Download PDF by John Ameriks, Tanja Wranik, Peter Salovey: Emotional Intelligence and Investor Behavior

By John Ameriks, Tanja Wranik, Peter Salovey

ISBN-10: 1934667226

ISBN-13: 9781934667224

In response to a survey of forefront IRA and 401(k) traders, the authors express that traders who ranking hugely on assessments of emotional intelligence (i.e., the power "to realize and use feelings productively") are likely to show behaviors (e.g., using reasonably cheap fund techniques) that correlate strongly with strong funding functionality.

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Extra info for Emotional Intelligence and Investor Behavior

Sample text

To model the passive–active decision, we formed three groups of investors with different degrees of indexed-equity exposure in their retirement accounts: individuals whose equity funds were all actively managed (the 0 percent, or noindex, group), those who held both active and passive funds (the 1–99 percent, or some-index, group), and those who held only equity index funds (the 100 percent, or all-index, group). Again, we used an unordered multinomial probit model to isolate psychological and demographic characteristics related to membership in these three groups.

00 No Income No Reads % Stock Trans. Male Married Children College College Postgrad. <$250,000 Advice Fin. Int. Fin. Lit. Balance % Stock Indexed Days Male IRA investors Category Table A2. 00 of 31 December 2005. for 2004–2006 for IRA investors, total for 2005 through Q2 2007 for 401(k) investors. bTotal aAs Notes: Italic font signifies significance at the 10 percent level. Bold font signifies significance at the 5 percent level. 00 No Income No Reads % Stock Trans. Male Married Children College College Postgrad.

First, we found Impulsiveness, especially the measure of Urgency, to be strongly related to high transaction activity in both IRA and 401(k) accounts (see Exhibit 9). Second, those high in Premeditation were more likely to have none of their assets (in the Vanguard accounts) in indexed funds. Because a high volume of trading and a lack of indexed funds are considered less-than-optimal behavior (Barber and Odean 2000; French 2008), this result would help explain why both Impulsiveness dimensions were strongly and negatively related to IRR.

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Emotional Intelligence and Investor Behavior by John Ameriks, Tanja Wranik, Peter Salovey


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