Introduction Stock Market is a place where a number of primary and secondary securities are traded. The investors can invest in the surplus investment avenues available in the market to meet their long term and short term goals. However the investors need to carefully examine all the aspects like the risk and duration of the investments and the various aspects involved while investing in the stock market. The investors with lack of knowledge and expertise lose their money while investing investing in financial financial assets especially securities. securities. As household household sectors share is much larger in the countrys savings. So! it is important for them to show them the right path to invest in securities. So financial market is a right place to invest and earn higher returns as compared to other investment avenues. There are various factors that motivate the investors to invest in stock market. So it is important to understand what are the ma"or factors involved in making their decisions. #IT$%AT&%$ %$'I$()* +rinblatt +rinblatt ! M. , -elohar"u ! M. /0012 has conducted conducted a research on all the 3innish 3innish investors investors who trade from /4 5ecember 1667 to 10 8anuary 1664! both retail and institutional investors to analy9e all the factors that motivate the investors to deal in 3innish stock market i.e. to sell! hold and buy the shares and to analy9e the various behavioral and economic effects together and distinguish their contributions to the trading activity. The stratified sampling techni:ue was used on the basis of which the investors were divided into odd and even months and then their trading patterns were analy9ed. And it was found that stocks with large positive returns in the recent past and with prices at their monthly high are more likely to sell. ;egative past returns affect the buy and sell decision more than the positive p ositive past returns.
5orn ! 5. ! Huberman Huberman ! +. , Sengmueller Sengmueller ! <. /00=2 has conducted conducted a research research in german regarding >orrelated Trading Trading and %eturns. To find find the trade similarity in investors is same than they would have expected! what coordinates retail trades and what role does correlated retail trading trading play in price formation. formation. The sample sample of more than ?4!000 retail retail clients were taken and random sampling techni:ue was used to understand their trading patterns. It was found that the retail investors tend to move together because of short*sale constraints and unmonitored limit
orders and also more to the speculative market orders. It was identified that trades are likely to be undertaken for non speculative reasons such a s savings! li:uidity! or rebalancing2.
Merikas ! A. A. ! Merikas! + . A. ! 'o9ikis! S. +. ,
ompanies in Ho >hi Minh >ity in 'ietnam. The data was collected from the target population through :uestionnaires. The ob"ective of the survey was to investigate which behavioral factors influencing the decisions of individual investors at the Securities >ompanies in Ho >hi Minh >ity. It was found that there are mainly five behavioral factors of individual investors at the Ho >hi Minh Stock $xchange that influence their decisions) Herding! Market!
-umari! 8. ! Swain! S. >. , Thakur! S. /01@2 conducted a research on @00 investors in %anchi by collecting the re:uired information from them through the :uestionnaires to study the thought processes and the perceptions of the investors of these cities and their challenges to know what percentage of their income they like to invest in the stock market and also about the risk appetite of different investors from different background. By using different research methods that are likerts @ point scale was used and statistical techni:ue of cluster analysis was used through S
5r. Sindhu! -. <. , 5r. -umar! S. %. Aug /0172 has conducted the research on 600 individual investors in -erala to know the periodic investment plans of mutual funds investors and to know the duration of investment of mutual fund investors. Multi stage sampling was done in ? %egions ? D ?002 and then convenient sampling was done to select the units. It was found that the Investment decisions of investors are very much influenced by financial consultants.
%ashid! M. , ;ishat ! M. A. 8uly /0062 has conducted a research on ?00 retail investors who invest in 5haka stock exchange! Bangladesh. The random sampling techni:ue was used to analy9e the components of market structure that contribute to the satisfaction level of retail investors. It was found that the Investment analysis! ease of conducting transaction! information and risk are the only four variables
that affect the satisfaction level of stock investors in
Bangladesh.
+upta! S. ! >houdhary! H. , 5.%. Aggarwal April /01E2 has done study on $fficiency of Indian >ommodity Market) A Survey of Brokers F ;>%* 5elhi for their research. The main ob"ective of their study to know that what is the borkers perception towards the recently introduced commodity derriavties in the market to know the reasons for non*investment in the commodity futures issues that motivates the investors to invest in commodity derivatives and to know the marking activities of brokers in the commodity derivatives. They found a mixed picture of their survey. Some respondents characteri9e Indian market as naive while others indicate caution. %etail investors are having a strong representation in commodity derivatives market.
the
Investment oimbatore >ity. 104 customers were selected by using convenient sampling techni:ues as target population to know the
investors behavior and what are the various investments avenues are available to the investors in the >oimbatore city. It was found that the $ducation of investors is immensely important for present day investors. The ma"ority of the investors prefer to invest in saving account followed by gold and silver! 35 account. 5.%. Muthuswamy! <. %. , 5evi! %. %. 3eb /01@2 has conducted research on Investors risk perceptiom and investors information seeking behavior on investment decision in Tamil ;adu. Their target units were the investors who trading in >oimbatore Stock $xchange for at least 1year. It was found that the because of increased awareness regarding stock market the population started gaining faith and investing in stock market and even the no of female investors also increased. The investor also considers the risk and the professionals advices while investing in the market for higher returns.
Sashikala < , +irish +. < /01@2 studied factors influencing retail investors trading behavior in Indian e:uity market to investigate the factors which influence and affect retail investors trading behavior in Indian e:uity market and found that factors like brokerGs advice! pe rsonal analysis !financial analystGs recommendation !inclination towards online trading influence and affect trading behavior of investors.
#eena %oy Mallick !5r. <.>. Mahalanabish /01@2 studied factors influencing investment decisions of retail investors in Hoogly district of (est Bengal to identify the factors influencing the investing decision of retail investors and found that investors choose a particular investment avenues to meet their future family needs !to avail tax benefits !for capital appreciation and to cover risk factor.
5r. Syed Tabassum Sultana! 5r S
-rutika Mistry /01@2 studied individual investors behavior in Indian stock market to identify preferred source of information influencing investment decision and to access the psychology of investors in different market situation and to categori9e the investors in different criteria on the basis of their psychology like conservative! Cpportunistic! speculative and It was found that investors do not take decisions immediately but they try to understand the market first and then react !small investors are unbiased and not conservative about company events and are opportunist about world economic events. 5r. -aushal A. Bhatt /01?2 studied investment and trading pattern of individuals dealing in stock market to know literacy and total awareness of current capital market among different investment avenues and their potential market among the people of 8amnagar >ity and found that factors like occupation! age! education does affect the investment decision of individuals dealing in stock market and It was also found that new generation investors whose age is less than ?@2 prefer online trading rather than off line.
Suman!5r. 5. <. (arne /01/2 studied investment behavior of individual investor in stock market to identify factors effecting different investors and it was found investors give importance to annual income and annual saving their level of income decides the level of saving and level of investment.
%.S.Ananthara"an ! 5r. '. Sachithanantham /01E2 studied role of risk tolerance in portfolio management to understand the investor perception on risk tolerance and to find the influence of portfolio investment detail on risk tolerance and found that avenues which expose less tolerance are more popular among investors .These financial asset possesses moderate return with assured return therefore it determined that the meticulous investors with periodic tracking of risk involved in the investment always go for #I> Investments. >.-avitha /01@2 studied investors attitudes towards stock market investment to find out investors attitudes and perceptions towards stock market investments and to analy9e how investors level of awareness influences their intention to invest in the stock market and found that there is a positive relationship between investorGs attitude and stock market investment with
the more positive attitude enhancement strategies it is easy for local investors to invest in stock market. 5r. +agan -ukre"a /01/2 studied investors perception for stock market )evidences from national capital region of India to evaluate the factors influencing investors perception towards investment in Indian capital market and found that variables like educational :ualification !tax advantage !past performance! occupation !services of stock broker! age has a significant influence on investors behavior. 5r. <#. Senthil! S.+opi /01@2 studied investment behavior of individual investor in Trichirappalli district to analy9e factors effecting different investors in stock market and found that market movements affect the investment pattern of investors in the stock market and reveals that the respondents integrate the ob"ectives of saving! the factors influencing the saving and the sources of information for decision making.
5r. Anil ;agtilak ! ;ilesh -ulkarni /01@2 studied investors perception towards initial public offering in Mumbai to find out the level of awareness about I
%eferences
8ogongo A. /0172 ! has conducted a survey on the factors which influences investment decisions of the investors in ;airobi Stock $xchange. After this survey it was found that the most important factors which influence the investors are reputation of the firm! price per share! firmGs status in the industry! expected corporate earnings. These are factors considered by the investors while deciding their investments -avitha >. /01@2 ! has collected the data from 1/@ respondents by using the :ualitative as well as :uantitative research method for analysing the attitude and perception of the investors towards
investment decisions. This study resulted into that there is strong relation between the investorGs perception of stock market regulations and intention of the investors to participate at ;S$. -engatharan #. ! -engatharan ;. /0172 ! has conducted a survey to identify the behavioural factors which influences the investors for making investment in >olombo Stock $xchange. They had used the :uestionnaires for collecting data from the respondents and they used stratified sampling and non probability sampling for collecting data. It was found that there are four behavioural factors which influences the investors to invest in stock market! which are herding!heuristics!prospect and market. 3rom these factors heuristic is the factor which is having high impact on the choice of the stock variable and herding has very low impact on the investment decision of the investor. 3aroo: A.! Sa"id M. /01@2 ! states that there are the behavioural factors which influences the investors to invest in stock market. It was revealed that heuristics! use of financial tools and firm level corporate governance has positive impact on the investors investment decision whereas risk factor has negative impact on the investment decisions of the investors. Bennet $ .! Selvam M.! Indhumathi +.! %amkumar %.%. and -arpagam'. /0112! have studied the 3actors Influencing %etail Investors Attitude Towards Investing in $:uity Stocks. They used the descriptive research and sample si9e of 10 0 retail investors and purposive sampling techni:ue to identify the various factor which affect the investment decision in e:uity stocks. This resulted into that there are mainly five factors which influences the investment decisions of the retail investors to invest in e:uity stocks that are risk! media focus on stock market! strength of economy! political stability and government policies towards businesses. Arathy B ! ;air A.A. ! An"u Sai <. and !
Singh A.-. , Singh -.'. /01E2! conducted this research to know about the perceptions of the investors towards mutual funds in phagwara region and to evaluate the perceptions towards mutual funds as compared to the other investment avenues. They used the descriptive and exploratory research methods and made a sample si9e of /00 by using the non probable convenience sampling techni:ue. It was found that most of the investors are not aware about the terms and policies of the mutual funds and they take the help of financial advisors to make investment and mostly they choose I>I>I for making investments in mutual funds. Hussein A.H. /0042 ! conducted a survey in &A$ in order to identify the behavior of the &A$ investors towards the investment patterns. It was revealed from the study that
expected
corporate earnings! get rich :uick! stock marketability! past performance of the firm stock! government holdings and creation of the organised financial markets are the factors which influences most of the &A$ investors to invest in Stock Market. 5imitrios! I. M.! /0042 ! investigate the various methods and techni:ues used by greek investors for making any decision regarding investments. Juestionnaire and in depth structured interviews are used to collect information from the respondents. The study concluded that individual investors rely more upon newspapers and media! noise in the market for making investment. But professional investors rely upon the technical and fundamental analysis for taking their decisions regarding their investments. Ali A. /0112 ! conducted this survey to examine the relation between the individual investors! financial performance of the company and intentions of the investors to invest in stock market. The study reveals that people while making investments in stock market consider the companyGs risk and returns and they are not influenced by the emotional factors for making investment in stock market.
%esearch Cb"ectives 1. To explore the factors that motivate the investors to invest. /. To explore the gender differences across the trading preference. ?. To know their perception towards various investment avenues those are available in the market.
%esearch +ap
%eferences Ali! A. /0112.
-arpagam!'. /0112. 3actors
Influencing %etail Investors Attitude Towards Investing in $:uity Stocks) A Study in Tamil ;adu. 8ournal of Modern Accounting and Auditing! 'ol. 4! pp. ?1E*?/1 5imitrios! I. M.! /0042. InvestorsG behaviour in the Athens Stock $xchange AS$2. 8ournal of Accountancy! 'ol. 1/0! pp.E4*4/. 3aroo:! A. , Sa"id! M. /01@2. 3actors Affecting Investment 5ecision Making) $vidence from $:uity 3und Managers and Individual Investors in . /01@2. Investors Attitudes towards Stock Market Investment. International 8ournal of scientific research and management I8S%M2! 'ol. ?! pp. 4 -engatharan! #. , -engatharan! ;. /0172. The Influence of Behavioral 3actors in Making Investment 5ecisions and olombo Stock $xchange! Sri #anka. Asian 8ournal of 3inance , Accounting! 'ol. E
Singh! A.-. , Singh! -.'. /01E2. Study of investors perception towards unconventional tool of investment with special reference to mutual funds in phagwara region. International 8ournal of Information %esearch and %eview! 'ol. 0?! pp. /017*/0/1 Sashikala! <., +irish! +. <./[email protected] Influencing %etail Investors Trading Behavior in Indian $:uity market. International Journal of Business and Management !'ol.10!pp./0E*/11 Mallick! #.%., Mahalanabish!<.>./[email protected] influencing investment decision ) A study of retail investors in Hooghly district of (est Bengal.. International Journal of Research in IT & Management !'ol.@ Sultana!S.T., . /01@2 .Investors Attitudes towards Stock Market Investment. International Journal of scientific research and management .'ol .?! pp. ??@E*??E/ -ukre"a !+./01/2. Investors apital %egion of India. Institute of Interdisciplinar$ Business Research.'ol.7 (arne!5.<.,Suman /01/2 .Investment behavior of individual investor in stock market. International Journal of Research in inance & Mar%eting .'ol./
-ulkarni !;., ;agtilak !A./[email protected] study on investors perception towards initial public offering in Mumbai. Journal of Research in Commerce & Management .'ol 7
