Abstract
Behavioral finance is the study of influence of psychology on the behavior of financial practitioners and the subsequent effect on market. It helps us explain “why” and “how” market might inefficient. This research examined the relationship among investor psychology, herding behavior, speculation psychology, and individual investor decision. Six hypotheses were tested using survey data collected from 303 individual investors in the Vietnam gold market. The result of this research indicated that negative thinking has a positive effect on cognitive dissonance, and overreaction. Moreover, cognitive dissonance has a positive effect on herding behavior. Besides, overreaction has a positive effect on speculation psychology. Finally, the finding showed that speculation psychology has a positive effect on individual investor decision.
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