Stock Market Anomalies through the Lens of Behavioural Finance: Themes, research clusters from bibliometric analysis

Stock Market Anomalies through the Lens of Behavioural Finance: Themes, research clusters from bibliometric analysis | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article Stock Market Anomalies through the Lens of Behavioural Finance: Themes, research clusters from bibliometric analysis Md Rahber Alam, Md Hasnat Alam, Dr. Siddharth Shukla, Waseem Alam This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-8594755/v1 This work is licensed under a CC BY 4.0 License Status: Under Revision Version 1 posted 5 You are reading this latest preprint version Abstract The presence of irregularities in stock price behaviour, known as market anomalies, reflects deviations from traditional finance theory such as the Efficient Market Hypothesis, which assumes fully rational investor decision-making. Guided by behavioural finance, this study identifies the anomalies that influence individual investor behaviour and provides a systematic bibliometric assessment of research on stock market anomalies within this domain. In this study, we aim to map performance trends, most influential journals, citations, prolific authors and co-occurrence analysis in the domain of stock market anomalies. We extracted data from Scopus along with Web of Science, and filtered for Q1 and Q2 journals listed in the 2024 Scimago Journal Rankings (SSCI), a final dataset of 331 articles published covering the period from 2000 to 2025. We employed the R bibliometric package and VOSviewer for scientific mapping, followed SPAR-4-SLR protocol adapted from Paul et al. ( 2021 ), to ensure rigour, transparency, and reproducibility. We found significant publication trends show that the annual production of articles increases tremendously over the year in the field of behavioural finance and stock market anomalies. Furthermore, thematic analysis highlights six major research clusters, emphasising core areas such as market anomalies, investor sentiment, market efficiency, and behavioural finance. The study offers valuable insights for academicians and practitioners by outlining intellectual structure, thematic evolution, and research trajectories of the field, thereby providing a comprehensive foundation and roadmap for future research on stock market anomalies within behavioural finance. Business and commerce/Business and management Social science/Business and management Business and commerce/Economics Social science/Economics Business and commerce/Finance Social science/Finance Business and commerce/Information systems and information technology Physical sciences/Mathematics and computing Behavioural finance stock market anomalies investor behaviour bibliometric analysis SPAR-4-SLR protocol Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Under Revision Version 1 posted Reviewers invited by journal 10 Feb, 2026 Editor assigned by journal 10 Feb, 2026 Editor invited by journal 03 Feb, 2026 Submission checks completed at journal 27 Jan, 2026 First submitted to journal 27 Jan, 2026 You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-8594755","acceptedTermsAndConditions":true,"allowDirectSubmit":false,"archivedVersions":[],"articleType":"Article","associatedPublications":[],"authors":[{"id":591644685,"identity":"aeeba37e-95aa-462d-a3b4-0cff2009ed86","order_by":0,"name":"Md Rahber Alam","email":"","orcid":"","institution":"Aligarh Muslim University","correspondingAuthor":false,"prefix":"","firstName":"Md","middleName":"Rahber","lastName":"Alam","suffix":""},{"id":591644686,"identity":"4efc8cd3-ffbc-4e31-9550-2d0ef73d9c19","order_by":1,"name":"Md Hasnat Alam","email":"","orcid":"","institution":"Aligarh Muslim University","correspondingAuthor":false,"prefix":"","firstName":"Md","middleName":"Hasnat","lastName":"Alam","suffix":""},{"id":591644687,"identity":"822c60fd-9d66-424b-bd91-6ab7767f2d9d","order_by":2,"name":"Dr. Siddharth Shukla","email":"data:image/png;base64,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","orcid":"","institution":"Manipal University Jaipur","correspondingAuthor":true,"prefix":"Dr.","firstName":"Siddharth","middleName":"","lastName":"Shukla","suffix":""},{"id":591644688,"identity":"74feda96-f26f-4453-a1a5-bcfbab238559","order_by":3,"name":"Waseem Alam","email":"","orcid":"","institution":"Kochi Business School","correspondingAuthor":false,"prefix":"","firstName":"Waseem","middleName":"","lastName":"Alam","suffix":""}],"badges":[],"createdAt":"2026-01-13 17:53:16","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-8594755/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-8594755/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":102765338,"identity":"28b6c7eb-297b-47af-af8a-7a67565e8cdf","added_by":"auto","created_at":"2026-02-16 11:21:36","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":2632224,"visible":true,"origin":"","legend":"","description":"","filename":"BehavioralFinance11.pdf","url":"https://assets-eu.researchsquare.com/files/rs-8594755/v1_covered_e73ef975-c22c-4c9a-b800-be17dcea34b5.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"Stock Market Anomalies through the Lens of Behavioural Finance: Themes, research clusters from bibliometric analysis","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"humanities-and-social-sciences-communications","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"palcomms","sideBox":"Learn more about [Humanities \u0026 Social Sciences Communications](http://www.nature.com/palcomms/)","snPcode":"41599","submissionUrl":"https://submission.springernature.com/new-submission/41599/3","title":"Humanities and Social Sciences Communications","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Nature AJ","inReviewEnabled":true,"inReviewRevisionsEnabled":false},"keywords":"Behavioural finance, stock market anomalies, investor behaviour, bibliometric analysis, SPAR-4-SLR protocol","lastPublishedDoi":"10.21203/rs.3.rs-8594755/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-8594755/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe presence of irregularities in stock price behaviour, known as market anomalies, reflects deviations from traditional finance theory such as the Efficient Market Hypothesis, which assumes fully rational investor decision-making. 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