Overconfidence and stock returns: a behavioural perspective
by Dimitrios Kourtidis; Željko Šević; Prodromos Chatzoglou
International Journal of Behavioural Accounting and Finance (IJBAF), Vol. 5, No. 1, 2015

Abstract: This study attempts to group investors (individuals and professionals) into different segments based on their level of overconfidence (as a psychological bias) and, then, to examine whether, and to what extent, specific personality trait drive investors' trading behaviour. This study performing a cluster analysis, and using a representative survey of 345 investors in Greece, identified two main segments of investors: Overconfident investors and Underconfident investors. A comparative analysis between these two segments identified some differences in the trading behaviour of investors, depending on the segment they belong to. Moreover, a statistical association between investors' clusters and various demographic, socioeconomic characteristics and trading behaviour is also found.

Online publication date: Sun, 09-Aug-2015

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