Abstract:
This study aims at determining the personality traits and investment patterns in the stock market and presenting the pattern with a behavioral finance approach. This is an applied, descriptive- survey, and cross-sectional study. The statistical population includes real investors in the Tehran Stock Exchange. The required information was collected using questionnaire and was analyzed using SPSS and AMOS software. Exploratory and confirmatory factor analysis were used to investigate research questions and the results showed that, the components neuroticism, extroversion, flexibility, agreement, motivator and Self- confidence determine personality traits. Components demographic traits of the investor, type of investment, investment objective, investment time, investment efficiency, and traits of shares determine investment patterns. And components risk-taking capabilities, heuristic factors, emotional factors, psychological effects, complaint behaviors, and personal and social values, determine behavioral- finance patterns among true investors in the tehran stock exchange. Investigating the relationships between the research variables indicated that personality traits have a significant effect on behavioral- finance components.
Machine summary:
ir (Corresponding Author) Hossein Ali Bahramzadeh Department of Management, Bojnourd Branch, Islamic Azad University, Bojnourd, Iran Farshid Pourshahabi Department of Economics, Bojnourd University, Bojnourd, Iran Received: 13 May 2018 Accepted: 15 January 2019 This study aims at determining the personality traits and investment patterns in the stock market and presenting the pattern with a behavioral finance approach.
2. Literature review In Jamshidi and Qalibafel Asl study (2018), entitled "Investigating the Impact of Investors Personality Traits on Transaction Behavior and Their Investment Performance, Evidence from Tehran Stock Exchange", behavioral and functional components of 380 true investors active in the capital market was surveyed using a questionnaire.
In the third research question of the present study, it was found that herd behavior had a significant effect on the decision (investment pattern) of real investors in Tehran Stock Market.
In the third research question of the present study, in was shown that risk-taking capabilities, herd behavior and personal and social values significantly affect the investors’ decisions (investment patterns) in Tehran Stock Market.
In the third research question of the present study, herd behavior was shown to have a significant effect on the decisions (investment patterns) of investors in Tehran Stock Market.
In the third research question of the present study, it was shown that herd behavior and heuristic factors significantly affect the decision making (investment pattern) of real investors in Tehran Stock Market.
In the third research question of the present study, it was shown that psychological effects and risk-taking capabilities significantly affects real investors’ decisions (investment patterns) in Tehran Stock Market.