Vol. 5, Issue 3, Part B (2019)

Abstract
Behavioral finance paradigm suggests that investment decision is influenced in a large proportion by psychological and emotional factors. Behavioral finance is a relatively recent and high impact paradigm which provides an interesting alternative to classical finance. This paper aims at studying the impact of investors’ investment experience, gender, and level of education on self-attribution and overconfidence bias while taking their investment decisions. Data collected from a sample of 212 mutual fund investors were analyzed. The ANOVA is used to analyze the perceptual difference among the investors according to gender, education and investment experience. This study has some novel implications regarding investing behaviour of individuals while selecting mutual fund as an investment instrument. The results provide an insight on the existence of investors susceptible to behavioural biases. Practitioners can get an insight in dealing with various types of investors in the market place.