Investor Behavioral Anomalies in Wartime Uncertainty: The Case of North Kivu in DRC Augustin Mbangala Mapapa Kinshasa Higher Institute of Commerce (ISC-Kinshasa) Laurent Mumbere Musay Free University of the Great Lakes Countries Seblon Mpereboye Mpere Protestant University in Congo ‘Yves Vincent Mballa Atangana University of Yaoundé 2 After combining the CPTI, SARF2, and greed and grievances dynamical systems, and the overreacitons ‘models, we conducted a questionnaire survey with a sample of 921 imesiors from North Kivu in the DRC, af which 879 (9522) were in the service sector. The evaluation of the risk taken By investors is carried out at two levele. At the frst level, ti accessed according to an informational arymmetry focused on estimating probabilities desevibing the outlook for recultt over three years (fom 2014 to 2016). At the second level, the analysis describes the iavestors’ atittude regarding their level of profit expectation as an endogenous variable of heuristic optimization cognitive bias, and self expressive bias. The results show that the anomalies described in the interacitve behavior of N-E investors during wartime uncertainty stem ftom a plurality of attitudes reflecting an ambiguity of choices dominated by a sub-reactton at the base of Treluctenice and a loss of opportunity in the market Keywords: anomalies, behavior bias, wartime uncertainty, overreaction, North Kivu INTRODUCTION According to Rubinstein (2001) and Levy & Benshimhon (2009), the irrationality of actors and the ‘emergence of crises in markets have provided a theoretical basis for explaining anomalies. These anomalies result ftom the inefficiency of markets (Shleifer & Summers, 1990) and are described as challenging to rationalize (Camerer & Thaler, 1995; Rabin & Thaler, 2001). Moreover, they contain several behavioral biases arising from actors’ reactions and depend on errors of judgment that may be cognitive, emotional, and socially driven (Durand, 2011; Keltner & Lemer, 2010; Pontoizeau, 2019). From the observations of Heraclitus around 544-480 BC (Bouvier & Dasen, 2020) to the work of Shiller (2014), Ballentine & 88 Joumal of Applied Business and Economics Vol. 25(6) 2023