Psychology plays an important role in investment decisions. People with severe neuroticism are more pessimistic about average future stock returns.
Open-minded people are more likely to take risks when making financial decisions. Other personality traits, such as conscientiousness, extroversion, and social compatibility, have no measurable influence on investment behavior. The findings should serve as a stimulus for investors, Pforzheim University professor Hanno Beck tells Die Welt. "The most important thing is that everyone starts to think about themselves," he says.