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Individual psychology and investment style


  • Lucy F. Ackert
  • George Athanassakos
  • Bryan K. Church


This paper sheds light on the individual characteristics associated with investment style. A vast literature documents the importance of individual personality in explaining variation in choice, yet many questions remain regarding the determinants of investment choices. We use an experimental method to isolate participants' preference for value vs. growth stocks. Recent research suggests that biology plays a significant role in determining investment style. We extend this research by examining whether measurable behavioural and personality factors predict investment style, including risk tolerance, time preference, overconfidence, personal evaluation of the investment opportunity, and character strengths. Importantly, we find that an individuals' personal affective assessment of an investment opportunity plays a significant role in the determination of investor style.

Suggested Citation

  • Lucy F. Ackert & George Athanassakos & Bryan K. Church, 2015. "Individual psychology and investment style," International Journal of Behavioural Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(2), pages 175-201.
  • Handle: RePEc:ids:ijbeaf:v:5:y:2015:i:2:p:175-201

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    Cited by:

    1. Chow, Sheung-Chi & Hon, Tai-Yuen & Wong, Wing-Keung & Woo, Kai-Yin, 2017. "Empirical Study on Conservative and Representative Heuristics of Hong Kong Small Investors Adopting Momentum and Contrarian Trading Strategies," MPRA Paper 82744, University Library of Munich, Germany.


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