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AMIT KUMAR
IMS-INSTITUTE OF MANAGEMENT&SCIENCE
CERTIFICATE:-
To the best of my knowledge, this research work is original and no part of this report has been
submitted by the student earlier to any other institution / university.
(Signature)
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ACKNOWLEDGEMENT
The satisfaction of the successful completion of any task wouldnt be complete without the
expression of gratitude to the people who made it possible.
I express my gratitude to Mr. Amit Sharma (Branch head) SHAREKHAN LTD, for his support
and guidance during the survey.
I take this opportunity, also to express my love and sincere thanks to my family members and
friends for their support and advice during various stage of work.
I also extend my gratitude to the respondents of my survey for their kind co-operation.
But last not the least I thank God almighty for giving me the support for the completion of the
task.
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DECLARATION
The project work is done under the supervision of The work has been submitted in
the partial fulfillment of the required degree.
Vijay Mannewar
Facultys Comments:
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TABLE OF CONTENT
8 References 75
9 Appendix 76-77
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EXECUTIVE SUMMARY
People invest their money for generating good returns. But in this investment some kind of risk
is involved. All investors have different attitudes towards risk. When it comes to investing, it is
important to consider your risk profile or tolerance carefully, including how comfortable you are
with the possibility of losing money, or that returns on your investments. The risk profile of
investors depends upon their demographic structures or characteristics.
The project deals with the analyzing the investment pattern on the basis of risk profile of
investors at Share khan Limited and what are the risk factors that influence the type of
investment made by individuals . As we all know that every person who wants to gain better
returns in future they must have to invest their money in stock market or anywhere else. This
study describes the investment pattern use by different persons while doing investment in stock
market keeping different risk in mind.
The main reason to choose this research is to find out the investment pattern behavior in respect
of their risk bearing capacity and this research helps the company to target the investors
according to their risk ability. The research process chosen by me is qualitative and quantitative
research. Questionnaires in part help me a lot in finding the actual position of the market under
the survey method.
.A sample size of about 96 respondents which includes individual investors as well as corporate
investors was taken for purpose from various parts of JAMMU. After the survey was completed,
the data was first stored and then analyzed on the chosen parameters. This analyzed data was
later on converted into graphs. Such as pie chart, bar graphs, etc this was to make result easily
comprehensible by any one going through the report. Later on, all this information was compiled
in the form of a presentable and highly comprehensible report.
After analyzing the data, the problem which has been identified that most of the investors are
ready to bear risk in expectation of higher returns. There is a strong relationship in investment
pattern and risk bearing capacity of investors while doing investment. For analyzing the data we
used chi- square and phi-Cramer V test in SPSS V 19.0 and use MS Excel 2007 for making
graphs.
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INVESTMENT PATTERN ON THE BASIS OF RISK PROFILE OF INVESTORS
WHAT IS RISK?
The word risk has a definite financial meaning. It refers to possibility of incurring a loss in a
financial transaction. In a broad sense, investment is considered to involve limited risk and is
confined to those avenues where the principal is safe. Speculation is considered as an
involvement of funds of high risk.
TYPES OF RISK
1. SYSTEMATIC RISK
2. UNSYSTEMATIC RISK
SYSTEMATIC RISK
Systematic risk refers to that portion of the total variability of the return caused by common
factor affecting the prices of all securities alike through economic, political and social factors.
UNSYSTEMATIC RISK
Unsystematic risk refers to that portion of the total variability of the return caused due to unique
factors, relating that firm or industry, through such factors as management failure, labour strikes,
raw material scarcity etc.
WHAT IS INVESTMENT?
Investment is the purchase of an asset or item with the hope that it will generate income or
appreciate in the future and be sold at the higher price.
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INVESTMENT RISK PROFILE
All investors have differing attitudes towards risk. When it comes to investing, it is important to
consider your risk profile or tolerance carefully, including how comfortable you are with the
possibility of losing money, or that returns on your investments could vary widely from year to
year.
Understanding your personal risk tolerance will help you choose an appropriate asset allocation -
the following points can help you to determine an investment mix that's appropriate for your needs.
INVESTMENT EXPERIENCE
How would you describe your investment experience and understanding of financial markets?
RISK TOLERANCE
To establish investment strategies that suit your profile of risk and will be comfortable with, you
need to consider the possibility that the value of your investment may decline even though this
may be temporary. Are you prepared to accept the possibility of a negative return at any time in
exchange for potentially higher long term returns? What percentage of your money would you be
prepared to invest in higher-risk investments?
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In October 1987 the stock market fell more than 20% in one day. If you owned an
investment that fell by 20% in a short time what would you do or what did you do in
1987:Sell all of the remaining investment (Conservative)
Why are you investing? Is it for something in the near future (new car, or down payment on a
home) or something farther off (a young child's education or your own retirement)? If your
investing goals are short term you want your money to be there - with interest - when you need it.
Therefore you will need to focus on relatively short term investments like term deposits or a cash
management trust. If on the other hand, you are investing for the long term, you may be able to
afford to take some risk in pursuit of a higher return. Shares, property, and growth orientated
managed which historically have provided higher returns than fixed interest or cash over time, may
be more appropriate.
INVESTMENT TIMEFRAME
When do you expect to need to access all or part of your investments:
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meet emergencies without needing to rely on credit cards. A cash management trustthat
pays high interest can be a good place to keep emergency funds.
Moderate Your primary investment goal is capital growth. You can tolerate
some fluctuations in the value of your investment in the
anticipation of a higher return. You don't require an income and
you are prepared to invest for 5 years or more.
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SHAREKHAN LIMITED
INTRODUCTION
Sharekhan is one of the leading retail broking House of SSKI Group which was running
successfully since 1922 in the country. It is the retail broking arm of the Mumbai-based SSKI
Group, which has over eight decades of experience in the stock broking business. Sharekhan
offers its customers a wide range of equity related services including trade execution on BSE,
NSE, Derivatives, depository services, online trading, investment advisory, Mutual Fund
Advisory etc.
The firms online trading and investment site - www.sharekhan.com - was launched on
Feb 8, 2000. The site gives access to superior content and transaction facility to retail customers
across the country. Known for its jargon-free, investor friendly language and high quality
research, the site has a registered base of over two lakh customers. The number of trading
members currently stands More than 8 Lacs. While online trading currently accounts for just
over 8 per cent of the daily trading in stocks in India, Sharekhan alone accounts for 32 per cent
of the volumes traded online.
The content-rich and research oriented portal has stood out among its contemporaries
because of its steadfast dedication to offering customers best-of-breed technology and superior
market information. The objective has been to let customers make informed decisions and to
simplify the process of investing in stocks.
On April 17, 2002 Sharekhan launched Speed Trade, a net-based executable application
that emulates the broker terminals along with host of other information relevant to the Day
Traders. This was for the first time that a net-based trading station of this caliber was offered to
the traders. In the last six months Speed Trade has become a de facto standard for the Day
Trading community over the net.
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On October 01, 2007 Sharekhan again launched his another integrated Software based
product Trade Tiger, a net-based executable application that emulates the broker terminals along
with host of other information relevant to the Day Traders. It has another quality which differs it
from other that it has the combined terminal for EQUITY and COMMODITIES both.
Share khans ground network includes over 1005 centers in 410 cities in India, of which
210 are fully-owned branches. Share khan has always believed in investing in technology to
build its business. The company has used some of the best-known names in the IT industry, like
Sun Microsystems, Oracle, Microsoft, Cambridge Technologies, Nexgenix, Vignette, VeriSign
Financial Technologies India Ltd, Spider Software Pvt Ltd. to build its trading engine and
content. Previously the Morakiya family holds a majority stake in the company but now a world
famous brand CITI GROUP has taken a majority stake in the company. HSBC, Intel & Carlyle
are the other investors.
With a legacy of more than 80 years in the stock markets, the SSKI group ventured into
institutional broking and corporate finance 18 years ago. Presently SSKI is one of the leading
players in institutional broking and corporate finance activities. SSKI holds a sizeable portion of
the market in each of these segments. SSKIs institutional broking arm accounts for 7% of the
market for Foreign Institutional portfolio investment and 5% of all Domestic Institutional
portfolio investment in the country. It has 60 institutional clients spread over India, Far East, UK
and US. Foreign Institutional Investors generate about 65% of the organizations revenue, with a
daily turnover of over US$ 4 million. The Corporate Finance section has a list of very prestigious
clients and has many firsts to its credit, in terms of the size of deal, sector tapped etc. The group
has placed over US$ 1 billion in private equity deals. Some of the clients include BPL Cellular
Holding, Gujarat Pipavav, Essay, Hutchison, Planetarium, and Shoppers Stop.
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Share khan business
1. Brokering business.
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Vision
To be the best retail broking brand in the retail business of the stock market.
Mission
To educate and empower the individual investor to make better investment decisions through
quality advices and superior services.
Share khan is the retail broking arm of SSKI, an organization with more then eight
decade of trust and credibility in the stock market.
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In 1984 venture into institutional broking and the corporate finance.
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SHAREKHAN PROFILE
Among the top three (3) branded retail services providers (Rs 856 crs average daily
volume.
Large network of branded broking outlets in the country servicing around 5, 45, 000
Clients
MANAGEMENT TEAM
BOARD OF DIRECTORS
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BENEFITS
A-206, Phoenix House, 2nd Floor, Senapati Bapat Marg, Lower Parel, Mumbai- 400 013.
Telephone No: 67482000
Email: myaccount@sharekhan.com
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KEY OFFICIALS DESIGNATION
Mr. Pradeep
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PRODUCTS OF SHAREKHAN
CLASSIC ACCOUNT
This account allows the client to trade through the website www.sharekhan.com and is suitable
for the retail investor who is risk-averse and hence prefers to invest in stocks or who do not trade
too frequently.
It allows investor to buy and sell stocks online along with the following features like multiple
watch lists, Integrated Banking, De-mat and Digital contracts, Real-time portfolio tracking with
price alerts and Instant money transfer.
FEATURES
Online trading account for investing in Equity and Derivatives via www.sharekhan.com
Live Terminal and Single terminal for NSE Cash, NSE F&O, BSE & Mutual Funds (online
and offline).
Integration of On-line trading, Saving Bank and De-mat Accounts.
Instant cash transfer facility against purchase & sale of shares.
Competative transaction charges.
Instant order and trade confirmation by E-mail.
Streaming Quotes (Cash & Derivatives).
Personlized market watch.
Single screen interface for Cash and derivatives and more.
Provision to enter price trigger and view the same online in market watch.
TRADE TIGER
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FEATURES
DIAL-N-TRADE
Along with enabling access for your trade online, the CLASSIC and TRADE TIGER
ACCOUNT also gives you our Dial-n-trade services. With this service, all you have to do is dial
our dedicated phone lines which are 1800-22-7500, 3970-7500.
Share khan is also having Portfolio Management Services for Exclusive clients.
Ideal for investors looking at steady and superior returns with low to medium risk appetite. This
portfolio consists of a blend of quality blue-chip and growth stocks ensuring a balanced portfolio
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with relatively medium risk profile. The portfolio will mostly have large capitalization stocks
based on sectors & themes that have medium to long term growth potential.
THRIFTY NIFTY: Nifty futures are bought and sold on the basis of an automated
trading system that generates calls to go long/short. The exposure never exceeds value of
portfolio i.e. there is no leveraging; but being short in Nifty allows you to earn even in
falling markets and there by generates linear
BETA PORTFOLIO: Positional trading opportunities are identified in the futures
segment based on technical analysis. Inflection points in the momentum cycles are
identified to go long/short on stock/index futures with 1-2 month time horizon. The idea
is to generate the best possible returns in the medium term irrespective of the direction of
the market without really leveraging beyond the portfolio value. Risk protection is done
based on stop losses on daily closing prices.
STAR NIFTY: Trailing Stops Momentum trading techniques are used to spot short term
momentum of 5-10 days in stocks and stocks/index futures. Trailing stop loss method of
risk management or profit protection is used to lower the portfolio volatility and
maximize returns. Trading opportunities are explored both on the long and the short side
as the market demands to get the best of both upwards & downward trends.
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PROCESS OF ACCOUNT OPPENING
CONTACT
APPOINTMENT
DEMONSTRATION
DOCUMANTATION
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CHARGE STRUCTURE
Advance Amount which will be fully adjsted against your brokerage you paid in One
year.
Annual Maintanance Charges will NIL for 1st year and Rs. 400/- from 2nd year.
We are having tie-up with Eleven banks for online fund transfering i.e. HDFC, ICICI, IDBI,
CITI, Union Bank of India, Oriental Bank of Commerce, INDUSIND, AXIS, Centurian
Bank of Punjab, Bank of India and Yes Bank.
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Company Provide 4-6 E-mail to there customers per day.
Sharekhan customers can online trade through there computers, through internet during the
market timings.
We have tie up with Eleven Banks for online fund transferring i.e. HDFC, IDBI, CITI, UBI,
OBC, INDSLANDAND and UTI BANK, Yes bank, Bank of India for Online Money Transfer.
o Equities
o Derivatives
o Commodities
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SWOT ANALYSIS OF SHAREKHAN
(My observation)
STRENGTHS
WEAKNESS
OPPORTUNITIES
1. Diversification
2. Product modification
3. Improve Web based trading
4. Provide competitive brokerage
5. Concentrate on PMS
6. Focus on Institutional investors
7. Concentrate on HNIs (high net worth investor)
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THREATS
1. Aggressive promotional strategies by close competitor like Religare, Angel Broking and India
bulls.
2. More and more players are venturing into this domain, which can further reduce the earning of
Share Khan.
3. Stock market is very volatile, risk involves is very high.
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LITERATURE REVIEW
A number of academic studies have provided evidence of demographic and non demographic
characteristics related to the financial risk tolerance of individuals. The most common variables
researched by academics to determine their relationship with financial risk tolerance are gender,
age, marital status, number of dependents, income, wealth, education and financial knowledge.
We report the main findings as well as a number of less-researched variables. Gender differences
have been widely examined, with a large number of studies reporting higher financial risk
tolerance for males (Grable, 2000; Grable and Joo, 2000; Bemasek and Shwiff, 2001; Chaulk,
Johnson, and Bulcroft, 2003; Yook and Everett, 2003; Grable, Lytton, and O'Neill, 2004;
Hallahan, Faff, and McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao, 2006;
Van de Venter and Michayluk, 2007; Gilliam, Chatterjee, and Zhu,2010).
Studies have also argued that financial risk tolerance decreases with age (Xiao,
Alhabeeb, Hong, and Haynes, 2000; Chaulk, Johnson, and Bulcroft, 2003; Hallahan, Faff, and
McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao, 2006; Van de Venter and
Michayluk, 2007; Faff, Hallahan, and McKenzie, 2009). Furthermore, a nonlinear aspect to age
has been observed (Hallahan, Faff, and McKenzie, 2004; Grable, Lytton, O'Neill, Joo, and
Klock, 2006; Faff, Hallahan, and Mckenzie, 2009). The primary explanation for the observation
of a significantly negative coefficient for age and the nonlinear relationship has been attributed to
the time horizon to recover losses that is lower with age and the higher reliance on investment
funds as individuals age.
Marital status has been widely studied, especially because of its interaction with
age and gender. Financial risk tolerance is higher for single individuals (Grable and Joo, 2004;
Hallahan, Faff, and McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao,2006).
The main justification for this result is that single individuals do not hold the same
responsibilities as those that are married and thus the single individuals are willing to accept
more financial risk. For example, Chaulk, Johnson, and Bulcroft (2003) propose that married
individuals tend to have a lower financial risk tolerance because of a greater need for wealth
protection. When gender and marital status are incorporated together, Jianakoplos and Bemasek
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(1998) and Bemasek and Shwiff (2001) find that single men tend to be more risk tolerant than
single women. A negative relationship between financial risk tolerance and the number of
dependents is identified by Chaulk, Johnson, and Bulcroft (2003) and Hallahan, Faff, and
McKenzie (2004), with Faff, Hallahan, and McKenzie (2009) proposing a statistically significant
nonlinear linkage. This negative relationship has been identified with marital status and may
exist because of the added responsibilities and more conservative outlook to risk when
dependents are considered.
Higher financial risk tolerance is reported for individuals in high income and
wealth categories (Grable, 2000; Chaulk, Johnson, and Bulcroft, 2003; Yook and Everett, 2003;
Chang, DeVaney, and Chiremba, 2004; Grable and Joo, 2004; Grable, Lytton, and O'Neill, 2004;
Hallahan, Faff, and McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao, 2006).
In addition, Grable and Joo (1999) indicate a significantly positive relationship between financial
risk tolerance and an individual's level of financial solvency.
A positive relationship has been identified between financial risk tolerance and education
(Grable, 2000; Chang, DeVaney, and Chiremba, 2004; Grable and Joo, 2004; Hallahan, Faff, and
McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao, 2006). Hallahan, Faff, and
Mckenzie (2004) also observe high positive correlations between income, wealth, and education,
suggesting that financial risk tolerance could be a function of income and wealth rather than
education.
Financial or investment knowledge has a positive relationship with financial risk tolerance
(Grable, 2000; Grable and Joo, 2000, Grable and Joo, 2004; Van de Venter and Michayluk,
2007). However, Davey (2004) challenges the view that educating individual investors about
financial markets and instruments will necessarily increase their financial risk tolerance.
Although the financial education of an advisor's clients is considered best practice, it will most
likely not have any direct influence on the risk preference of an individual as even the most
knowledgeable and educated could potentially have a low financial risk tolerance.
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When advising clients about investment decisions, financial advisors have to consider both their
financial goals and financial risk tolerance. In many cases these two could conflict, leading
advisors to recommend that individuals take on more risk than they are comfortable with to meet
their financial goals. Bemasek and Shwiff (2001) report that individuals generally tend to
increase the level of risk of their retirement savings after they have consulted a financial advisor.
Furthermore, this increase was found to be statistically significant for both the respondent and
the spouse or partner consulting a financial advisor, possibly suggesting the existence of a
relationship between gender and marital status as well.
In contrast to the earlier finding. Van de Venter and Michayluk (2007) find no statistically
significant effect on financial risk tolerance when a financial advisor is consulted. When
examining whether a financial advisor has any impact on investment behavior. Hung and Yoong
(2009) conclude that unless financial guidance is actively sought by the individual, consulting a
financial advisor has no impact on investment behavior. This finding highlights the difficulty
when interpreting survey questions that encompass financial advisors, and whether their advice
is undertaken.
Finally, Grable (2000) reports that individuals with positive economic expectations have higher
financial risk tolerance scores than those with less positive expectations, with Van de Venter and
Michayluk (2007) also finding evidence that financial risk tolerance is positively related to both
future expectations and previous investment performance. These previous findings identify many
factors that might influence risk tolerance on their own or in combination with others.
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OBJECTIVES OF THE STUDY
2. To study risk bearing capacity on the basis of gender, education, occupation, age, family
income and number of dependents.
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RESEARCH METHODOLOGY
Research methodology is way to systematically solve the research problem. Research, in
common terms refers to a search for knowledge. Research methodology consists of different
steps that are generally adopted by a researcher to study the research problem along with the
logic behind them.
RESEARCH DESIGN:
We studied the company report, talked to the customers and employee of the company. We
identified that inspire of providing various opportunities customers may not be aware of
derivative and commodity products.
DESCRIPTIVE RESEARCH
Survey method was adopted for this research
DATA SOURCES:
The study is mainly based on the data collection from primary as well as secondary
sources.
Primary data: Data collected for specific purposes in the form of questionnaire
Secondary data: Data existing in the form of Books, Internet Catalogues etc.
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SAMPLING DESIGN:
Sampling procedure: A non probability sampling technique i.e. convenient sampling procedure
was adopted.
Sampling size: A sample of 96 customers was selected from the target population for the study.
RESEARCH METHODOLOGY:
SAMPLING DESIGN:
Sample size : 96
STATISCAL TOOLS:
For the purpose of analysis, Mean and percentage methods are used for the calculation
and the result was interpreted. This test was used to minimize the error of the data collected.
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STATISTICAL TOOLS USED:
Sample tools are used for analyze purpose, they are follows:
Null hypothesis (HO) states: the two attributes are independent of each other.
Alternative hypothesis (HI) states: the two attributes are dependent of each other.
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1. To understand the risk profile of investors
RISK
45
40
35
30
Axis Title
25
20
15
10
5
0
NO RISK NOMINAL RISK MODERATE RISK HIGHER RISK
Series1 36 40 18 2
CHART-1
Interpretation:- This chart-1 shows, out of 96 respondents 40 people are ready to bear nominal
risk and 36 people dont want to take any risk. This shows that around 79% respondents are
conservative in terms of taking risk and only 21% respondents are ready to bear risk and out of
these 21 % only 3% are ready for high risk situation.
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Q10 . How long do you normally hold investment?
CHART -2
TIME PERIOD
35
30
25
Axis Title
20
15
10
5
0
FOR A DAY FOR A WEEK FOR A MONTH FOR A YEAR
Series1 22 25 18 31
Interpretation:- As per Chart-2,most of the respondents invest for a longer time period i.e.
around 32% and rest of the respondents have very less variability regarding holding of
investment as all other respondents are equally interested in daily, weekly or monthly holding of
investment i.e. around 20% go for each kind of investment holding.
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Q11. If your investments were to fall in value by 15 per cent over a one-year period,
you will
Chart -3
.
20
15
10
5
0
WAIT UNTIL INVEST MORE
TAKE OUT SOME
MARKET MONEY IN THE
WITHDRAW ALL MONEY AND
RECOVERS THE STICK TO THE SAME
MONEY FROM MOVE IT TO
LOSS AND THEN INVESTMENT INVESTMENT AS
SHARE MARKET SAFER
CONSIDER OTHER IT IS 15 %
INVESTMENT
INVESTMENTS CHEAPER
Series1 13 21 26 23 13
Interpretation:- Chart-3 is giving the overview regarding respondents reaction related to their
investment, if market falls in value. We can see here the respondents /investors are neither very
conservative nor aggressive in market condition i.e. only 15% investors are willing to withdraw
all money or invest more money in such situation. Most of the respondents are aware & ready for
such condition. They want to be in the market in expectation of money of market.
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Q12. You are ready for limited losses in expectation of higher long-term returns?
Chart-4
25
20
15
10
5
0
STRONGLY NEITHER AGREE
DISAGREE AGREE STRONGLY AGREE
DISAGREE OR DISAGREE
Series1 14 16 24 36 6
Interpretation:- Chart-4 is about that whether investors are ready to bear limited loss in
expectation of high returns we find that only around 30% investors are not agree for this but
around 70% are considering the idea i.e. most of the respondents are aware about the ups &
downs of stock market & ready for risks involved in it in expectation of getting higher returns.
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Q.13. I am willing to experience the ups and downs of the market for the potential of
greater returns.
Chart-5
25
20
15
10
5
0
STRONGLY NEITHER AGREE
DISAGREE AGREE STRONGLY AGREE
DISAGREE OR DISAGREE
Series1 5 11 39 35 6
Interpretation:- Chart-5 is about that whether investors are ready to experience ups and downs
of market we find that only around 16% investors are not agree for this but around 84% are
considering the idea i.e. most of the respondents are aware about the ups & downs of stock
market & want to experience that.
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Q14. My main concern is security; keeping money safe is more important than earning
high returns.
Chart-6
20
15
10
5
0
STRONGLY NEITHER AGREE
DISAGREE AGREE STRONGLY AGREE
DISAGREE OR DISAGREE
Series1 2 4 24 32 34
Interpretation:- This chart -6 shows the investors are aware about the highs and lows of
security market and want to experience that also they are quite positive towards market as they
expect after a low market will recover & give them higher return still the safety is major concern
of investors. Out of total 96 respondents only less than 10% disagree with the fact.
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Q15. I am fairly experienced in investment.
Chart-7
30
25
20
15
10
5
0
STRONGLY NEITHER AGREE
DISAGREE AGREE STRONGLY AGREE
DISAGREE OR DISAGREE
Series1 4 15 43 29 5
INTERPRETATION:- As we can see in the chart-7, most of the respondents i.e. around 50%
are not sure about their investment capabilities. They are not very sure that their expectation of
decision is fair enough. Here I want to mention that the market is so volatile in India that very
less investors find themselves fairly enough experienced & dont bear losses.
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Q16. I am very secure related to my future income (such as from salary, pension or other
investments)?
Chart-8
50
40
Axis Title
30
20
10
0
STRONGLY NEITHER AGREE
DISAGREE AGREE STRONGLY AGREE
DISAGREE OR DISAGREE
Series1 2 4 15 23 52
Interpretation:- Chart-8 shows that most of people involve in security market are quite secured
related to their future income. We can also understand the statement that the people who have
fair enough income resources, comes in security investment as they consider all the pros. & cons.
Of the market they know that the market is good place to get better returns but it also contain risk
so losses bearable only in the case of secured future returns.
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2. To study risk bearing capacity on the basis of gender, education,
occupation, age, family income and number of dependents
To fulfill this objective I used cross tabs & chi-square test
The results are compiled in a sheet which shows the significance value & chi- square values of
all the cross tabs. Here I am providing 2 null hypothesis & 2 alternative hypothesis conditions as
sample.
X1 * X9 Crosstabulation
Count
X9 Total
NO RISK NOMINAL RISK MODERATE HIGHER RISK
RISK
X1 MALE 27 29 13 2 71
FEMALE 9 11 5 0 25
Total 36 40 18 2 96
Chi-Square Tests
Value Df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 3 cells (37.5%) have expected count less than 5. The minimum expected count is .52.
Interpretation: - As the chi-square shows the value of P is higher than .05, we will accept null
hypothesis i.e. there is no significant relationship in between the expectation from investment
with change in gender. Males and females are equally risk averse & conservative related to
taking risk in stock market.
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Gender in respect of holding time of investment
X1 * X10 Crosstabulation
Count
X10 Total
DAY WEEK MONTH YEAR
X1 MALE 15 19 13 24 71
FEMALE 7 6 5 7 25
Total 22 25 18 31 96
Chi-Square Tests
Value Df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 1 cells (12.5%) have expected count less than 5. The minimum expected count is 4.69.
Interpretation :- As the chi-square shows the value of P is higher than .05, we will accept null
hypothesis i.e. there is no significant relationship in between the investment holding with change
in gender. Males and females are equally risk averse & conservative in holding the investment.
50 | P a g e
Sample- Alternate Hypothesis
X7 * X9 Crosstabulation
Count
X9 Total
NO NOMINAL MODERATE HIGHER
RISK RISK RISK RISK
X7 < 5LAKH 21 17 4 1 43
5-15 LAKH 15 23 10 1 49
15-25 0 0 4 0 4
LAKH
Total 36 40 18 2 96
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 6 cells (50.0%) have expected count less than 5. The minimum expected count is .08.
Interpretation :-As the chi-square shows the value of P is higher than .05, we will accept
alternative hypothesis i.e. there is a significant relationship in between the expectation from
investment with change in family income. Investors are balanced & aggressive related to taking
risk in stock market.
51 | P a g e
Education in respect of holding time period for investment
X4 * X10 Crosstabulation
Count
X10 Total
DAY WEEK MONTH YEAR
X4 UNDER GRADUATE 1 1 3 10 15
GRADUATE 14 15 5 17 51
POST GRADUATE 6 7 9 4 26
PH.D. 1 2 1 0 4
Total 22 25 18 31 96
Chi-Square Tests
Value Df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 9 cells (56.3%) have expected count less than 5. The minimum expected count is .75.
Interpretation :- As the chi-square shows the value of P is higher than .05, we will accept null
hypothesis i.e. there is a significant relationship in between the investment holding with change
in education. Investors are risk averse & conservative related to holding the investment.
As from the above crosstabs the table- 1 is drawn in reference with the chi- square values and the
significance values on different parameters and fills the box with yellow color who gives the best
alternative hypothesis value. Then after interpret that value which is come under that yellow box
and show their cross tabs.
52 | P a g e
TABLE-1
S.No. QUESTIONS GENDER OCCUPATION AGE EDUCATION
1 What do you expect 0.797 0.85 9.131 0.425 8.871 0.449 8.854 0.451
when you invest?
2 How long do you 0.656 0.883 5.669 0.773 4.203 0.898 20.330 0.016
normally hold
investments?
3 If your investments 6.934 0.139 13.707 0.32 16.943 0.152 11.253 0.507
were to fall in value by
15 per cent over a one-
year period, you will
4 You are ready 6.266 0.18 17.361 0.137 9.682 0.644 28.133 0.005
for limited losses in
expectation of higher
long-term returns?
6 My main concern is 2.453 0.653 13.083 0.363 9.164 0.689 9.537 0.657
security; keeping
money safe is more
important than earning
high returns.
7 I am fairly experienced 0.570 0.966 7.997 0.785 16.547 0.167 11.665 0.473
in investment.
8 I am very secure 2.561 0.634 9.092 0.695 5.942 0.919 3.830 0.986
related to my
future income (such as
from salary, pension or
other investments)?
53 | P a g e
S.No. QUESTIONS INCOME No. of FAMILY INCOME PERCENTAGE OF
dependents in TOTAL INVESTMENT
Family
1 What do you expect 12.718 0.176 10.880 0.539 21.932 0.001 11.360 0.078
when you invest?
2 How long do you 7.112 0.625 10.015 0.615 5.675 0.461 10.966 0.089
normally hold
investments?
3 If your investments 11.086 0.522 12.448 0.713 7.197 0.516 7.471 0.487
were to fall in value by
15 per cent over a one-
year period, you will
4 You are ready 21.667 0.041 26.948 0.042 21.371 0.006 15.920 0.044
for limited losses in
expectation of higher
long-term returns?
6 My main concern is 10.156 0.602 23.013 0.113 4.279 0.831 10.899 0.207
security; keeping
money safe is more
important than earning
high returns.
7 I am fairly experienced 9.603 0.651 22.605 0.125 5.714 0.679 7.066 0.529
in investment.
8 I am very secure 7.621 0.814 22.073 0.141 6.356 0.607 3.412 0.906
related to my
future income (such as
from salary, pension or
other investments)?
54 | P a g e
Expectation of risk from an investment
From the Table-1 we can see that the all respondents views are indifferent in terms of
expectation of risk from investment irrespective of their gender, occupation, age, education,
income, No. of dependent in the family and the percentage of total income they invest as most of
the respondents wish to tale either no risk or nominal risk. This defines the conservatism related
to risk profile of the respondents. But on the basis of Family income it shows a significant
relationship as p-value is less than .05, which suggests accepting alternate hypothesis. The
relationship is defined as follows:
Table-2
X7 * X9 Crosstabulation
Count
X9 Total
NO NOMINAL MODERATE HIGHER
RISK RISK RISK RISK
X7 < 5LAKH 21 17 4 1 43
5-15 LAKH 15 23 10 1 49
15-25 0 0 4 0 4
LAKH
Total 36 40 18 2 96
100%
49% 47%
40%
31%
20%
9%
2% 2% 0% 0% 0%
55 | P a g e
Chi-Square Tests
Value Df Asymp. Sig.
(2-sided)
Pearson Chi-Square 21.932a 6 .001
Likelihood Ratio 18.359 6 .005
Linear-by-Linear 9.013 1 .003
Association
N of Valid Cases 96
a. 6 cells (50.0%) have expected count less than 5. The minimum
expected count is .08.
Symmetric Measures
Value Approx.
Sig.
Nominal by Nominal Phi .478 .001
Cramer's V .338 .001
N of Valid Cases 96
Here from Table -2, it is clear that all the respondents belong to the family income group of < 5
Lakh and 5-15 Lakh are willing to take only nominal or no risk. In this situation as the income
level increases the risk taking ability is shifted towards the bearing the more risk.
This chart shows that most of the respondents lie in the income level group of <5 lakh want to go
for no risk situation but as the income level increases to 5-15 lakh people get shifted from no risk
to nominal risk situation. In the chart it is shown that out of 43 respondents who lies between the
income level group of<5lakh around 50% respondents do not want any risk in their investments.
are go for no risk and only 2% are going for high risk investments. Out of 49 respondents who
lies in between income group of 5-15 lakh 46% are go for moderate risk ,30% are for no risk . So
it defines that there is direct relationship between income and risk bearing capacity of persons.
People belong to the income group of 15-25 Lakh as are more towards taking moderate risk. But
the strength of relationship is very low as the value of Cramers V is .338.
56 | P a g e
Investment holding
From the Table-1 we can see that the all respondents views are indifferent in terms of
expectation of risk from investment irrespective of their gender, occupation, age, education,
income, No. of dependent in the family and the percentage of total income they invest as most of
the respondents wish to hold investments either for a week or for a year. This defines the
conservatism related to risk profile of the respondents. But on the basis of Education it shows a
significant relationship as p-value is less than .05, which suggests accepting alternate hypothesis.
The relationship is defined as follows:
Table-3
X4 * X10 Crosstabulation
Count
X10 Total
DAY WEEK MONTH YEAR
X4 UNDER GRADUATE 1 1 3 10 15
GRADUATE 14 15 5 17 51
POST GRADUATE 6 7 9 4 26
PH.D. 1 2 1 0 4
Total 22 25 18 31 96
57 | P a g e
Education in respect of investment holdings
70% 67%
60%
50%
50% DAY
WEEK
40% 35%
33%
MONTH
30% 27%29% 27%
23% 25% 25% YEAR
20%
20% 15%
10%
10% 7% 7%
0%
0%
UNDER GRADUATE GRADUATE POST GRADUATE PH.D.
Chi-Square Tests
Value Df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 9 cells (56.3%) have expected count less than 5. The minimum expected count is .75.
Symmetric Measures
Value Approx. Sig.
This chart shows that most of the respondents lie in the education level group of graduate wants
to go for week or a year trading but as the education level increases to post graduates people get
diversify their investment holding period. In the chart it is shown that out of 51 respondents who
lies between the education level group of graduates around 33% respondents go for a year based
investment holding. And only 7% are going for a day investment holding. Out of 26 respondents
who lies in between education group of post graduates 35% are go for month investment holding,
58 | P a g e
15% are for year investment holding. So it defines that there is direct relationship between
education and investment holding tenure.
People belong to the education group of graduates are more towards the holding investment for a
week or a year . But the strength of relationship is very low as the value of Cramers V is .266.
59 | P a g e
Limited losses in expectation of higher long term returns
From the Table-1 we can see that the all respondents views are indifferent in terms of bearing
limited losses in the expectation of higher long term returns irrespective of their gender,
occupation, age, education, income, No. of dependent in the family and the percentage of total
income they invest as most of the respondents wish to tale either agree or neither agree or
disagree in respect of bearing losses in expectation of higher long term returns. This defines the
balanced approach related to risk profile of the respondents. But on the basis of Education it
shows a significant relationship as p-value is less than .05, which suggests accepting alternate
hypothesis. The relationship is defined as follows:
Table-4 ( Education in respect of bearing limited losses in expectation of higher long term
returns)
X4 * X12 Crosstabulation
Count
X12 Total
STRONGLY DISAGRE NEITHER AGREE STRONGLY
DISAGREE E AGREE NOR AGREE
DISAGREE
X4 UNDER 3 7 2 1 2 15
GRADUATE
GRADUATE 8 8 17 17 1 51
POST GRADUATE 3 1 4 15 3 26
PH.D. 0 0 1 3 0 4
Total 14 16 24 36 6 96
60 | P a g e
80% 75%
70% Education in respect of bearing limited losses STRONGLY
in expectation of higher long term returns 58% DISAGREE
60%
DISAGREE
50% 47%
Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 28.133a 12 .005
Likelihood Ratio 29.565 12 .003
Linear-by-Linear 10.020 1 .002
Association
N of Valid Cases 96
a. 13 cells (65.0%) have expected count less than 5. The minimum
expected count is .25.
Symmetric Measures
Value Approx.
Sig.
Nominal by Nominal Phi .541 .005
Cramer's V .313 .005
N of Valid Cases 96
Here from Table -4, it is clear that all the respondents belong to the education group of
graduate are willing to take limited losses in expectation of higher returns.
61 | P a g e
This chart shows that most of the respondents lie in the education level group of graduate and
under graduates wants to bear limited losses in expectation of higher returns but as the education
level decreases to under graduates people is more concern about bearing limited losses in
expectation of higher returns. In the chart it is shown that out of 51 respondents who lies between
the education level group of graduates around 33% respondents are agree with bearing limited
losses in expectation of higher returns . And only 13% are not agree with it. Out of 26
respondents who lies in between education group of post graduates 58% are agree, 12% are
strongly agree with it. So it defines that there is direct relationship between education and
bearing limited losses in expectation of higher returns.
People belong to the education group of graduates as are more towards in taking the limited
losses in expectation of higher returns. But the strength of relationship is very low as the value of
Cramers V is .313.
62 | P a g e
Income in respect of limited losses in expectation of higher long term
returns
From the Table-1 we can see that the all respondents views are indifferent in terms of bearing
limited losses in the expectation of higher long term returns irrespective of their gender,
occupation, age, education, income, No. of dependent in the family and the percentage of total
income they invest as most of the respondents wish to tale either agree or neither agree or
disagree in respect of bearing losses in expectation of higher long term returns. This defines the
balanced approach related to risk profile of the respondents. But on the basis of income it shows
a significant relationship as p-value is less than .05, which suggests accepting alternate
hypothesis. The relationship is defined as follows:
Table -5 Income in respect of limited losses in expectation of higher long term returns
X5 * X12 Crosstabulation
Count
X12 Total
STRONGLY DISAGRE NEITHER AGREE STRONGLY
DISAGREE E AGREE NOR AGREE
DISAGREE
X5 < 3 LAKH 4 7 10 13 2 36
3-5 LAKH 7 9 10 13 2 41
5-10 LAKH 3 0 4 10 1 18
10-20 0 0 0 0 1 1
LAKH
Total 14 16 24 36 6 96
63 | P a g e
120%
Income in respect of limited losses in expectation of higher long 100% STRONGLY
100% term returns DISAGREE
DISAGREE
80%
60% 56%
NEITHER
AGREE NOR
40% 36% DISAGREE
32%
28% AGREE
19% 22%24% 22%
17% 17%
20% 11%
6% 5% 6%
0% 0% 0% 0% 0% STRONGLY
0% AGREE
< 3 LAKH 3-5 LAKH 5-10 LAKH 10-20 LAKH
Chi-Square Tests
Value Df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 11 cells (55.0%) have expected count less than 5. The minimum expected count is .06.
Symmetric Measures
Value Approx.
Sig.
Nominal by Nominal Phi .475 .041
Cramer's V .274 .041
N of Valid Cases 96
Here from Table -5, it is clear that all the respondents belong to the income group of <3 lakh
and 3-5 lakh are willing to take limited losses in expectation of higher returns.
64 | P a g e
This chart shows that most of the respondents lie in the income level group of <3 lakh are agree
for taking limited losses in expectation of higher returns but as the income level increases to 10-
20 lakh more people get shifted towards agree for taking limited losses in expectation of higher
returns. In the chart it is shown that out of 41 respondents who lies between the income level
group of 3-5lakh around 32% respondents are agree in taking limited losses in expectation of
higher returns. and only 2% are strongly agree with it.But if the income increases to 10-20 lakh
most of the persons are move towards strongly agree situation. So it defines that there is direct
relationship between income and limited losses in expectation of higher returns.
People belong to the income group of <3 lakh and 3-5 lakh as are more towards in taking the
limited losses in expectation of higher returns. But the strength of relationship is very low as the
value of Cramers V is .274.
X6 * X12 Crosstabulation
Count
X12 Total
STRONGLY DISAGRE NEITHER AGREE STRONGLY
DISAGREE E AGREE NOR AGREE
DISAGREE
X6 NO 1 0 0 3 1 5
DEPENDENT
1-2 5 3 1 3 1 13
3-4 5 7 18 19 2 51
5-7 3 4 5 11 1 24
>7 0 2 0 0 1 3
Total 14 16 24 36 6 96
65 | P a g e
No. of dependents in family in respectof limited losses in
expectation of higher long term returns STRONGLY
70% 67% DISAGREE
60% DISAGREE
60%
Chi-Square Tests
Value Df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 19 cells (76.0%) have expected count less than 5. The minimum expected count is .19.
Symmetric Measures
Value Approx. Sig.
Here from Table -6, it is clear that all the respondents belong to the no. of dependents group of
3-4 and 5-7 members are willing to take limited losses in expectation of higher returns.
66 | P a g e
This chart shows that most of the respondents lie in the No. of dependents level group of 3-4 are
agree for taking limited losses in expectation of higher returns but as the No. of dependents
level increases to >7 more people get shifted towards disagree for taking limited losses in
expectation of higher returns. In the chart it is shown that out of 51 respondents who lies between
the No. of dependents level group of 3-4 around 37% respondents are agree in taking limited
losses in expectation of higher returns. and only 4% are strongly agree with it. But if the No. of
dependents increases to >7 most of the persons are move towards disagree situation. So it defines
that there is direct relationship between income and limited losses in expectation of higher
returns.
People belong to the income group of 3 -4 and 5-7 members as are more towards in taking the
limited losses in expectation of higher returns. But the strength of relationship is very low as the
value of Cramers V is .265.
67 | P a g e
Family income in respect of limited losses in expectation of higher
long term returns
From the Table-1 we can see that the all respondents views are indifferent in terms of bearing
limited losses in the expectation of higher long term returns irrespective of their gender,
occupation, age, education, income, No. of dependent in the family and the percentage of total
income they invest as most of the respondents wish to tale either agree or neither agree or
disagree in respect of bearing losses in expectation of higher long term returns. This defines the
balanced approach related to risk profile of the respondents. But on the basis of family income it
shows a significant relationship as p-value is less than .05, which suggests accepting alternate
hypothesis. The relationship is defined as follows:
TABLE-7 ( Family income in respect of limited losses in expectation of higher long term
returns)
X7 * X12 Crosstabulation
Count
X12 Total
STRONGLY DISAGRE NEITHER AGREE STRONGLY
DISAGREE E AGREE NOR AGREE
DISAGREE
X7 < 5LAKH 6 11 12 12 2 43
5-15 LAKH 8 4 12 23 2 49
15-25 0 1 0 1 2 4
LAKH
Total 14 16 24 36 6 96
68 | P a g e
60%
Family income in respect of limited losses in expectation of higher
long term returns 50%
50% 47% STRONGLY DISAGREE
40% DISAGREE
AGREE
20% 16%
14%
STRONGLY AGREE
10% 8%
5% 4%
0% 0%
0%
< 5LAKH 5-15 LAKH 15-25 LAKH
Chi-Square Tests
Value Df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 7 cells (46.7%) have expected count less than 5. The minimum expected count is .25.
Symmetric Measures
Value Approx. Sig.
Here from Table -7, it is clear that all the respondents belong to the family income group of < 5
Lakh and 5-15 Lakh are willing to take limited losses in expectation of higher returns.
69 | P a g e
This chart shows that most of the respondents lie in the family income group of 5-15 lakh are
agree for taking limited losses in expectation of higher returns but as the family income level
increases to 15-25 lakh no. of people are decreases towards disagree for taking limited losses in
expectation of higher returns. In the chart it is shown that out of 49 respondents who lies between
the family income level group of 5-15 lakh around 47% respondents are agree in taking limited
losses in expectation of higher returns. and only 16% are strongly disagree with it. But if the
family income increases to 15-25 lakh no. of the persons are decreased in disagree situation. So it
defines that there is direct relationship between income and limited losses in expectation of
higher returns.
People belong to the income group of <5 lakh and 5-15 lakh as are more towards in taking the
limited losses in expectation of higher returns. But the strength of relationship is very low as the
value of Cramers V is .334.
70 | P a g e
Percentage of total investment in respect of limited losses in
expectation of long term returns
From the Table-1 we can see that the all respondents views are indifferent in terms of bearing
limited losses in the expectation of higher long term returns irrespective of their gender,
occupation, age, education, income, No. of dependent in the family and the percentage of total
income they invest as most of the respondents wish to take either agree or neither agree or
disagree in respect of bearing losses in expectation of higher long term returns. This defines the
balanced approach related to risk profile of the respondents. But on the basis of percentage of
total investment it shows a significant relationship as p-value is less than .05, which suggests
accepting alternate hypothesis. The relationship is defined as follows:
X8 * X12 Crosstabulation
Count
X12 Total
STRONGLY DISAGRE NEITHER AGREE STRONGLY
DISAGREE E AGREE NOR AGREE
DISAGREE
X8 BELOW 6 11 20 14 2 53
20%
20%-40% 8 5 4 21 4 42
40%-60% 0 0 0 1 0 1
Total 14 16 24 36 6 96
71 | P a g e
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
N of Valid Cases 96
a. 7 cells (46.7%) have expected count less than 5. The minimum expected count is .06.
Symmetric Measures
Value Approx. Sig.
Here from Table -8, it is clear that all the respondents belong to the percentage of total income in
investment group of < 20% and 20%-40% are willing to take limited losses in expectation of
higher returns.
This chart shows that most of the respondents lie in the percentage of total investment group of
below 20% are neither agree or disagree for taking limited losses in expectation of higher returns
but as the percentage of total investment level increases to 40%-60% no. of people are increases
towards agree for taking limited losses in expectation of higher returns. In the chart it is shown
that out of 52 respondents who lies between percentage of total investment level group of below
20% around 38%respondents are neither agree or disagree in taking limited losses in expectation
of higher returns and only 26% are agree with it. But if the percentage of total investment
increases to 40%-60% no. of the persons is increased in agree situation. So it defines that there is
direct relationship between income and limited losses in expectation of higher returns.
People belong to the income group of <20% and 20%-40% as are more towards in taking the
limited losses in expectation of higher returns. But the strength of relationship is very low as the
value of Cramers V is .288.
72 | P a g e
QUETIONAIRE
73 | P a g e
c) For a month
d) For a year
3. If your investments were to fall in value by 15 per cent over a one-year period, you will
a) withdraw all money from share market
b) Take out some money and move it to a safer investment.
c) Wait until market recovers the loss and then consider other investments.
d) Stick to the investment.
e) Invest more money in the same investment as it is 15 per cent cheaper
4. You are ready for limited losses in expectation of higher long-term returns?
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) strongly agree
5. I am willing to experience the ups and downs of the market for the potential of greater
returns.
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree
6. My main concern is security; keeping money safe is more important than earning high
returns.
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree.
7. I am fairly experienced in investment.
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree.
8. I am very secure related to my future income (such as from salary, pension or other
investments)?
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree
74 | P a g e
75 | P a g e
FINDINGS :-
Most of the respondents are ready to take either no risk or nominal risk while doing the
investment.
Most of the respondents are generally go for longer time horizon.
There is a situation of investment fall by 15% then most of the respondents are neither
conservative nor aggressive.
Most of the respondents are agree to take limited losses in expectation of higher returns.
Most of the respondents are give their opinion in the favor of experiencing the ups and
downs of the market.
Most of the respondents are agreeing with this there main concern is safety.
Most of the respondents are said that they are not sure about fairly experienced in
investment.
Most of the respondents are in favors of they are very much concern with security related
to future income.
This study shows most of the respondents either go for conservative risk profile or
balanced risk profile.
This study describes the strong relationship between demographic data in respect of
different parameters.
76 | P a g e
BIBLOGRAPHY:-
www.google.com
www.wikipedia.com
www.ebscohost.com
www.sharekhan.com
77 | P a g e