The Effects of Psychology on Individual Investors’ Behaviors: Evidence from the Vietnam Stock Exchange
Bibliographic record
Abstract
This paper uses the theory of behavioral finance to examine the factors of individual investors’ psychology aswell as their effects on investment decisions in the Vietnam Stock Exchange (VSE). This is an empirical studywhich based on a survey of 422 investors. All of them have had the deep knowledge about finance investmentand worked many years in VSE. The final results show that five factors of psychology which are overconfidence,optimism, herd behavior, psychology of risk and pessimistic have influence on investment decisions. To be moredetailed, excessive optimism, psychology of risk and excessive pessimistic affect positively on long-terminvestment of investors while overconfidence and herd behavior have the negative impact. Based on the theoryof behavioral finance, this study explains factors of individual investors’ psychology. However, one of thelimited of this paper is that it does not mention about negative outcomes of psychology factors on investmentdecisions. This is considered as a new path to do research in the future for emerging markets like Vietnam.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.003 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".