University of Oulu

Andrew Conlin, Petri Kyröläinen, Marika Kaakinen, Marjo-Riitta Järvelin, Jukka Perttunen, Rauli Svento, Personality traits and stock market participation, Journal of Empirical Finance, Volume 33, 2015, Pages 34-50, ISSN 0927-5398,

Personality traits and stock market participation

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Author: Conlin, Andrew1; Kyröläinen, Petri2; Kaakinen, Marika3,4;
Organizations: 1Department of Finance, Oulu Business School, University of Oulu, Oulu, Finland
2Oulu Business School, Oulu, Finland
3Institute of Health Sciences and Biocenter Oulu, University of Oulu, Oulu, Finland
4Department of Genomics of Common Disease, Imperial College London, London, United Kingdom
5Department of Life Course and Services, National Institute for Health and Welfare, Oulu, Finland
6Department of Epidemiology and Biostatistics, MRC-HPA Centre for Environment and Health, Imperial College London, London, United Kingdom
7Department of Economics, Oulu Business School, University of Oulu, Oulu, Finland
Format: article
Version: accepted version
Access: open
Online Access: PDF Full Text (PDF, 0.7 MB)
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Language: English
Published: Elsevier, 2015
Publish Date: 2017-06-25


We analyze the relationship between personality traits and stock market participation. Our sample comes from combining personality trait scores and socioeconomic status information from the Northern Finland Birth Cohort 1966 with data from Finnish Central Securities Depository, the official register of stock holdings in Finland. We find the traits, and especially the subscales of the traits, to be significant predictors of stock market participation. In particular, exploratory excitability, extravagance, sentimentality, and dependence have large effects. One-standard-deviation changes in the subscale scores have marginal effects of up to 4 percentage points on the probability of participating in the stock market.

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Series: Journal of empirical finance
ISSN: 0927-5398
ISSN-E: 1879-1727
ISSN-L: 0927-5398
Volume: 3
Pages: 34 - 50
DOI: 10.1016/j.jempfin.2015.06.001
Type of Publication: A1 Journal article – refereed
Field of Science: 511 Economics
Funding: This work was supported by the Academy of Finland [project grants 104781, 120315, and 129418, Center of Excellence in Complex Disease Genetics and Public Health Challenges Research Program (SALVE)], University Hospital Oulu, Biocenter, University of Oulu, Finland (75617), the European Commission [EUROBLCS, Framework 5 award QLG1-CT-2000-01643], EU Framework Programme 7 [EurHEALTHAgeing (277849)], the National Heart, Lung and Blood Institute [5R01HL087679-02] through the SNP Typing for Association with Multiple Phenotypes from Existing Epidemiologic Data (STAMPEED) program [1RL1MH083268-01], the National Institute of Health/The National Institute of Mental Health [5R01MH63706:02], European Network of Genomic and Genetic Epidemiology (ENGAGE) project and grant agreement [HEALTH-F4-2007-201413], and the Medical Research Council, UK [G0500539, G0600705, PrevMetSyn/Public Health Challenges Research Program (SALVE)]. Andrew Conlin thanks OP-Pohjola Tutkimussäätiö and the Graduate School of Finance (GSF) for generous support.
EU Grant Number: (277849) EURHEALTHAGEING - European ResearcH on DevElopmentAL, BirtH and Genetic Determinants of Ageing
Academy of Finland Grant Number: 129418
Detailed Information: 129418 (Academy of Finland Funding decision)
Copyright information: © 2015. This manuscript version is made available under the CC-BY-NC-ND 4.0 license