Why accessdid not fixbehaviour.
Working paper no. 1. A reading of retail investing in India, and the question of whether repeat losses look more like behaviour than like ignorance.
This page is an outline of the paper. It states the question and the plan, not findings. Nothing here should be read as a result, and nothing here is investment advice.
Is it ignorance, or is it something else?
Participation in markets has widened a great deal. Information is free, apps are easy, and explanations are everywhere. If the main problem were not knowing, outcomes for newer investors should have improved with all that access.
The paper asks whether they have, and if not, what is going on underneath. In particular, it asks whether the pattern of repeat losses is better described as a pattern of behaviour in particular states than as a gap in knowledge.
What the paper will do.
- Set out the question precisely
What we mean by access, by outcome, and by behaviour, with the definitions stated.
- Review what public studies say
We will cite the public studies and data we use, with links, and be clear about what they can and cannot support.
- Offer a framing
A way of thinking about behaviour in states, labelled as a hypothesis.
- State what would change our mind
The evidence that would count against us.
- Set out the limits
What the paper cannot tell you, including everything it cannot say about individuals.
What the paper will not do.
Ask and reason
- State its question and its definitions
- Cite its sources
- Label its claims by strength
- Say where it is unsure
Advise or predict
- Recommend or rate any security
- Predict markets or returns
- Blame investors
- Present a hypothesis as a finding
Authors, date and abstract.
Authors: Pranav Kommaraju and Lavanya P., Fingene Labs.
Release date: announced on this page when the paper is complete.
Abstract: published with the paper.
Asked often.
When it is ready, and not before. The date will be on this page.
Yes. Working papers are free to read.
No. It is about behaviour, not about what to buy, sell or hold.
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