Abstract
The purpose of this study is to test impact of illusion of
control on perceived market efficiency. On the basis of
literature review, questionnaire was developed. The study
is carried out on sample of convenience of investors,
financial analyst and finance scholars of Islamabad/
Rawalpindi. Questionnaire comprises of 15 items related to
three forms of market efficiency and particular bias
(illusion of control). The findings of the regression show
significant results. This means that illusion of control has
impact on perceived efficiency of Pakistani financial
market. This study focuses on only individual located in
Islamabad/Rawalpindi, and the sample size is also small
due to time constraints. Further research can be done on a
bigger scale to get the more general conclusions. This
study will help investors to identify their biases and then
formulate different strategies to reduce their irrational
behavior.
Sidra Ajmal, Maria Mufti, Dr. Zulfiqar Ali Shah. (2012) Impact of Illusion of Control on Perceived Efficiency in Pakistani Financial Markets, Abasyn Journal of Social Sciences, Volume-05, Issue-2.
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