There are many indicator and methodologies. I have used the Shiller PE ratio. 

The paper "From Efficient Markets Theory to Behavioral Finance" from Robert Shiller is a primer review.

Thanks, Dear Daniel Penido Amorim! For Sharing your kind experience with me.

Dear Sayyed,

These are some relevant references:

Ahmad, Z., Ibrahim, H., & Tuyon, J. (2017). Institutional investor behavioral biases: syntheses of theory and evidence. Management Research Review, 40(5), 578-603.

Anderson, C. W., Fedenia, M., Hirschey, M., & Skiba, H. (2011). Cultural influences on home bias and international diversification by institutional investors. Journal of Banking & Finance, 35(4), 916-934.

Baker, M., Ruback, R. S., & Wurgler, J. (2004). Behavioral corporate finance: A survey (No. w10863). National Bureau of Economic Research.

Baker, M., & Wurgler, J. (2011). Behavioral corporate finance: An updated survey (No. w17333). National Bureau of Economic Research.

Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. Accounting review, 305-333.

Chen, G., Kim, K. A., Nofsinger, J. R., & Rui, O. M. (2007). Trading performance, disposition effect, overconfidence, representativeness bias, and experience of emerging market investors. Journal of Behavioral Decision Making, 20(4), 425-451.

Shefrin, H. (2001). Behavioral Corporate Finance. Journal of Applied Corporate Finance, 14(3), 113-126.

Suto, M., & Toshino, M. (2005). Behavioural biases of Japanese institutional investors: Fund management and corporate governance. Corporate Governance: An International Review, 13(4), 466-477.

Ye, P. (2014). Does the disposition effect matter in corporate takeovers? Evidence from institutional investors of target companies. Journal of Financial and Quantitative Analysis, 49(1), 221-248.

I hope that you find them useful in your research. Good luck.

Regards,

Fahad