Purpose

Decision-making in the equity market has been a challenging task for investors belonging to all age groups. This study aims to find linkages between the decision-making techniques in the equity market and the biological age of the investor.

Design/methodology/approach

This is an exploratory study and by surveying a sample of 436 secondary equity investors residing in the Chennai region of India, the study measured the decision-making techniques. Using the ANOVA test, the decision-making technique mostly used by investors belonging to an age category was determined. Further, the linkages were investigated in isolation for the male and female investors. By using regression analysis, a model was developed to predict the actual equity return. The financial characteristics of the various age groups were also analyzed using cross-tabulation.

Findings

The results of the study show that the age of the investor plays an important role in the choice of decision-making technique used. The younger investors, who earn the lowest returns were less likely to use industry analysis but more likely to use technical analysis and advocate’s recommendation. Specifically, the younger male investors were less likely to use industry analysis and more likely to use the advocate’s recommendation. The younger female investors were also less likely to use industry analysis. The middle-aged respondents, who earn the highest return were less likely to use technical analysis and advocate’s recommendation owing to lower means. Specifically, the middle-aged male investors were less likely to use the advocate’s recommendation and technical analysis. Then, middle-aged female investors were more likely to use industry analysis.

Originality/value

The findings would be beneficial for financial advisors and wealth managers to suggest age-appropriate strategies for the various investor groups. This age-based profiling of investors would make investors aware of their decision-making techniques and encourage them to make more rational decisions.

中文翻译：

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投资者的生物年龄对二级股票市场决策的影响

目的

对于所有年龄段的投资者而言，股票市场的决策一直是一项艰巨的任务。本研究旨在发现股票市场中的决策技术与投资者的生物年龄之间的联系。

设计/方法/方法

这是一项探索性研究，通过对居住在印度金奈地区的436名二级股权投资者进行抽样调查，该研究测量了决策技术。使用ANOVA检验，确定了主要由属于年龄类别的投资者使用的决策技术。此外，对男女投资者之间的联系进行了单独调查。通过使用回归分析，开发了一个模型来预测实际的股权收益。还使用交叉表分析了各个年龄段的财务特征。

发现

研究结果表明，投资者的年龄在所使用的决策技术选择中起着重要作用。收益最低的年轻投资者不太可能使用行业分析，而更可能使用技术分析和拥护者的建议。具体而言，年轻的男性投资者不太可能使用行业分析，而更可能使用辩护人的建议。年轻的女性投资者也不太可能使用行业分析。收入最高的中年受访者由于较低的调查手段而不太可能使用技术分析和拥护者的建议。具体而言，中年男性投资者不太可能使用倡导者的建议和技术分析。然后，

创意/价值

该发现对于财务顾问和财富管理机构为各个投资者群体提出适合其年龄的策略将是有益的。对投资者的这种基于年龄的剖析将使投资者意识到他们的决策技巧，并鼓励他们做出更理性的决策。