Investor-advisor Big Five personality similarity and stock trading performance
•Investor-advisor similarity in Big Five affects investor's stock trading performance.•Investor-advisor similarity in demographics is related to stock trading performance.•Patterns of trading behavior are jointly explained by endogenous & exogenous factors. The purpose of this study is to i...
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| Veröffentlicht in: | Journal of business research 2020-03, Vol.109, p.49-63 |
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| container_title | Journal of business research |
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| creator | Tauni, Muhammad Zubair Yousaf, Salman Ahsan, Tanveer |
| description | •Investor-advisor similarity in Big Five affects investor's stock trading performance.•Investor-advisor similarity in demographics is related to stock trading performance.•Patterns of trading behavior are jointly explained by endogenous & exogenous factors.
The purpose of this study is to investigate how investor-advisor similarities (differences) in Big Five personality are related to stock trading performance. We used an online survey questionnaire to collect data from 314 investor-advisor dyads in the Chinese stock market. Personality similarity (difference) between investor and advisor was determined using “difference score analysis”. The results showed that investor-advisor similarity in terms of openness, extraversion, conscientiousness, and agreeableness is positively related to investor stock trading performance. On the other hand, the investor-advisor similarity in neuroticism negatively affects investor trading performance. Further analysis also showed that investor-advisor similarity in demographics such as gender and education is related to stock trading performance. This research posits that retail investors show different trading performances if their personalities and demographics match (mismatch) with their advisors. Therefore, the patterns of investors’ trading performance can be jointly explained by both investors’ endogenous as well as exogenous factors. |
| doi_str_mv | 10.1016/j.jbusres.2019.10.055 |
| format | Article |
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The purpose of this study is to investigate how investor-advisor similarities (differences) in Big Five personality are related to stock trading performance. We used an online survey questionnaire to collect data from 314 investor-advisor dyads in the Chinese stock market. Personality similarity (difference) between investor and advisor was determined using “difference score analysis”. The results showed that investor-advisor similarity in terms of openness, extraversion, conscientiousness, and agreeableness is positively related to investor stock trading performance. On the other hand, the investor-advisor similarity in neuroticism negatively affects investor trading performance. Further analysis also showed that investor-advisor similarity in demographics such as gender and education is related to stock trading performance. This research posits that retail investors show different trading performances if their personalities and demographics match (mismatch) with their advisors. Therefore, the patterns of investors’ trading performance can be jointly explained by both investors’ endogenous as well as exogenous factors.</description><identifier>ISSN: 0148-2963</identifier><identifier>EISSN: 1873-7978</identifier><identifier>DOI: 10.1016/j.jbusres.2019.10.055</identifier><language>eng</language><publisher>Elsevier Inc</publisher><subject>Behavioral finance ; Chinese stock market ; General Finance ; Personality similarity ; Quantitative Finance ; The Big Five ; Trading performance</subject><ispartof>Journal of business research, 2020-03, Vol.109, p.49-63</ispartof><rights>2019 Elsevier Inc.</rights><rights>Distributed under a Creative Commons Attribution 4.0 International License</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c375t-a7adb4edb7d9320b3d64ea797c4c38ef6ff7cff60d1066100b9dd7df4a8e057e3</citedby><cites>FETCH-LOGICAL-c375t-a7adb4edb7d9320b3d64ea797c4c38ef6ff7cff60d1066100b9dd7df4a8e057e3</cites><orcidid>0000-0002-8340-606X</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://dx.doi.org/10.1016/j.jbusres.2019.10.055$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>230,314,780,784,885,3550,27924,27925,45995</link.rule.ids><backlink>$$Uhttps://rennes-sb.hal.science/hal-02459823$$DView record in HAL$$Hfree_for_read</backlink></links><search><creatorcontrib>Tauni, Muhammad Zubair</creatorcontrib><creatorcontrib>Yousaf, Salman</creatorcontrib><creatorcontrib>Ahsan, Tanveer</creatorcontrib><title>Investor-advisor Big Five personality similarity and stock trading performance</title><title>Journal of business research</title><description>•Investor-advisor similarity in Big Five affects investor's stock trading performance.•Investor-advisor similarity in demographics is related to stock trading performance.•Patterns of trading behavior are jointly explained by endogenous & exogenous factors.
The purpose of this study is to investigate how investor-advisor similarities (differences) in Big Five personality are related to stock trading performance. We used an online survey questionnaire to collect data from 314 investor-advisor dyads in the Chinese stock market. Personality similarity (difference) between investor and advisor was determined using “difference score analysis”. The results showed that investor-advisor similarity in terms of openness, extraversion, conscientiousness, and agreeableness is positively related to investor stock trading performance. On the other hand, the investor-advisor similarity in neuroticism negatively affects investor trading performance. Further analysis also showed that investor-advisor similarity in demographics such as gender and education is related to stock trading performance. This research posits that retail investors show different trading performances if their personalities and demographics match (mismatch) with their advisors. Therefore, the patterns of investors’ trading performance can be jointly explained by both investors’ endogenous as well as exogenous factors.</description><subject>Behavioral finance</subject><subject>Chinese stock market</subject><subject>General Finance</subject><subject>Personality similarity</subject><subject>Quantitative Finance</subject><subject>The Big Five</subject><subject>Trading performance</subject><issn>0148-2963</issn><issn>1873-7978</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2020</creationdate><recordtype>article</recordtype><recordid>eNqFkMFOwzAQRC0EEqXwCUi5ckhYx0mcnFCpKK1UwQXOlmOvi0OaVHaI1L_HUSuunHY1mlntPELuKSQUaPHYJE394x36JAVaBS2BPL8gM1pyFvOKl5dkBjQr47Qq2DW58b4BgBSgnJG3TTeiH3oXSz1a37vo2e6ilR0xOqDzfSdbOxwjb_e2lW5aZaejEFDf0eCktt1uMpre7WWn8JZcGdl6vDvPOflcvXws1_H2_XWzXGxjxXg-xJJLXWeoa64rlkLNdJGhDK-qTLESTWEMV8YUoCkUBQWoK625NpksEXKObE4eTne_ZCsOzu6lO4peWrFebMWkQZrlVZmykQZvfvIq1_uAyfwFKIgJoGjEGaCYAE5yABhyT6cchiKjRSe8shhKautQDUL39p8Lv4mRfkI</recordid><startdate>20200301</startdate><enddate>20200301</enddate><creator>Tauni, Muhammad Zubair</creator><creator>Yousaf, Salman</creator><creator>Ahsan, Tanveer</creator><general>Elsevier Inc</general><general>Elsevier</general><scope>AAYXX</scope><scope>CITATION</scope><scope>1XC</scope><orcidid>https://orcid.org/0000-0002-8340-606X</orcidid></search><sort><creationdate>20200301</creationdate><title>Investor-advisor Big Five personality similarity and stock trading performance</title><author>Tauni, Muhammad Zubair ; Yousaf, Salman ; Ahsan, Tanveer</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c375t-a7adb4edb7d9320b3d64ea797c4c38ef6ff7cff60d1066100b9dd7df4a8e057e3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2020</creationdate><topic>Behavioral finance</topic><topic>Chinese stock market</topic><topic>General Finance</topic><topic>Personality similarity</topic><topic>Quantitative Finance</topic><topic>The Big Five</topic><topic>Trading performance</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Tauni, Muhammad Zubair</creatorcontrib><creatorcontrib>Yousaf, Salman</creatorcontrib><creatorcontrib>Ahsan, Tanveer</creatorcontrib><collection>CrossRef</collection><collection>Hyper Article en Ligne (HAL)</collection><jtitle>Journal of business research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Tauni, Muhammad Zubair</au><au>Yousaf, Salman</au><au>Ahsan, Tanveer</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Investor-advisor Big Five personality similarity and stock trading performance</atitle><jtitle>Journal of business research</jtitle><date>2020-03-01</date><risdate>2020</risdate><volume>109</volume><spage>49</spage><epage>63</epage><pages>49-63</pages><issn>0148-2963</issn><eissn>1873-7978</eissn><abstract>•Investor-advisor similarity in Big Five affects investor's stock trading performance.•Investor-advisor similarity in demographics is related to stock trading performance.•Patterns of trading behavior are jointly explained by endogenous & exogenous factors.
The purpose of this study is to investigate how investor-advisor similarities (differences) in Big Five personality are related to stock trading performance. We used an online survey questionnaire to collect data from 314 investor-advisor dyads in the Chinese stock market. Personality similarity (difference) between investor and advisor was determined using “difference score analysis”. The results showed that investor-advisor similarity in terms of openness, extraversion, conscientiousness, and agreeableness is positively related to investor stock trading performance. On the other hand, the investor-advisor similarity in neuroticism negatively affects investor trading performance. Further analysis also showed that investor-advisor similarity in demographics such as gender and education is related to stock trading performance. This research posits that retail investors show different trading performances if their personalities and demographics match (mismatch) with their advisors. Therefore, the patterns of investors’ trading performance can be jointly explained by both investors’ endogenous as well as exogenous factors.</abstract><pub>Elsevier Inc</pub><doi>10.1016/j.jbusres.2019.10.055</doi><tpages>15</tpages><orcidid>https://orcid.org/0000-0002-8340-606X</orcidid></addata></record> |
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| ispartof | Journal of business research, 2020-03, Vol.109, p.49-63 |
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| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Behavioral finance Chinese stock market General Finance Personality similarity Quantitative Finance The Big Five Trading performance |
| title | Investor-advisor Big Five personality similarity and stock trading performance |
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