Purpose: The purpose of this paper is to examine if underlying psychological factors have an impact on shareholders' investment decisions and if forecasting quarterly reports have an impact on shareholders' investment decisions.

Methods: The study combines an application of two different methods, survey and an event study. The purpose of the survey was to investigate if psychological factors interfere with shareholders' investment decisions. The Event study is designed to measure equity market reaction to the forecasts and if any changes occurred in the companies' share price.

Theoretical: This study is based on established theories in the fields of behavioral finance, the efficient market hypothesis and the economic man.

Conlusion: Underlying psychological factors have a certain impact on the shareholders' investment decisions. Both events study and survey, in particularly the part of the survey, which includes forecasts, showed that the shareholders are not affected by the forecasts published by market analysts.