The effects of personality and IQ on portfolio outcomes
The effects of personality and IQ on portfolio outcomes
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DOI：
10.1016/j.frl.2022.103464
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发表时间：
2022-11
影响因子：
10.4
通讯作者：
Christopher P. Firth;N. Stewart;Constantinos Antoniou;David Leake
中科院分区：
文献类型：
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作者：
Christopher P. Firth;N. Stewart;Constantinos Antoniou;David Leake
我们使用对自我报告调查的回应和匹配的管理数据来调查人格（大五特质）和智商对个人股票交易组合的影响。性格特征的影响虽小，但意义重大：开放性和外向性与不良结果有关，而诚实则与有益的结果有关。较高的智商与较低的交易活动有关，但与投资业绩无关。我们假设这些因素以复杂的方式影响结果，并在很长的时间内发挥作用。在投资组合规模保持不变的情况下，金融知识几乎没有影响。其他因素，如客户年龄，投资组合规模和投资组合风险，更好地解释结果。
We use responses to a self-report survey and matched administrative data to investigate the effects of personality (Big Five traits) and IQ on individuals’ stock trading portfolios. Traits have small but significant effects: openness and extraversion are associated with undesirable outcomes whereas conscientiousness is associated beneficially. Higher IQ is associated with lower trading activity but not enhanced investment performance. We postulate these factors influence outcomes in a complex manner, and exert over long timeframes. With portfolio size held constant, financial literacy has little effect. Other factors, such as customer age, portfolio size and portfolio risk, better explain outcomes.