Personality differences and investment decision-making

• 成果类型: Article
• 署名作者: Jiang, Zhengyang; Peng, Cameron; Yan, Hongjun
• 署名单位: Northwestern University; National Bureau of Economic Research; University of London; London School Economics & Political Science; DePaul University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2023.103776
• 发表日期: 2024
• 关键词: personality; Investor heterogeneity; Social interaction

摘要

We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five personality traits correlate with investors' beliefs about the stock market and economy, risk preferences, and social interaction tendencies. Two personality traits, Neuroticism and Openness, stand out in their explanatory power for equity investments. Investors with high Neuroticism and those with low Openness tend to allocate less investment to equities. We examine the underlying mechanisms and find evidence for both standard channels of preferences and beliefs and other nonstandard channels. We show consistent outof -sample evidence in representative panels of Australian and German households.