Purpose

This study aims to examine that personality traits are associated with the investor’s ability to exhibit disposition effect, herding behavior and overconfidence. It also explores how risk-attitude can modify investor behavior by moderating the association between personality traits, disposition effect, herding and overconfidence.

Design/methodology/approach

Data were collected from 396 respondents by using personally administrated survey. Confirmatory factor analysis (CFA) was used to confirm the validity and reliability of data. Regression analysis was used to test the proposed hypotheses.

Findings

The results supported the proposed hypotheses and showed that extravert investors were more likely to exhibit disposition effect, herding and overconfidence. The conscientiousness trait was associated with disposition effect and overconfidence, while neuroticism was associated with herding behavior. The results confirmed the moderating effect of risk aversion on the association between personality traits, disposition effect, herding and overconfidence.

Originality/value

This study demonstrates how risk aversion modes the strength of association between psychological characteristics (represented by personality traits) and cognitive biases (disposition effect, herding and overconfidence). The results support the “auction” interpretation of investors' behavior by suggesting that personality traits are associated with investment decision-making and that investors are marginal price setters.

中文翻译：

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人格特质作为认知偏见的预测因子：风险态度的调节作用

目的

这项研究旨在检验人格特质与投资者表现出处置效应，羊群行为和过度自信的能力有关。它还探讨了风险态度如何通过调节人格特质，处置效应，羊群效应和过度自信之间的关联来改变投资者的行为。

设计/方法/方法

使用个人管理的调查从396名受访者中收集数据。验证性因子分析（CFA）用于确认数据的有效性和可靠性。回归分析用于检验提出的假设。

发现

结果支持提出的假设，并表明外向型投资者更有可能表现出处置效应，羊群效应和过度自信。尽责性与处置效果和过度自信有关，而神经质与放牧行为有关。结果证实了规避风险对人格特质，性格倾向，羊群效应和过度自信之间关联的调节作用。

创意/价值

这项研究证明了风险规避如何在心理特征（由人格特质表示）和认知偏见（处置效应，羊群效应和过度自信）之间建立关联强度。结果表明，人格特质与投资决策有关，而投资者是边际价格制定者，因此支持了对投资者行为的“拍卖”解释。