Consumer Investment Decision Making: An Analysis of Key Determinants

投资决策分析代写 The purpose of this report is to present a research proposal. The research proposal will provide information on the investment…

1.0. Abstract

The purpose of this report is to present a research proposal. The research proposal will provide information on the investment decision making style fo consumers in UK. The report first presents the background and motivation followed by the literature review and the research hypothesis. The study argues that demographics, psychographics and consumer knowledge may influence the risk that they are willing to take and more importantly the diversity of their investment portfolio. To assess this element, the research will use a mixed methods survey-based approach. There will be use of both questionnaire and interviews.

The use of the questionnaire will provide insights regarding the consumer investment pattern, willingness to take risk and demographic influences. The interview will follow-up with investment experts on how recent technology and information access is changing the landscape of investment decision making.

2.0. Background and Motivation 投资决策分析代写

Conventional buyer attitude with respect to complicated financial product and investment choice has been defined by apathy, as most investors continue to look for professionals for investment consultation or invest in tools thought to be secure and effortless in approach (Chater et al., 2010). It is now suitable to say the sequence of events is leading towards change, as greater number of customers are ready to involve in wealth management and complicated investment choices. This view is backed up in the UK. Five banks serve majority of the consumers in the UK and that most investment decisions made by over 60% of consumers is through bank provided solutions (Telegraph, 2017).

Findings from the FCA show that only 40% of the adults are confident in the ability of the UK financial industry with only 31% believing that financial firms are honest and transparent. This has led to over 33% looking for their own information before they make any investment decisions (FCA, 2017). These findings support the need to understand various drivers which have promoted consumer driven decision making regarding specific investment products and solutions.

The outlook of investor decision is changing with increase in penetration to economic data, technology, related economic management along with the readiness to take control of the financial decision. Lindblad et al. (2017) believe, after the financial catastrophe (2007-2009), numerous investors were inclined to take their personal decisions, after being cognizant to possible choices. Gendron and Smith-Lacroix (2015), say that post the financial catastrophe, retail financial services were recognized to have consequential measure of market block. Across Europe, the customer belief in investment, pension and security connected to retail business rated strikingly low with customer confidence in economic data and services companies hitting bottom (Inderst and Ottaviani, 2012; Howcroft et al., 2003).

As an outcome, customers desired to believe in their own judgement. 投资决策分析代写

This was additionally backed by the increase in need for financial learning by customers. Study on decisions made by the financial customer reveal that aggressive business setting and the increase in technological aid in finances has led to change in customer’s preference, utilization, inclination of financial products and related investment choices (Hung et al., 2008).The increase in availability to financial data and the accessibility of technology has led to increase in chance for consumers to take their personal investment choices with regard to numerous financial products indicating greater levels of importance given to consumer driven investment decision making.

Another important driver which influences the consumer decision making is the rise of financial technology. Technology innovation and rapid adoption of mobile phones and other digital devices have led to a sweeping change in the way consumers engage and interact with financial services. New technologies are entering the financial sector with far-reaching developments on how consumers have access to information on financial products to make their own investment decision making (Yeo and Fisher, 2017). The rise of financial technology has helped consumer driven outcomes where technology could be used in innovative ways to improve nature of information access and more importantly nature of consumer centric decision making. The goal of this research is to evaluate customer behaviour in financial service region and their consideration on investment decision choices.


3.0. Aim and Objectives 投资决策分析代写

The aim of this research was to present an analysis of the investment decision making of customers in the UK.


The objectives of this research include,

  1. To assess current trends in consumer decision making regarding investments and financial products.
  2. To determine the determinants which influence consumer risk taking behaviour.
  3. To identify the impact of financial technology and literacy on the overall investor portfolio management
  4. To provide recommendations to improve consumer access to information to make better investment decisions.


4.0. Literature Review

4.1. Impact of Demographics 投资决策分析代写

Kumar and Goyal (2015) checked the connection between changing demographics and investor’s characteristic concerning uncertainty. The writer confirmed a definite connection between earnings and risk tolerance grade. Schooling and personality class were considered insignificant and had no effect in deciding investor’s character towards uncertainty. Shah et al. (2018), directed an analysis in Pakistan in order to find out the connection and effect of changing demographics on investment choices. The conclusion of their research was that, the younger generation and men were found daredevils in comparison to the senior generation or woman. Additionally, an appealing facet of their judgement was found to be that, even when the younger generation and men were found to be the daredevils by engaging in risky investments, they did so with a lot of resistance due to the lack of financial backing.

The goal of this analysis was to learn the demographic aspects which influence contributors’ investment decision concerning risk. Ahmad et al. (2011), anticipated personal investment decisions like stocks, real estate, bonds established on lifestyle and demographic features. These investors look at benefits conditioned in accordance with their own attitude. Bhavani and Shetty (2017) learnt and wanted to comprehend the design of dissimilarity in the risk-taking tendency of both men and women. Their research asserted that, there was a compelling distinctness in the investment attitudes between men and women. This was backed by investigation and real-world studies. There was a general agreement that women made cautious investment choices in comparison to men. Many investigations have echoed with this conclusion.

The findings of Smith and Harvey (2011) demonstrated that regardless of awareness, plan, cost or uncertainty women were found to be insignificant risk takers when compared to men. As disclosed in Mutual Fund investment decision, gender was found to be significant factor in risk taking. It was established that females demonstrated fewer risk-taking choices when compared to men, in their new, biggest and dicey mutual fund investment choices. 投资决策分析代写

A research indicated the impact of ethnic group also added to this blooming article.

The research of Wong  et al. (2016) provided confirmation which advocated that men from both races i.e. Black and White, took aggressive part in their portfolio allotments, with White men selecting dicey portfolios. A research directed by Khan (2017)established that men had greater degree of self-assurance in investments when compared to women. Wang et al. (2011) declared through their investigation that the understanding of risk is higher in women when compared to men post actively analyzing different channels like that of valuable securities, bonds, stocks. The authors also pointed that, when compared to men, women had lesser chance to invest in uncertain assets.


4.2. Consumer Judgment, Information Access and Uncertainty

Earlier studies recommended that customers with conflicting degree of awareness and perception effect their perceived grade of risk while buying financial aid. Cruciani (2017), for instance, adopted observations from the comprehensive interviews, which implied that customers have a conflict in their judgement of financial aid and their perceived intelligence along with their belief and capability to manage financial matters or even their accepted enthusiasm in finance. On the basis of these assumptions, Aren and Aydemir (2014)  awareness to four obvious customer bunch, varying from the financially puzzled to capital accumulators. 投资决策分析代写

Financially puzzled were distinguished by small grade of perceived intelligence and financial capability while the capital accumulators were graded higher. After dealing with a broad length of product options along with an identical broad length of workers, study shows that few customers pursue to administer or cut down likely risk  if they have limited knowledge of the investment product. Mehta and Chaudhari (2016) debated that a person’s readiness to employ a financial adviser is stirred by an array of elements like their intelligence towards financial products and the possibility of other supply to financial data.  If the consumer is more informed about a financial product then they may take a decision to make direct investments and therefore could engage in risky investment behaviour.


4.3. Consumer Overconfidence

According to Burnside  et al. (2011), consumer decision making depends on information that is rarely thorough or flawless. Due to this, considerable amount of calibration that possess some level of systematic bias – usually overconfidence, while at times under confidence – are the standards whereas high levels of calibration are seldom achieved. Specifically, it was found that the individuals over-exaggerated the accuracy of their knowledge. When individuals were supposed to be right most of the time, it was observed that a small ‘hit rate’ could be achieved (Tourani‐Rad and Kirkby, 2005).

The majority of the psychological proofs backing the overconfidence bias come from the results of a questionnaire involving hypothetical decision tasks. Overconfidence greatly prevailed in questions that were either extremely complex or moderate, and showed a rise with the personal significance of the task (Pressman, 1998). Further, individuals seemed to have more confidence in the predictions they made in areas where they had self-proclaimed expertise. 投资决策分析代写

In recent times, financial decisions have made use of behavioural concept of overconfidence, where it was studied both analytically and practically and confirmed for field data. Overconfident investors go against Bayes’ rule while collecting information, resort to extensive trading and overreact to private signals while under reacting to public counterparts. Although there is a great chance for overconfident agents to be exploited by fellow competitors in the market that could force them to exit the market, certain studies show that overconfidence can prevail at the same time (Berg and Lein, 2005).

The successful investors turn out to be overconfident in the process of accumulating wealth.

But the overconfidence of a trader is temporary in the sense that time and experience will steadily decrease it, whereas overconfidence will prevail in a market where there is a new entry every minute. Bloomfield, by means of experiments showed that manipulating less informed investors who are affected by the previously mentioned traits of overconfidence to the extent of informational disadvantage can eradicate overconfidence and consequently welfare losses (Daniel et al., 1998). Similarly, Daniel et al. (1998) are in support of diminishing overconfidence by enhancing knowledge and consequently the decision quality of venture capitalists.


4.4. Financial Technology 投资决策分析代写

According to Yeo and Fisher (2017) markets are being forced to move into unfamiliar area and financial products have become more sophisticated. The spread of mobile technology has given a new avenue for financial services to be delivered to people. This has led to the rise of financial technology. Spronk et al. (2016) conclude that the access to financial technology has created greater engagement of the consumer and reduced their information asymmetry. Consumers who believe in access to financial technology are able to improve their engagement with technology and create a more engaged product.


5.0. Theory Development and Hypothesis formulation

The focus of this section of the literature review is to provide information on the underlying theories which influence the overall consumer as an investor and their decision making. This helps develop relevant consumer investment behaviour.


5.1. Investors as Consumers: Analysing underlying Investment Decisions 投资决策分析代写

Investor investment decisions and behaviour depends on the characteristics of the task, since they have an impact on analytics and criteria looked into by decision makers, and the amount of time and energy spent in decision making (Geetha and Ramesh, 2011). According to Lim  et al. (2016), the financial products and the consumer related decision making can be classified into three basic categories of investment decisions situations namely: new investment, modified decision making, and straight decision making. It can be presumed that investor behaviour changes in accordance with the newness of the problem, the amount of data necessary for decision making, and the proportion in which other alternatives are taken into consideration.

From the above classifications we can infer that both organizations and consumers come across purchase-decision tasks that ranges from routine and simple to novel and complex. Nonetheless, some of the ways in which the purchase tasks of organizations and consumers vary have been looked into: in general, it is assumed that, organizational purchases possess strategic implications, and they are much complex, significant, and higher in volume of purchase (Nouri et al., 2017). Therefore, we can support the debate of Carr,  et al. (2010), that the main use of investment-situation typologies is in illustrating the differences in decision-making specific to one sector rather than between them, thereby laying stress on the importance of decision-task characteristics as a factor for determining investor behaviour.

The findings of the theory on consumer investment decision making is based on the argument that various factors influence consumer decisions and understanding the nature of such investor decisions requires determines understanding the potential heterogeneity of factors which may impact this decision process.


5.2. Behavioural Finance 投资决策分析代写

Another element which contributes to this discussion is the rise of behavioural finance. This brings a need for brainstorming behavioural finance. Bakeret al, (2017) say that, investor decision choices are affected by a mixture of psychological aspects containing confidence, representativeness and herd mentality. Advice on financial products by associates and folks along with accepted assurance in one’s evaluation of the efficiency of a financial product are generally the crucial behavioural financial aspects which run customer decision choices (MacGregor et al., 1999). Data also display that previous happenings influence an investor’s understanding of uncertainty with regard to their mental outlook concerning risk and risk tolerance. There is obvious interrelationship between investment knowledge and risk that build anchoring inclination and excessive certainty.

Joo and Durri. (2015) argue that added aspects like customer demographics and social elements containing gender, age and grade of schooling also impact the decision choices. Mak and Ip (2017), say that previous customer reliance on analyst advice is deteriorating with increase in the availability of facts. The decline in imbalance of data has generated abundant opening for customers to take appropriate judgements. De Bondtet al. (2015) on the contrary debate that traditions as well as culture can affect the understanding of financial products and related decision-making flow. Thus, there are varied elements that affect customer investment choices.


5.3. Hypothesis Development 投资决策分析代写

The  research on investor decision making typologies and their behaviour as well as behavioural finance identifies some important implications regarding overall consumer confidence and behaviour. These findings show that consumer interest in a given product is dependent on their knowledge, which may influence the breadth of decision making. Additionally, it is also evident that the risk taking behaviour is also impacted by these factors. Therefore, the hypotheses proposed as part of this research deal with these elements.


5.3.1. Impact of Demographics

Findings from 2.0 provide interesting evidences on the nature of consumer decision making and associated investment decisions based on demographic factors. The most commonly discussed element is the implication of consumer gender and age. Gender is found to have a significant impact on risk taking and tolerance (Khan, 2017; Wanget al., 2011). Findings also show that education and income may also influence the overall decision making of these customers,


From these evidences, 投资决策分析代写


H1: Age influences investment decisions with older adults being interested in safer investment options

H2: Men are more likely to make more risky investments in an effort for more reward from investment decisions.

H3: Education influences knowledge of investment options and influences nature of consumer decisions.

H4: Ethnicity has limited influence on investment decision making

H5: Income influences the risks that consumers take with respect to investment products.


5.3.2. Consumer Judgment, Information Access and Uncertainty 投资决策分析代写

Findings from 2.0., identify that there can be differences in consume driven decision making. Clearly, the financial literacy of the consumer influences their judgment (Aren and Aydemir, 2014; Mehta and Chaudhari, 2016). The knowledge of the customer influences their nature of investment profile and their willingness to take the necessary investment decisions including uncertainty management. From these evidences the following hypotheses are proposed.


H6: Consumers who have better knowledge on the investment products and portfolios have balanced investment products.

H7: Consumers with more financial literacy balance their investment risks.


5.3.3. Consumer Overconfidence 投资决策分析代写

Findings from section 2.0 also show that consumers with better access to financial literacy are found to be over confident and in some cases take rash decisions (Berg and Lein, 2005; Daniel et al., 1998). This leads to the argument that over confidence in investment and decision making can create more chances to look for risky products.


From these above evidences,

H8: Consumers who are more confident about their capabilities make more risky investments.


5.3.4. Financial Technology 投资决策分析代写

Findings from 2.0 also identify that greater the exposure to financial technology and innovation, greater is the engagement with the information on the range of investment decisions and associated risk. Therefore, one can argue that,


H9: consumers with access to financial technology have a broader portfolio access.

H10: Consumers with access to financial technology are better informed of risk profile and willing to take the risk when making investment decisions.



6.0. Research Methodology 投资决策分析代写

The purpose of the previous research section was to identify the research theoretical framework and the research hypothesis. The purpose of this section of the proposal is to highlight relevant evidences which can aid in proving or disproving the research hypothesis. This section of the research provides information on the research methodology of the study and the underlying research design. This approach involves identification of the underlying assumptions of the nature of the research process and identifying why a specific research design was chosen using the Saunders et al. (2012) research onion model. According to Saunders et al. (2016) the use of a research onion helps in determining underlying layers of the research and support these assumptions and mode of selection.

6.1. Research Philosophy

The first layer which is part of the research design is the research philosophy. According to Crossan (2003), the foundation of any scientific research is based on the research paradigm or the research worldview which helps in determining the underlying conduct and outcome of a research.  There are three important research paradigms which are identified by Saunders et al. (2012) including positivism, interpretivism and pragmatism.  The use of positivism depends on absolutely objective outlook and one that support the need for no researcher engagement. 投资决策分析代写

On the other hand, the interpretivist approach supports a completely subjective  outlook. Hayes (1997) conclude that positivism is effective in science and interpretivism is useful in psychology. However, its relevance to business research is limited. In business, there is a need to focus on rational evidences and support the need for independent reflection based on experience and outlook. Therefore, a combined approach is the key.

However, these examples are not compatible with each other due to the difference in opinion of truth or the basis to knowing truth.

With growing need of dealing with complex issues, due to growth in social and business research an alternative research paradigm is associated called pragmatism. Pragmatism is said to be the most ideal way to deal with mixed method research (Teddlie and Yu, 2007). The aim of using this method is that, it enables one to use different yet compatible approaches to research. The process used to determine best procedures to answering research questions, is called methodological pragmatism (Churchill and Iacobucci, 2002). Pragmatism rejects the ambiguities and focuses only on maximising opportunity to answer research questions. 投资决策分析代写

The goal of this research is to comprehend the nature of consumer investment decision making and gauge the implications of these decisions on overall consumer outlook. A meaningful positivist outlook is needed to understand the factors that focus on objective reality which affect existing trends in consumer investment decision making. Yin(2011) differ in their view, by quoting that simple objective outlook may not provide holistic assessment into the views of customers and their ‘buyer behaviour’ or process regarding these implications. Therefore, a subjective approach is also essential.  Surveys and interviews have been conducted to get the perspective of consumers as well as financial experts which provide their views on modern day consumer decision making.  This approach is flexible and adaptable which also provide answers to research questions

6.2. Research Methods 投资决策分析代写

Qualitative and quantitative methods are both of significance to reach best evidence of research questions, as it reveals different aspects of a social phenomenon by combining different data types and analysing techniques. As argued by Baker (2006),  on the basis, of the degree of importance that is given to qualitative and quantitative methods mixed method research can be methodical in concurrent or sequential methods. In this study, quantitative research is used to drive qualitative findings such as quan and QUAL. Such a study is called a qualitative dominant study. In quantitative method, numeral data in usable statistics is transformed to quantify specific information which is essential in identifying patterns in research.

This is largely used to quantify attitudes and opinions. In this research, quantitative method is ideal in studying the views of consumers on existing trends in investment, their views on Financial technology and other drivers which influence their investment decisions in parallel, the current research uses qualitative method that collect non-numerical data to gather views of experts to have better understanding of buying behaviour or investment decision making behaviour of consumers.

The shortcomings of conventional research methods can be overcome by using mixed method approach. The problems associated with conventional methods such as quantitative method is it dehumanizes the subject matter or qualitative research where the findings are more generic rather than specific.  By the use of mixed method approach, researchers reject the incompatible data types and analysis techniques thereby digging deeper into using available data to improve the effectiveness of the study. It is also important to understand the basic inherent challenges associated with mixed method research such as disagreement on an accepted nomenclature or even the basic definitions.

6.3. Data Collection 投资决策分析代写

6.3.1. Questionnaire-Based Quantitative Data Collection

Questionnaire design

Beiske (2007) identify, there can be improvement in how far the study can reach out by use of self-administered questionnaire, consequently helping in the increase of generalisation of study. Questionnaires can either be open ended or closed ended. Here, we would prefer closed ended questionnaire as this research aims at creating a self-administered questionnaire. This lessens questions that can arise from potential respondents. Additionally, according to Bryman (2012) respondents are given multiple options by the use of closed set of questions making it easy to answer. There can also be certain drawbacks wherein the participant may not be able to provide appropriate replies to specific questions. In the current study, in order to get around this limitation, the researcher ensured that another option is also present to collect data.

A questionnaire design is quite complex since it must be designed by keeping in mind a number of parameters that is aligned with the objectives of the study. A additional point that must be considered while designing a questionnaire is the flow of the questions. It must be easy to comprehend and follow the line of questioning for a respondent. Keeping all these factors in mind, the researcher developed a questionnaire in which the questions were grouped together in certain sections with clear goals for every sections.

The research study will structure the questionnaire as follows. 投资决策分析代写

  1. MCQ questions: Consumer demographics including age, gender, income, education
  2. MCQ questions; General information on investment pattern including type of investment, savings patterns, use of banking or stock market solutions.
  3. Attitude questions using Likert scale: Focus on consumer views on the nature of existing investment decisions with respect to access to information, views on consumer confidence, herding behavior and other behavioral finance elements.  A five-point Likert scale was utilized for all opinion or attitude-related questions. Using a Likert scale is important to make sure that participant acceptance or engagement is measured in a quantitative way (Bryman and Cramer, 2011).

Additionally, the length of the questionnaire could not exceed three pages so that its participants can complete it within ten minutes.


Sampling 投资决策分析代写

Sampling is an integral part of quantitative study since it ensures that a wide representation of the intended population is achieved. According to Henry (1990), it is highly important that the researcher reaches out to a particular group of interest, also termed as the study population. It is strongly recommended to identify a portion of population that represents study findings, as it helps in enhancing the effectiveness of the research. This research uses a probability-based sampling methodology which means that a random sampling methodology will be adopted.

Potential investors will be targeted using the City Wire forum  (City Wire Money, 2008). The use of the Citywire forum is aimed at ensuring that consumers who are willing to engage in discussions on potential investments. These are consumers who are engaged and involved in the subject and therefore would be able to provide better information on the nature of research. The questionnaire will be distributed amongst the first 100 consumers on the forum who respond to the request and around 30% of response rate can be expected.


6.3.2. Interview Data Collection

Interview Design 投资决策分析代写

In a bid to gather qualitative data, a semi structured interview is deemed to be the right tool to y the researcher. The aim of the semi-structured interview is to address the expert take on current stages in consumer decision making. The semi-structured interview aims at discussing the evolution and the role of the consumer decision making process and higher implications of the growth of financial technology products and its implications. The interview will further expand on the results of the questionnaire. Gillham (2005) argue that, a semi-structured interview helps the researcher by giving a guide which can steer the interview process.

The primary benefit of using a semi structured design is that it allows the researcher to be flexible during the course of conducting the interview. This design enables the researcher to see a number of framework of themes which could yield valuable insight. The semi-structured schedule came into existence in order to address different takes on the consumer decision making regarding investment, determinants of decision making, challenges and means to improve including information access and financial technology.



The study opted for purposive sampling methodology for identifying relevant participants. Teddlie and Yu(2007) indicate that, purposive sampling method helps in targeting a specific population in accordance with the objective of the study. This study targets managers of top investment firms to provide information on consumer decision making.  A gatekeeper strategy was deemed to be the best possible strategy to select these individuals. The primary goal in using a gatekeeper strategy is that it helps identify the right experts in a particular industry who can help gain access to the right people. Thus, a gatekeeper essentially aids in identifying the right people as well as introducing them to the right participants. An expert in consumer engagement was picked as the primary gatekeeper who could help in the present research study. The target was to pick ten participants to participate in the interview process.


Data Collection Procedure

The interviews will be conducted by the researcher in person or by telephone. The participants of the study will be contacted and data on the study was given and permission was taken to record the interview. The interview was recorded and an exact copy of the data was transcribed.

6.4. Data Analysis Method 投资决策分析代写

Thematic data analysis approach will be used in this study in order to analyse the qualitative data. The interviews will be monitored for common themes so as to recognise basic and organising themes (Rabiee, 2004). However, the quantitative data will be analysed using SPSS version 21.0. Both descriptive and inferential analysis are utilised in this study.


6.5. Ethics

The upcoming sections of this proposal will discuss specific data collection and analysis methods. The current study’s research topic does have limited  ethical issues as it does not address a vulnerable section of the society nor is it overly political. However, it is vital that to ensure that ethical considerations are made during the course of any research study. All the ethical guidelines set by the organisation were followed during the course of conducting the research for the current study. The participants are made aware of the nature of the study, its objectives, the part in which participants will play a role and informed consents are obtained. None of the participants will be asked to provide any personal information that can be used to identify them. All participants will be given a random numerical number to keep them anonymous.

In order to ensure complete confidentiality and validity of the research findings, any data collected is recorded. In addition to this, the participants are also given written assurance that their data will only be use for the purpose of this study and that their answers and opinions that were given by the participants will be deleted the moment the study is completed.


7.0. Conclusion 投资决策分析代写

The purpose of this research was to present a comprehensive overview of the research proposal. The study attempted to provide an approach to determining if there are shifts in consumer decision making regarding investments in the aftermath of the financial crisis driven by innovation, technology, access to information as well as better financial literacy. The study attempted to identify the views of customers and investment managers regarding this shift in requirements and overall patterns or determinants of decision making. This was achieved through the use of a mixed methods research. The study attempted  to take into account a range of factors which influenced this decision process. The findings of this research will provide insights regarding future investment decision making and drivers.

8.0. References


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