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The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach
This thesis examines the effect of risk attitude, confidence and optimism behavioral biases on investment decisions and portfolio returns. The thesis methodology utilizes an experimental approach, whereby students compete through a semester long stock market simulation using the Stock-Trak simulatio...
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| Format: | Thesis |
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AUC Knowledge Fountain
2017
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| _version_ | 1867613410993111040 |
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| access_status_str | Open Access |
| author | El Kashef, Noran Naiem |
| author_browse | El Kashef, Noran Naiem |
| author_facet | El Kashef, Noran Naiem |
| author_sort | El Kashef, Noran Naiem |
| collection | Thesis |
| dc_rights_str_mv | The author retains all rights with regard to copyright. The author certifies that written permission from the owner(s) of third-party copyrighted matter included in the thesis, dissertation, paper, or record of study has been obtained. The author further certifies that IRB approval has been obtained for this thesis, or that IRB approval is not necessary for this thesis. Insofar as this thesis, dissertation, paper, or record of study is an educational record as defined in the Family Educational Rights and Privacy Act (FERPA) (20 USC 1232g), the author has granted consent to disclosure of it to anyone who requests a copy. |
| description | This thesis examines the effect of risk attitude, confidence and optimism behavioral biases on investment decisions and portfolio returns. The thesis methodology utilizes an experimental approach, whereby students compete through a semester long stock market simulation using the Stock-Trak simulation platform. Behavioral biases are examined through a behavioral biases diagnostic assessment completed by students during the trading period. Findings of this study show that both confidence and optimism biases have statistically significant impact on investors’ decisions and consequently affect investors’ portfolio returns. Findings also show that high confidence levels have positive impact on portfolio returns, on the other side, portfolio optimism bias, has a negative impact on portfolio returns. Data also suggests that males who are found to be more optimistic tend to lose more than less optimistic males in the sample. Another finding in this study shows that gender is the only highly statistically significant variable that predicts and explains investors risk attitude. |
| format | Thesis |
| id | oai:fount.aucegypt.edu:etds-1611 |
| institution | American University in Cairo (Egypt) |
| last_indexed | 2026-06-10T12:35:42.290Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from AUC Knowledge Fountain — bepress |
| publishDate | 2017 |
| publishDateRange | 2017 |
| publishDateSort | 2017 |
| publisher | AUC Knowledge Fountain |
| publisherStr | AUC Knowledge Fountain |
| record_format | dspace |
| source_str | AUC Knowledge Fountain — bepress |
| spelling | oai:fount.aucegypt.edu:etds-1611 The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach El Kashef, Noran Naiem This thesis examines the effect of risk attitude, confidence and optimism behavioral biases on investment decisions and portfolio returns. The thesis methodology utilizes an experimental approach, whereby students compete through a semester long stock market simulation using the Stock-Trak simulation platform. Behavioral biases are examined through a behavioral biases diagnostic assessment completed by students during the trading period. Findings of this study show that both confidence and optimism biases have statistically significant impact on investors’ decisions and consequently affect investors’ portfolio returns. Findings also show that high confidence levels have positive impact on portfolio returns, on the other side, portfolio optimism bias, has a negative impact on portfolio returns. Data also suggests that males who are found to be more optimistic tend to lose more than less optimistic males in the sample. Another finding in this study shows that gender is the only highly statistically significant variable that predicts and explains investors risk attitude. 2017-06-01T07:00:00Z thesis application/pdf https://fount.aucegypt.edu/etds/612 https://fount.aucegypt.edu/context/etds/article/1611/viewcontent/Noran_ELkashef__20MSF_20Thesis_20Final_20Draft_after_20defense.pdf The author retains all rights with regard to copyright. The author certifies that written permission from the owner(s) of third-party copyrighted matter included in the thesis, dissertation, paper, or record of study has been obtained. The author further certifies that IRB approval has been obtained for this thesis, or that IRB approval is not necessary for this thesis. Insofar as this thesis, dissertation, paper, or record of study is an educational record as defined in the Family Educational Rights and Privacy Act (FERPA) (20 USC 1232g), the author has granted consent to disclosure of it to anyone who requests a copy. Theses and Dissertations AUC Knowledge Fountain Behavioral Finance Experimental Approach |
| spellingShingle | Behavioral Finance Experimental Approach El Kashef, Noran Naiem The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach |
| title | The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach |
| title_full | The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach |
| title_fullStr | The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach |
| title_full_unstemmed | The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach |
| title_short | The effect of behavioral biases and gender differences on portfolio returns & investment decisions: An experimental approach |
| title_sort | effect of behavioral biases and gender differences on portfolio returns investment decisions an experimental approach |
| topic | Behavioral Finance Experimental Approach |
| url | https://fount.aucegypt.edu/etds/612 https://fount.aucegypt.edu/context/etds/article/1611/viewcontent/Noran_ELkashef__20MSF_20Thesis_20Final_20Draft_after_20defense.pdf |
| work_keys_str_mv | AT elkashefnorannaiem theeffectofbehavioralbiasesandgenderdifferencesonportfolioreturnsinvestmentdecisionsanexperimentalapproach AT elkashefnorannaiem effectofbehavioralbiasesandgenderdifferencesonportfolioreturnsinvestmentdecisionsanexperimentalapproach |