Dharmendra Singh

This study aims to examine the demand-driven factors that attract foreign tourists to India. This study used an advanced gravity model to examine the factors that drew demand from 15 major foreign tourist destination countries from 1995 to 2018. Descriptive statistics, correlation, OLS, and panel GMM are the statistical tools used in data analysis. The results indicate that the per capita income of India and the countries of origin, the size of the Indian population, and a favorable visa policy all contribute to attracting foreign tourists to India. Meanwhile, the high cost of living in India compared to foreign tourist countries, terrorist incidents, and long distances between India and these countries are some of the factors that discourage foreign tourists from visiting India. The results of the study are robust and compelling and have significant implications for policymakers and the industry. Based on the findings, the study suggests that the Indian government should reduce the cost of living, especially for foreign tourists, by exempting them from paying goods and services tax and other taxes at the departure airport by showing the bill. In addition, security is an issue where the government should ensure the safety of foreign tourists.

This paper comprehensively evaluates the literature on retail investor overconfidence using a framework-based systematic approach to understand the various dimensions of overconfidence bias, its effect on investing choices, and market dynamics. A systematic review of 137 publications from the Scopus database have been done to detect the research trend concerning investor overconfidence bias from its inception. An integrated ADO-TCM framework has been employed to present a systematic analysis of the theory, context, and methodologies (TCM) employed in the reviewed studies. The ADO (Antecedents, Decisions, and Outcomes) framework thoroughly examines the antecedents, decisions, and results of investor overconfidence.
The study identified four broad sets of factors contributing to investor overconfidence, as found in the existing literature. These factors include demographic characteristics, personality traits of investors, their knowledge and experience, and the features of investments and investor types. The Prospect theory is the most popular theory in the literature, with much research using secondary data and experiment-based analysis. The prospective study directions, based on the gaps in the existing literature, are as follows: further investigation into the decision-making processes of overconfident retail and professional investors is a worthwhile subject. Future research may shift their focus from financial outcome variables to non-financial outcome variables such as the impact of investor overconfidence on individuals’ stress levels, subjective financial well-being, and overall life happiness.