Behaviour and Biases of Retail Investors: Task or Trait?
Behaviour and Biases of Retail Investors: Task or Trait?
复制标题
DOI：
10.2139/ssrn.3791634
复制
发表时间：
2021-04
期刊：
影响因子：
--
通讯作者：
Constantinos Antoniou;C. Firth;David Leake;Neil Stewart
中科院分区：
文献类型：
--
作者：
Constantinos Antoniou;C. Firth;David Leake;Neil Stewart
我们问在多大程度上任务知识和策略，或持久的人格特质，预测行为和偏见在股票交易设置。我们的研究基于一个非常广泛的数据集：对自我报告调查的回应，以及英国经纪公司相同个人客户的交易数据。从调查中，我们估计了领域一般的人格特质，如大五，和任务相关的措施，金融素养，能力和态度的具体交易。我们的研究结果表明，在预测9个不同的因变量的投资业绩，偏见和投资组合活动的任务措施的优势。我们认为，财务决策的研究人员应该考虑一组丰富的解释因素。
We ask to what extent task knowledge and tactics, or enduring personality traits, predict behaviour and biases in a stock trading setting. We base our study on an exceptionally wide-ranging dataset: responses to a self-report survey, together with transactional data of the same individual customers of a UK brokerage. From the survey we estimate measures of domain-general personality traits, such as the Big Five, and task-related measures of financial literacy, competency and attitude specific to trading. Our results show the dominance of task measures over trait measures, when predicting nine different dependent variables of investment performance, biases and portfolio activity. We argue that researchers into financial decisions should consider a rich set of explanatory factors.