Personality differences and investment decision-making
调查数千名美国富裕投资者，发现大五人格中的神经质和开放性对股票投资有显著解释力，高神经质或低开放性者股票配置较少，并在澳大利亚和德国样本中得到验证。
We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five personality traits correlate with investors' beliefs about the stock market and economy, risk preferences, and social interaction tendencies. Two personality traits, Neuroticism and Openness, stand out in their explanatory power for equity investments. Investors with high Neuroticism and those with low Openness tend to allocate less investment to equities. We examine the underlying mechanisms and find evidence for both standard channels of preferences and beliefs and other nonstandard channels. We show consistent out-of-sample evidence in representative panels of Australian and German households.