Die Persönlichkeit als Erklärungsansatz interindividueller Unterschiede im Anlegerverhalten an der Börse
type: CreativeWork
description: Based on the insights from Behavioral Finance the present dissertation analyses the personality as an explanatory approach for inter-individual differences in the behavior of stock market investors. The examination of such correlations aims at providing investors with an in depth view into their psyche, which is supposed to be one major driver of specific investing patterns. This self-knowledge might serve as a starting point for possible changes in behavior. The impact of personality dispositions on investors' behavior was firstly derived and explained theoretically. Secondly an empirical investigation was conducted to verify nine developed scales to measure investor behavior. The specificity of the stock market confronts investors with a variety of information and risks, which might cause stress reactions depending on their personality structure. The nine behavior patterns covered in this dissertation, upon which investors draw in order to deal with potentially stressful situations, can be divided into problem- and emotion-oriented. Out of the five most important personality factors neuroticism, extraversion, and conscienciousness were regarded as particularly meaningful with regard to their impact on investor behavior. It was assumed that investors high on the neuroticism scale tend to show emotion-oriented behavior. Investors either high on the extraversion or on the conscienciousness scale are likely to use mainly problem-oriented measures. Accordingly in 27 hypotheses for neuroticism predominantly emotion-oriented stress handling strategies were expected and for extraversion and conscienciousness problem-oriented strategies. The survey comprised 302 participants who were mostly between 20 and 51 years, 91% men. The test persons were dedicated, interested and informed investors. They filled in a questionnaire online, which was composed of scales on neuroticism, extraversion and conscienciousness taken from the NEO-FFI and the following nine investor behavior sc…
abstract: Based on the insights from Behavioral Finance the present dissertation analyses the personality as an explanatory approach for inter-individual differences in the behavior of stock market investors. The examination of such correlations aims at providing investors with an in depth view into their psyche, which is supposed to be one major driver of specific investing patterns. This self-knowledge might serve as a starting point for possible changes in behavior. The impact of personality dispositions on investors' behavior was firstly derived and explained theoretically. Secondly an empirical investigation was conducted to verify nine developed scales to measure investor behavior. The specificity of the stock market confronts investors with a variety of information and risks, which might cause stress reactions depending on their personality structure. The nine behavior patterns covered in this dissertation, upon which investors draw in order to deal with potentially stressful situations, can be divided into problem- and emotion-oriented. Out of the five most important personality factors neuroticism, extraversion, and conscienciousness were regarded as particularly meaningful with regard to their impact on investor behavior. It was assumed that investors high on the neuroticism scale tend to show emotion-oriented behavior. Investors either high on the extraversion or on the conscienciousness scale are likely to use mainly problem-oriented measures. Accordingly in 27 hypotheses for neuroticism predominantly emotion-oriented stress handling strategies were expected and for extraversion and conscienciousness problem-oriented strategies. The survey comprised 302 participants who were mostly between 20 and 51 years, 91% men. The test persons were dedicated, interested and informed investors. They filled in a questionnaire online, which was composed of scales on neuroticism, extraversion and conscienciousness taken from the NEO-FFI and the following nine investor behavior sc…
author: Rothkopf, Birte
language: ger
keywords: info:eu-repo/classification/ddc/330, Börse, Anlageverhalten, Persönlichkeitspsychologie, Wirtschaft, Persönlichkeit, Anleger, Investor, Behavioral Finance
date published: 2003
date modified: 2026-07-30T19:43:10Z
provider: RWTH Aachen University
publisher: Networked Digital Library of Theses and Dissertations
type: WebPage
source organization: Publikationsserver der RWTH Aachen University