Article’s

This study aims to investigate the presence of behavioral biases among retail investors of Indian financial market by comparing between advised and self-directed investors. Using data from 135 investors, the study focuses on five behavioral biases namely overconfidence, herding, loss aversion, anchoring and disposition effect by comparing using various statistical tools such as t-tests and regression analysis. It was found that, advised investors suffer less from behavioral biases in general than self-directed investors and difference in disposition effect was statistically significant. The results also suggest that more investment experience leads to increased bias and overconfidence in the investors may be the cause.