The Effect of the Interaction between Demographic Factors and Personality Traits and Financial Behaviour Factors in Terms of Investment Decision Making

摘要

The purpose of this study is to show that there is an interaction between the fivepersonality traits and demographic factors with behavioral biases in investmentdecisions in Tehran Stock Exchange in 2011 .for evaluating the extreme impact offive characteristics(extraversion, Neuroticism, openness to experience, agreeableness,conscientiousness) and demographic variables (age, gender, education, residentialarea) on the investment's biases through structural equation modelling analysis(SEM),and through AMOS6 software. The results show that the investment biases inindividual investigators has relationship with personal characteristics meaningfullyand with some of the demographic variables weakly. Finally, it is also found thatbehavioral finance factors are effective in individuals’ investment decisions.