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The basic objective of this research is to study the behavior of stock market investors in Karachi, Pakistan. There are numerous factors that affect investment behavior of an on investment behavior. The study first presents the theoretical background and a deep insight of behavioral finance. Thereafter, a quantitative analysis is presented that shows the impact of demographic and behavioral factors (i.e. age, market experience, qualification, information source, risk capacity) on the investment decisions, in order to understand the investors’ sentiments. Primary data was collected through questionnaires. Because of the nature of variables “Multinomial logistic regression” was performed to find the individual. This paper aims at studying the demographic and behavioral factors, and finding the impact of these factors impact of investment decisions on equity returns. It was found that the demographic and behavioral factors are having significant impact on the investor sentiments that affect their investment decisions. Thus, it is concluded that there is an utmost need of introducing the concept of behavioral finance in Pakistan to make the people be able to control over their emotions to improve their decisions.

Zill e Huma, Rafia Ayub. (2018) An Emerging Need of Introducing Behavioral Finance in Pakistan: Evidence from Investor’s Sentiments and Actions, Journal of Independent Studies and Research-Management, Social Sciences and Economics, Volume-16, Issue-1.
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