An elicitation study to understand the equity investment motivation and decisions among Indian millennials

Ahuja, Sonal and Kumar, Brajesh (2024) An elicitation study to understand the equity investment motivation and decisions among Indian millennials. Qualitative Research in Financial Markets. ISSN 1755-4179 (In Press)

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Millennials are a vital generational cohort of the Indian population, and understanding their motivation to participate in the stock market is crucial. This study aims to understand the investment decision-making behavior among millennials in the Indian Stock Market.

Using a cross-sectional research design that entails in-depth personal interviews, this study aims to understand the equity investment behavior of millennials. Verbatim texts from interview transcripts were used to analyze the content and arrive at themes.

The study investigated the motivation to enter the stock market and gained insights into how individuals make equity investment decisions considering economic and behavioral dimensions. The basis for stock selection was predominantly on the self-analysis of investors. Multiple stock selection priorities are also discussed. In addition, informants ensured asset diversification and exercised various strategies to overcome emotions. Furthermore, they suffered from various behavioral biases.

Practical implications
Individual investors are the least informed and most impacted stakeholders in the stock markets; therefore, this study contributes fresh insights to enhance their financial security. The paper also examines some noticeable behavioral tendencies retail investors exhibit and gathers helpful strategies for mitigating behavioral biases.

The uniqueness of the research lies in its adoption of a qualitative methodology that uses the investment experience of millennial investors to reveal the components of decision-making behavior and investor psychology. The findings are thereby unique and have significant managerial implications.

Item Type: Article
Keywords: Investor behavior | Behavioral biases | Investment decision | Qualitative study | Retail investors | Stock market
Subjects: Social Sciences and humanities > Business, Management and Accounting > Business and International Management
Social Sciences and humanities > Social Sciences > Social Sciences (General)
JGU School/Centre: Jindal Global Business School
Depositing User: Subhajit Bhattacharjee
Date Deposited: 04 Apr 2024 11:16
Last Modified: 04 Apr 2024 11:16
Official URL:


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