Impact investing means a kind of socially accountable investing that can serve to be a guide with regard to various investment decision strategies According to the definition of the Global Impact Investing Network :

“Impact investments are investments made into companies, organizations, and funds with the intention to generate a measurable, beneficial social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below-market to above-market rates, depending upon the circumstances.”

Impact Investing can be defined as well in the more straightforward way since: “investments in which intend monetary returns along with social along with environmental gains. ”

Five Ways leading someone to make “Good Investments”

The Great Investor gives excellent advice on how to undertake the exercise of ‘good’ investment decision. This is offered in a in depth approach that allows investors every single child handle the specific situation so that that they really deliver impact investment. At the particular outset it is suggested that:

“Investors in the early periods of putting together a fund should spend a little time thinking as to what to merely achieve by way of their opportunities, and about their vision, focus along with approach”.

It indicates looking on the types associated with sectors to a target and the varieties of groups that this investor would like to benefit. It includes consideration need to be paid for the direct affect beneficiaries along with the wider affect communities along with society in its entirety. 

Carrying available this investigation means comprehending what the real impact in the investment will be and making sure that it definitely helps the particular beneficiaries without doing damage somehow to different stakeholders. Following the planning point, The Great Investor promoters screening along with mapping to make sure that applicants for your investment can understand what they should be do to create a successful application. This has a focus on looking at whether organizations use a well-developed vision, how a lot impact will be created, and what the governance is much like. Potential profits also have to be examined along with a transparent approach is critical.

Following this it truly is argued make fish an Impact Analysis need to be carried available. This requires looking at risk to recognize how likely it truly is that the desired impact will be achieved. This requires examining areas such as feasibility and whether or not the applicant includes a compelling along with evidenced method. It requires developing an impact plan to recognize how impact will be generated. Particularly when looking at impact era, The Great Investor endorses exploring the particular direct affect beneficiaries, the wider affect the group, the sector and society at large and the particular impact for your investor, since the particular investment does also have to be necessary for the last option too. 

The investor might be able to assist having delivering impact as long as they have any network or maybe expertise that can add price, so this will also be regarded.

The 3rd step is making the financial commitment and coming to a offer. The Great Investor argues that this involves “Weighing the particular four boundaries of influence risk, influence generation, monetary risk along with financial return”.

Visiting an investment decision deal in the mean time requires acquiring objectives, understanding how oversight along with reporting will be achieved along with developing measures for security. Once the offer is established it really needs to be monitored along with evaluated and this can be a fourth phase. This helps the investor to recognize if the particular investment is achieving it's goals or maybe not. It requires the buyer to monitor the two reporting and the quality of information provided, as properly as making sure any final results and considering the fact that investment may well perform sometime soon.

Investing hasn't customarily been recently an area wherever interpersonal responsibility provides automatically enjoyed a top position, but you can find improving calls for traders to buy some sort of socially responsible method. One of the challenges to be able will be the way to try it, and a lot of traders do not know where to begin. Yet another reasonably significant level will be that traders need to find out just what it implies for them to get “socially responsible”, as for many therefore different things, and the ones get diverse aspects involving along with ideas involving interpersonal responsibility along with life values. Creating pertaining to Organization Insider, within 2012, Jill Krasny tries to help you traders to spend, “and preserve the world in the identical time”, by providing many valuable recommendations that they abide by.

First as well as perhaps handling the situation involving just what interpersonal responsibility indicates, Jill Krasny points out that it is important to realize one’s individual aims on this regard. Folks ought to search within ask independently just what socially responsible expense methods to them. While described by Krasny:

“For many it’s with regards to accelerating interpersonal troubles along with interpersonal rights troubles. Pertaining to other people it will be classed seeing that faith-based investing”.

Because of this which you are along with what we symbolize can have a tremendous affect more than what we might look at to get “socially responsible investing”. Krasny suggests additionally researching firm internet sites along with comprehending just what his or her landscapes are upon interpersonal responsibility. This could indicate going over “Corporate Cultural Responsibility” pieces upon many firm internet sites, but also researching within the news along with media attack the truth of the company’s habits.

 In the end, it truly is a very important factor to post content articles with a firm website indicating that the firm will be devoted to racking up communities, but it really is reasonably one more to put his or her funds wherever his or her jaws will be and have inked this specific to produce true final results, instead of transferring motions just. This analysis will help to identify in case a firm that boasts to get socially responsible truly still works by using sweatshops within Bangladesh, for instance. Krasny additionally advises inquiring some sort of monetary counselor, though this specific depends on whether the counselor has an curiosity in this region, if certainly not, he/she may have no additional understanding than people on this regard.

Cultural Funds will be one more website that supports this practicalities involving socially responsible trading. Your website consists of considerable home elevators personal finance to help you men and women to buy socially responsible method. Your website consists of home elevators socially responsible trading mutual funds, group assets, corporate analysis, discuss manager behavior along with day-to-day interpersonal expense news, aiding those who want to spend have a true impression involving interpersonal responsibility for firms. We have a manual for you to group trading which may be ideal for those who want to buy it on this distinct region. There's also a totally free Socially Responsible Mutual Funds manual, gives some sort of level involving details that can help to invest responsibly. 

The actual manual offers information on how socially responsible invested funds utilized to accomplish interpersonal along with ecological objectives by firms. Most of these manuals may help to provide you with larger level involving details to far better analyse firms for their higher level of interpersonal responsibility and when his or her beliefs match up your individual.

An alternate website to see, in line with Jill Krasny could be the Discussion board pertaining to Lasting along with Responsible Investing. This fabulous website is useful since it contains an abundance involving details that can help to guide along with add worth to your analysis upon socially responsible trading. In particular ideal for rookies may be this “SRI Basics” segment, which offers papers along with products that can help you to definitely realize this different types of ecological, interpersonal along with governance components that may manual your own financial commitment creating method.

EIRIS will be one more fantastic source, packed with home elevators socially responsible expense. The actual require involving EIRIS is always to “empower responsible investment”. The actual business will be by itself some sort of interpersonal organization, and it helps make impartial assessments involving firms relating to his or her higher level of ecological, interpersonal along with governance (ESG) strategies, to supply people true home elevators that for you to basic your own expense selections. The info within most of these reports will be consists of details gleaned by NGO reports, industry newsletters along with media protection. This can help traders to notice that companies are actually handling troubles along with which are certainly not. Risks involving trading may also be introduced, to help you traders together with wisdom.

This attract connected with excessive expense earnings is a massive bring for many individuals seeking to expand their own portfolios. This blossoming home marketplace inside Singapore throughout the last two years has been motivated with the popular regarding industrial houses, apartments in addition to  Housing & Development Board (HDB) flats.   However what the results are if your desire cuts down and/or rates climb? Are you thoroughly ready for any marketplace slowdown?

A high chance, excessive come back extramarital relationship

Taking care of dangers, like a decrease inside cash, procurment benefit, non-paying tenants, unanticipated costs in addition to rising rates is usually something which each and every trader ought to arrange for. Nearing home assets with research, analysis in addition to appropriate chance administration will certainly minimize the chance though maximising your wages.

While you need to talk to a home expense expert, like a Chartered Mortgage Analyst™ with ChMA® official certifications, creating a comprehension of the essential expertise necessary to minimize chance is usually suggested.

Approaches to reducing chance

•            Cover almost all basics – Having the number of regulations ruling the property marketplace inside Singapore, it really is connected with crucial relevance that you should learn the related legal guidelines in addition to perform every little thing ‘by the book’. Understanding every one of the rules concerning your premises eliminates the risk connected with sacrificing your premises spanning a minimal offense.

•            Protect the resources – Similar to another expense, it’s vital that you protect the resources to ensure they don’t end up being some sort of the liability. Booking out your premises has really actual dangers, because tenants normally will not be because purchased the repair connected with leased home because they can be when they possessed this. Guaranteeing your premises helps to ensure that you’re properly coated for just about any problems, providing you that added comfort.

•            Pick the suitable tenants – Picking the suitable tenant regarding your home is like deciding on the best man or woman for any career. It could appear to be always easy but it isn’t. Picking out a bad tenant can lead to a lot of unwanted in addition to expensive problems down the road like a tenant certainly not spending book punctually or perhaps endangering your property, being people expensive repair in addition to fix service fees.

•            Pay less – Property costs are generally because volatile as the stock exchange. That’s the reason why service provider to purchase your home is usually whenever it’s pricing 10% in order to 40% below the market industry benefit. Throughout doing this, people supply a load on your own therefore in case you perform have to sell, you recognize this won’t end up being at a loss.

•            Rent more affordable – How you can make your premises be right for you is just by means of trying to keep this leased. Maintaining your premises vacant regarding many weeks to hold on to out for an additional S$100 30 days simply just doesn’t make considerably monetary good sense. By means of rates the book just a little cheaper, you’ll rapidly possess tenants knocking for your home. Even though the previously mentioned points will assist you to minimize the chance in addition to protect your premises expense, you can still find numerous things that can happen that change the expense in to an unprofitable enterprise. Knowing how to prevent these kind of predicaments is usually certainly where an home expense expert, like a Chartered Mortgage Analyst™ with ChMA® official certifications, will come in.

The world’s economic system is adjusting as well as, in addition to this, your public’s look at ventures. With the guarantee involving large results, a large volume of Singaporeans are swiftly making a fetish for returns, opting to take a position their particular profit spades. Additional are going to realise that will long term, ventures are the obvious way to drive away your moves as well as slides in the bust-boom circuit.

This is especially valid for youthful Singaporeans. Anecdotal proof collected over time shows that the volume of youthful traders is rising, which has a good the greater part starting together with typically S$10, 000 to take a position. This kind of pattern is additional cemented through the web host involving dealing tools stockbroking properties as well as important players already in the market are creating due to this increasing section. Having real-time facts as well as dealing at this point completed on the web, becoming an individual these days is simpler than ever before.

Busting the market industry

Even though a person don’t ought to be a new fiscal wizard to generate intelligent ventures, there are particular guidelines that will profitable traders live by. So here are some takeaways that will newbie traders can recognize tips on how to overcom the market industry averages.

Start out early

The item doesn’t make any difference precisely how little your original investment decision is. Simply get going. It’s like coaching for a workshop. People won’t discover a great deal involving effects at first, but when the big dollars will begin rolling throughout, you’ll realize it’s many worth every penny. That’s exactly why the sooner a person begin, the more your results.

In Singapore, this means beginning the afternoon a person change eighteen, your appropriate age at which you can begin trading stocks.

Examine as well as learn

There’s grounds exactly why you will find so many ebooks upon investment decision suggestions as well as tactics by authorities –nothing surpasses having the ability to study on someone who has first-hand knowledge and it has emerge best. So sit by, take it easy as well as pick-up some terrific making an investment suggestions together with bestselling ebooks like Benjamin Graham’s The Wise Buyer, Andrew d Lynch’s One particular High on Walls Street as well as Robert T. Shiller’s Nonrational Exuberance.

Place it away

Shares fall as well as climb. It’s many the main investment decision activity, still many are unfavorable for you to making an investment due to periods they’ve experienced their particular palms used. That’s exactly why they claim making an investment is just not for the faint-hearted. In order to sucess, you need to stick it away when the heading obtains tough. Because of this a person open up yourself to much more possibilities, whether or not within a bull or even keep market place.

Diversify

Having so many investment decision possibilities offered, there’s absolutely no purpose why you ought to stick to only 1 type of investment decision. Examine as well as venture into the different asset classes – stocks and shares, bonds, foreign currencies, items, income – for you to distribute your possibility. Using this method, you’ll be able to drive away your decrease circuit in one course whilst special discounts your lovely rewards in the way up circuit throughout yet another.

Don’t become a lamb

On the list of most severe actions you can take whenever making an investment is having herd thinking process. That’s why you ought to avoid tailing market place actions. Alternatively, smell away your regular earners as well as buy that will because that’s in which the big dollars really is. In the event they’re costly, simply hang on until they get to an attractive amount.

Having a tiny smarts, some study as well as the following tips, you’re prepared to get started on your investment decision profile.

With regards to property or home expenditure, flats in addition to condos can be the primary expenditure possibilities in which can be purchased in this minds associated with people. Yet think about commercial in addition to professional attributes, usually are many people a great expenditure to take into account?

A superior returning expenditure, although encounter is essential

Which has a local rental generate that could range between several to be able to 8 per cent, commercial/industrial attributes easily offer up to be able to a second time this local rental generate on the normal condo, that's normally inside 2 to be able to several per cent assortment. On the other hand, in contrast to non commercial attributes, commercial/industrial attributes usually are harder to judge with regard to worthy of, as much could find it difficult to evaluate the value associated with point out, the professional ability throughout Tuas. An expenditure specialist, for example a Chartered Mortgage loan Analyst™, may help you navigate through that tough, although lucrative expenditure.

In truth, some developers usually are start to build strata-titled professional attributes which have been recommended in significantly interesting costs so that you can attraction people. In thinking about these kinds of attributes, people really should observe the real key conveniences offered at every single commercial/industrial property or home, including the quantity of lifting, filling bays, flooring insert and the elevation associated with ceilings, as these kinds of may help you ascertain this book total.

Maintain up-to-date together with govt guidelines

Understanding this guidelines that the govt offers available in terms of commercial/industrial attributes is really a requirement to be able to being onward inside expenditure online game. Being latest with all the government's guidelines not simply shields a person via any conformity infractions, although may assist you to predict the future generate of your expenditure. As an example, if your govt plans to be able to impose guidelines will probably have an impact on the quantity of tenants making use of commercial/industrial guidelines, it is possible to assess this positive as well as negative results in your expenditure.

Understanding this government's guidelines within the permitted works by using intended for commercial/industrial property or home helps you come to a decision that it is possible to book to be able to. If you book with a company that's not making use of the home place good government's recommended percentages (60% professional task, 40% non-industrial task, with respect to the zoning), chances are you'll threat losing your renter caused by noncompliance. For that reason, make sure you book simply to tenants which will make use of the home good government's set up guidelines.

While throughout hesitation, inquire an expert

Purchasing commercial/industrial attributes is certainly not necessarily with the everyday investor. Even though it might be finished with the correct volume of encounter in addition to mindful study, it really is still recommended to be able to aid an expert, for example a Chartered Mortgage loan Analyst™ prior to investing. It is crucial to understand this laws adjoining commercial/industrial attributes, as expertise in tolerable works by using in addition to zoning is an absolute must for any investor.

RESEARCH PAPER

                                                                                                                      FACTORS OF SHORT TERM INVESTMENT DECISION MAKING

Abstract:

My study examines the impact of Accounting information, financial literacy and Expected return on the short-term investment decision making of the stock market investors. For this intention 17 items questionnaires were made and distributed among 110 stock market investors through non probability sampling. Results point out that all these factors have significant effect on the short term investment decision making. Results to be point out those individual investors with superior experience have more intention for short term investment as compare to the investors with some other.

Key words:

Accounting information, financial literacy, Expected return, Short-term investment                  

Introduction:

Stock market investment has been played an important role in the recent year. Most of the people invest in stock. To doing that investment, the main purpose to saving their income for future and also after their retirement. In the current situation of financial crises in Pakistan to take investment decisions is most important task in daily life. For that reason it is important to understand the different factors which prepared individual investor to take an investment decision. The purpose of this research is to recognize some core factor that affects willingness of investors to invest. Most of the researchers explain the investor’s behavior also tried to increase the understanding of people how to manage their investment in different ways. If we see the available literature, it is define personal features that effects on investment decision.

The nature of psychological factors and individuals’ behavior at the time of investment decision making has been under discussion. Various research studies on psychology of investment have been conducted (Warneryd, 2001). Various psychological factors like beliefs, preferences and psychological biases have been found (De Bondt, 1998; Daniel, Hirshleifer, &Teoh, 2002; Kahneman&Riepe, 1998; Hilton, 2001;), saving attitudes (Euwals, Eymann, &BorschSupan, 2004), risk attitudes (Morse, 1998; Carducci & Wong, 1998). Many private investors keep ethical considerations in mind while making stock purchasing decisions (Webley,

Lewis, & Mackenzie, 2001).

As there has been no more work done on the impact of accounting information, financial literacy, expected return and in the individual investment decision making. The purpose of this study is to observe these factors on individual investment decision making. The model will help to examine the relationship among these factors and short term investment decision making.

Theoretical Background:

1. Accounting information:

The study by Mirshekary & Saudagarm (2005) observed how investors use the information revealed in financial statements and also they observed the significance of several information sources on investment decision making. Their study was base on primary research. They send their study to various financial user groups in Tehran-stock brokers, bankers, private investors and institutional investors.

They were a Shareholders recognize accounting information as an input for short-term investment decisions. Investment analysts often work as the middlemen between corporation as information providers and other users of accounting information. They were requisite to give ranking to each financial statement.

The respondents ranked the entities annual audit report as most influential resource of information. After that, verbal information was rank the second and available in daily newspapers rank as third most influential source of information. Moreover, advice given by brokers, rumors and friends were ranked as the smallest influential. The researchers accomplished that investment decision makers use annual financial statements of different companies for investment decision purposes. They collect analyze and deduce accounting statistics and distribute the findings to the users of financial statements facts. on the foundation of these results and interpretation, many investment decision are prepared.

Investment analysts are the very important for the detail that if they happen to the victim of interpret financial data mistakenly this may guide the others to compose incorrect investment decisions. This made investment analysts a very interesting user group for a study.

Hypothesis 1: The more individual investors use financial statements the more they intend to engage in short-term investing.

Financial literacy:

                     

Financial literacy has been explained by many researchers from numerous aspect. Many research organizations have conducted research to recognize the level of financial literacy of investment decision makers. A study conducted on financial literacy by the OECD (2005) examines the level of financial literacy in 12 major countries in the world including UK, European countries’ USA, Australia and Japan. The study find out that, financial literacy level is very low mostly for the respondents. Chen and Volpe (1998) 0rder to more extend their work conduct a study on financial literacy of almost 1000 college graduate students in numerous USA universities. They also examine the relation between demographic factors and financial literacy level, work experience and academic disciplines. The research findings point out that there is vital difference between subgroups experience, years of work experience and financial literacy and class rank. Student of non-business, little work experience and student relate to lower classes, were found to be less literate. The research also found that female were less literate as compare to males And study also found non US students are less informed than US students.

Volpe et al. (2002) find that in order to be successful at the stock market. The investors suffer in online trade off should be more well known and informed than to other investors, due to the lack of information about what is environment inside the market and they also become the victim of information asymmetry. The researchers find the level of investors literacy of near 500 investors dealing in online trade off. They also find the level of difference in financial literacy between numerous group of online investors using the experience and demographic factors in online trade off as variables. The researcher also finds out that level of financial literacy in demographic factors. They infer that females are less literate and point out that older investors are much better as compare to new one and online investors to be performing much better as compare to others. Study also point out that investors with less income are more aware as compare to the investors with high income.

Hypothesis 2: The more individual investors are financially literate the more they intend to engage in short-term investing.

Expected return:

Expected return is a return which an investor expects by making an investment. Expected    

Return have strongly influence on the short-term investment decision. An investor short

term investment decision will be strong as well expected return on an investment will be high.

There is an evidence the expected return vary from time to time. Like (schwert and fama 1977).

Keim and sta mbaugh (1986), shiller and capmbell (1988), and Fama and French (1988, 1989).

Finally ,schwert. Stambaugh and French (1987) find the part of distinction in stock market returns can be trace to a “discount rate effect" that is shock to expected return and rate of discount that create opposite shock to prices.

Measuring the total return difference explained by combination of shock to expected time-varying expected return, cash flow, and shocks to expected return is a reasonable way to judge

the effectiveness or rationality of stock price. Although the three source of return variation have been study individually, there is a little proof on their combined explanatory power. Such evidence is a main objective of this paper.

A survey evaluate expatiations of return capture real expectations of a large segment of investors, and the investor extrapolate return and act on their belief, as in models of culture, poterba, and Delopng et al.(1990) and summers (1990).

Hypothesis 3: The more individual investors have more expected return the more they intend to engage in short­-term investing.

Research model

Accounting information

        

Short-term investment decision

Expected return

Financial literacy

 

 Methodology:

As in methodology for calculations, two approaches of probability and non-probability normally used. In drawing statistical or cases related generalization normally probability sampling is used (Hair et al., 2003).

Questioner design:

To collect data here I create 17 items questions. And also some demographic questions like gender, age and experience. And for other questions used the lickrd scale with 5 types of responses are 1= strongly agree, 2 = agree, 3 = neutral, 4 = disagree, 5 = strongly agree.

Sample & data collection:

In this study probability sampling in used.  And 17 items questioner developed for collecting data from different short term investors . 110 questioner distributed among different investors and 100 filled questioner collected from them while 10 questioners is not filled completely so that’s why here used 100 questioner for analysis. And we achieved 91% rate of response.

Dependent & independent variables:

In this study the one dependent variable and 3 independent variables are.

 1.Dependent variable:

Short term investment.

2.Independent variable:

Accounting information

Financial literacy

Expected return

Procedure:

Elaborated all these questions before to submit survey, to respondents for filling the questioner with fully interest by this we get the required response from the respondents.

After it the data coded and put in SPSS sheet to get final analysis. Here dependent variable is short term investment decision and independent variables are information asymmetry, political instability and openness to experience.

These are calculating by SPSS software. Reliability, model summary, and coefficient’s table will be apply. For degree of internal constancy and reliability among items, the acceptable limit is 0.60. The most acceptable and wide measures of reliability is the internal scale of consistency of the whole scale. It is collected from the alpha which also regarded as Cronbach’s alpha.

Reliability Statistics
Cronbach's Alpha	N of Items
.625	17

Here total questioner is 100  and the total items are 17, the table shows the overall reliability of the instrument 0.625.

Model Summary
Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	.457a	.209	.184	.63004

In this model summary according to this study the regression is equal to .457 which is effect on the dependent variable , here the dependent variable is short term investment decision.

And R square = .209 , adjusted R square = .184 and the standard error of the estimate is .63004.

Coefficientsa
Model		Unstandardized Coefficients		Standardized Coefficients	t	Sig.
		B	Std. Error	Beta
1	(Constant)	.890	.383		2.320	.022
	ai_mean	.019	.125	.014	.152	.880
	fl_mean	.334	.132	.274	2.526	.013
	er_mean	.255	.119	.240	2.146	.034

In this table of coefficients we determine the significant level of the each variable and also the level of depend of independent variable on the dependent variable.

Here the significant level of dependent variable   is .022, the level of significant of accounting information is .880 which is not affected on the dependent variable, the financial literacy is at .013 significant and it is highly effect on the dependent variable. And the expected return is .034 significant and it is also affected on the dependent variable.

  Conclusions and recommendations:

               The reason of this study to find out the relationship among different factors affecting on the short-term investment. The conclusion of this study is that, investors believe is, these factors are important when they take decisions for short term investments.

These results are concluded from the financial literacy, accounting information and expected return which have significant and positive relationship with short term investment intention.

The results of this paper are based on the reactions of the different investors of Pakistan. This research shows that although the factors which are studied and calculated are very important for the investors to take a decision about short term investment. But here are more some factors which are also very strongly affected like day to day changing in policies; the most important factor today is the energy crises, ineffective fiscal policy and the monetary policy. And also the not have a good governance and by the every government to increase the rate of tax. And the increase in the cost of everything in Pakistan and also the increase operating cost for a business.

These are the also very important and major factors which affect the economics conditions and the environment of investment, and also these factors force to the foreign and local investors to move their business and investments to other countries.

This research also conclude that, the investors with high experience generate more ideas and take strong and best decisions to compares to low experience in this field. It is show that here an important relationship among experience and the short term investment decisions.

According to the results which given above, some suggestions for the improvement of the short term investment decisions are.

Government must support the stock market and industry which automatically improve the level of confidence of the investors and their intention to invest. Also companies increase the dividend that improves the intention of an investor.

Limitations:

Here the dependent variable is Short Term investment and the independent variables are financial literacy, accounting information and expected return.

As we see in the coefficients table the financial literacy is highly affected on the dependent variable and also the expected return.

But the accounting information according to this  study is not effected on the dependent variable, due to the shortage of time and also the selected area for collecting data is limited so that’s way I can’t do more research in depth on this variable.

So if any researcher wants to study in future on this variable he/she can spend more time on it and select the target area is wide then they found the further results on it.

References:

 Warneryd, K.E.(2001). Stock market psychology: How people value and trade stocks. Cheltenham (UK): Edward Elgar.

De Bondt, W. F. M.(1998). Behavioural economics: A portrait of the individual investor. European Economic Review, 42, 831844.

Daniel, K., Hirshleifer, D. & Teoh, S. H.(2002). Investor psychology in capital markets: Evidence and policy implications. Journal of Monetary Economics, 49, 139209.

Kahneman, D. & Riepe, M. W. (1998). Aspects of investor psychology. The Journal of Portfolio Management, 5265.

Euwals, R., Eymann, A., & BorschSupan, A.(2004). Who determines household savings for old age. Evidence from Dutch panel data. Journal of E conomic Psychology, 25(2), 195211.

Morse, W. C. (1998). Risk taking in personal investments. Journal of Business and Psychology, 13(2), 281288.

Webley, P, Alan L. & Craig Mackenzie(2001). Commitment among ethical investors: An experimental approach, Journal of Economic Psychology, Vol.22, No. 1, pp. 2742.

Mirshekary, S. & Saudagarah, S.(2005). Perceptions and characteristics of financial information users in developing countries: evidence from Iran, Journal of International Accounting, Auditing and Taxation, Vol. 14, pp. 3354.

Lessons from Nigeria, Interdisciplinary Journal of contemporary research in business, 2, 6779. OECD (2005), Improving Financial Literacy, OECD Publishing, Paris.

Chen, H. & Volpe, R.(1998). An analysis of personal financial literacy among college students, Financial Services Review, Vol. 7 No. 2, pp. 10728.