Investor Personality in Investor Questionnaires

23 Pages Posted: 14 Mar 2012  

Carrie H. Pan

Santa Clara University - Department of Finance

Meir Statman

Santa Clara University - Department of Finance

Multiple version iconThere are 2 versions of this paper

Date Written: March 10, 2012

Abstract

We explore, through a survey of more than 2,500 people, the links between personality and risk tolerance, overconfidence, maximization, regret, trust, attributing success to luck or skill, and life-satisfaction. Risk tolerance is high among those with high levels of Extraversion and Openness but relatively low among those with high levels of Conscientiousness. Overconfidence is high among those with relatively high levels of Extraversion but relatively low among those with high levels of Agreeableness. Knowledge about these links is important to financial advisors who must know their clients so they might guide them.

Suggested Citation

Pan, Carrie H. and Statman, Meir, Investor Personality in Investor Questionnaires (March 10, 2012). Available at SSRN: https://ssrn.com/abstract=2022339 or http://dx.doi.org/10.2139/ssrn.2022339

Carrie H. Pan (Contact Author)

Santa Clara University - Department of Finance ( email )

Santa Clara, CA 95053
United States
(408)5517188 (Phone)

Meir Statman

Santa Clara University - Department of Finance ( email )

500 El Camino Real
Santa Clara, CA 95053
United States
408-554-4147 (Phone)
408-554-4029 (Fax)

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