<abstract xmlns="http://www.w3.org/1999/xhtml"><p> The aim of this paper is to investigate whether susceptibility to selected behavioral biases (overconfidence, mental accounting and sunk-cost fallacy) is correlated with the Eysenck’s [1978] personality traits (impulsivity, venturesomeness, and empathy). This study was conducted on a sample of 90 retail investors frequently investing on the Warsaw Stock Exchange. Participants filled out a survey made up of two parts: 1) three situational exercises, which assessed susceptibility to behavioral biases and 2) an Impulsiveness Questionnaire, which measures impulsivity, venturesomeness, and empathy. The results demonstrated the relationship between venturesomeness and susceptibility to all behavioral biases explored in this study. We find that higher level of venturesomeness was linked with a lower probability of all behavioral biases included in this study.</p></abstract>

The aim of this paper is to investigate whether susceptibility to selected behavioral biases (overconfidence, mental accounting and sunk-cost fallacy) is correlated with the Eysenck’s [1978] personality traits (impulsivity, venturesomeness, and empathy). This study was conducted on a sample of 90 retail investors frequently investing on the Warsaw Stock Exchange. Participants filled out a survey made up of two parts: 1) three situational exercises, which assessed susceptibility to behavioral biases and 2) an Impulsiveness Questionnaire, which measures impulsivity, venturesomeness, and empathy. The results demonstrated the relationship between venturesomeness and susceptibility to all behavioral biases explored in this study. We find that higher level of venturesomeness was linked with a lower probability of all behavioral biases included in this study.

Personality Traits and Susceptibility to Behavioral Biases among a Sample of Polish Stock Market Investors

Institute of Finance, Collegium of Management and Finance, Warsaw School of Economics, Poland

International Journal of Management and Economics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

The aim of this paper is to investigate whether susceptibility to selected behavioral biases (overconfidence, mental accounting and sunk-cost fallacy) is...

Personality Traits and Susceptibility to Behavioral Biases among a Sample of Polish Stock Market Investors

Publié en ligne: 04 déc. 2015

Pages: 71 - 81

DOI: https://doi.org/10.1515/ijme-2015-0029

Mots clés
personality traits, behavioral biases, behavioral finance

© 2015

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Personality Traits and Susceptibility to Behavioral Biases among a Sample of Polish Stock Market Investors

Publié en ligne: 04 déc. 2015

Pages: 71 - 81

DOI: https://doi.org/10.1515/ijme-2015-0029

Mots cléspersonality traits, behavioral biases, behavioral finance

© 2015

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Mots clés
personality traits, behavioral biases, behavioral finance