Investors' Behavioral Biases and the Nigerian Stock Market Returns (2002 - 2012)

摘要: The paper was intended to find other reasons, based on investors’ behavior that may impact the performance of Nigerian stock market. objectives were in three-fold: examine extent behavioral biases among market investors Nigeria; determine level returns period using Stock Exchange All share index; and effects return Nigeria. This study motivated by fundamental explanations given for causes 2008 collapse Market. adopted a primary data approach survey research design investigate also used secondary from employed questionnaire as instrument technique correlation with Pearson Product Moment Coefficient analyze 110 randomly selected Nigeria found strong evidence existed but not very dominant because weak negative relationship between concluded being aware crucial first step ensuring investment decisions properly controlled avoid any impacts individual market; again, might be relevant consideration portfolio construction order moderate these biases. Key words : Behavioral, Biases, Investors, Portfolios, Market, Return, Share Index.