A study on the impact of investment experience, gender, and level of education on overconfidence and self-attribution bias

AbstractThis paper aims at studying the impact of investment experience, gender, and level of education on two specific biases—overconfidence and self-attribution, and exploring the relationship between the two biases. Data collected from a sample of 309 mutual fund investors were analysed. The results show that overconfidence is higher among men than women and increases with investment experience and education. Self-attribution increases with education, but there is no significant association between self-attribution bias and gender, as also between self-attribution bias and investor's experience. The findings also show a significant association between self-attribution and overconfidence