Title Page
Abstract
Contents
Chapter 1. Introduction to the Study 15
1.1. Background of the Study 15
1.2. Problem Statement 24
1.3. Purpose of the Study 24
1.4. Research Questions 28
1.5. Conceptual Framework 29
1.6. Significance of the Study 34
1.6.1. Significance to Practice 35
1.6.2. Significance to Theory 37
1.7. Summary and Transition 38
Chapter 2. Literature Review 40
2.1. Theoretical Foundation 40
2.1.1. Theory of Planned Behavior 40
2.1.2. The Big Five Personality Theory 42
2.1.3. Prospect Theory 45
2.1.4. Theory of Emotion 48
2.2. Conceptual Framework 51
2.2.1. Investor gender 51
2.2.2. Investor age 52
2.2.3. Investor education level 54
2.2.4. Investor experiences 55
2.3. Literature Review 56
2.3.1. Irrational Behavior 56
2.3.2. Disposal Effect 57
2.3.3. Overtrading 61
2.3.4. Personality 63
2.3.5. Emotion 68
2.3.6. Confidence 71
2.3.7. Theoretical Gaps and Research Contribution 74
2.4. Hypotheses Development 80
2.4.1. Hypotheses of Behavior Intention 80
2.4.2. Hypotheses of Irrational Trading Decision 90
2.5. Summary and Conclusions 95
Chapter 3. Research Method 96
3.1. Research Design and Rationale 96
3.2. Methodology 99
3.2.1. Population 99
3.2.2. Sampling and Sampling Procedures 101
3.2.3. Data Collection 103
3.2.4. Questionnaire Design 106
3.2.5. Instrumentation and Operationalization of Constructs 113
3.3. Data Analysis Plan 118
3.3.1. Demographics Report 118
3.3.2. Descriptive Statistics and Group Analysis 119
3.3.3. Reliability Analysis and Validity Analysis 120
3.3.4. Preliminary Considerations for SEM Analysis 122
3.3.5. Structural Model Assessment 127
3.3.6. Moderation Analysis 128
3.3.7. Mediating Analysis 131
3.4. Treats to Validity 139
3.4.1. External Validity 139
3.4.2. Internal Validity 140
3.4.3. Construct Validity 140
3.5. Summary 141
Chapter 4. Results 142
4.1. Data Collection 142
4.2. Data Analysis 143
4.3. Demographic Characteristics 143
4.4. Descriptive Statistical Analysis 145
4.4.1. Personality Characteristics 145
4.4.2. Emotional Characteristics 149
4.4.3. Decision Behavior Characteristics 152
4.5. Reliability and Validity Analysis 154
4.5.1. Reliability Analysis 154
4.5.2. Validity Analysis 156
4.6. Confirmatory Factor Analysis 158
4.6.1. Index Modification 159
4.6.2. Construct Validity 164
4.6.3. Convergence Validity 165
4.6.4. Discriminant Validity 167
4.7. Structural Model Assessment 169
4.7.1. Model Revision 170
4.7.2. Model Assessment 172
4.7.3. Hypothesis testing 175
4.8. Moderation Analysis 180
4.8.1. Moderating Effects of Gender 180
4.8.2. Moderating Effect of Age 183
4.8.3. Moderating Effect of Education 188
4.8.4. Moderating Effect of Experience 192
4.9. Mediating Analysis 196
4.9.1. Existence test of Disposition effect 197
4.9.2. Reliability and Validity Analysis 199
4.9.3. Path Analysis of Disposition effect 200
4.9.4. Existence Test of Overtrading 209
4.9.5. Reliability and Validity Analysis 211
4.9.6. Path Analysis of Overtrading Behavior 212
4.10. Study Results 219
4.11. Summary 225
Chapter 5. Discussion 227
5.1. Interpretation of Findings 227
5.1.1. Investor Personality and Investment Intention 227
5.1.2. Moderating Factors of Investment Intentions 229
5.1.3. Irrational Investment Behavior Decision 230
5.2. Limitations of the Study 232
5.3. Recommendations 234
5.4. Implications 237
5.5. Recommendations for Research 240
References 244
Appendices 274
Appendix A. Moderation Analysis Hypotheses and Verification Result 274
Appendix B. Questionnaire(English version) 283
Table 1. Definition Development of Main Constructs 96
Table 2. Personality measurement index 107
Table 3. Decision Behavior measurement index 109
Table 4. Investment behavior measurement index 112
Table 5. The fitting index for AMOS 123
Table 6. Demographic Statistics 144
Table 7. Personality Characteristics in Gender 146
Table 8. Personality Characteristics in Gender and Education level 148
Table 9. Personality Characteristics in Age 149
Table 10. Emotion Characteristics 150
Table 11. Emotion Characteristics in gender and education level 151
Table 12. Decision Behavior Characteristics in gender 152
Table 13. Decision Behavior Characteristics in education level 153
Table 14. Big five personality Reliability Statistics 154
Table 15. Decision Behavior Reliability Statistics 156
Table 16. Big five Personality Indexes path 160
Table 17. Decision Behavior Indexes path 164
Table 18. Big five Personality convergent validity 166
Table 19. Decision Behavior convergent validity 167
Table 20. Big five Personality AVE value Cross 168
Table 21. Decision Behavior AVE value Cross 168
Table 22. TPB Decision Model Fitting index 173
Table 23. Path Analysis 173
Table 24. Intention model hypothesis testing result 175
Table 25. Moderating effect of gender 181
Table 26. Moderating effect path analysis of gender 182
Table 27. Moderating effect of Age 185
Table 28. Moderating effect path analysis of age 186
Table 29. Moderating effect of education level 189
Table 30. Moderating effect path analysis of education level 191
Table 31. Moderating effect of experience 194
Table 32. Moderating effect path analysis of experience 195
Table 33. Disposition effect sub-sample descriptive statistic 197
Table 34. Reliability of Disposition effect latent variable 199
Table 35. Path analysis of disposition effect decision in positive emotion 202
Table 36. Path analysis of disposition effect decision in negative emotion 206
Table 37. Overtrading decision sub-sample descriptive statistic 209
Table 38. Reliability of Overtrading latent variable 211
Table 39. Path analysis of overtrading decision 214
Table 40. Path analysis of overtrading decision with overconfidence 217
Table 41. Research hypothesis testing result 221
Figure 1. Conceptual framework 31
Figure 2. TPB model 41
Figure 3. Hypothesis H1-H12 Roadmap 83
Figure 4. Hypothesis H13-H16 Roadmap 91
Figure 5. Hypothesis H17-H19 Roadmap 94
Figure 6. Mediating Effect Analysis method 139
Figure 7. Personality Structural Equation Model 160
Figure 8. TPB decision Intention model 170
Figure 9. TPB decision Intention Structure model 179
Figure 10. Disposition Effect Decision Existence ANOVA Analysis 198
Figure 11. Disposition effect decision model 201
Figure 12. Disposition effect Structure Model in positive emotion 203
Figure 13. Disposition effect Structure Model in negative emotion 207
Figure 14. Overtrading decision existence ANOVA analysis 210
Figure 15. Overtrading decision model 213
Figure 16. Overtrading decision Structure Model 215
Figure 17. Overtrading decision Structure Model with overconfidence 218