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Psychological factors on irrational financial decision making Case of day-of-the week anomaly

Purpose – This research aims to explore and explain the determinants of irrational financial decision making, especially the day-of-the week anomaly, by using psychological approach. Design/methodology/approach – As it is a conceptual paper, this research explores the psychological biases literat...

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Main Authors: Brahmana, Rayenda Khresna, Hooy, Chee-Wooi, Zamri, Ahmad
Format: E-Article
Language:English
Published: Emeraldin Sight 2012
Subjects:
HG Finance
Online Access:http://ir.unimas.my/id/eprint/9679/1/Psychological%20factors%20on%20irrational%20financial%20decision%20making.pdf
http://ir.unimas.my/id/eprint/9679/
http://www.emeraldinsight.com/doi/full/10.1108/08288661211277317
http://dx.doi.org/10.1108/08288661211277317
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spelling my.unimas.ir.96792016-04-14T06:54:38Z http://ir.unimas.my/id/eprint/9679/ Psychological factors on irrational financial decision making Case of day-of-the week anomaly Brahmana, Rayenda Khresna Hooy, Chee-Wooi Zamri, Ahmad HG Finance Purpose – This research aims to explore and explain the determinants of irrational financial decision making, especially the day-of-the week anomaly, by using psychological approach. Design/methodology/approach – As it is a conceptual paper, this research explores the psychological biases literature and links it to the day-of-the week anomaly. Using Ellis’ ABC (Activating Event, Belief, and Consequences) Model, the authors survey and classify the stimulant as the occasion that stimulates the psychological biases of investors, and these psychological biases will bring a consequence in behaviour which is irrationality in weekend effect. Findings – Adopting Ellis’ ABC model, the paper constructs a theoretical framework that link the psychological biases and day-of-the week anomaly. The theoretical model is also given as a proposed model for future empirical research. Research limitations/implications – This paper contributes to research by giving the theoretical model and its framework. The latter, future research can examine the proposed psychological biases as the determinant of day-of-the week anomaly empirically. Originality/value – This paper conceptually builds a framework and derives a proposed equation model linking the psychological biases (weather, moon, attention bias, heuristic bias, regret, and cognitive bias) to the day-of-the week anomaly. Emeraldin Sight 2012 E-Article NonPeerReviewed text en http://ir.unimas.my/id/eprint/9679/1/Psychological%20factors%20on%20irrational%20financial%20decision%20making.pdf Brahmana, Rayenda Khresna and Hooy, Chee-Wooi and Zamri, Ahmad (2012) Psychological factors on irrational financial decision making Case of day-of-the week anomaly. Humanomics, 28 (4). pp. 236-257. ISSN 0828-8666 http://www.emeraldinsight.com/doi/full/10.1108/08288661211277317 http://dx.doi.org/10.1108/08288661211277317
institution Universiti Malaysia Sarawak
building Centre for Academic Information Services (CAIS)
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sarawak
content_source UNIMAS Institutional Repository
url_provider http://ir.unimas.my/
language English
topic HG Finance
spellingShingle HG Finance
Brahmana, Rayenda Khresna
Hooy, Chee-Wooi
Zamri, Ahmad
Psychological factors on irrational financial decision making Case of day-of-the week anomaly
description Purpose – This research aims to explore and explain the determinants of irrational financial decision making, especially the day-of-the week anomaly, by using psychological approach. Design/methodology/approach – As it is a conceptual paper, this research explores the psychological biases literature and links it to the day-of-the week anomaly. Using Ellis’ ABC (Activating Event, Belief, and Consequences) Model, the authors survey and classify the stimulant as the occasion that stimulates the psychological biases of investors, and these psychological biases will bring a consequence in behaviour which is irrationality in weekend effect. Findings – Adopting Ellis’ ABC model, the paper constructs a theoretical framework that link the psychological biases and day-of-the week anomaly. The theoretical model is also given as a proposed model for future empirical research. Research limitations/implications – This paper contributes to research by giving the theoretical model and its framework. The latter, future research can examine the proposed psychological biases as the determinant of day-of-the week anomaly empirically. Originality/value – This paper conceptually builds a framework and derives a proposed equation model linking the psychological biases (weather, moon, attention bias, heuristic bias, regret, and cognitive bias) to the day-of-the week anomaly.
format E-Article
author Brahmana, Rayenda Khresna
Hooy, Chee-Wooi
Zamri, Ahmad
author_facet Brahmana, Rayenda Khresna
Hooy, Chee-Wooi
Zamri, Ahmad
author_sort Brahmana, Rayenda Khresna
title Psychological factors on irrational financial decision making Case of day-of-the week anomaly
title_short Psychological factors on irrational financial decision making Case of day-of-the week anomaly
title_full Psychological factors on irrational financial decision making Case of day-of-the week anomaly
title_fullStr Psychological factors on irrational financial decision making Case of day-of-the week anomaly
title_full_unstemmed Psychological factors on irrational financial decision making Case of day-of-the week anomaly
title_sort psychological factors on irrational financial decision making case of day-of-the week anomaly
publisher Emeraldin Sight
publishDate 2012
url http://ir.unimas.my/id/eprint/9679/1/Psychological%20factors%20on%20irrational%20financial%20decision%20making.pdf
http://ir.unimas.my/id/eprint/9679/
http://www.emeraldinsight.com/doi/full/10.1108/08288661211277317
http://dx.doi.org/10.1108/08288661211277317
_version_ 1644510791741734912
score 13.211869

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