Personality traits and stock market participation
File(s)Conlin A et al.pdf (695.4 KB)
Accepted version
Author(s)
Type
Journal Article
Abstract
We analyze the relationship between personality traits and stock market participation. Our sample comes from combining personality trait scores and socioeconomic status information from the Northern Finland Birth Cohort 1966 with data from Finnish Central Securities Depository, the official register of stock holdings in Finland. We find the traits, and especially the subscales of the traits, to be significant predictors of stock market participation. In particular, exploratory excitability, extravagance, sentimentality, and dependence have large effects. One-standard-deviation changes in the subscale scores have marginal effects of up to 4 percentage points on the probability of participating in the stock market.
Date Issued
2015-06-25
Date Acceptance
2015-06-18
Citation
Journal of Empirical Finance, 2015, 33, pp.34-50
ISSN
0927-5398
Publisher
Elsevier
Start Page
34
End Page
50
Journal / Book Title
Journal of Empirical Finance
Volume
33
Copyright Statement
Copyright © 2015 Elsevier B.V. All rights reserved. This manuscript is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/
Identifier
http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000360873500003&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=1ba7043ffcc86c417c072aa74d649202
Subjects
Social Sciences
Business, Finance
Economics
Business & Economics
Stock market participation
Personality
Temperament
CLONINGERS TEMPERAMENT SCALES
PSYCHOBIOLOGICAL MODEL
NOVELTY SEEKING
CHARACTER
RISK
ASSOCIATION
SEROTONIN
OVERCONFIDENCE
POLYMORPHISM
PSYCHOLOGY
Finance
1502 Banking, Finance And Investment
1403 Econometrics
Publication Status
Published