Decision Making for Individual Investors: A Measurement of Latent Difficulties

研究成果: Article同行評審

9 引文 斯高帕斯(Scopus)


This study identifies how investors' confidence and information gathering ability affect their decision making by using the investment theory on crystallized and fluid intelligences. We adopt the Rasch model to analyze latent and unobservable factors that cause difficulties in investment participation for investors in Taiwan. These investors are more confident in technical analysis but less confident in trading regulations. Further, they find media and professional sources difficult to trust, but professional advice is very accessible. Lower income significantly influences investors' confidence and their information-gathering ability just as youth significantly contributes to more confidence. But gender and maturity significantly contribute to factors that concern their information gathering ability. Regional demographic differences show variations in decision making regarding investment preferences, while increasing income encourages investment diversification through multiple decisions. This study identifies a strong correlation between investors' confidence and their information gathering ability, thus indicating that investors' confidence enhances the development of the ability to gather investment information.

頁(從 - 到)303-329
期刊Journal of Financial Services Research
出版狀態Published - 2013 12月

All Science Journal Classification (ASJC) codes

  • 會計
  • 金融
  • 經濟學與計量經濟學


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