کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5034095 | 1471546 | 2017 | 12 صفحه PDF | دانلود رایگان |
- We provide evidence that portfolio decisions are influenced by personality traits.
- We use survey data from the 2006-2012 waves of the US Health and Retirement Study.
- Financial risk taking is negatively correlated with three personality traits.
- Financial risk taking also correlates with sub-traits linked to nine traits.
- Our findings shed new light on the determinants of financial risk taking.
Based on large-scale survey data from the 2006-2012 waves of the US Health and Retirement Study (HRS), we show that individual portfolio decisions are influenced by a variety of stable traits and facets traditionally investigated in the field of personality psychology. Three personality traits have a significant negative correlation with financial risk taking, as measured by the holding and the amount of stock assets: Agreeableness, Cynical Hostility and Anxiety. For Cynical Hostility a belief-based mechanism seems to be at work, whereas the impact of all the other traits seems to pass through the preferences - rather than the beliefs - channel. Our findings shed new light on the determinants of individuals' risk taking in the financial domain.
Journal: Journal of Behavioral and Experimental Economics - Volume 68, June 2017, Pages 1-12