APPENDIX: Questionnaire

I. INVESTORS' BEHAVIOR IN PAKISTAN STOCK EXCHANGE

Please tick the box that most accurately reflects how you feel about your share market investments at
present. Please tick or mark only ONE box for each question

1. Gender: Male Female

2. Age

18 ~ 25 26 ~ 35 36 ~ 45 46 ~ 55 Over 55

3. Marital Status: Single Married Divorced

4. Years of working: Under 5 years 5 - 10 years Over10 years

5. Please estimate your average monthly income (Rs)

Under 20000 20k – under 40k 40k - under 70k More than 70k

6. How long have you attended the stock market?

Under 1 year 1 - under 3 years 3 - under 5 years 5 - under 10 years

Over 10 years

7. Occupation: Government sector Private sector

II. BEHAVIORAL FACTORS INFLUENCING YOUR INVESTMENT DECISIONS

Please evaluate the degree of your agreement with the impacts of behavioral factors on your investment
decision making:
Extremely Highly Somewhat Somewhat Highly Extremely
FACTORS disagree disagree disagree agree agree agree

Overconfidence bias 1. 2. 3. 4. 5. 6.
8. You believe that your skills and
knowledge of stock market can help
you to outperform the market.

9. Your existing knowledge about 1. 2. 3. 4. 5. 6.

share market is factor for your
investment decision.

Availability bias 1. 2. 3. 4. 5. 6.
10. You prefer to buy local stocks than
international stocks because the
information of local stocks is more
available.
11. Easy access to the share market 1. 2. 3. 4. 5. 6.
influences your investment decisions.

Mental accounting 1. 2. 3. 4. 5. 6.
12. You tend to treat each element of your
investment portfolio separately.
13. You immediately start to sell 1. 2. 3. 4. 5. 6.
losing investment of portfolio.
14. You ignore the connection 1. 2. 3. 4. 5. 6.
between different investment
possibilities.
Loss aversion 1. 2. 3. 4. 5. 6.
15. After a prior gain, you are more
risk seeking than usual.
16. After a prior loss, you become 1. 2. 3. 4. 5. 6.
more risk averse.
Herding 1. 2. 3. 4. 5. 6.
17. Other investors’ decisions of choosing
stock types have impact on your investment
decisions.
18. Other investors’ decisions of the stock
1. 2. 3. 4. 5. 6.
volume have impact on your investment
decisions.
19. Other investors’ decisions of buying
1. 2. 3. 4. 5. 6.
and selling stocks have impact on your
investment decisions.
20. You usually react quickly to the 1. 2. 3. 4. 5. 6.
changes of other investors’ decisions and
follow their reactions to the stock market.
Investment Decision 1. 2. 3. 4. 5. 6.
21. The return rate of your recent
stock investment meets your
expectation The return rate of your
recent stock investment meets your
expectation
22. Your rate of return is equal to or 1. 2. 3. 4. 5. 6.
higher than the average return rate of the
market.
23. You feel satisfied with your 1. 2. 3. 4. 5. 6.
investment decisions in the last year
(including selling, buying, choosing
stocks, and deciding the stock
volumes).
Factors Questions Measurements Authors

Investment decision Q20-Q23 Likert Scale (6 points) Loung and Ha 2011

Overconfidence Q8-Q9 Likert Scale (6 points) Loung and Ha 2011

Availability bias Q10-11 Likert Scale (6 points) Loung and Ha 2011

Mental Accounting Q12-Q14 Likert Scale (6 points) N.M. Waweru et al.

Loss aversion Q15-Q16 Likert Scale (6 points) N.M. Waweru et al.

Herding Q17-Q20 Likert Scale (6 points) Loung and Ha 2011