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Overconfidence and stock returns: a behavioural perspective

Author

Listed:
  • Dimitrios Kourtidis
  • Željko Å ević
  • Prodromos Chatzoglou

Abstract

This study attempts to group investors (individuals and professionals) into different segments based on their level of overconfidence (as a psychological bias) and, then, to examine whether, and to what extent, specific personality trait drive investors' trading behaviour. This study performing a cluster analysis, and using a representative survey of 345 investors in Greece, identified two main segments of investors: Overconfident investors and Underconfident investors. A comparative analysis between these two segments identified some differences in the trading behaviour of investors, depending on the segment they belong to. Moreover, a statistical association between investors' clusters and various demographic, socioeconomic characteristics and trading behaviour is also found.

Suggested Citation

  • Dimitrios Kourtidis & Željko Å ević & Prodromos Chatzoglou, 2015. "Overconfidence and stock returns: a behavioural perspective," International Journal of Behavioural Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(1), pages 57-81.
    • Handle: RePEc:ids:ijbeaf:v:5:y:2015:i:1:p:57-81
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