Abstract：
Th is study offers empirical insights into investor behavior and its correlation with various behavioral biases in the context of investment decisions in the Pakistan Stock Exchange (PSX). Data was collected through a structured questionnaire from 261 individual investors in Pakistan. The study employs hierarchical regression analysis to test the hypothesis. It considers several behavioral biases, and statistically, anchoring and adjustment, overconfidence, and herding show a significant impact. The study uses financial literacy to examine its moderating effects on these biases, and the result suggests that it significantly influences behavioral biases related to investment decisions. The results underscore the unique investment behaviors in emerging markets, contrasting with established norms in well-developed financial markets. These findings can inform policymakers and stock market authorities about investor decision-making in emerging economies.
摘要：
研究提供了对巴基斯坦证券交易所（PSX）投资决策背景下投资者行为及其与各种行为偏差的相关性的实证见解。数据是通过结构化问卷从巴基斯坦的261名个人投资者那里收集的。该研究采用层次回归分析来检验假设。它考虑了几个行为偏见，和统计，锚定和调整，过度自信,和羊群效应表现出重大影响。这项研究使用金融知识来检验其对这些偏见的调节作用，结果表明，它显著影响与投资决策相关的行为偏差。结果突显了新兴市场独特的投资行为，与发达金融市场的既定规范形成鲜明对比。这些发现可以为政策制定者和股票市场当局提供有关新兴经济体投资者决策的信息。
