Research Methodology of Stock Trading Company

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RESEARCH METHODOLOGY
Research methodology of stock trading company CONTENT • EXECUTIVE SUMMARY • INTRODUCTION • ABOUT THE COMPANY • ABOUT STOCK MARKET • METHODLOGY • MANAGEMENT-RESEARCH QUESTION HIERARCHY • QUESTIONAIRE FORMATION • PILOT TESTING • SAMPLING DESIGN • ANALYSIS • DATA PREPARATION • DATA ANALYSIS
• •

HYPOTHESIS MAKING AND TESTING

RECOMMENDATIONS TOOLS AND TECHNIQUES USED



• • •

CONCLUSION REFERENCE CODE BOOK

EXECUTIVE SUMMARY

This survey is to find the knowledge and interest of the student in the stock to customize the brokerage service accordingly. The research has been done with the motive to facilitate Kavery Trading, Ahmedabad with the information regarding the knowledge and interest of the people in dealing and transaction of stocks so that they can build a comprehensive trading brokerage program. Different broker compete for the client on the basis of the services offered, commission charged and the level of customer satisfaction they can provide. The management was facing dilemma of how to prepare a comprehensive program for students and faculties of Nirma University. To come out of the dilemma we did data analysis through various techniques. We collected information through the means of questionnaire and on the basis of the data collected we performed various tests and analyzed the data through various angles. We tested some hypothesis to draw the conclusions. Finally we recommended some aspects for effective brokerage plan based on our study.

INTRODUCTION
Business research is the systematic inquiry that provides information to guide managerial decisions. It is the process of planning, acquiring, analyzing and disseminating relevant data, information and insight to decision makers in ways that mobilize the organization to take appropriate actions that, in turn, maximizes business performance. The research result can be obtained through various means and needs to be processed to get the relevant information out of it. This research has been done with the motive to facilitate Kavery Trading Ahmedabad with the information regarding the knowledge and interest of the people in dealing and transaction of stocks so that they can build a comprehensive trading brokerage program. The study done will be exploratory which will consist of finding the management dilemma depending on which the information is collected to reach to the conclusion. The research also takes care of the secondary sources to formulate the research questions and define the sampling plan for the target population. The key secondary sources we will be using are internet, magazines, journals, etc.

ABOUT THE COMPANY Kavery Trading offers instant access to data and analytics to thousands of its client who entrust them with their money to be invested in stock market. Kavery’s business is built on the creative use of technology and an unwavering dedication to client service. It remains on the cutting edge by continually developing and refining its proprietary software. Its sophisticated tools enable clients to control and customize data as never before and are often considered to be the gold standard in the financial industry. It offers individual consultant

contacts, 24-hour personal support, and dedication to the individual needs of its users for client service that is unsurpassed in the industry. Kavery now wants to tap the student and faculty community in the leading management schools of the Ahmedabad and add them as their client. To get an insight into the investment habit of theirs, they have asked us to conduct a survey in the NIRMA as a sample study. On the basis of the output of the survey, they will be going for offering their service. Based on the perception and the expectation of the people, they will be designing and formulating their brokerage plan and operations to get the maximum exposure and hence attract more clients.

ABOUT THE STOCK MARKET Stock market refers to both the physical location for buying and selling (trading stocks) as well as the overall activities of market within a country. In India the two stock exchanges are NSE (National Stock exchange) and BSE (Bombay Stock Exchange). It is possible to buy and sell stock through the stock exchange by having the trading account in any of the exchanges. The exchange also provides all the information regarding the market if one requires. Stock market trading closely follows the economy of a country. Hence are susceptible to market risk and return. Hence, to keep investments safe, savvy investors track various economic indices, stock trading information, and stock market trends. The trading can be done via broker or the online service. Online Stock Trading is becoming the most popular way to trade stocks because of computers. No longer With do online we have to call a broker for and your pay high commissions commission to buy are or sell a stock. With just a few clicks of the mouse we are in total control of our investments. brokerages competing business, prices at levels that are easily affordable. Access to information, known only to stockbrokers a few years ago, is now at our finger tips.

Broker: While trading can be done online conveniently, many people are not computer literate and rather don’t have the necessary infrastructure (computer, internet connection) to carry on the trade. They would also not like to take the burden of researching about the company, doing the transaction, keep the tracking, etc. For this purpose, they prefer to go via the broker way. Brokers carry out the trade on behalf of the investor. He in turn charges some commission above the transaction charge and tax. He also provides regular information, updates, recommendation to his clients for their reference. Different broker compete for the client on the basis of the services offered, commission charged and the level of customer satisfaction they can provide.

METHODLOGY MANAGEMENT-RESEARCH QUESTION HIERARCHY
Research Objective The research objective is to find the view of the Nirma student and faculty about investment and their investment behavior. This would help in getting the idea for planning the brokerage structure for them. Management Dilemma How to prepare a comprehensive program for students and faculties of Nirma University. Management Question • • • The optimal brokerage to be charged. How much revenue and profit will come out from the plan. The level of customer service to be provided for complete customer satisfaction.

Research Question Conducting a research to gather initial information about the perception and interests of people in stocks and trading. The management of Kavery firm will then build their brokerage and the service program keeping this as basis. Investigative question The sample students and faculties will be asked relevant question pertaining to their view on stock market and the kind of brokerage service they would want them to serve. They will also be inquired about the past experiences if any. The questions are also framed in such a way so that the factor

tempting the people to invest in stock can be found to find the prospective customer and. Based on that, an analytical report will be prepared.

QUESTIONNAIRE FORMATION (Measurement Questions)
Measurement question are the questions participants must answer if the researcher is to gather the needed information and resolve the management question. The questions had to be framed keeping in view the research objective and also the behavioral aspects of a questionnaire. The questionnaire should have the relevant questions pertaining to the research topic which would best get the information out of the people being surveyed. Further the question has to be of all types, not being confined to any one particular type of questions. In our questionnaire, we have tried to include the questions from all the aspect. The questionnaire consists of personal questions, checklist, dichotomous question, leading question, ranking question, etc. Care has also been taken to see that the questions are structured and does not have any inherent problem. The question should not be double barreled, i.e. asking two questions in a single question. Question should not have the order bias which leads to primary effect (first alternative) or the recency effect (last alternative). Keeping all these things in mind, we framed the question for the survey. The questions are framed to address the following objective: • • • • • • • • • • • Amount to invest Willingness to invest Experience with trading brokers Their expectation from the brokers Knowledge of the market Knowledge of the investment and trading Frequency of trading Source of Information Factors they keep in mind while investing. How does the family responsibility effect the investment? Types of equity they prefer to invest in.

The different objective listed above small steps towards the large research objective. The different questions that were asked to the participants are as follow:

QUESTIONNAIRE 1. Do you invest in stock? Yes/no 2. If yes, then since when are you investing in stocks? (If No, then go to question no. 16 ) o 0-6 months o 6-12 months o 12-18 months o > 18 months 3. Average amount of the money you invest in stocks every month o < Rs. 5000 o 5000-10000 o 10000-20000 o >20000

4. Type of investor you are?

Long term/Short term

5. Why do you prefer the long term / short term way:_____________________________ 6. Mode of investment? Broker / Online

7. What is your source of information for making investment decision? (check all that apply) o o o o Newspaper/ Magazine Internet Recommendation from Brokers Television

o

Others

8. Which segment do you trade in? (Check all that apply) o o o o o Equity Derivative Mutual fund Commodity Forex

9. Which sector do you invest the most in? (Check all that apply) o o o o o Banking IT Manufacturing Oil Others

10. How much return of investment do you expect? _________________ 11. Brokerage charges that you are paying? ________________________

12. Are you satisfied with the current way of trading?

Strongly Agree

Agree

Somewhat Satisfied

Disagree

Strongly Disagree

13. What aspects of your current trading method makes you feel comfortable o Brokerage o Information/ tips

o Timeliness of response o Others 14. What one thing you would like to change in your broker? _____________________ 15. What extra services do you expect from your broker? __________________________

If no then ………….. 16. What are the factors that keep you away from making investment? o Insufficient Disposable income o Insufficient knowledge o Fear of loosing money o Ignorance o Others 17. Are you willing to invest in stocks in near future?

NOT AT ALL

NOT NOW

UNDECIDED

LIKELY

MOST LIKELY

18. What are your expectations from the preferable mode of investment? __________________ 19 Name ___________________________ 20 Age __________________________

21 Gender

MALE / FEMALE

22 PROFESSION: ________________________ 23 Educational Background B.E/ B.Com /Arts / Others

24 Work Experience (if any) (only for students) o 0-6 months o 6-12 o 12-24 o >24

25 No of years of Experience in teaching(For faculty) : o 0-1 o 1-3 o >3

26 Monthly Income o 0-15000 o 15000-25000 o 25000-40000 o >40000 27 No of dependents _________________

PILOT TESTING
The survey is to find the knowledge and interest of the student in the stock to customize the brokerage service accordingly. In order to collect primary data, we decided that we would go about collecting surveys. Now, a survey is a set of structured questions in the form of a questionnaire which is administered to the sample under study. We made a questionnaire and at the first instance conducted a pilot study so as to find out the appropriateness of the questionnaire to a sample of 10 administered respondents who were the students of Nirma University. The purpose of the sample testing is to identify and change the confusing and awkward questions. It also saves a lot of time by giving the appropriate sample size for the research. Once we got the response for our questionnaire, which the respondents did not found any difficulty while dealing with the questionnaire then we preceded towards the actual filling up of the questionnaire. The questionnaire was filled from the sample size of 125 student of Nirma University to carry further the study for analysis.

SAMPLING DESIGN
The basic idea of sampling is that by selecting some of the elements in a population, we may draw conclusion about the entire population. This is done because of 1. 2. 3. 4. lower cost greater accuracy of result greater speed of data collection availability of population element The four steps towards the sampling design are: 1. Identification of Target population: the target population needs to be identified at the start of the sampling process. This is necessary because based on this only, the questionnaire will be designed, the appropriate sampling method will be chosen and survey conducted accordingly. The target population for this project is “People who are willing to invest in Stocks through brokerage houses/firms”. This is our target segment which will be surveyed and their response will be analyzed. 2. What are the parameters of interest: this identifies what are the key interpretations of the research that we intend to achieve at the end of survey. These parameters in turn define or guide the questionnaire formation. For the current research, the various parameter of interest are: • • • • • • Amount to invest Willingness to invest Experience with trading brokers Their expectation from the brokers Knowledge of the market Knowledge of the investment and trading

• • • • • • • •

The event that can trigger target population (new to trading) to invest. Frequency of trading Source of Information Factors they keep in mind while investing. Role of peer pressure. How does the family responsibility effect the investment? Types of equity they prefer to invest in. Type of traders (Long term and day traders).

3. What is the Sampling Frame: It is the list of the elements from which the sample is actually drawn. Ideally, it is a complete and correct list of population members only. It is the list from which the samples have to be chosen for the survey. For the current project, the sampling Frame would be the student and faculty list of the mba students to be obtained from the admin.

4. What is the appropriate sampling method: The sampling method is selected based on the data collected and the type of survey. It is basically either a probability or nonprobability sampling. With a probability sample, a researcher can make probability-based confidence estimates of various parameters that cannot be made with nonprobability sampling. For this survey, we have chosen simple random sampling, which is the purest form of probability sampling. In this, each population element has an equal chance of selection. 5. What sample size is needed: The sample size was calculated based on the pilot testing. We chose the sample size to be 125 which would give us enough data to analyze and interpret and the same time will not be too time consuming or difficult to manage.

1 We decided to go for the survey method and not the observation method for our research as we thought that this method has an edge over the observation method and would give us accurate and quantifiable data upon which we can administer some quantitative techniques to arrive at a particular outcome for the problem. We would like to mention that although initially we had thought that it would be very difficult to convince people about filling up the questionnaire but finally we made through without much of a hassle. People were ready to share the data with us which made our job of conducting survey somewhat easy. Further they did not find any problem with our questionnaire, its wording or the type of question.

ANALYSIS DATA PREPARATION
The data obtained via the survey is inserted into an excel sheet so that analysis can be done effectively. Then various information was compared in groups to see the effect of one data onto the other. For example, the effect of age on the type and amount of investment, gender effect on the inclination to invest, etc. These data were analyzed from various angles. The data are represented via various graphs, tables, etc.

DATA ANALYSIS
Various analyses have been done to verify the various hypotheses. These analyses have been represented in the graphical form as follow: First we see the various parameters on which the investment pattern or behavior depends. These patterns were observed via the survey on the students and teachers and are represented as follow.

1.

DEPENDENCE ON AGE

The investment habit can depend on many factors. On of the factor we considered was the age. We tested how the number of people investing in stocks varies with the age. The response received was as follow. Most of the people investing are between the ages 23-25 years. The students and teachers between the age 25- 47 are interested in investing with no negative response. The negative response starts after the age of 48, which means that after a particular age, they tend to play safe and invest less in the stocks.

25 20 Frequency 15 10 5 0 21 22 23 24 25 33 37 Age 45 48 50 51 55 58

Yes No

80 70 60 Frequency 50 40 30 20 10 0 20-30 31-40 Age 41-50 51-60 yes no

2.

DEPENDENCE ON GENDER

Next we see the effect of the gender on the investment habit. It is widely believed that women pay less attention to the finance aspect. But here the situation was not so. From the graph we see that female, though gave relatively low positive response, were very much investing into the stocks.

male

Female

Yes 27% Yes 37% Yes No No 63% No 73% Yes No

60 50 Frequency 40 30 20 10 0 Female male No, Female Yes, male Yes No Yes, Female No, male

The ratio of female investing in stock is 27% compared to 37% by the male. Hence there is not much difference in the perception on the gender basis. 3. DEPENDENCE ON THE EDUCATION

The level and type of education plays a major role in the investment habit. Although most of the students surveyed were BE, a fair amount of other stream students were also surveyed. Most of the BE students were investing in the stock. The percentage of BE students investing in stock is more than that of other streams, including that of BCom, which is rather surprising as Bcom’s are generally considered to be more interested towards stocks.

35 30 25 Frequency 20 15 10 5 0 Arts BE Bcom Others Education Background Yes No

4.

DEPENDENCE ON WORK EXPERIENCE

People with prior work experience are generally more inclined towards investing compared to fresh graduate. As seen in the graph, student with no work experience are comparatively very less inclined towards investing. It increases as the work-ex increases from 12 months onwards.

60 50 Frequency 40 30 20 10 0 0 0-12 Work EX 12 - -18 >18 Yes NO

5.

DEPENDENCE OF AGE ON THE TYPE OF INVESTMENT

There are mainly two types of investors namely, short term and long term. Normally people tend to go for long term because of better return expectation. For all the age groups, the number of people investing in long term is more than the short term, as can be seen from the graph.

9 8 Type of Investment 7 6 5 4 3 2 1 0 23 24 25 33 Age 37 45 51 Short Term Long Term

Now we see the different aspect of broker which affects the customers. First we see the various reasons why the people surveyed who said No said so. It was due to combination of many reasons. These are described in the diagram below. We see that the major reason for not investing in the stock market is the insufficient knowledge followed by the ignorance. Lack of fund has a small percentage of contribution towards this behavior. Hence, to attract the new customer, they will have to be properly guided and made aware of the benefit of investment. The will need to be given proper information and knowledge about the stock trading.

other 8% ignorance 31%

ignorance insufficient disposable income insuffiecient knowledge

insuffiecient knowledge 48%

insufficient disposable income 13%

other

Reason for Not Investing Further the interest level of these potential customers is measured. Most of them are willing to start investing provided they are guided properly as shown by the above graph. We find the percentage of people willing to invest in near future and get the following graph.

undecided, 18, 21% likely not at all, 1, 1% likely, 42, 50% not now, 13, 15% most likely, 11, 13% most likely not now not at all undecided

Willingness to Invest

We see from the graph that 13% of the surveyed people are ready to invest. Further 50% more are inclined towards investing which is a good indication. This percentage can be increased by making them aware of the benefit. Also the existing potential customer can be tapped by attractive brokerage plan and quality service.

Now we see the current scenario and the changes people want. We see that what are the aspects people attach with their broker, what are the shortcomings of the current system and the changes they want. We also measure the satisfaction level of customer from the current brokerage plan.

Extra service

tips 6 phone responses 7 brokerage 10

tips phone responses brokerage

change required

staff behaviour 3 1 response 10 low brokerage 5 staff behaviour response low brokerage

current trading

response 1 others 6 brokerage 29 response others brokerage 0 10 20 No. of observation 30 40

Services Expected

First we see the aspects of current trading method. We see that brokerage is the most important aspect for the people who are investing currently. They give the maximum importance to this feature of broker. This is followed by other aspects which include time to response, information, etc. When asked what one thing they would want to change in their broker, majority voted for the better response quality from the broker. It was considered as the most important thing requiring change. It was followed by the reduction in brokerage and the up gradation in staff behavior. When inquired about the extra service they would like to have from their broker, most of them responded with reduction in brokerage. Hence it seems that the brokerage is the most important aspect that is looked and analyzed by clients for choosing the broker. Other extra service wanted by them included phone response and the regular tips. Having established the fact that brokerage is the most important parameter for the broker, we measure the satisfaction level of the existing customer with respect to the brokerage being charge. We draw the graph of two slabs of brokerage being charged, 0.5% and 0.75%.

.75 Brokerage

satisfied 40% Dissatisfied 60%

Dissatisfied satisfied

At the 0.75% brokerage level, we see that 60% of people are dissatisfied while only 40% of people are satisfied. This projects a very grave picture as any competitor offering less brokerage will be able to attract a major chunk of this 60% people.

.5 Brokerage

Dissatisfied 10% Dissatisfied satisfied satisfied 90%

When seen for the 0.5% brokerage, we see that almost 90 of people are satisfied with the brokerage plan while only 10% of people are dissatisfied. This shows that while people are comfortable paying brokerage upto 0.5%, anything above that turns them off and leads to dissatisfaction. Hence any new brokerage plan should take this aspect into consideration and design the plan accordingly.

HYPOTHESIS MAKING AND TESTING
Once we got all the insight into the investing pattern and behavior of the students and teacher, their perception, their expectation, we proceed towards the hypothesis formation. We form various hypotheses and then do the relevant test to either accept or reject them. The hypothesis formed will help us in identifying the various important parameters to be kept in mind. The first hypothesis we form is Ho1: There is No relationship between the Gender and the Investment in the stock market. Ha1: There exist a relationship between the gender and the investment. This hypothesis tests the effect of gender on the investment habit. To test it, we apply the chi square test to accept or reject the same. To perform the chi square test, we take the help of SPSS tool. The data obtained from the survey is fed in the SPSS and the corresponding chi square test is performed. The output obtained is as follow.

Gender Vs Investment Count Invest Yes 47 84 No 28 14 42 Total Yes 75 51 126

Gender Total

Male Female 37

Chi-Square Tests Asymp. Sig. Value Pearson Square Continuity Chi1.334 df 1 1 1 1 sided) .248 .336 .245 .336 .250 .168 Exact (2- Sig. sided) (2- Exact Sig. (1-sided)

.926 Correction(a) Likelihood Ratio 1.351 Fisher's Exact Test Linear-by-Linear 1.324 Association N of Valid Cases 126

We see that the value of P is 0.168, which is greater than alpha value of 0.05. It means the null hypothesis is accepted which implies that there is no significant relationship between the gender and investment. This was also seen in the graph where 27% of female responded positively to investing compared to 37% by male. Second Hypothesis Ho2 : There is no relationship between the Education and the Investment in the stock Market. Ha2 : There exists a relationship between the education and the investment. This hypothesis tests the effect of the level and type of education on the investment habit. The SPSS tool gives the following result for the same.

Count

Education

BE B Com Arts Others

Total

Invest yes 33 18 14 19 84

no 19 8 0 15 42

Total yes 52 26 14 34 126

Chi-Square Tests Asymp. Sig. Value Pearson ChiSquare Likelihood Ratio Linear-by-Linear Association N of Valid Cases 9.097 13.372 .023 126 df 3 3 1 sided) .028 .004 .880 (2-

The p value comes out to be 0.028 which is less than the value of alpha value of 0.05. Hence the null hypothesis is rejected. It implies that there exists a significant relationship between the type of education and the investment done by them. Third Hypothesis. Ho3 : There is no relationship between the profession and the interest in investment. Ha3 : There exists a significant relationship between the profession and the investment habit. This hypothesis tests if teachers tend to invest more or is it the students or there is no relationship between the two. The result obtained from the SPSS is as follow. Profession * Invest Cross tabulation Count

profession Student Teacher Total

Invest Yes 68 16 84

no 36 6 42

Total Yes 104 22 126

Chi-Square Tests Asymp. Sig. Value Pearson Square Continuity Chi.441 df 1 1 1 1 sided) .507 .678 .501 .622 .509 .345 Exact (2- Sig. sided) (2- Exact Sig. (1-sided)

.172 Correction(a) Likelihood Ratio .453 Fisher's Exact Test Linear-by-Linear .437 Association N of Valid Cases 126

The P value comes out to be 0.507 which is more than the alpha value of .05. Hence the null hypothesis is accepted. It means that there don’t exist any significant relationship between the profession and the interest in investment. Here both the students and the teachers invest with same interest. Fourth Hypothesis. Ho4 :There is no relationship between the brokerage and the satisfaction level. Ha4 : There is a significant relationship between the brokerage and the satisfaction level. This hypothesis tests the effect of the brokerage on the satisfaction level of the clients. This would help the broker in setting its brokerage at the optimum level. The output obtained from the SPSS is as follow.

Brokerage* Satisfaction Cross tabulation Count Satisfaction 1 2 6 18 0 0 6 18 3 7 0 7 4 0 11 11 Total 1 31 11 42

Brokerage .50 .75 Total

Chi-Square Tests Asymp. Sig. Value Pearson ChiSquare Likelihood Ratio N of Valid Cases 42.000 48.303 42 df 3 3 sided) .000 .000 (2-

The p value comes out to be 0 which is less than the alpha value of 0.05. Hence the null hypothesis is rejected which implies that there exists a significant relationship between the brokerage being charged and the satisfaction of the customer. This was also seen with the help of the graphs where the percentage of satisfied people was compared with those of dissatisfied.

RECOMMENDATIONS
Based on the above analysis and the hypothesis testing, we can infer the following points. 1. The client is very sensitive about the brokerage. It would not like to give more than 05% and as the brokerage increase, the dissatisfaction level increases. Most of the people surveyed stated low brokerage as the one thing they would like to change in their current broker. This aspect also came in the list of extra services wanted. Hence brokerage has to be planned very judiciously. 2. The response time to the customer complaints has a major role towards customer expectation of a good broker. They want a less response time along with extra service of telephonic response, something which the current broker is not giving. This could act as a differentiating factor for the broker. 3. Another differentiating aspect of the broker is the information/tips which he provides to the customer. The broker must be ready to pass on the vital information to the customer. This would attract the customer.

4. People are willing to start investing who are currently not investing. Some of the major barriers to investing are the lack of knowledge and ignorance. The broker must handle this aspect to expand its customer base. 5. There isn’t much difference in the investment behavior on the basis of gender or the profession. But is do changes with age and work experience as shown in the graph. Further, the type of education also affects the investment pattern. Hence Kavery Trading should keep its brokerage as close to 0.5% as possible. It should lay special emphasis on the response time and knowledge transfer. It need not design separate plan for male and female as there is no significant difference in the investment pattern.

TOOLS AND TECHNIQUE USED:
For the data analysis we have used various techniques and tools which primarily included Microsoft Excel, Chi Square test using SPSS. This tool facilitates data analysis in most convenient way and once the data is entered you just need to mention which test to run, analysis and graphs are plotted accordingly. We have also use pie chart, bar graphs and line charts for data representation with the help of Microsoft Excel.

CONCLUSION
The survey and subsequent analysis report will be highly useful to the firm in designing their strategies and implementing them. The research will facilitate the value based information about prospects (in terms of students and faculty). The survey will help the firm to build friendly and effective relationship and to nourish them. It will also help them

to gather information on how they can customize their services according to user requirement. Lastly, it will aid them in increasing their customer base. There will be some inherent limitation of this research. One being limited sample size; even among which many may not be willing to respond on theses financial matters. Although due care will be taken to include varied samples, it may not represent the true picture of the University as a whole.

REFERENCES
• o Book References:

Donal R Cooper, Pamela S Schindler •

Internet References: • • • • www.wikipedia.com www.google.co.in www.findarticles.com www.rediffmail.com

• • • • •

money.netscape.cnn.com www.dalalstreetjournal.com India- infoline.com Indiabulls.com’ Icicidirect.com

CODE BOOK

Variable Number 1 2

Question Number 1a 1b 2a 2b 2c 2d

Description Investing in stock Yes No Time since investing in stocks 0-6 months 6-12 months 12-18 months >18 months Money invested in stock < Rs. 5000 5000-10000 10000-20000 >20000 Type of investor Long term Short term Mode of investment Online Broker Source of information Newspaper Internet Recommendation from Brokers Others Segment of investment Equity Derivative IPO Mutual funds Sector of investment IT Oil Manufacturing Banking Others How much ROI is expected 10% 15% 20% Brokerage Charge you are

Code Variable Name INVEST 0 1 TIME_INV 1 2 3 4 MON_INV 1 2 3 4 TYPE_INV 0 1 MODE_INV 0 1 SRC_INF 1 2 3 4 SEG_INV 1 2 3 4 SEG_INV 1 2 3 4 5 ROI_EXP 1 2 3 BROK_CHRG

3 3a 3b 3c 3d 4 4a 4b 6a 6b 7 7a 7b 7c 7d 8 8a 8b 8c 8d 9 9a 9b 9c 9d 9e 10 10a 10b 10c 11 11a 11b 11c 12 12a 12b 12c 12d 12e 13

4 6

paying 0.5% 1 0.6% 2 0.75% 3 satisfied with the current way of trading Strongly Agree Agree Somewhat satisfied Disagree Strongly Disagree Aspects of current 1 2 3 4 5 trading

SAT_TRAD

COMF

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