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Effect of Behavioural Finance on Stock Exchange Performance in Ghana

The study seeks to explain the relationship between behavioural finance and stock exchange performance. Specifically, the study seeks to bring to the fore how risk averse behaviours, overconfidence and individual investors perception of risk affect the performance of the stock exchange. The study is a conceptual paper and does not empirically test the various relationships in the paper. Arguments put forth by the paper is largely backed by evidence from the Ghanaian stock exchange market. The paper made some interesting propositions that the risk averse behaviours of investors will have a positive relationship with stock exchange performance, whiles the investors overconfidence also has positive relation with stock exchange performance whereas the risk perception of investors is proposed to have a negative relationship with stock exchange performance. This study is one of the very first studies that considers the behaviour dimension to the stock exchange performance. The paper has several implications for managers and investors.