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Analysis of active Vs passive investment behavior in emerging markets

Joshi Girish Balkrishna, Dash Ranjan

Management

2023

Vol. 27, no. 1

130--156

Responses from 480 Indian respondents, 240 each investing in MFs and ETFs were studied to assess individual investors behavioral biases with the help of factors of herding, market, prospect, overconfidence and availability bias by using one way MANOVA approach. Results show that the MF investors show statistically significant behavioral biases as compared to ETF investors in emerging markets. As the contributions from capital markets of emerging economies continue to rise with larger market capitalizations, passive investments are likely to play a major role in overall investments. With this background, it’s important to understand the emerging market investors perception about active and passive investments, which is addressed in this article. Behavioral biases have received little attention in the developing markets and results of this paper have practical implications for policymakers in understanding the dynamic behavior of the active and passive investors and educate the investors for proper investment decisions.