The Study of Relationship between Big Five Personality Traits and the Behavioral Biases of Mutual Fund Investors

[[abstract]]從台灣研究資料中發現五大人格特質與投資偏誤行為存在著顯著的關聯(許銘展，2010)。儘管如此，此類研究並未針對基金投資人的人格特質與行為偏誤進行探討，因此本研究以共同基金投資人為研究對象，探討人格特質與偏誤投資行為的關聯。使用問卷調查，且以共同基金投資人為問卷發放對象，有效問卷為一百七十九份，利用迴歸分析來探討人格特質與偏誤行為之關聯。實證結果發現共同基金投資人的人格特質與共同基金投資行為偏誤存在顯著關聯。其中，經驗開放性正向顯著影響過度自信；情緒穩定性負向顯著影響從眾行為及心理帳戶；嚴謹性正向顯著影響過度自信；友善性負向顯著影響過度自信及正向顯著影響心理帳戶。 In Taiwan, Hsu (2010) shows that Big Five personality traits affect investment decisions. Nonetheless, the study above does not mention about the effect of Big Five personality traits on mutual fund investors’ behavior. Based on this reason, this study tries to explore the relationships between Big Five personality traits and behavioral biases of mutual fund investors. We use questionnaire to measure personality traits and behavioral biases. And using regression analysis to examine the hypotheses we propose. From the empirical results, we find that behavioral biases associated with investors personality traits significantly. First, openness to experience positive affects the degree of overconfidence significantly. Second, emotional stability negative affects the degree of herding significantly. Third, conscientiousness positive affects the degree of overconfidence significantly. And forth, agreeableness negative affects the degree of overconfidence significantly and positive affects the degree of mental accounting significantly