Socio-demographic characteristics of investors in the Warsaw Stock Exchange – How they influence the investment decision

Agata Kliber, Blanka Łęt and Aleksandra Rutkowska ()
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Aleksandra Rutkowska: Poznan University of Economics, Department of Applied Mathematics

Bank i Kredyt, 2016, vol. 47, issue 2, 91-118

Abstract: The aim of the study was to investigate how age, gender, experience and education influence the investment decisions of individual investors in the Warsaw Stock Exchange. The source of data were two surveys sent to individual investors through the Polish Association of Individual Investors. In order to assess the significance of the given characteristics, we estimated a series of ordered logit regression models. Based upon the obtained answers and our estimations, we conclude, inter alia, that the Polish female investors typically have higher risk aversion and they trust the expert opinion, while the men are more likely to take risk. Less educated investors are also more eager to take higher risk, while the less experienced ones are more risk-averse. Unlike the more experienced market participants, they tend to estimate the risk of their portfolio through standard deviation or expected shortfall and use technical analysis more often.

Keywords: Warsaw Stock Exchange; individual investment; investment style (search for similar items in EconPapers)
JEL-codes: D12 G02 G11 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpbik:v:47:y:2016:i:2:p:91-118

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