applied investment strategy does not account for transaction costs, which may jeopardize its profitability given the fact that … investors would always gain better returns when adopting a passive investment strategy. Therefore, it would be wise to assume … that the European market presents at least a degree of efficiency where no investment would yield abnormal returns …

of behavioral biases on the investors' investment decision making in the Pakistani equity market, as well as the roles … significantly influence the investors' investment decision making. The additional analyses confirm the mediating roles of certain … market anomalies in the association between the investors' behavioral biases and their investment decision making …