Appendix A. Correlations and

К оглавлению 1 2 3 4 5 6 7 8

Mean Test Scores

Table A1. Pearson Correlation Coefficients between Psychological Test Scores

MSCEIT (EI) BFI UPPS IMP

Category PER USG UND MNG AGR CON EXT NEU OPN PRE URG

IRA investors

EI-Perceiving 1.00

EI-Using 0.40 1.00

EI-Understanding 0.23 0.19 1.00

EI-Managing 0.25 0.37 0.21 1.00

BF-Agreeableness 0.12 0.18 0.01 0.23 1.00

BF-Conscientiousness 0.12 0.22 0.04 0.19 0.25 1.00

BF-Extraversion 0.03 0.02 –0.06 0.12 0.18 0.17 1.00

BF-Neuroticism –0.04 –0.05 0.03 –0.09 –0.45 –0.31 –0.26 1.00

BF-Openness 0.04 0.09 0.12 0.12 0.13 0.17 0.27 –0.15 1.00

IMP-Premeditation 0.14 0.17 0.08 0.12 0.12 0.38 –0.24 –0.09 0.03 1.00

IMP-Urgency 0.13 0.17 0.05 0.18 0.40 0.45 0.07 –0.53 0.23 0.40 1.00

401(k) investors

EI-Perceiving 1.00

EI-Using 0.34 1.00

EI-Understanding 0.20 0.27 1.00

EI-Managing 0.24 0.33 0.19 1.00

BF-Agreeableness 0.08 0.10 –0.04 0.22 1.00

BF-Conscientiousness 0.08 0.16 –0.01 0.17 0.26 1.00

BF-Extraversion –0.01 –0.03 –0.03 0.09 0.14 0.17 1.00

BF-Neuroticism 0.00 –0.10 –0.06 –0.13 –0.39 –0.30 –0.24 1.00

BF-Openness 0.02 0.03 0.11 0.11 0.08 0.14 0.28 –0.19 1.00

IMP-Premeditation 0.09 0.12 0.02 0.08 0.16 0.41 –0.18 –0.08 0.05 1.00

IMP-Urgency 0.05 0.19 0.10 0.19 0.33 0.45 0.05 –0.52 0.24 0.37 1.00

Notes: MSCEIT = Mayer–Salovey–Caruso Emotional Intelligence Test; EI = emotional intelligence; BFI

= Big Five Inventory; UPPS = Whiteside and Lyman’s test of “Urgency, Premeditation, Perseverance and

Sensation Seeking”; and IMP = Impulsive Behavior Scale. Italic font signifies significance at the 10

percent level. Bold font signifies that the measured coefficient is statistically different from zero at a 5

percent confidence level or better based on a t-test.

Table A2. Pearson Correlation Coefficients between Demographic and Financial Variables

Category Male Married Children

College College Postgrad.

Income

<$250,000

Advice Fin. Int.

Reads

Fin. Lit. Balance % Stock

% Stock

Indexed

Trans.

Days

IRA investors

Male 1.00

Married 0.11 1.00

Children 0.09 0.44 1.00

No college degree –0.08 0.03 0.03 1.00

College graduate 0.01 0.01 0.02 –0.42 1.00

Postgraduate degree 0.06 –0.03 –0.04 –0.40 –0.66 1.00

Income <$250,000 –0.07 –0.16 –0.06 0.18 0.08 –0.23 1.00

No advice 0.05 –0.06 –0.01 –0.03 0.07 –0.04 0.00 1.00

Finance interest 0.11 –0.04 0.03 –0.19 0.01 0.15 –0.11 0.05 1.00

Reads financial literature 0.06 0.01 0.02 0.03 0.00 –0.02 –0.05 –0.03 0.03 1.00

ln(AcctBal)a 0.13 0.07 0.03 –0.09 –0.02 0.10 –0.20 –0.03 0.09 0.02 1.00

%Stocka 0.02 –0.03 –0.02 –0.06 0.00 0.05 –0.07 0.01 –0.04 –0.03 –0.03 1.00

%Stock indexeda 0.04 0.02 –0.01 –0.08 –0.01 0.07 –0.07 0.02 0.04 –0.01 0.00 0.11 1.00

Exchange days totalb 0.02 0.01 0.00 0.08 0.00 –0.06 0.02 –0.05 –0.04 0.03 0.09 –0.12 –0.05 1.00

401(k) investors

Male 1.00

Married 0.24 1.00

Children 0.11 0.47 1.00

No college degree –0.05 –0.01 0.03 1.00

College graduate 0.03 –0.02 –0.02 –0.61 1.00

Postgraduate degree 0.02 0.04 –0.02 –0.46 –0.43 1.00

Income <$250,000 –0.09 –0.19 –0.09 0.27 0.00 –0.31 1.00

(continued)

Emotional Intelligence and Investor Behavior

Table A2. Pearson Correlation Coefficients between Demographic and Financial Variables (continued)

Category Male Married Children

College College Postgrad.

Income

<$250,000

Advice Fin. Int.

Reads

Fin. Lit. Balance % Stock

% Stock

Indexed

Trans.

Days

No advice 0.09 –0.01 0.02 0.03 0.00 –0.04 0.10 1.00

Finance interest 0.05 0.01 0.01 –0.22 0.10 0.14 –0.12 0.03 1.00

Reads financial literature 0.09 0.04 –0.01 –0.01 –0.02 0.03 –0.03 0.00 0.02 1.00

ln(AcctBal)a 0.22 0.13 0.07 –0.19 0.10 0.11 –0.25 –0.13 0.05 0.03 1.00

%Stocka 0.10 0.03 –0.01 –0.06 0.05 0.01 0.00 0.03 0.03 0.02 –0.02 1.00

%Stock indexeda –0.04 –0.04 –0.03 –0.05 0.00 0.06 0.00 0.03 0.01 –0.03 0.02 0.03 1.00

Exchange days totalb 0.12 0.05 0.02 0.01 –0.04 0.03 0.00 –0.01 0.02 0.05 0.14 –0.02 –0.01 1.00

Notes: Italic font signifies significance at the 10 percent level. Bold font signifies significance at the 5 percent level.

aAs of 31 December 2005.

bTotal for 2004–2006 for IRA investors, total for 2005 through Q2 2007 for 401(k) investors.

Table A3. Pearson Correlation Coefficients between Control Variables and

Psychological Test Scores

MSCEIT (EI) BFI UPPS IMP

Category PER USG UND MNG AGR CON EXT NEU OPN PRE URG

IRA investors

Male –0.16 –0.09 –0.08 –0.15 –0.10 –0.15 –0.06 –0.06 0.05 0.06 0.04

Age 0.01 0.05 –0.05 0.05 0.04 0.05 –0.01 –0.06 –0.01 0.06 0.02

Married –0.05 –0.02 –0.07 –0.01 –0.01 –0.02 0.06 –0.02 –0.13 –0.06 –0.06

Children –0.03 –0.03 –0.04 0.01 0.00 –0.01 0.06 –0.03 –0.15 –0.01 –0.04

No college degree –0.04 –0.01 –0.19 –0.06 –0.02 –0.06 –0.01 0.04 –0.15 –0.05 –0.09

College graduate 0.05 –0.03 0.01 –0.01 0.01 –0.03 –0.02 –0.01 –0.02 –0.05 –0.01

Postgraduate degree –0.02 0.04 0.14 0.06 0.00 0.08 0.03 –0.03 0.15 0.09 0.09

Income <$150,000 0.03 0.02 –0.06 –0.02 0.03 –0.06 –0.09 0.03 –0.05 –0.03 –0.08

Assets <$250,000 0.05 0.03 –0.06 0.05 0.08 –0.02 0.01 0.03 0.03 –0.01 –0.01

Have pension –0.09 –0.06 –0.07 –0.02 –0.03 –0.05 0.02 –0.01 –0.10 –0.01 –0.03

No advice –0.03 0.01 0.06 –0.06 –0.05 –0.03 –0.09 0.07 –0.01 –0.01 –0.02

Finance interest –0.08 –0.02 0.06 0.03 –0.04 0.01 0.02 0.00 –0.04 –0.04 0.00

Reads financial

literature –0.05 –0.01 –0.11 –0.12 0.04 0.06 0.15 –0.06 0.06 0.01 0.04

ln(AcctBal)a –0.03 –0.02 –0.01 –0.01 –0.02 0.04 0.02 –0.05 0.00 –0.01 0.05

%Stocka –0.07 –0.06 –0.04 –0.03 0.02 0.00 0.05 –0.08 0.00 –0.01 0.05

%Indexeda –0.03 0.03 0.06 0.03 0.01 –0.01 –0.01 0.03 0.02 0.01 0.00

%Stock indexeda –0.01 0.06 0.08 0.03 0.00 0.00 –0.02 0.04 0.03 0.02 0.01

Exchange days 0 –0.02 0.02 0.00 0.04 0.02 0.00 –0.02 –0.07 0.02 0.05 0.08

Exchange days 1–5 0.01 0.02 0.02 0.02 0.03 0.01 0.05 0.06 0.02 –0.03 –0.07

Exchange days 6+b 0.01 –0.06 –0.03 –0.07 –0.07 –0.01 –0.04 0.00 –0.04 0.02 0.01

401(k) investors

Male –0.16 –0.12 –0.12 –0.19 –0.14 –0.09 –0.08 –0.05 0.06 0.07 0.06

Age –0.03 –0.01 –0.08 0.10 0.06 0.07 0.01 –0.03 –0.03 0.00 0.00

Married –0.05 0.01 –0.09 –0.06 –0.04 –0.04 0.03 0.01 –0.05 –0.03 –0.04

Children –0.03 –0.03 –0.05 –0.01 0.11 0.01 0.07 –0.04 –0.06 –0.01 –0.03

No college degree 0.12 –0.03 –0.18 –0.02 0.06 –0.07 0.01 0.05 –0.17 –0.02 –0.18

College graduate –0.06 –0.02 0.06 0.04 –0.03 0.05 –0.01 0.00 0.00 0.04 0.07

Postgraduate degree –0.07 0.06 0.13 –0.02 –0.03 0.02 0.01 –0.05 0.19 –0.02 0.13

Income <$150,000 0.01 –0.04 –0.05 –0.02 0.00 –0.02 –0.10 0.10 –0.12 0.11 –0.08

Assets <$250,000 0.10 –0.03 –0.02 –0.03 0.04 –0.05 –0.06 0.08 –0.08 0.00 –0.11

Has pension –0.03 –0.03 –0.09 0.02 0.08 0.07 0.02 –0.04 –0.05 0.02 0.03

No advice 0.00 –0.04 –0.05 –0.13 –0.06 –0.07 –0.06 0.04 –0.06 –0.02 –0.04

Finance interest –0.05 0.00 0.04 0.03 0.03 0.08 0.03 –0.05 –0.01 0.07 0.11

(continued)

Table A3. Pearson Correlation Coefficients between Control Variables and

Psychological Test Scores (continued)

MSCEIT (EI) BFI UPPS IMP

Category PER USG UND MNG AGR CON EXT NEU OPN PRE URG

Reads financial

literature 0.00 –0.01 0.01 –0.02 –0.03 0.05 0.03 –0.07 0.07 0.00 0.07

ln(AcctBal)a –0.07 0.00 0.03 0.02 –0.08 –0.01 –0.02 0.01 –0.01 –0.02 0.01

%Stocka 0.00 0.00 0.04 0.01 –0.06 –0.02 0.01 –0.01 0.01 –0.03 0.02

%Indexeda 0.03 0.03 0.07 0.01 0.00 0.03 –0.02 –0.04 0.03 –0.01 0.03

%Stock indexeda 0.04 0.05 0.08 0.00 –0.01 0.02 0.00 –0.05 0.03 –0.01 0.02

Exchange days 0 0.02 0.01 0.00 –0.04 –0.03 –0.03 –0.03 0.03 0.01 0.01 0.00

Exchange days 1–5 0.08 0.05 0.04 0.09 0.08 0.07 0.06 –0.03 0.02 0.01 0.05

Exchange days 6+b –0.10 –0.06 –0.05 –0.07 –0.07 –0.06 –0.05 0.01 –0.02 –0.01 –0.05

Notes: See definitions in Table A1. Italic font signifies significance at the 10 percent level. Bold font signifies

significance at the 5 percent level.

aAs of 31 December 2005.

bTotal for 2004–2006 for IRA investors, total for 2005 through Q2 2007 for 401(k) investors.

Table A4. Mean Emotional Intelligence Test Scores by Demographic Category

IRA Investors 401(k) Investors

Category PER USG UND MNG TOT PER USG UND MNG TOT

Gender 91.88 98.03 96.76 96.05 94.43 92.93 97.44 94.89 96.64 94.35

Female 95.69 100.22 98.05 98.23 97.76 97.04 100.45 96.74 99.64 98.77

Male 90.24 97.07 96.20 95.09 92.99 91.21 96.19 94.12 95.35 92.50

Age 91.88 98.03 96.76 96.05 94.43 92.93 97.44 94.89 96.64 94.35

Under 49 92.26 97.89 97.51 96.12 94.55 93.62 98.08 95.80 95.62 94.73

50–54 92.07 97.53 96.40 95.20 94.08 91.89 96.50 94.89 96.06 93.43

55+ 91.51 98.46 96.47 96.53 94.55 93.09 97.53 93.74 98.41 94.79

Marital status 91.91 98.03 96.81 96.06 94.46 92.91 97.43 94.87 96.64 94.34

Married 91.43 97.83 96.39 95.99 94.00 92.47 97.51 94.40 96.35 93.86

Not married 93.38 98.63 98.07 96.28 95.86 94.61 97.15 96.66 97.81 96.18

Education 92.03 98.08 96.84 96.10 94.52 93.00 97.45 94.98 96.68 94.43

No college degree 90.63 97.73 93.02 94.96 91.59 95.57 96.85 92.57 96.36 94.46

College graduate 93.04 97.45 96.98 96.01 95.11 91.74 96.98 95.77 97.24 94.00

Postgraduate degree 91.66 98.92 98.57 96.79 95.32 91.14 99.05 97.29 96.35 95.02

Income 91.88 98.03 96.76 96.05 94.43 92.93 97.44 94.89 96.64 94.35

<$250,000 92.17 98.14 96.42 95.93 94.41 93.00 97.11 94.59 96.55 93.96

$250,000+ 90.88 97.56 97.87 96.33 94.34 92.70 98.45 95.91 96.96 95.63

Total assets 91.88 98.03 96.76 96.05 94.43 92.93 97.44 94.89 96.64 94.35

Under $150,000 90.54 96.66 94.36 95.75 92.31 93.64 96.47 94.38 95.35 93.70

$150,000–$249,000 95.98 101.15 96.57 98.24 98.13 96.40 97.50 94.89 97.53 96.08

$250,000–$499,000 91.36 96.12 96.32 95.30 93.00 91.45 97.82 94.35 96.54 93.71

$500,000–$999,000 91.77 99.08 97.15 95.97 94.90 91.95 96.96 95.05 97.75 94.13

$1.00 million–

$1.49 million 89.78 96.58 96.06 95.76 92.63 90.63 97.75 96.35 95.22 93.45

$1.5 million+ 92.93 98.84 98.68 96.32 95.95 92.30 100.83 96.65 98.08 96.27

Vanguard accounta 91.88 98.03 96.76 96.05 94.43 92.93 97.44 94.89 96.64 94.35

$5,000–$45,000 92.38 99.60 96.47 96.35 94.88 94.01 97.24 94.56 96.82 94.63

$45,000–$110,000 92.46 96.59 98.34 96.26 95.15 93.42 97.54 94.95 96.22 94.61

$110,000–$236,000 89.50 97.99 95.70 94.75 92.48 93.49 97.02 95.15 96.29 94.43

$236,000–$1.8 million 93.01 98.18 96.48 96.74 95.07 90.60 98.05 94.82 97.42 93.69

Notes: PER = EI-Perceiving; USG = EI-Using; UND = EI-Understanding; MNG = EI-Managing.

Because not every respondent answered every question, each group contains missing observations. Bold

font indicates that at least one sample mean is statistically different from the others at the 5 percent

significance level; for example in the set of rows for gender, both rows are highlighted, as in all cases,

male scores are statistically significantly different from female scores. In the set of rows for marital status,

however, only the EI-Understanding scores differ by marital status for IRA Investors whereas EIUnderstanding

and the EI-Total scores are different for 401(k) Investors.

aAccount balances are as of 31 December 2005.

Table A5. Mean BFI and IMP Test Scores by Demographic Category

IRA Investors 401(k) Investors

Category BFI UPPS IMP BFI UPPS IMP

AGR CON EXT NEU OPN PRE URG AGR CON EXT NEU OPN PRE URG

Gender 3.86 4.17 3.11 2.54 3.65 3.20 3.11 3.99 4.16 3.21 2.49 3.63 3.13 3.03

Female 3.96 4.30 3.19 2.61 3.60 3.16 3.08 4.12 4.23 3.31 2.55 3.57 3.08 2.98

Male 3.82 4.11 3.08 2.51 3.67 3.21 3.12 3.93 4.13 3.17 2.46 3.65 3.14 3.05

Age 3.86 4.17 3.11 2.54 3.65 3.20 3.11 3.99 4.16 3.21 2.49 3.63 3.13 3.03

Under 49 3.87 4.13 3.15 2.60 3.65 3.16 3.09 3.95 4.08 3.19 2.51 3.64 3.12 3.02

50–54 3.81 4.17 3.06 2.55 3.65 3.21 3.11 3.96 4.22 3.23 2.47 3.64 3.13 3.04

55+ 3.89 4.21 3.11 2.50 3.65 3.22 3.13 4.06 4.19 3.23 2.47 3.60 3.13 3.04

Marital status 3.86 4.17 3.11 2.54 3.65 3.20 3.11 3.99 4.16 3.21 2.49 3.63 3.13 3.03

Married 3.86 4.16 3.14 2.53 3.60 3.18 3.09 3.97 4.15 3.22 2.49 3.61 3.12 3.02

Not married 3.87 4.19 3.03 2.57 3.80 3.24 3.16 4.03 4.20 3.17 2.47 3.69 3.15 3.07

Education 3.86 4.17 3.11 2.54 3.65 3.19 3.11 3.99 4.16 3.21 2.48 3.63 3.13 3.03

No college degree 3.83 4.11 3.10 2.61 3.45 3.15 3.02 4.03 4.11 3.22 2.53 3.50 3.12 2.91

College graduate 3.87 4.15 3.08 2.54 3.64 3.17 3.10 3.96 4.20 3.20 2.48 3.63 3.15 3.09

Postgraduate degree 3.86 4.23 3.14 2.52 3.77 3.24 3.17 3.96 4.18 3.23 2.41 3.85 3.11 3.15

Income 3.86 4.17 3.11 2.54 3.65 3.20 3.11 3.99 4.16 3.21 2.49 3.63 3.13 3.03

<$250,000 3.87 4.15 3.06 2.56 3.63 3.19 3.09 3.99 4.15 3.17 2.53 3.59 3.15 3.01

$250,000+ 3.83 4.23 3.24 2.50 3.71 3.22 3.19 3.98 4.18 3.36 2.35 3.76 3.04 3.11

Total assets 3.86 4.17 3.11 2.54 3.65 3.20 3.11 3.99 4.16 3.21 2.49 3.63 3.13 3.03

Under $150,000 3.99 4.12 3.19 2.55 3.70 3.12 3.06 4.03 4.09 3.10 2.61 3.56 3.12 2.94

$150,000–$249,000 3.97 4.17 3.07 2.62 3.68 3.24 3.14 3.99 4.17 3.23 2.47 3.59 3.13 2.99

$250,000–$499,000 3.83 4.10 3.07 2.59 3.63 3.16 3.07 3.96 4.13 3.19 2.51 3.64 3.15 3.05

(continued)

Table A5. Mean BFI and IMP Test Scores by Demographic Category (continued)

IRA Investors 401(k) Investors

Category BFI UPPS IMP BFI UPPS IMP

AGR CON EXT NEU OPN PRE URG AGR CON EXT NEU OPN PRE URG

$500,000–$999,000 3.87 4.15 3.09 2.49 3.66 3.21 3.12 3.98 4.19 3.31 2.41 3.67 3.17 3.07

$1.00 million–

$1.49 million 3.85 4.24 3.15 2.56 3.57 3.20 3.09 3.94 4.23 3.23 2.34 3.71 3.08 3.16

$1.5 million+ 3.76 4.27 3.13 2.52 3.68 3.22 3.19 3.98 4.24 3.35 2.29 3.77 2.99 3.17

Vanguard accounta 3.86 4.17 3.11 2.54 3.65 3.20 3.11 3.99 4.16 3.21 2.49 3.63 3.13 3.03

$5,000–$45,000 3.90 4.14 3.10 2.60 3.68 3.19 3.06 4.08 4.17 3.31 2.44 3.67 3.13 3.02

$45,000–$110,000 3.83 4.17 3.08 2.54 3.64 3.22 3.13 4.01 4.17 3.16 2.51 3.64 3.14 3.04

$110,000–$236,000 3.84 4.16 3.10 2.54 3.66 3.20 3.12 3.93 4.14 3.15 2.50 3.57 3.13 3.01

$236,000–

$1.8 million 3.87 4.22 3.15 2.48 3.64 3.17 3.14 3.95 4.13 3.27 2.48 3.66 3.11 3.05

Notes: Because not every respondent answered every question, each group contains missing observations. AGR = Agreeableness; CON = Conscientiousness;

EXT = Extraversion; NEU = Neuroticism; OPN = Openness; PRE = Premeditation; URG = Urgency. Bold font indicates that at least one sample mean is

statistically different from the others at the 5 percent significance level; see notes to Table A4.