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An Intimate Portrait of the Individual InvestorRobert B. DurandCurtin University of Technology - School of Economics and Finance - Department of Finance and Banking Rick NewbyUniversity of Western Australia - Department of Accounting and Finance Jay P SanghaniUniversity of Western Australia - Department of Accounting and Finance March 2006 Abstract: We established that there are statistically significant relationships between personality and both investment decisions and portfolio performance. We found significant associations with personality traits captured by Costa and McRae's (1992) operationalisation of Norman's (1963) 'Big Five' (Negative Emotion, Extraversion, Openness to Experience, Agreeableness and Conscientiousness), Bem's (1977) psychological gender traits (Masculinity and Femininity) and Jackson's (1976) personality traits of Preference for Innovation and Risk Taking Propensity.
Keywords: Behavioral Finance, Norman's 'Big Five', Psychological Gender JEL Classification: G12 working papers seriesDate posted: March 16, 2006Suggested CitationContact Information
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