 Do personality traits influence investors’ portfolios?Alessandro Bucciol and Luca Zarri Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2017, vol. 68, issue C, 1-12 Abstract: 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. Keywords: Portfolio choice; Personality traits; Risk taking; Behavioral finance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:68:y:2017:i:c:p:1-12 DOI: 10.1016/j.socec.2017.03.001 Access Statistics for this article Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) is currently edited by Pablo Brañas Garza More articles in Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) from Elsevier |
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