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

Material type: 規格・テクニカルリポート類

Author: Yamane, Shokoほか

Publisher: Graduate School of Economics, The University of Osaka

Publication date: 2025-09

Material Format: Paper

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Note (General)：: This study examines the relationship between the Big Five personality traits—extraversion, neuroticism, openness to experience, conscientiousness, and...

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Paper

Material Type: 規格・テクニカルリポート類
Title: Big Five Personality Traits and Investment Behavior : An Empirical Investigation of Japanese Investors
Author/Editor: Yamane, Shoko
Araki, Hiroko
Noda, Takashi
Author Heading: Yamane, Shoko
https://nrid.nii.ac.jp/nrid/1000040633798
Araki, Hiroko
https://nrid.nii.ac.jp/nrid/1000030635131
Noda, Takashi
Publication, Distribution, etc.: Graduate School of Economics, The University of Osaka
Publication Date: 2025-09
Publication Date (W3CDTF): 2025-09
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 25-12
Volume: 25-12
Pages: 1-33
Text Language Code: eng
Subject Heading: Personality
Investor heterogeneity
Behavioral finance
D91
G11
G41
Target Audience: 一般
Note (General): 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.
References (URI): comment:URI
https://www2.econ.osaka-u.ac.jp/econ_society/dp/2512.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華