risk tolerance level.

97

KARL PEARSONS COEFFICIENT OF CORRELATION CORRELATION ANALYSIS-I

LEVEL OF KNOWLEDGE ON INVESTMENT MARKET OF THE INVESTORS 7 44 45 4

EXPECTED RATE OF RETURN ON INVESTMENT BY THE INVESTORS 8 35 47 10

X 7 44 45 4

Y 8 31 38 23

x (x-) -13 24 25 -16

Y (y-) -12 11 18 3

x2 169 576 625 256 x2=1626

y2 144 121 324 9 y2=598

xy 156 264 450 -48 xy=822

r = X = (x- );

Y = (y -

)

= 100/4=20 = 100/4=20

98

xy =822

x2=1626

y2=598

r = 0.83RESULT: Since the calculated value r= 0.83, there is a high degree of positive correlation between the two variables. INFERENCE: There is a significant relationship between the level of knowledge on investment market of the investors and expected rate of return on investment by the investors. It can be concluded that the level of knowledge on investment market of the investors leverages the expected rate of returns on investment. The primary rational behind this phenomenon is that investors with less knowledge invest their money in long term investments with moderate expectation. On the other hand, the investors with extensive knowledge use their awareness to read the market trend and swap their investments to achieve optimum returns.

99

CORRELATION ANALYSIS-II PROPORTION OF INVESTMENT FROM THE INCOME 9 13 32 46 100 LEVEL OF RISK 16 11 26 47 100

X 9 13 32 46 100

Y 16 11 26 47 100

(x-)-11 -7 12 26

X

(y-)-4 -9 6 27

y

x2 121 49 144 676 x2=990

y2 16 81 36 729 y2=862

xy 44 63 72 702 881

r = X = (x- ); xy =881 = 100/4=20 = 100/4=20 x2=990 y2=862

Y = (y -

)

=0.95

r = 0.95100

RESULT Since the calculated value r = 0.95, there is a high degree of positive correlation between the two variables. INFERENCE: There is a significant relationship between the proportion of investment from the income of the investor and level of risk taken by the investors. It can be conclude that as the proportion of investment from the income increases the level of risk taken also increases.

101

T TEST- I VIEWS OF CONSERVATIVE INVESTORS AND AGGRESSIVE INVESTORS ON EXPECTED RATE OF RETURN Expected rate of return on conservative investor point of view 8 30 25 13 Expected rate of return on aggressive investor point of view 0 1 13 10

Testing the difference between means of two samples (independent samples) To carry out the test, we calculate the statistics as follows:

t=where,

= mean of the first sample = mean of the second sample = number of observations in the first sample n2 = number of observations in the second sample s= combined standard deviation The value of s is calculated by the formula as follows: S=

H0: There is no significant difference of views between the conservative investors and the aggressive investors regarding the expected rate of return

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H1: There is a significant difference of views between the conservative investors and the aggressive investors regarding the expected rate of return

x18 30 25 13

x20 1 13 10

-11 11 6 -6

-6 -5 7 4

121 121 36 36

36 25 49 16

x1=76

x2=24

314

126

= 19 S= 8.56 t = 2.14

=6

The degree of freedom is v=n1+n2-2= 4+4-2=6 RESULT: Calculated value of (2.14) is greater than table value (1.943). H0 is rejected INFERENCE: Since the calculated value is greater than the table value the null hypothesis is rejected and alternate hypothesis is accepted. There is significant difference of views between the conservative investors and the aggressive investors regarding the expected rate of return. Conservative investors are very cautious about the return expected with that of risk involved in it as compared to that of aggressive investors. Aggressive investors are ready to take risk as well as expect high returns for it.

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ANOVA -I TESTING THE DIFFERENCE OF INVESTMENT EXPERIENCE WITH THAT OF INVESTMENT STRATEGY USED BY THE INVESTORS INVESTMENT STRATEGY TECHNICAL ANALYSIS INVESTMENT EXPERIENCE 5 22 5 4 TOTAL 36 FUNDAMENTA L ANALYSIS 12 13 4 3 32 MARKET PSYCHOLOGY ANALYSIS 10 17 2 3 32 TOTAL 27 52 11 10 100

H0: There is no significant difference in investment strategy used by the investors according to the investment experience of the investors

HA: There is a significant difference in investment strategy used by the investors according to the investment experience of the investors Step1: T=100, n=12, Therefore, Correction factor = (T) / n = 100/12 = 833.33 Step2: Total Sum of Squares (SS) = 52+122+102+222+132+172+52+42+22+42+32+32=1290 = 1290- 833.33 = 456.27 Step 3 : Sum of Squares between groups Treatment: = (27+ 52 + 11+ 102)/3 833.33 (correction Factor)

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= 384.67 Step 4 : Sum of Squares within groups (error) Treatment: = SST-B/W SS =456.67-384.67 =72 Step 5: Calculation of ONE WAY ANOVA THE ANOVA TABLE 5% FLimit (or the table value) F(3,8) =4.07

Source of variation Between Groups (i.e. between investment experience) Within Sections (Error) Total

SS

Degrees of freedom(d.f) ( k-1 )

Mean Squares(MS) =384.67/ 3 =128.22 =72 /8 =9

F- ratio

=128.22/9 =14.25

384.67 = ( 4 1) =3

ni-k 72 =12-4=8 456.67 ni-1 =12-1=11

RESULT: Calculated value (14.25)> table value (4.07) at (3, 8) degrees of freedom at 5% significance level. H0 is rejected. INFERENCE: It is noted from the above table that, the calculated ANOVA value is more than the table value. So, there is a significant difference in investment strategy used by the investors according to the investment experience of the investors. Null hypothesis is rejected and alternate hypothesis is accepted. The more investment experience of the investors leverages the investor to be more knowledgeable technically and fundamentally and so better investment strategy is used.

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IMPORTANCE OF TECHNICAL ANALYSIS FACTORS IN REACHING AN INVESTMENT DECISION BY THE INVESTORS

Technical Factors

Yes

No

Total

Rate Of Importance (Yes) 27.0%

Rank

Daily price fluctuations Use of past price movements to predict future price Use of charts, patterns and trends

98

2

100

I

93

7

100

25.6%

II

87

13

100

24.0%

III

Active trading volume/turnover

85

13

100

23.4%

IV

TOTAL

363

35

400

100%

PERCENTAGE

90.75%

8.75%

100%

INFERENCE: It is noted from the above table that the Importance of technical factors on investment decision among the 100 respondents is 90.75% and the highest significance among the four factors is given to the daily price fluctuations with the percentage of 27% and the least significance is given to active trading volume/turnover with a percentage of 23.4%

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IMPORTANCE OF FUNDAMENTAL ANALYSIS FACTORS IN REACHING AN INVESTMENT DECISION BY THE INVESTORS

Fundamental Factors Return on investment/equity Companys dividend paying ability Debt to equity ratio Price to earnings ratio Expected stock split Use of company information, statements and financial Management quality of the company Government regulations/ interventions TOTAL PERCENTAGE

Yes 100 98 93 91 90 86 83 82 723 90.38%

No 0 2 7 9 10 14 17 18 77 9.63%

Total 100 100 100 100 100 100 100 100 800 100%

Rate Of Importance (Yes) 13.8% 13.6% 12.9% 12.6% 12.4% 11.9% 11.5% 11.3% 100%

Rank I II III IV V VI VII VIII

INFERENCE: It is noted from the above table that the Importance of fundamental factors on investment decision among the respondents is 90.38% and the highest significance among the eight factors is given to the return on investment with the percentage of 13.8% and the least significance is given to government regulations/interventions with a percentage of 11.3%.

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IMPORTANCE OF MARKET PSYCHOLOGY FACTORS IN REACHING AN INVESTMENT DECISION BY THE INVESTORS

Market Psychology Factors

Yes

No

Total

Rate Of Importance (yes)

Rank

Major institutions & corporations currently buying the stocks of the company Recommendation/advice of professional investor/broker Recommendations/advice of some friend, family, and peer News, stories in the media Rumor driven market TOTAL PERCENTAGE

91

9

100

21.1%

I

90 85 83 82 431

10 15 17 18 69

100 100 100 100 500

20.9% 19.7% 19.3% 19.0% 100%

II III IV V

86.20% 13.80% 100%

INFERENCE: It is noted from the above table that the Importance of market psychology factors on investment decision among the respondents is 86.20 % and the highest significance among the five factors is given to the major institutions and corporations currently buying the stocks of the company with the percentage of 21.1% and the least significance is given to rumor driven market with a percentage of 19.0%.

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SUMMARY

This is a study on retail investor behaviour on investment decision. The objectives of the study cover purpose of investment, type of investment, risk profile of the investors, investment strategy used by the investors, expected rate of return, time horizon of investment, importance of technical, fundamental and market psychology factors on investment decision, knowledge level on investment market and factors considered before investing. The convenience sampling technique was used to collect data. The primary data for the study consist of the responses from individual investors collected by structured questionnaire. The questionnaire contained thirty numbers of questions which were surveyed among 100 investors. Responses obtained from the investors were analyzed quantitatively. Hypothesis were framed, which were tested and proved using statistical tools such as cross tabulations, frequencies ,Percentage analysis, Chi-Square test, T-test, One way ANOVA and Correlation analysis. The analyzed data were presented through tables and charts.

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FINDINGS VIEWS AND INFORMATION OF THE INVESTORS 48% of the respondents belong to the age group of 30- 40 years 67% of the respondents are male investors. 74% of the respondents are married. 48% of the respondents are qualified with bachelors degree 36% of the respondents are having other occupation which includes home maker and retired people. 49% of investors income group is 20000-30000 per month 76% of the respondents perceive them as conservative investors the respondents 36% of investors have invested in Stock market. 52% of the respondents are having 3-6 years of experience in investment. 45% of the respondents are having good knowledge on investment market 47% of the respondents are expecting 16-20 percent of return on their investment 42% of the respondents are holding investment for 1-3 years of time horizon. 47% of the respondents take low risk on their investment 47% of the respondents purpose of investment is to meet the future expenses. 53% of the respondents believe risk tolerance to be the important factor to be considered before investing. 46% of the respondents have invested 10-20 percent of their income in investment. 71% of the respondents manage their funds by themselves 36% of the respondents rely on television as a source of information on investment and with 35% relying on financial websites. 36% of the respondents use technical analysis as their investment strategy. 93% of the respondents accept that past price movements influence them in taking an investment decision. 98% of the respondents accept that daily price fluctuations influence them in taking investment decision 87% of the respondents accept that charts, patterns and trends influence them in taking investment decision 85% of the respondents accept that active trading volume influence them in taking investment decision110

100% of the respondents accept that rate of return influence them in taking investment decision 91% of the respondents accept that price to earnings influence them in taking investment decision 90% of the respondents accept that expected stock split influence them in taking investment decision 98% of the respondents accept that consistent dividend paying company influence them in taking investment decision 93% of the respondents accept that debt to equity ratio influence them on investment decision 86% of the respondents accept that background of a company influence them on taking investment decision 82% of the respondents accept that government regulations influence them on taking investment decision 83% of the respondents accept that management quality of a company influence them on taking investment decision 82% of the respondents accept that investment decision is taken based on market rumor 83% of the respondents accept that media news influence them on taking investment decision 90% of the respondents accept that recommendation from professional influence them on taking investment decision 85% of the respondents accept that recommendation from friends and family will influence them on investment decision 91% of the respondents accept that institutional buying of a stock will influence them on investment decision

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FINDINGS OF STATISTICAL ANALYSIS

CHI- SQUARE ANALYSIS PROVED THAT There is a significant relationship between the levels of risk taken by the investors with the age group of investors. CORRELATION ANALYSIS PROVED THAT

There is a significant relationship between the level of knowledge on investment market of the investors and expected rate of return on investment by the investors.

There is a significant relationship between the proportion of investment from the income of the investor and level of risk taken by the investors

T-TEST PROVED THAT

There is significant difference of views between the conservative investors and theaggressive investors regarding the expected rate of return. ONE WAY ANOVA TEST PROVED THAT

There is significant difference in investment strategy used by the investors accordingto the investment experience of the investors.

RANKING METHOD PROVED THAT

The Importance of technical factors on investment decision among the 100 respondents is 90.75% and the highest significance among the four factors is given to the daily price fluctuations.

The Importance of fundamental factors on investment decision among the respondents is 90.38% and the highest significance among the eight factors is given to the return on investment.

The Importance of market psychology factors on investment decision among the respondents is 86.20 % and the highest significance among the five factors is given to the major institutions and corporations currently buying the stocks of the company.

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SUGGESTIONS Investors should make the investment with proper planning keeping in mind their Investment objectives. Proper guidance should be provided to the investors to diversify their investment to get optimal rate of return with minimal risk. Regular follow up and personalized service towards investors portfolio can help in developing reputation, trust and long term relationship. Management shall make the investors to get update about the latest Investment opportunities available in the market through monthly news edition, emails about market trends, factsheets etc. Management should encourage women investors to invest in the various investment opportunities. Management should arrange a meet with experts and market specialist in regular intervals to train the investors on technical, fundamental and market trends. Some investors are hesitating to invest in commodity market. So, the firm has to give proper guidelines to the investors about the investment in commodity market. It is also noted that debt instruments are not familiar with the investors. In this context to familiarize investment in debt instruments, it is necessary that people at the helm of policy making should take steps to create platform for trading of corporate bonds and expanding the Market for corporate bonds. The respondents should approach the professionals such as Tax Consultants, CAs to get dual benefits. They should avoid the listing of trials or not to take self decisions when they want to make investments in any avenue. It is better to consult the experts in same field. The survey of financial and economic market, budgetary remarks and policies of government etc. are vital before investment decisions are made. Maximum attention towards national and international political as well as economical issues is also required for investment decisions. The financial market is also exaggerated by the events of natural calamities, flood, Tsunami etc. Thus every investor should also be aware about all these facts.

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CONCLUSIONTraining is a platform of learning helping the researcher in understanding the industry and the organization with a special emphasis on the development of skills in analysing and interpreting practical insights. Here the researcher underwent training in Srinivasa Stock Broking firm which helped in enriching the knowledge on investment market. With the aim to study the retail investor behaviour on investment decision, the researcher collected primary data through structured questionnaire and analyzed the data and proved through various statistical tools. The primary data analysis proved that with the increase in age there is an increase in the risk tolerance level among the investors, the level of knowledge on investment market leverages the expected rate of return of the investors and as the proportion of investment from the income increase, the risk taken also increases. The individual investor still prefers to invest in financial products which give risk free returns. This confirms that investors even if they are of high income, well educated, with a good occupation, are conservative investors preferring to play safe. The investment product designers can design products which can cater to the investors who are low risk tolerant. This study reveals that most of the investors are looking to meet out their future expenses as their major motive towards the investment. The study reveals that technical analysis is given more importance as compared to fundamental analysis and market sentiments to make an investment decision but found that investors do follow all the three ways in making their investment decisions.

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BIBLIOGRAPHYBOOKS C. R. Kothari, 2008, Research Methodology: Methods and Techniques,2nd revised Edition, New Age International publications V K Bhalla, 2008, Investment Management: Security Analysis and Portfolio Management, 13th Edition, Sultan Chand and Sons publications. Punithavathy Pandian, 2009, Security Analysis And Portfolio Management, 1st Edition, Vikas Publishing House

JOURNALS

Baker K B H, Haslem J A. 1973, Information needs of individual investors, Journal of Accountancy, Vol: 5, No: 2, pp 64-69.

Barber, M. Brad, Odean, Terrance 2008, All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, Review of Financial Studies, Vol: 21, No: 2, pp 785-818.

Brown, G.W. and Michael T. Cliff. 2004, Investors Sentiment and the Near-term Stock Market, Journal of Empirical Finance Vol. 11, pp. 1-27.

Chandra, Abhijeet, March 2009, Individual Investors' Trading Behavior and the Competence Effect The ICFAI University Journal of Behavioral Finance, Vol. 6, No. 1, pp. 56-70

David Ansie, Melainie Powell, July 1997, Gender difference in risk behaviour in financial markets: An experimental analysis. Journal of Economic Psychology, Vol:18, pp 605-628

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Harrison Hong, Jeffery D. Kubik, Jeremy C. Stein 2000), Social Interaction and Stock Market participation. Journal of Finance, Vol: 59, No: 1, pp137-163

Hodge, F. D. 2003. Investors perceptions of earnings quality, auditor independence, and the usefulness of audited financial information. Accounting Horizons, Vol:1, pp: 37-48

Kabra, G., Mishra, P.K. and Dash M.K. 2010), Factors Influencing Investment Decision of Generations in India: An Econometric Study, Asian Journal of Management Research, Vol:1, No: 1, pp 305-326

Kadiyala, P

Project Dated 4-A STUDY OF RETAIL INVESTOR BEHAVIOR ON INVESTMENT DECISION

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