Annexure-I - Cover Page

Title of the Project

A Study on Behavioral Finance and influence of Covid-19 on Individual Investment in

Tier-2 cities of West Bengal

Submitted By

Name of the Candidate – TUSHAR KUMAR HALWAI

Room No. – 10
Roll No. – 0205

Supervised by

Name of the Supervisor: Prof. Ayan Banerjee

Month & Year of Submission: April, 2021
Annexure - II

St. Xavier’s College (Autonomous)

Department of Commerce

PROJECT COMPLETION AND PLAGIARISM VERIFICATION CERTIFICATE

Student Name: TUSHAR KUMAR HALWAI

Room No.: 10 Roll No.: 0205

Title of the dissertation: A Study on Behavioral Finance and influence of Covid-19 on Individual
Investment in Tier-2 cities of West Bengal

The above dissertation was scanned using iThenticate for similarity detection and the similarity
index is as follows:

Similarity Index: 5%

The dissertation may be considered for submission.

Name of the Supervisor: AYAN BANERJEE

Signature: …………………………………………………

Date: …………………….
Annexure- III

Student's Declaration

I hereby declare that the Project Work with the title (in block letters)

A STUDY ON BEHAVIORAL FINANCE AND INFLUENCE OF COVID-19 ON INDIVIDUAL

INVESTMENT IN TIER-2 CITIES OF WEST BENGAL

submitted by me for the partial fulfilment of the degree of B.Com. (Honours) at St. Xavier’s

College (Autonomous), Kolkata is my original work and has not been submitted earlier to any

other Institution for the fulfilment of the requirement for any course of study.

I also declare that no chapter of this manuscript in whole or in part has been incorporated in this

report from any earlier work done by others or by me. However, extracts of any literature which

has been used for this report has been duly acknowledged providing details of such literature in

the references.

Signature:

Name: Tushar Kumar Halwai

Address: Mallickpara
Narsingbandh,
Near Little Flower School,
Burnpur-713325
Place: Burnpur, Asansol Room No.: 10

Date: 22-4-2021 Roll No.: 0205

 ACKNOWLEDGEMENT

Successful Completion of any type of Research requires help from a number of persons. I really
wish to express my gratitude towards all those people enabling me to complete this project on

“A Study on Behavioral Finance and influence of Covid-19 on Individual Investment in Tier-2

cities of West Bengal”.

I convey my sincere gratitude to Father Rev. Joseph Kulandai, Vice-Principal, Dr. Amitava
Roy, Dean and my Research Project Supervisor Prof. Ayan Banerjee, Assistant Professor, St.
Xavier’s College (Autonomous), Kolkata. Without their kind direction and proper guidance this
study would have been a little success. I would also like to extend my thanks and gratitude to
my Parents who always encourageme in pursuit of excellence.
 INDEX

CHAPTER TOPICS PAGE NO.

1 INTRODUCTION 6
1.1 BACKGROUND 7
1.2 LITERATURE REVIEW 7-8
1.3 RESEARCH
METHODOLOGY 9-10
1.4 RESEARCH OBJECTIVES 11

2 CONCEPTUAL
FRAMEWORK
2.1 THE RATIONALE OF
STUDY
11
2.2 LIMITATIONS
11
2.3 UNDERSTANDING THE
EXISTANCE OF
12
BEHAVIORAL BIASES

3 ANALYSIS AND 13-19

DISCUSSIONS
3.1 RESEARCH FINDINGS 18

4 CONCLUSION AND
RECOMMENDATIONS
4.1 RECOMMENDATIONS 19
4.2 CONCLUSION 19

5 REFERENCES 20-24

6 ANNEXURES – 25-26
QUESTIONNAIRE
 CHAPTER 1 - INTRODUCTION

Do people mimic others while investing? Behavioral Finance suggests investors generally do
so especially during a period of fear which is also known as Herding Behavior. The
behavioral aspect in finance literature has always been a topic which is debatable for all. It is
closely related to Behavioral Economics which is a study of human behavior and human
emotions and how greatly human decisions are affected by them.

Behavioral Finance helps us to understand that investors and markets are not fully rational
and that it is affected by human errors, the ability to think & observe, and biases.

There are two components of Behavioral Finance: -

• Psychology - it explains the human tendency to make mistakes.

• Limits to arbitrage – it explains that irrational traders are the one, among a group of
rational and irrational traders in an economy, who could have a significant impact.

The spread of Covid-19 disrupted human lives and has had dramatic effects around the
globe due to which the economy of the world faced the worst recession since the 2008 Great
Recession. Not just the markets of few countries but the entire global market has seen
extraordinary volatility during the period. All the traditional theories and finance paradigm
has failed to explain such volatilities in the market.

Several necessary measures had been taken to fight the corona virus like self-isolation,
social distancing, and continuous lockdown, shutting down of institutions, and restricted
transport. Such steps were no doubt necessary for us to prevent our lives but it had several
impacts on our economyand has destabilized our Indian stock market.

This research paper will study whether or not behavioral biases exist during investments and
also howinvestor’s behaviors have changed during covid-19 as compared to Pre- Pandemic
period in Tier-2 cities of West Bengal. The paper will also help us to find and analyze how
investors’ changed behaviors influenced their investment preferences during covid-19.
 1.1. BACKGROUND
The purpose of doing this study is to know what impact the COVID-19 pandemic has
created on financial behaviors and investment decisions of individuals in small towns of
India. For the purpose of this study, a sample survey is to be conducted to understand the
impact of COVID-19 on financial transactions of retail investors in the Tier-2 cities of
Asansol and Durgapur, West Bengal (WB). The respondents of my survey belong to either
the service sector or are indulged in their own businesses. The study was conducted to
understand how the pandemic and change in investment decisions of individuals with
respect to SIPs are related and it was found that there exists a significant association between
prevention measures adopted like lockdown and restrictions on traveling and individual’s
income as it has directly impacted the savings and investment behaviors.

1.2. LITERATURE REVIEW

A comparison between the existing situations & mental state of individuals during the 2008
FinancialCrisis and during the Covid-19 outbreak. Following are the findings and
conclusions stated from the literature review of some great scholars:

i. Lewellen et al. (1977) said that demographic factors (age, gender, income, etc.)
affects individual decision making. He also said that due to factors like
inappropriate knowledge, market volatility etc. women investors are found to be
reluctant to invest in mutual funds.

ii. Larrick, Boles, 1995 “Regret theory” says giving an example that if an investor has
purchased stocks whose prices have fallen down, he will try not to sale those stocks in
orderto save him from the regret of having made a bad investment or embarrassment
of making aloss.

iii. Madhusudan V. J. (1996) concluded after conducting a study that there exists an
order of priority for investors, which is:-
 Security of Principal assets,
 Cash Convertibility, and
 Appreciation/Growth in the amount of investment

iv. Barber and Odean (1999) coined self-attribution bias which tells that people having
great success stories over trading in past will trade most in the future.

v. Odean (1999) in his theory said that as compared to females, males trade more
aggressivelyand incur high transaction costs and then ultimately earn lower profit post
transactions.
 vi. Madrian and Shea (2000) found that investors are subject to status quo bias i.e.
investorsgives limited attention and processing power to their decision making.
According to them investors tends to stick to their prior investment decision.

vii. According to Kent et al.(2001), the most common behavior used by investors for
investing is that they rely upon past performance of stocks as a basis for their future
performance and it has been observed that people exhibits loss adverse behaviour.
He through his findings tells us that individual investors are more aggressive when it
comes to trading and they behaveparallel to each other.

viii. Daniel Hirshleifer, Teoh (2002) suggests that investors may form theories based
uponirrelevant historical values and investors set initial values for future prices.

ix. Mittal, Manish; Vyas, R. K. (2011) : -They concluded that men are usually found
to be more open to taking risks, while women on the other hand shows their
inclination towards relatively secure instruments providing low interest rates.

x. Dr. M. A. Burghate and Dr. Aparna Samudra 2012: - In their study they found that
investment decisions taken by individuals are significantly affected by psychological
factorssuch as mental calculation, risk taking capability, degree of risk aversion and
willingness to take financial risk.

xi. Alber (2020) studied about coronavirus cases, deaths, day-to-day and month-to-month
rise in cases and found out that stock market was more susceptible to aggregate corona
virus cases instead of new daily cases and on total number of coronavirus cases instead
of daily death cases.

xii. Gormsen & Koijen (2020) conducted a study of equity market whereby they tried to
foundwhat people are anticipating about the equity market during the covid-19 and its
progress in the long run. They found out that willingness to trade and take risks are
greatly depended on individual perceptions along with other factors like dividend
expectations, tax implications, capability to buy shares etc.
 1.3. METHODOLOGY
Primary Data
The research work is basically based on primary data through a sample survey conducted in
Tier-2 cities (Asansol & Durgapur) of West Bengal through a structured questionnaire which
was distributed to the desired respondents. The questionnaire comprised of 17 Questions
which were designed for studying the Investment Behaviour of individuals in Tier-2 cities
during and before the tough times of Covid-19.

Sample T-Test, T Critical Test, Mean, Standard Deviation is run on the data collected
through Primary Survey. For the purpose of presentations, Bar Graphs, Pie Charts and Line
Diagrams are used.

Sample and Data

 Sample Size – The sample size contains 57 respondents from the Tier-2 cities of
Asansol and Durgapur.

 Data - The data is collected from both primary and secondary source.

 Primary data is collected through a questionnaire with the help of Google Forms.

 Secondary data is collected through Journals, Blogs, Websites and Past Researches.
Out of 57 respondents, 22 respondents were female and 35 respondents were male.

The respondents belong to middle class families who are mainly engaged in business of
textiles, trading of day-to-day products and professionals and some were students. These
respondents wereinvestors who preferred investing in the stock market and mutual funds on
monthly basis.

Secondary Data
For the purpose of framing conceptual frame-work, we will rely on secondary data-based
information which will be collected from various reliable sources including official
Government websites and the online published resources and journals. The details of the
respective sources have been mentioned in the bibliography.
 1.4. OBJECTIVES

 To understand the existence of the behavioral biases while taking financial
decisions byindividual investors.

 To know the impact of Covid-19 on Household Income.

 To understand what impacts COVID-19 pandemic has created on investments

and onfinancial decisions of individuals in small towns of India.

 To check on the change in preference for investment options before and during COVID 19.
 To understand a change in investment amount in SIP pre and during COVID-19.
 To ascertain association between gender and investment in SIPs before and
during the COVID-19 outbreak.

2.1. THE RATIONALE OF THE STUDY

Most of the recent researches and journals have covered how Covid-19 has impacted on
macro factors such as employment, fall in GDP, Stock Market, etc. but this study on
Behavioral Finances also examines how the investment behavior of individuals was
impacted during the outbreak of Covid-19 when people were there in their homes, had their
own time, when people lost jobs, income were low, Cash preservation was the dire need,
movements were in halt etc.

2.2. LIMITATIONS
1. The Study is based on Random Sampling & not on Consensus Method.
2. Due to Random Sampling, a fair chance of ignorance of a more important
judgement mayexist.
3. The respondents of the survey were residents of Tier-2 cities of Asansol and Durgapur
and thefinding, therefore may differ and cannot be generalized to other regions.
4. Though the topic is quite vast, the study was restricted only to certain concepts
due totime constraint.
5. Convenience sampling was done as the questionnaires could only be filled by
certain people either due to lack of interest, time or knowledge.
6. Restricted Access was available over the net as most of the sites were charging very
high fees.
2.3. To understand the existence of the behavioral biases
while taking financial decisions by individual investors.

Availability Bias
People tend to believe and rely on things that they can see or get easily instead of putting
effort into their minds to think, imagine and compare other information before taking any
decision. This is what we call Availability Bias. This bias somehow enables people to guess
the probability of a result of the decision taken by them.

In order to check whether Availability Bias impacts investor’s decision to invest, we have
asked our respondents whether they invest only after proper planning or make their decisions
on the basis of thewhims of the crowd.

Approximately 43 out of 55 respondents responded that they invest on the basis of the
suggestions received from their friends, news channels, newspapers, professionals, etc.,
and do not rely on analysis because the proper analysis is time-consuming and they lack
the skills to analyze.

Regret Bias
Generally, people tend to keep a Long Position on their shares even when their prices have
reduced too low in a hope that prices will increase again and they will be able to sell them
be indifferent.

In order to check the same, we have asked our respondents whether they remain in short or
long positions when such a situation comes. To this, the response was not satisfactory, as
respondents seemed to be confused and were unable to decide whether they do so or not.
Most of them said that all situations vary and their positions also vary depending on various
factors.

Self-Attribution Bias

Self- Attribution Bias is greatly linked to Overconfidence Bias whereby people who have had
great success theory in past in the trading market show more aggressive behavior while
trading in the future and will suggest the same to others.

Also, it has been seen that people follow the advice of those persons only who once suggested
him/herinvest and made profits for them.

To check the same, we have asked our respondents to recall who has suggested them to
invest andwhether they follow their advice even today.

To this, it was found that 37 out of 55 respondents still follow their first mentor’s advice and
act in away they suggest to.
 CHAPTER 3 :- ANALYSIS AND DISCUSSIONS

How Covid-19 affected Household Income in India

In India, Household Income was drastically impacted by Covid-19. Due to measures like
Complete Lockdown for more than a month period, which was no doubt essential, have
negatively affected all the households and their Incomes. Household Income declined by
9% in late February when people came to know about the presence of Coronavirus in the
atmospheres of India. With rising covid-19 cases and increasing measures are taken by the
government, more and more families had reported a decline in household income (84% as
per CMIE Reports).

However, not everything was shut. Jobs that were flexible enough to be done from home
survive and people engaged in such jobs were secured too. Worst impacted were casual
workers, cab drivers, and own-account workers.

Following is a Line-diagram, showing the Impact of Covid-19 on household incomes in

India on YOY basis from April 2019 to September 2020.
The Diagram above shows that the household incomes were low even during November 2019
(i.e. even before the pandemic hit), however, the steepest decline was seen during the months of
April 2020 and May 2020 with a decline of 19% and 41% in rural and urban area respectively.
According to several reports, the reasons for low income were measures like complete
lockdown and shutting down of shops and entertainment centers. Then again as the government
relaxed its measures, Household income seemed to increase but still at a very slow rate.
Comparison of preference for investment options before and during COVID-19
In order to study whether there exist any changes in investment and portfolio
management perceptions, we have asked our respondents to mention their preferences
for various options of investments before and during the outbreak of Covid-19.

Instruments offering:-

 Moderate Returns and

 Low Risk was preferred mostly.

Example - Bank Deposits (Savings, FD), PPF, Gold, mutual funds, and postal savings

These options seemed attractive to investors during Covid-19 because of High Liquidity,
Low Risk of Loss, and more secured in comparison to equity and debt.

The Figure below shows % change in preferences of various investment options before
and duringoutbreak.

Postal Savings

Real Estate

Gold
After Covid

Stock Market Before Covid

Bank Deposits

Mutual Fund

0% 20% 40% 60% 80%

The above chart shows how people restricted themselves to invest in the stock market and
mutual fund due to high risk and less liquidity during the tough times of Covid-19. Most of
the people, fromthe diagram, can be seen showing their trust more in Bank Deposits and
Postal Savings. Even after Lockdown people were found to purchase and keep with
themselves Gold as it seemed to be safer to them as compared to Stock Market or Mutual
Funds.
 Hypothesis Testing and Findings
Hypothesis 1:- SIPs Amount Invested by Investors prior to and after Covid-19
For the purpose of our first hypothesis, a survey was conducted on 57 respondents who
informed usabout their monthly investment amounts in SIPs before Covid-19 outbreak in
India (i.e. before February 2020) and after that.

Ho (Null Hypothesis) – There is no difference between the amount of SIPs invested by

Investors before and after Covid-19

Ha (Alternative Hypothesis) – There exists a difference between the amount of SIPs

invested by Investors before and after Covid-19

Respondents were asked to share their information regarding the amount of monthly
investment they used to make before Covid-19 and after Covid-19 Outbreak. The data
received was arranged and were used by us to reach a conclusion after conducting the
following tests using Excel 2016.

Before After

Mean 9314.035 7561.4

Variance 14868371 8037055

Observations 57 57

Hypothesized Mean Difference 0

Df 103

t Stat 2.764769

P(T<=t) one-tail 0.003375 0.05 = alpha

t Critical one-tail 1.659782

P(T<=t) two-tail 0.006751 0.05 =alpha

t Critical two-tail 1.983264

 • As the T-Stat is larger than the T-Critical two tail (i.e. as 2.764769 is greater than
1.983264) we reject Null Hypothesis and conclude that there exists a difference
between the amount of SIPs invested by Investors before and after Covid-19).

• If the p value is smaller than alpha we reject Null Hypothesis and conclude
AlternativeHypothesis. Since the value of alpha is greater than P value, we reject Ho
and conclude that there exists a difference between amount of SIPs invested by
Investors before and after Covid-19.

The Mean amount of SIP invested before and during Covid-19

Changes in Avg. Amount in SIP

10000
9000
8000
7000
6000
5000
4000 Mean
3000
2000
1000
0

Before After

Hypothesis 2:- To find an association between investment decisions and Gender in

SIPs beforeand during Covid-19.

For the purpose of our Second hypothesis, the same data that was collected was used and
number offemale and male responses was filtered out using excel and responses were
recorded. The sample consisted of 22 Female and 35 Male respondents who informed us
about their monthly investment amounts in SIPs before Covid-19 outbreak in India (i.e.
before February 2020) and after that.
Ho (Null Hypothesis) – There is no association between amount of investment
decisions and gender in SIPs.

Ha (Alternative Hypothesis) – There exists an association between the amount of

investmentdecisions and gender in SIPs.

Mean of Contributions by Male Before and

During Covid
12,000.00

10,000.00

8,000.00

6,000.00
Mean of Contributions by Male
Before and During Covid
4,000.00

2,000.00

-
SIP Investment amount SIP Investment amount
before Covid-19 before Covid-19

Mean of Contributions by Female Before and

During Covid
10,000.00
9,000.00
8,000.00
7,000.00
6,000.00
5,000.00
Mean of Contributions by Female
4,000.00 Before and During Covid
3,000.00
2,000.00
1,000.00
-
SIP Investment amount SIP Investment amount
before Covid-19 before Covid-19
Observing the decline in mean value of both male and female contributions towards SIPs
from the period of pre Covid-19 to the period of Covid-19, it can be concluded that Null
Hypothesis is retained i.e. there is no association between Gender and Investment making
decisions. On numeric terms there is a decline in SIP amounts by 18% and 21%
respectivelyfor Male and Females.
 3.1. RESEARCH FINDINGS

1. People were found to be affected with different kinds of biases such as self-attribution bias,
regret bias, availability biases while investing, This bias varies from person to person as
well depending upon various demographic factors such as age, gender, occupation, and
emotional grounds as well.

2. It was observed that there was a decline in Household Income during Covid-19,
especiallyduring the months of complete lockdown. There was a slow rate of increase in
household income once such measures were taken back.
3. It was also observed that people during the initial stages of the Covid-19 outbreak were
afraid both emotionally and financially and this is the reason why they tend to withdraw their
amounts from stock markets and mutual funds and tried to keep liquid cash with themselves
along with deposits in Banks, Post Offices, etc.

4. Interesting to note that students and self-employed women who were idle or had less to do
during Covid-19 Lockdown started gaining knowledge and invested in share markets and it
was found through the survey that they preferred share market over other safe investment
options even during the hard times. There were some confident and optimistic people who
found it as an opportunity to invest in markets as the share prices were too low and they
foundit to be the right time.

5. Hypothesis 1 results reveals that there was a difference in the amount of SIP invested by
individuals and this difference was negative i.e. investment amount felt from an average of
Rs. 9300 (approx.) before Covid-19 to Rs. 7600 (approx.) during Covid-19. Some of the
reasons for this decline were low household income and more tendency of people to reserve
cash as they foresighted harder times. Other reasons were falling of the Stock Market were
Nifty 50 and Sensex experienced a fall of 36% to 40% and negative returns of Mutual
Funds.

6. While conducting an analysis of the data collected it was found that business men/women
were the most affected as the business income was very low during the hard times. Also,
people lost their jobs which cannot be ignored.

7. Previous researches on Behavioral Finance suggested that women tend to be more uncertain
and more risk-averse in their decisions of investing in Mutual Funds. So we tried to find out
the association between gender and investment decisions (Hypothesis 2).We found that
theredoes not exist any association between gender and investment decisions as both male
and female respondents were found to reduce there their SIP investment amount during
Covid-19as compared to Pre-Covid 19 period. Also the amount of reduction was nearly
equal to 20% (18% for males and 21% for females).
 4.1. RECOMMENDATIONS

Scope for further research

 Future researches can be conducted on the study of what initiatives were taken
by policymakers to make people of small towns and cities more financially
literal.
 Checking how their investment habits have changed before and after they
gained somelearning.

4.2. CONCLUSION

After studying the above objectives, it can be concluded that there is a strong relation
between investment decisions and individual’s personality and thinking process. These
results agree with the Literature Research. It can be said that and can be agreed upon that
psychological biases substantiallyaffect market prices.

The COVID-19 outbreak has significantly impacted the economy. There has been a negative
impact on individual investor’s willingness to invest in stock market and mutual funds due to
Covid-19 and as an aftermath effects of measures taken by the government to control the
spread of COVID-19 such as lockdown and due to crashing down of the stock market.
Investors now prefer to have secured investments and are resisting themselves from taking
severe risks as corona virus cases in India are increasing at a very high rate and it seems to
be the second phase of Covid-19. They have now become more Risk Averse. It is predicted
by many economists now that this second phase will be more deadly not only for people’s
lives but also for the economy. But still it is felt that people will now face the second phase
more intellectually, more carefully and more safely.

There is need for our policy makers to deliver the knowledge and understanding to the retail
investorsespecially in Tier-2 and Tier-3 cities of India about Gold ETFs, awareness about
various mutual funds scheme and insights on when to enter and when to exit the stock market.
These can be done through campaigns, free tutorial video access and awareness programs.
 CHAPTER 5- REFERENCES

o Et al. Lewellen (1977) Patterns of Investment Strategy and Behavior among

Individual Investors
https://econpapers.repec.org/article/ucpjnlbus/v_3a50_3ay_3a1977_3ai_3a3_3ap_3
a296-333.htm

o Boles Larrick, 1995 Z“Regret theory” & Avoiding regret in decisions with
feedback: A negotiation example.
https://psycnet.apa.org/record/1995-43642-001


o Barber and Odean (1999) The courage of Misguided Convictions: The Trading
Behavior of Individual Investors.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=219828


o Odean (1999) Boys will be Boys: Gender, Overconfidence, and Common Stock
Investment 
https://academic.oup.com/qje/article-abstract/116/1/261/1939000


o Madrian and Shea (2000) The Power of Suggestion
https://www.ssc.wisc.edu/~scholz/Teaching_742/Madrian_Shea.
pdf

o Kent et al.(2001), Psychologic effects of vitiligo: A critical incident

analysis
https://www.sciencedirect.com/science/article/abs/pii/S0190962296901
127

o Hirshleifer Daniel,(2002) Investor Psychology and Security Market

Under- andOverreactions
https://sites.uci.edu/dhirshle/abstracts/investor-psychology-and-security-market-under-and-
overreactions/
 o Mittal, Manish; Vyas, R. K. (2011) A Study of Psychological Reasons for Gender
Differences in Preferences for Risk and Investment Decision Making.
https://web.a.ebscohost.com/abstract?direct=true&profile=ehost&scope=site&authtype=
crawl
er&jrnl=09729089&AN=71423465&h=M%2fyT6EGNHnk1uicgGb9VwjoAJ%2b1ww
h9UO
CuJktpxOr%2bx%2fvWvlvFEsYTDHbj%2fJbBKO9Q23GGy6RF1daTBazIQDQ%3d
%3d&
crl=c&resultNs=AdminWebAuth&resultLocal=ErrCrlNotAuth&crlhashurl=login.aspx
%3fdir
ect%3dtrue%26profile%3dehost%26scope%3dsite%26authtype%3dcrawler%26jrnl%3
d0972 9089%26AN%3d71423465

o Burghate M. A. and Samudra Aparna 2012 A Study on Middle Income Persons‟

Investment Pattern in Tirunelveli City
http://www.internationaljournalssrg.org/IJEMS/2016/Volume3-Issue5/IJEMS-
V3I4P109.pdf

o Alber (2020) The Effect of the COVID-19 Spread on Investor Trading Behavior
on theEgyptian Stock Exchange
https://www.researchgate.net/publication/343099293_The_Effect_of_the_COVID
- 19_Spread_on_Investor_Trading_Behavior_on_the_Egyptian_Stock_Exchange


o Gormsen & Koijen (2020) Coronavirus: Impact on Stock Prices and Growth
Expectations https://bfi.uchicago.edu/working-paper/the-corona-virus-the-stock-
markets-response-and- growth-expectations/

o https://scroll.in/article/988016/household-incomes-in-india-are-yet-to-recover-
from-the- covid-19-lockdown-shock

o https://www.statista.com/statistics/1111510/india-coronavirus-impact-on-
household- income/#:

o https://ro.uow.edu.au/aabfj/vol15/iss1/6/

o https://www.sebi.gov.in/sebi_data/DRG_Study/OpportunitiesChallenges.pdf

o https://www.researchgate.net/publication/328104146_Does_demographic_factors_affect
_inve stment_on_mutual_funds_-_A_study_of_employees_of_Bhel_Ranipet_Unit

o https://government.economictimes.indiatimes.com/news/economy/opinion-impact-of-
covid- 19-on-the-indian-economy/75021731

o http://www.ficci.in/ficci-in-news-page.asp?nid=20956
o https://corporatefinanceinstitute.com/resources/knowledge/trading-
investing/behavioral-
finance/#:~:text=Behavioral%20finance%20is%20the%20study,influenced%20by%20t
heir% 20own%20biases.

o https://www.investopedia.com/articles/02/112502.asp
 CHAPTER 6 – ANNEXURES

QUESTIONNAIRE
1. NAME

2. AGE

3. Email

4. Gender
 Male
 Female
 Others

5. Occupation
 Student
 Self Employed
 Salaried Employee

6. For how long you have been investing into share markets?
 Started during the lockdown
 More than 3 Years
 More than 7 Years

7. Do you make proper planning before investing?

 Yes.
 No.

8. Do you sale your shares that have decreased in value or you tend to keep them
to havebetter or indifferent return at least?

9. On whose recommendation did you make your first investment? Was it

successful? Do you still follow his/her suggestions?

10. Whether there was any impact of Covid-19 on your Family Income?

 Yes, there was a drastic downward impact.

 No, the income was stable.
 Yes, the income increased during the hard time as well.

11. How often do you track your investment?

 Daily
 Regular
 Irregular
 Not Interested
12. What was your monthly SIP Investment amount before Covid-19?

13. What was your monthly SIP Investment amount during Covid-19?

14. Rate yourself on the basis of risk you were willing to take during Covid-19?

OOOO
O1 2 3 4
5

15. What Investment Options did you prefer before Covid-19?

 Mutual Funds
 Stock Market
 Bank Deposits
 Gold
 Real Estate
 Postal Savings
 Provident Fund

16. What Investment Options did you prefer during Covid-19?

 Mutual Funds
 Stock Market
 Bank Deposits
 Gold
 Real Estate
 Postal Savings
 Provident Fund

17. When the market was down, I tend to sell my riskier investments and put the
money in safer investments?
 Agree
 Disagree
 Strongly Agree
 Strongly Disagree