Big Five Personality Traits and Investment Behavior: An Empirical Investigation of Japanese Investors

Shoko Yamane (), Hiroko Araki and Takashi Noda
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Shoko Yamane: Graduate School of Economics, Osaka University, and Papalaka Research Institute, Ltd.
Hiroko Araki: Faculty of Economics, Keio University
Takashi Noda: GF Partners, Inc.

No 25-12, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: This study examines the relationship between the Big Five personality traits—extraversion, neuroticism, openness to experience, conscientiousness, and agreeableness—and investment behavior using a questionnaire survey. In the survey, the respondents were asked questions about their investment behavior in a hypothetical scenario where they have extra money to invest. Respondents were also asked about their reasons for buying the stocks they currently held as well as their individual investment preferences. The results showed that the respondents’ investment preferences differed according to their Big Five personality traits. Respondents with high openness were more positive about investing, whereas those with high neuroticism preferred relatively low-risk bonds and invested with a short-term perspective. Our findings can be applied to design investment promotion measures such as personalized nudges.

Keywords: Personality; Investor heterogeneity; Behavioral finance (search for similar items in EconPapers)
JEL-codes: D91 G11 G41 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2025-09
New Economics Papers: this item is included in nep-sea
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