Socio-demographic Characteristics of Investors in the Warsaw Stock Exchange - How They Influence the Investment Decision

Agata Kliber , Blanka Łęt , Aleksandra Rutkowska


The aim of the study was to investigate how age, gender, experience and education influence the investment decisions of individual investors in the Warsaw Stock Exchange. The source of data were two surveys sent to individual investors through the Polish Association of Individual Investors. In order to assess the significance of the given characteristics, we estimated a series of ordered logit regression models. Based upon the obtained answers and our estimations, we conclude, inter alia, that the Polish female investors typically have higher risk aversion and they trust the expert opinion, while the men are more likely to take risk. Less educated investors are also more eager to take higher risk, while the less experienced ones are more risk-averse. Unlike the more experienced market participants, they tend to estimate the risk of their portfolio through standard deviation or expected shortfall and use technical analysis more often.
Author Agata Kliber (WIiGE / KMS)
Agata Kliber,,
- Department of Applied Mathematics
, Blanka Łęt (WIiGE / KMS)
Blanka Łęt,,
- Department of Applied Mathematics
, Aleksandra Rutkowska (WIiGE / KMS)
Aleksandra Rutkowska,,
- Department of Applied Mathematics
Journal seriesBank i Kredyt, ISSN 0137-5520, (B 14 pkt)
Issue year2016
Publication size in sheets1.3
Keywords in EnglishWarsaw Stock Exchange, individual investment, investment style
Languageen angielski
Score (nominal)14
Score sourcejournalList
ScoreMinisterial score = 14.0, 17-12-2019, ArticleFromJournal
Ministerial score (2013-2016) = 14.0, 17-12-2019, ArticleFromJournal
Citation count*5 (2021-06-18)
Share Share

Get link to the record

* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.
Are you sure?