Behavioral Biases and Retail Investment Decisions in India: The Moderating Role of Financial Literacy and Financial Awareness
Ujjal Sanyal; Furquan Uddin; Mohammad Razi-ur-Rahim; Asraful Islam; Rasheed Kuriyodath; Md Billal Hossain · 2026 · Analytics
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The study found no significant effect — useful as a negative control or null benchmark for your own design.
Abstract
This study investigates how behavioral biases influence the investment decisions of retail investors in Kolkata, India, with particular emphasis on the moderating roles of financial literacy and financial awareness. Despite the rapid expansion of India’s financial markets and increased retail participation, investors often exhibit irrational behavior driven by psychological biases. This study seeks to answer the following research question: To what extent do behavioral biases affect the investment decisions of retail investors in Kolkata, India, and how effectively do financial literacy and fi
Abstract by Ujjal Sanyal; Furquan Uddin; Mohammad Razi-ur-Rahim; Asraful Islam; Rasheed Kuriyodath; Md Billal Hossain, Analytics (2026) — licensed CC BY 4.0.
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Metadata source: OpenAlex · DOI 10.3390/analytics5030026