Big Five Personality Traits and Investment Behavior : An Empirical Investigation of Japanese Investors

Yamane, Shoko; Araki, Hiroko; Noda, Takashi

Discussion Papers In Economics And Business, 2025, 25-12, 1-33

アクセス数:73件（2026-02-15 11:28 集計）

固定URL: https://hdl.handle.net/11094/102735

論文情報

ファイル出力 EndNote Basic出力 Mendeley出力

タイトル
Big Five Personality Traits and Investment Behavior : An Empirical Investigation of Japanese Investors
著者
NRID
1000040633798 1000040633798
著者名
Yamane, Shoko
NRID
1000030635131 1000030635131
著者名
Araki, Hiroko
著者名
Noda, Takashi
キーワード等
Personality
Investor heterogeneity
Behavioral finance
JEL分類コード (JEL)
D91
G11
G41
抄録
This study examines the relationship between the Big Five personality traits—extraversion, neuroticism, openness to experience, conscientiousness, and agreeableness—and investment behavior using a questionnaire survey. In the survey, the respondents were asked questions about their investment behavior in a hypothetical scenario where they have extra money to invest. Respondents were also asked about their reasons for buying the stocks they currently held as well as their individual investment preferences. The results showed that the respondents’ investment preferences differed according to their Big Five personality traits. Respondents with high openness were more positive about investing, whereas those with high neuroticism preferred relatively low-risk bonds and invested with a short-term perspective. Our findings can be applied to design investment promotion measures such as personalized nudges.
出版者
Graduate School of Economics, The University of Osaka
収録物名
Discussion Papers In Economics And Business
巻(号)
25-12
ページ
1-33
刊行年月
2025-09
言語
英語
ハンドルURL
https://hdl.handle.net/11094/102735
関連情報 (references)
URI
https://www2.econ.osaka-u.ac.jp/econ_society/dp/2512.pdf
アクセス権
metadata only access
カテゴリ
ディスカッション／ワーキング・ペーパー DP/WP
Discussion Papers In Economics And Business