Analysis of Female Investors' Behavior in Capital Market in Bangladesh PDF

Journal of The Institute of Bankers Bangladesh, Vol. 57 and 58 (2010 & 2011), pp.
53-67
Analysis of Behavior of Female Investors in Stock Market

in Bangladesh: Evidence from a Survey
Md. Hafij Ullah1
and
Mrs. Nazneen Jahan Chowdhury2
Citation: Ullah, M.H., & Chowdhury, N.J., (2011), Analysis of Behavior of Female
Investors in Stock Market in Bangladesh: Evidence from a Survey, Journal of The
Institute of Bankers Bangladesh, Vol.57, 58, No. 2, 1, July-December, 2010 &
January-June, 2011, ISSN 1684-0054, pp. 53-67.
1. Assistant Professor, Department of Business Administration, International Islamic

University Chittagong, E-Mail: hafij_1980@yahoo.com
2. Assistant Professor, Department of Business Administration, International Islamic
University Chittagong, E-Mail: nazneenchy@yahoo.com
Abstract:
Participation of the female investors in the capital market is continuously increasing day
by day though investment in capital market is a very crucial job for both male and female
investors. Due to time poverty and information poverty of the female investors,
investment in capital market is a challenge for them. This article is a noble endeavor to
encapsulate the present scenario of the female investors in the capital markets in
Bangladesh and to evaluate the opportunities and challenges that they are facing in the
same. The article concludes providing some suggestions to the regulatory bodies for
improving the investment opportunities of the female investors in the capital markets.
Key Words: Female investors, Capital Markets, Prospects, & Challenges.

Journal of The Institute of Bankers Bangladesh, Vol. 57 and 58 (2010 & 2011), pp. 53-67
Analysis of Behavior of Female Investors in Stock Market

in Bangladesh: Evidence from a Survey
1. Introduction:
Investment is the outlay of money with the prime objective and expectation of receiving a
money return at some future date or dates. An investor buying shares of a company is
acquiring a financial asset, that is, a direct claim to an expected future stream of cash in
the form of dividends and the eventual proceeds of sale of the shares. Several studies
have examined gender differences in investment behavior, generally with respect to
different levels of sophistication and understanding of investment products (Prudential
Financial, 2005) and different risk preferences (Schubert, et al., 1999; Grable, 2000; and
Dwyer, et al., 2002). Personal investment decisions often reflect an individual’s financial
circumstances, as well as their considerations about earnings, job security and life
expectancy. Similarly, women and men differ considerably in their investment practices
as their position and outlook on life are remarkably different. Lyons, et al. (2008) also
concluded that disparities in financial literacy exist between the sexes.
If we set our eyes to our neighboring countries India, Srilanka and Pakistan, their stock
markets are encompassed by female investors in great numbers (Financial Express,
2007). According to the ASX study, around 40% of men own shares directly — only
marginally ahead of women at 37%. This result marks a significant long-term increase in
share market investing among women. In 1997, just 18% of women owned shares
directly (Field, N., 2007). Similarly, the participation of female investors has been
increasing due to creating some opportunities for them like setting up of separate female
investment booth and internet-based transactions of shares especially at Chittagong Stock
Exchange.
Because of increasing the literacy rate of female, the economic power and independence
of females is increasing, while time poverty and related resource constraints remain
strong; the potential for marginalization of this investing group may represent a cause for
concern among regulatory bodies tasked with maintaining a level playing field in the
capital markets (Nath, et al., 2009).
Though women are now represented in the workforce at a higher rate and enjoying more
economic independence than in past decades, they still carry a disproportionate burden of
a second shift, performing more housework and providing more child care as well as
tending to disabled or sick family members than men (Drago 2007; Hochschild 1997;
Bottero 2000; Bianchi, et al. 2000, Cancian and Olinker 2000).
This relative lack of free time leads to a type of time poverty faced more often by women
than men; the implication in a world where women are also charged with making
financial and investment decisions for the household suggests that women require
investment information that can be assimilated very quickly and in short periods of time
(Prudential Financial, 2005). Moreover, female investors also face information-poverty
because they have very few times to collect and analyze the information about the listed
companies. To the extent that males have extra resources to dedicate to the decision-
making effort and can thus afford to assemble relevant information from multiple sources
including the internet while females may have time poverty and can thus afford to spend
less time corralling information (Nath, et al., 2009).
This article is a noble endeavor to encapsulate the present scenario of the female
investors in the capital markets in Bangladesh and to evaluate the opportunities and
challenges that they are facing in the same. So far our knowledge concern, no such study
has been done for the female investors in the capital markets in Bangladesh.
2. Objectives of the Study:
The main objective of the study is to evaluate the present status of Female investors in
capital markets in Bangladesh. To achieve the main objective, the study sets the
following specific objectives:
i. To highlight the present scenario of the female investors in capital market.
ii. To analyze the present opportunities for female investors in capital market.
iii. To identify the problems and challenges for female investors in capital market.
iv. To recommend measures to be taken for promoting female investors in capital
market.
3. Scope and Methodology of the study:

The methodology followed in the study is presented as below:
a) At the very beginning of the study an intensive literature review has been made. The
literatures included books, periodicals and journals related to promoting Female investors
through stock market. Female investors were selected as sample because of their
increasing percentage of participation in capital markets and facing different challenges
in the markets.
b) The total numbers of sample for this study was 176 which were drawn from 26
Brokerage Houses in different locations of Chittagong City based on convenience
sampling technique. Chittagong region was selected as research area because researchers’
working place is Chittagong and it was convenient for the researchers to collect data as a
self-financing study. Data were collected from July-2010 to August-2010. The female
investors irrespective of housewife, service holder and business lady have been taken into
consideration.
c) A self constructed questionnaire was prepared to collect primary data considering the
objective of the study. Questionnaire consists of maximum close – ended and a little bit
open ended questions. The questionnaire was distributed among the female investors in
the broker houses in Chittagong city. The respondents were personally questioned and the
questionnaires were filled in by the interviewer based on the response of the respondents.
d) After collecting data, simple statistical techniques like frequency distribution,
percentage of frequency were used to analyze the collected data.
Analysis of the Findings:

4. Present Scenario of female investors
a) Personal information of the female investors in capital market
The capital markets of Bangladesh have expanded tremendously during last two years
evidenced by the increase of Beneficiary Owners (BO) Account Numbers from 16 lakhs
to 34 lakhs (CDBL, 2011). Participation of the female investors has also increased
simultaneously with male investors because of opening separate booth for female
investors by different brokerage houses.
Table No. 1: Age, Profession and Educational Status of Female Investors in capital market-
Age 20-29 30-39 40-49 Above 50 Total
Frequency 65 (36.93%) 72 (40.91%) 31 (17.61%) 08 (4.55%) 176 (100%)
Profession Housewife Service Business Other Total

Frequency 86 (48.86%) 52 (29.55%) 32 (18.18%) 06 (3.41%) 176 (100%)
Education Undergraduate Graduate Post Graduate Others Total

Frequency 42 (23.86 %) 90 (51.14 %) 38 (21.60 %) 06 (3.41 %) 176 (100%)
Source: Own Survey on Female Investors in Chittagong during July-August, 2010.
As per the findings, most of the female investors are young and energetic, i. e., the age of
the about 78% of the female investors under survey is below 40 and more than 95%
female investors is below 50. As per the profession of the female investors, about 50% of
them are housewife; about 30% is service holder and about 20% is doing business. That
means, about 50% unemployed housewives were able to find a source of income and
capital market may be a solution of the unemployment problem of the country. From the
ground of the education of the female investors, it is found that most of them are
educated at graduate (51.14%) and post graduate (21.60%) level. It is also found from the
study that the students of undergraduate (23.86%) are also investing in capital markets.
b) Duration of involvement in capital markets

Since the capital markets of Bangladesh tremendously expanded its scope just in last two
years. Hence, most of the female investors are the new comer in the capital markets. Most
Table No. 2: Female investors are involved with Capital Market for the period of-
Period Less than 1 year 1-2 year 2-5 year More than 5 year Total
Frequency 55 (31.25%) 79 (44.89%) 37 (21.02%) 5 (2.84%) 176 (100%)
of the female investors came to the capital market very recently, that is, more than 31%
female investors came to the market within the last year; 76.14% of the female investors
surveyed are in the capital market for less than 2 years; more than 93% of the female
investors are in the capital market for less than 5 years.
c) Reasons for involvement in capital markets

In most of the cases, females are financially dependent on the males. But due to
increasing the literacy rate, females are now represented in the workforce at a higher rate
and enjoying more economic independence than in past decades. As per the survey result,
Table No. 3: Female investors invested in capital markets due to-
Reasons To be self For economic To upgrade Passing Others Total
dependent freedom social status leisure time
Frequency 78 (44.32%) 74 (42.05%) 11 (6.25%) 10 (5.68%) 3 (5.68%) 176 (100%)
most of the female investors (86.37%) surveyed opined that they have chosen this
business for being self dependent and to enjoy economic freedom, that is, for earning
money from the capital market.
5. Opportunities for the female investors

Chittagong Stock Exchange as a facilitator brought futuristic ITS (Internet Trading
Service) infrastructure for the general investors. Women now do not need to present at
broker office, they can route their buy/sell order from their home or offices only if they
have a PC with e-mail connection. By virtue of this facility women could be a self
dependant and boost their income and eventually able to participate in their household
expenses (Financial Express, 2007).
a) Present and Initial Amount of Capital of Investment

As per the survey result, the amount present invested capital of the female investors is
greater than that of the initial capital invested in the capital market. At the initial stage of
Table No. 4: Female investors’ amount of investment belongs to-

Investment Below 1 lakh 1-5 lakh 5-6 lakh 6-10 lakh Above 10 lakh Total
Frequency 62 (35.23%) 79 (44.89%) 26 (14.77%) 7 (3.97%) 2 (1.14%) 176 (100%)
investment in the capital market, more than 60% of the female investors had capital of
less than 1 lakh but at present only 35% of the female investors have capital of less than 1
lakh and remaining 25% of the female investors increased their capital either through
further investment or through earning profit. On the other hand, at the initial stage 29%
female investors started with a capital of Tk. 1-5 lakh but at present about 45% of the
female investors have capital of Tk. 1-5 lakh. Similarly, female investors having capital
of Tk. 5-6 lakh and Tk. 6-10 lakh have increased their capital significantly.
Table No. 5: Female investors’ initial capital of investment was belonged to-
Investment Below 1 lakh 1-5 lakh 5-6 lakh 6-10 lakh Above 10 lakh Total
Frequency 106 (60.23%) 51 (28.98%) 15 (8.52%) 3 (1.70%) 1 (0.57%) 176 (100%)
From the data of amount of initial capital of the female investors, it is found that more
than 60% of them are very small investors having capital of less than Tk. 1 lakh and
about 29% of the female investors invested Tk. 1-5 lakh at the initial stage. The main
reason of investing poor amount is unavailability of fund because they depend on their
parents or husband for capital.
b) Sources of capital of the female investors

Females are significantly dependent on husband or father in acquiring capital for
investing in the capital market. From the data it is evident that most of the female invest-
Table No. 6: Sources of capital or money that is invested in share market-
Sources Own money Husband/ Bank loan Borrowed from Total
Father brokerage firm
Frequency 62 (35.23%) 107 (60.80%) 4 (2.27%) 3 (1.70%) 176 (100%)
-ors surveyed (60.80%) invested in the capital market collecting fund from their husband
or father but very negligible female investors invested money taking loan from others
because they may want to avoid risk. Moreover, it is a matter of pleasure that, 35.23% of
the female investors invested their own money in the capital market which is an
indication of financial independence of the female investors in capital market.
c) Preference of investment or risk preference-
Generally, females are not interested to take risky job and similarly in case of investment
in capital market, they are risk-averse investors give preference to invest in primary
shares. As per the analysis of the preference of the investment of the female investors, it
Table No. 7: Female investors prefer to invest in-
Preference Primary Share (IPO) Secondary Share Total
Frequency 104 (59.09%) 72 (40.91%) 176 (100%)
is observed that most of them (59.09%) are risk averse investors because they prefer to
invest in primary shares in which capital is secured to be refunded and return is almost
sure. On the other hand, some female investors (40.91%) are interested to take risk and
therefore, they are interested to invest in secondary shares.
d) Earnings from capital market-

As per the data (table-8) on invested capital, most of the female investors are very small
investors and therefore, it is very rationale that their earnings from the capital market also
Table No. 8: Annual earnings or income of the female investors from capital market-
Earnings Below 1 lakh 1-5 lakh 5-10 lakh More than 10 lakh Total
Frequency 112 (63.64%) 58 (32.95%) 5 (2.81%) 1 (0.60%) 176 (100%)
would be small. Since about 80% female investors have capital of less than 5 lakhs,
therefore, it can be expected that about 65% female investors earn less than 1 lakh in a
year and 96% of the female investors earn less than 5 lakhs annually. On the other hand,
20% investors having capital of more than 5 lakhs out of which only 3.41% of them
earning more than 5 lakhs.
6. Problems and Challenges for the female investors

Female investors face different problems in case of investment in capital market. Due to
extra household burden, they can not provide sufficient time for collecting and analyzing
data for making investment decision. Hence, they require to making investment decision
within a very shorter period of time.
a) Initial losses and their reasons

In some cases it is observed that female investors make losses at the initial stage of the
investment in capital market because of having no experience or idea about the nature of
Table No. 9: Female investors incurred losses at the beginning of investment in capital market-
Opinion Yes No Total
Frequency 72 (40.91%) 104 (59.09%) 176 (100%)
the market. Data in table-9 shows that about 41% of the female investors surveyed made
loss at the beginning of their investment in the capital market and remaining 59% of the
female investors did not make any loss at the initial stage.
Table No. 10: Female investors incurred losses at the initial stage in the capital market due to-
Reaso- Whimsical Lack of Lack of Due to Due to not Poor No Total
ns investment training for information following to taking control comm
decision new of invested others’ others’ of SEC -ent
investors company suggestion suggestion
Freque- 13 30 43 14 5 7 64 176
ncy (7.39%) (17.05%) (24.43%) (7.95%) (2.84%) (3.98%) (36.36) (100%)
As per the data in table-10, most of the female investors in the capital market made loss
at the initial stage of investment but they are not interested to make any comment
regarding the reason of initial loss. On the other hand, about 25% of the female investors
surveyed commented that they made loss at the initial stage due to lack of information
about invested company; but companies are disclosing the un-audited and audited
financial information as per the rules of SEC. Moreover, talking with the female
investors, it is evident that they do not know where the information is available or how to
collect the information or how to use or analyze the information. And 17% female
investors opined that they made loss due to lack of training for new investors; 7.95% and
7.39% of the female investors opined that they made loss due to following others’
suggestion and due to taking whimsical investment decision.
b) Problems facing in trading process

It is a matter of pleasure that about 70% female investors face no problem in trading or in
investing in the capital market but remaining 30% replied negatively.
Table No. 11: Females have any problem in Trading or in the whole process of investment-
Frequency 53 (30.11%) 123 (69.89%) 176 (100%)
Table No. 12: Problems of Trading or in whole Process identified by the female investors-
Problems Lengthy Lack of Lack of Others Total
transaction flexibility in brokerage house
process trading hour & ladies booth
Frequency 18 (33.96%) 8 (15.1%) 25 (47.17%) 2 (3.77%) 53 (100%)
As per the table-12, among the (30%) female investors who face problems, 47.17% of
them opined lack of brokerage house and specially lack of ladies booth throughout the
Chittagong Metropolitan area; about 34% of them observed lengthy transaction process
and about 15% of them opined lack of flexibility in trading hours as their problem in
trading process.
c) Participation in Training or Seminar

As per the data in table 13, it is observed from the above data that most of the female
investors surveyed (82.29%) have no training or have no experience of joining in a
seminar regarding capital market which is very much alarming for the capital market and
also for the female investors because this type of inexperience investment decision may
cause losses to the capital.
Table No. 13: Female investors have training or joined any seminar relating to capital market-
Frequency 31 (17.61%) 145 (82.29%) 176 (100%)
d) Idea or knowledge about regulatory bodies

Table-14 shows that among the female investors surveyed 45% of them do not have good
idea about SEC, CSE, and the facilities provided by the regulatory authorities. In case of
investment in capital market, information regarding regulatory authorities, investing
companies and investment facilities is very much vital factor to know.
Table No. 14: Have good idea about SEC, CSE and facilities provided by it such as Internet-based
Trading Service and Investment Information Cell-
Frequency 96 (54.55%) 80 (45.45%) 176 (100%)
7. Prospects of Female investors in capital market

a) Advantage of investment in capital market
Among the advantages for investment in capital market, 28.41% of the female investors
in Chittagong preferred to invest in capital market because it is easy to access; 24.43% of
them preferred it because no special qualification is needed; 11.36% of them invest in
capital market because of providing internet-based trading facility by CSE and finally
26.14% of them preferred capital market because of all these reasons.
Table No. 15: Females are interested to invest capital market rather than in other businesses-
Reasons Because CSE has No complex Easy access No special All Total
internet based trading formalities are for anybody qualification
system, one can needed to having capital or expertise
monitor it from home maintain is needed
Frequency 20 (11.36%) 17 (9.66%) 50 (28.41%) 43 (24.43%) 46 (26.14%) 176 (100%)
b) Expectation of the female investors in future

For ensuring more convenient investment environment for the female investors especially
from the conservative families, about 40% of them want more ladies booth at different
favorable locations. Among the female investors surveyed, 17% of them expect
organizing more training and seminar relating to investment in capital market to make
them more efficient in investment process and about 10% of them expect opening more
brokerage houses. Moreover, about 27% of the female investors expect to ensure all these
including decreasing rate of commission in buy/sell and increasing awareness programs.
Table No. 16: Expectation of female investors from Capital market in future-
Opinion Increase Organize More ladies Decrease Open All Total
publicity / more booth for rate of more
Awareness Training conservative commi- brokerage
program and Female -ssion houses
Seminar investors
Frequency 5 (2.84%) 30 (17.05%) 70 (39.77%) 6 (3.41%) 17(9.66%) 48(27.27%) 176(100%)
c) Prospects of female investors in capital market

As per the survey result in table-17, 97% of the female investors agreed that investment
in capital market is prospective for them out of which 51% opined having good prospect
and 22% of them opined having very good prospect. It is good news for a country like
Bangladesh having unemployment problem. In order to reduce the unemployment rate,
we have to tap our capital market for rapid industrialization (Financial Express, 2007).
Table No. 17: Prospect of investment in capital market for the Female investors-
Opinion Very good Good Fair Bad Very bad Total
Frequency 39 (22.16%) 90 (51.14%) 42 (23.86%) 5 (2.84%) 0 (0%) 176 (100%)
8. Correlation Analysis
As per the above correlation matrix, it is observed that the variables relating to the
investment in capital market of the female investors are highly positively correlated.
Table No. 18 Correlation Co-Efficient among the variables relating to investment of female investors
Variables Investment Earnings Age Experience
Investment -
Earnings .778 -
Age .988 .826 -
Experience .970 .652 .966 -
Education .902 .438 .865 .960
Source: Developed and Analyzed by Authors
The result signifies that the more the age and education of the female investors and the
more the experience of them in the capital market, the more would be the investment of
the female investors in the capital market and simultaneously the more the age,
experience and investment of the female investors in the capital market, the more the
earnings is expected from the market. But the correlation between education and earnings
is poor because female investors invest more in primary shares in which case no so much
educational background is required for analysis like secondary shares or it may signifies
that female investors invest more based on others suggestions.
9. Findings of the Study

After analysis of the collected data the study identifies the following findings-
a) Most of the female investors are new comer in the capital market and hence they are
lack of good ideas about opportunities and challenges in the capital market and also
do not know the role of regulatory bodies. It is also found that sufficient awareness
program, training program, seminar are not arranged for the investors in capital
market.
b) It is also found that female investors have very few times for data collection and data
analysis for making investment decision as they have some extra burden of taking
care of the family members. They also alleged that sufficient data of the companies
are not available for which they incurred losses.
c) Female investors are highly dependent on their husband or father for having fund for
investment in the capital market as they have no or little fund. It is also found that
most of them do not take loan for investment as they feel more risk in investing
borrowed money in the capital market. Therefore, they always face crisis of capital.
d) A significant percentage of the female investors incurred loss at the initial stage of
investment due to whimsical investment decision and investing as per others’
suggestions. It is also found that most of the female investors are risk-averse and a
significant portion of them afraid of investing in the secondary shares.
e) Female investors are not interested to travel more to reach at the brokerage house and
hence they feel lack of brokerage houses especially lack of sufficient female booth
within their favorable location. Lengthy transaction process (settlement time) is
another problem identified by the female investors in investing in capital market.
10. Recommendations of the Study

Based on the above findings, the study recommends the following-
a) To retain the new female investors in the capital market and to make them aware of
opportunities and challenges and to make them efficient in making investment
decision, the regulatory bodies should arrange more training programs, awareness
programs and seminars for the investors especially for the females.
b) Information on the invested companies should the provided in more convenient form
for the female investors. In this regard, the stock exchanges and brokerage houses can
open information desk in their branches so that they can provide necessary
information to the investors.
c) Government, regulatory bodies, financial institutions and brokerage houses may take
initiative to provide sufficient fund to the female investors at a lower rate of interest
to meet the capital crisis of the female investors in the capital market.
d) Female investors should take investment decision based on fundamental information
of the companies, own analysis, and expert opinion. They always should avoid
emotion and other investors’ suggestion in this regard.
e) Brokerage houses may open more female booths/branches at different locations so
that the female investors can invest their small savings in the capital market easily
and the regulatory bodies and stock exchange may think to reduce the settlement
time.
11. Policy Implications:

i) Policy makers and regulatory bodies including stock exchanges are expected to get an
idea about the problems and prospects of the female investors in the capital market
based on which they may take necessary actions this regard.
ii) Brokerage houses would also expect to ensure necessary environment and facilities
for the female investors including opening more female booths/branches at different
favorable locations as per the demand of the female investors of this study.
iii) Female investors would expect to get an idea about the problems and prospects of
them in investment in capital market and to make them equipped with sufficient
knowledge and ideas identifying what they lack.
Conclusion:
Female investors can play important role in strengthening the economy of the country if
they come forward to invest their small savings in the capital market from where the
entrepreneurs can float capital for establishment and expansion of their industries. It may
be expected that the industrialization process of the country can be speedier if the
regulatory bodies take necessary actions to ensure more participation of the female
investors in the capital market.
References:
Bianchi, S. M. (2000), Maternal Employment and Time with children: Dramatic Change or Surprising
continuity? Demography, 37: 401-414.
Bottero, W. (2000), Gender and the labor market at the turn of the century: Complexity, ambiguity and
change. Work, Employment and Society 14: 781-791.
Cancian, F. M. and S. J. Olinker (2000), Caring and Gender. Thousand Oaks, CA: Pine Forge Press.
CDBL (2011), web site of Central Depository Bangladesh Limited: www.cdbl.com.bd (22/03/2011)
Drago, Robert W. (2007). Striking a Balance: Work, Family, Life, Boston, MA: Dollars & Sense.
Dwyer, P. D., J. H. Gilkenson, and J. A. List, (2002), Gender differences in revealed risk taking: Evidence
from mutual fund investors. Economic Letters 76(2):151-158.
Field, N. (2007), Girl Power: Are women better investors? Money Magazine, November 2007,
www.womensfinancialnetwork.com.au
Financial Express, (2007), Women leadership should not be undermined, May 15, 2007, Daily Financial
Express (Bangladesh).
Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday
money matters. Journal of Business and Psychology 14(4):625-630.
Hochschild, A. R. (1997). The Time Bind, New York: Metropolitan Books.

Lyons, A., U. Neelakantan, and E. Scherpf, (2008), Gender and Marital Differences in Wealth and
Investment Decisions: Implications for Researchers, Financial Professionals, and Educators, Working
paper: Networks Financial Institute at Indiana State University.
Nath, L., Webb, L.H., and Wood, D. (2009), Will Women Lead the Way? Gender and Information
Preferences in Investment Decisions: http://ssrn.com/abstract=1341897
Prudential Financial, (2005), Study on the Financial Experience and Behaviors among Women. Newark,
NJ: Prudential Insurance Company of America.
Schubert, R., M. Brown, M. Gysler, and H. W. Brachinger, (1999), Financial decision-making: Are women
really more risk-averse? The American Economic Review Papers and Proceedings 89(2):381-385.
Appendix-1
List of Brokerage Houses working under Chittagong Stock Exchange
SL No. of No. of Female No. of
NO. Brokerage Houses Branches Investors in the Respondents
Surveyed Booths/Branches
1. Northwest Securities 2 151 3
2. Island Securities Ltd. 3 326 3
3. Sky Securities Ltd. 1 150 5
4. Meenhar Securities Ltd. 3 860 17
5. Vanguard Shares & Securities Ltd. 1 50 12
6. Chittagong Capital Ltd. 1 18 5
7. A. A. Securities Ltd. 1 22 11
8. Cordial Securities Ltd. 2 565 7
9. International Securities Company Ltd. 2 40 5
10. Royal Securities Ltd. 1 58 4
11. Kabir Securities Ltd. 1 100 7
12. South Asia Securities Ltd. 2 75 16
13. Lanka-Bangla Securities Ltd. 3 735 29
14. Salta Capital Ltd. 6 440 35
15. Reliance Securities Ltd. 1 70 2
16. Samo Equity Ltd. 1 140 2
17. A.N.A. Association Capital 1 220 2
18. Be Rich Ltd. 1 35 1
19. MTBL Securities Ltd. 1 100 1
20. UFTE Ltd. 1 180 1
21. DN Securities Ltd. 1 300 2
22. PHP Securities 1 40 1
23. Far East Shares & Securities 1 30 1
24. Investment Corporation of Bangladesh 1 95 3
25. Chittagong Shares & Securities 1 20 1
Total 176
Source: Personal data collection from the officials of the Branches of the Brokerage Houses.

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Journal of The Institute of Bankers Bangladesh, Vol. 57 and 58 (2010 & 2011), pp.

Analysis of Behavior of Female Investors in Stock Market

1. Assistant Professor, Department of Business Administration, International Islamic

Key Words: Female investors, Capital Markets, Prospects, & Challenges.

Analysis of Behavior of Female Investors in Stock Market

2. Objectives of the Study:

3. Scope and Methodology of the study:

Analysis of the Findings:

Profession Housewife Service Business Other Total

Education Undergraduate Graduate Post Graduate Others Total

b) Duration of involvement in capital markets

c) Reasons for involvement in capital markets

5. Opportunities for the female investors

a) Present and Initial Amount of Capital of Investment

Table No. 4: Female investors’ amount of investment belongs to-

b) Sources of capital of the female investors

d) Earnings from capital market-

6. Problems and Challenges for the female investors

a) Initial losses and their reasons

b) Problems facing in trading process

c) Participation in Training or Seminar

d) Idea or knowledge about regulatory bodies

7. Prospects of Female investors in capital market

b) Expectation of the female investors in future

c) Prospects of female investors in capital market

9. Findings of the Study

10. Recommendations of the Study

11. Policy Implications:

Hochschild, A. R. (1997). The Time Bind, New York: Metropolitan Books.

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