A systematic review and research agenda on the causes and consequences of financial overconfidence

Figures & data

Table 1. List of seminal papers in the field.

Seminal papers in the field of overconfidence	Reference
‘Judgment Under Uncertainty: Heuristics and Biases’	Tversky et al. (1982)
‘Advances In Prospect Theory: Cumulative Representation of Uncertainty’	Tversky and Kahneman (1992)
‘Volume, Volatility, Price, And Profit When All Traders Are Above Average’	Odean (1998)
‘Are Investors Reluctant to Realize Their Losses?’	Odean (1998)
‘Aspects Of Investor Psychology’	Kahneman and Riepe (1998)
‘Do Investors Trade Too Much?’	Odean (1999)
‘Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors’	Barber & Odean (2001)
‘Boys Will Be Boys: Gender, Overconfidence, And Common Stock Investment’	Barber and Odean (2001)
‘Learning to be Overconfident’	Gervais and Odean (2001)
‘Investor Overconfidence and Trading Volume’	Statman et al. (2006)
‘Overconfidence And Trading Volume’	Glaser and Weber (2007)
‘The Trouble with Overconfidence’	Moore and Healy (2008)
‘Sensation Seeking, Overconfidence, And Trading Activity’	Grinblatt and Keloharju (2009)
‘Financial Literacy and Stock Market Participation’	Van Rooij et al. (2011)
‘Prospect Theory: An Analysis of Decision Under Risk’	Kahneman & Tversky, (2013)

Source: Authors compilation with the help of Scopus Database.

Table 2. Overview of the sample.

Sources: 84	Documents: 132	Annual Growth Rate: 14.04%	Authors: 326
International Collaboration: 19.7%	Author Keywords:352	References:6242	Average Citations per document:21.73

Source: Scopus Database.

Figure 1. Growth of publications.

Source: Scopus Database.

Table 3. Core sources in the field.

Core sources in the research domain	Rank	Freq	TC	H-Index
Qualitative Research in Financial Markets	1	8	216	7
Journal of Behavioral and Experimental Finance	2	7	93	6
Journal of Economic Behavior and Organization	3	5	189	5
Finance Research Letters	4	5	89	3
Review of Behavioral Finance	8	4	122	3
Journal of Behavioral Finance	5	4	72	4
Journal of Economic Psychology	6	4	64	4
Research In International Business and Finance	7	4	61	3
Accounting and Finance	9	3	67	3

Source: Scopus Database.

Table 4. Prominent authors in financial overconfidence.

Authors	TC	h_index	g_index	m_index	NP	PY_start
Deaves R	234	2	2	0.133	2	2009
Lüders E	234	2	2	0.133	2	2009
Maciejovsky B	133	2	2	0.091	2	2002
Goyal N	130	2	2	0.25	2	2016
Kumar S	130	2	2	0.25	2	2016
Schmidt U	93	2	3	0.182	3	2013
Singh S	42	2	2	0.333	2	2018
Gerrans P	42	2	2	0.4	2	2019
Rahman M	32	2	3	0.5	3	2020
Das N	29	2	2	0.5	2	2020

Source: Scopus Database.

Figure 2. Keywords co-occurrence analysis.

Source: Authors compilation with the help of Scopus Database.

Figure 3. Author keywords in the last 10 years.

Source: Authors compilation with the help of Scopus Database.

Figure 4. Clusters identified through bibliographic coupling.

Note. Colour theme of clusters: Cluster one: red; Cluster two: green; Cluster three: blue; Cluster four: light green; Cluster five: purple.

Source: Authors compilation with the help of Scopus Database.

Table 5. Prominent theories argued in overconfidence.

S.No	Theory	Citations
1	Prospect Theory	Nguyen et al. (2020)
2	Social Learning Theory	Sabir et al. (2019)
3	Heuristics Theory	Shah et al. (2018)
4	Cognitive Theory	Grežo (2021)
6	Financial Behavior Theory	Filbeck et al. (2017)
7	Attribution Bias Theory	Doukas and Petmezas (2007)
8	Social Judgment Theory	Grežo,(2021)
9	Anchoring and Adjustment Theory	Prosad et al. (2015)
10	Dual Process Theory	Hamilton and Winchel (2019)
11	Efficient Market Theory	Ang et al. (2011)
12	Behavioural Finance Theory	Filbeck et al. (2017)
13	Standard Finance Theory (Modern Portfolio Theory)	Sharma et al. (2021)
14	Illusion of Control Theory	Gloede and Menkhoff (2014).

Source: Authors compilation.

Table 6. Financial overconfidence research & nations.

Country	Sample study
India	Mishra & Metilda (2015); Raut et al. (2020)
US	Robinson & Marino (2015)
Australia	Gerrans & Heaney (2019)
New Zealand	Tourani‐& Kirkby
South Africa	Combrink & Lew (2020)
Germany	Menkhoff et al. (2013); Fellner-Röhling & Krügel (2014)
Austria	Fellner-Röhling & Krügel (2014)
Japan	Kawamura et al. (2021)
Indonesia	Pertiwi et al. (2019)
China	Tekçe et al. (2016)

Source: Authors compilation.

Table 7. Type of statistical methods used by previous studies.

Type of data analysis methods	Sample study
Correlation analysis	Deaves et al. (2009)
Structural equation model (SEM)	Abdallah & Hilu (2015); Sabir et al. (2019)
Inferential statistical	Bourova et al. (2018)
ANOVA	Mishra & Metilda (2015); Du & Budescu (2007)
MANOVA	Zacharakis and Shepherd (2001)
CFA	Ahmad (2020); Akhtar and Das (2020)
Chi-square test	Prosad et al. (2015);
Probit model	Moulton et al. (2013)
Cluster analysis	Sahi and Arora (2012)

Source: Authors compilation.

Figure 5. Proposed conceptual integrated framework for future research.

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Data availability statement

The data for the study were retrieved from SCOPUS within the specified period (as mentioned in the manuscript), following the proper procedure for data retrieval, including keywords. Subsequently, a data filtering process was conducted. Anyone can retrieve the data from SCOPUS by applying the same criteria used in the study.