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1.Rajarajan .

v, 2003,investors demographic and risk capacity , the

objective of the study is to develop a profile of sample individual
investor in term of their demographics and to know their risk
tolerance level . He observed 150 sample by using chi-square
methodology. He found that irrespective of gender, 41% are
found low risk tolerance and 34%have high risk tolerance level.
From his findings and solutions investors prefers to invest in
financial products which give low risk returns like PPF, FD, bonds

2. MacGregor, Slovic, Berry and Evensky (1999)focused on how

the financial decision-making process is linked to various aspects
of investments/asset classes, specifically expert’s perceptions of
returns, risk, and risk/return associations.

A survey was mailed to financial advisors in which, the 265

participants that responded were asked to provide their
assessment of a series of 19 asset classes with 14 specific

The main findings revealed with the utilization of multiple

regression analysis with perceived risk as the dependent variable
revealed that three significant factors (worry, volatility, and
knowledge) explained 98% r-square of the experts’risk
3. Karthikeyan (2001) has conducted research on Small Investors'
Perception on Post Office Saving Schemes and found that there
was significant difference among the four age groups, in the level
of awareness for Kisan Vikas Patra (KVP), National Savings
Schemes (NSS), and Deposit Scheme for Retired Employees
(DSRE), and the overall score confirmed that the level of
awareness among investors in the old age group was higher than
in those of the young age group. No difference was observed
between male and female investors except for the NSS and KVP.
Out of the factors analysed, necessity of life and tax benefits were
the two major ones that influence the investors both in semi-
urban and urban areas. Majority (73.3 per cent) of investors of
both semi-urban and urban areas were very much willing to invest
in small savings schemes in future provided they have more for

4.Securities and Exchange Board of India (SEBI) and NCAER

(2000) 'Survey of Indian Investors' has reported that safety and
liquidity were the primary considerations which determined the
choice of an asset. Ranked by an ascending order of risk
perception fixed deposit accounts in bank were considered very
safe, followed by gold, units of UTI-US64, fixed deposits of non-
government companies, mutual funds, equity shares, and
debentures. Households' preference for instruments in which they
commonly invested matched the risk perception. Bank deposits,
which had an appeal across all income classes, and tax-saving
schemes were preferred by middle-income and higher-income
groups. There was a correlation between the income levels and
investments of households in market-related securities.

5.sunaya khurana (2008) analyzed the customer preference in life

insurance industry in India . she had analyzed the customer
preference regarding plans and company, their purpose of buying
insurance policies, satisfaction level and their future plans for the
new insurance policy.

6.Gupta L. C(1993) conducted a retail investor survey with 150

participants with the objective to provide data on investor
preference on mutual funds and other financial assets.

7.Corter and chen, 2006, the success or failure of past investor

experience influences the tendencies of investors towards risk
and risk perception, and further affects decision making behavior.

8. Investments are made with an avowed objective of maximising

wealth. Investors need to make rational decisions for maximising
their returns based on the information available by taking
judgements free from emotions. Investors' behaviour is
characterised by over excitement and overreaction in both rising
and falling stock markets. Most of the investments and financial
theories (Steinbacher, 2008) are based on the idea that everyone
takes careful account of all available information before making
investment decision. This research is conducted to analyses the
factors influencing the behavior of investors in capital market.
Empirical evidence suggests that demographic factors influence
the investors' investment decisions. This research article also
investigates how investor interprets and acts on various capital
market information to make informed investment decisions.

9. Gavini and Athma (1999) found that social considerations, tax

benefits, and provision for old age were the reasons cited for
saving in urban areas, whereas to provide for old age was the
main reason in rural areas. Among the post office schemes, Indira
Vikas Patra (IVP), KVP and Post Office Recurring Deposit Account
(PORD) were the most popular, in both urban and rural areas.

10.Tamilkodi (1983) has stated that small savings schemes have

a psychological appeal and it provides an opportunity for ordinary
men, women, and even children to park their savings. It reaches a
large number of people and covers a wide range of areas. She
also suggested that efforts should be taken to simplify the
procedure of small savings schemes to suit the needs of
illiterate and socially downtrodden people. Further, she suggested
an increase in the rate of interest of small savings schemes to
meet the challenges of commercial banks.


1.Rajarajan.V (2003) “Investors’ Demographics and Risk Bearing

Capacity”,Finance India, Vol. XVII, No. 2, June 2003, pp.565-576.

2. MacGregor, D. G., Slovic, P., Berry, M., and Evensky, H. R.

(1999). Perception of financial risk: A survey study of advisors and
planners. Journal of Financial Planning, 12, 8: 68-86.
3.Karthikeyan, B., (2001), 'Small Investors' Perception on Post
Office Small Savings Schemes', unpublished thesis, Madras
University, Tamilnadu, India.

4. NCAER, (1961), 'Savings in India', New Delhi. SEBI-NCAER,

(2000), 'Survey of Indian Investor', Mumbai

5.sunaya khurana (2008) , journal of behavioural finance, issue


6.Gupta .L.C ,1993”International research journal of finance and

economics”vol 4pp-361

7.Corter and chen, Do investment risk tolerance attitudes predict

risk? Journal of Business and psychology, vol no3,pp381.

8. Shanmugasundaram, V and Balakrishnan, V., investment

decision making,behavioural approach , International Journal of
Business Innovation and Research, Volume 4, Number 6, 3
October 2010 , pp. 584-597(14)

9. Gavini, Augustine, L., and Prashanth Athma, (1999), 'Small

Saving Schemes of Post Office Need to Be Known More', Southern
Economist, 37(20), February 15, pp. 13-14.

10.Tamilkodi, A.P.P., (1983), 'Small Savings Schemes in Tamil

Nadu: A Trend Study (1970-80)', unpublished thesis, University of
Madras, Tamilnadu.