Explicit and implicit stock investment: Differences in psychological characteristics and risky behavior between college students majoring in financial engineering or business
This study (a) investigates dispositional attributes regarding the risk-related personality, attitude, and behavior of college students majoring in financial engineering (FE-major group) and business (business-major group); and (b) examines whether risky behavior is differentially explained by explicit versus implicit attitude toward stock investment. The FE-major group scored consistently higher than the business-major group on measures of sensation-seeking, financial risk-taking, and computerized risk-taking behavior. This pattern was also observed in the two explicit attitudinal measures of risk, whereas no group differences were noted on the two corresponding implicit measures of risk. A newly developed implicit measure of stock investment showed incremental validity in predicting risky behavior beyond the corresponding explicit measure.
The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This work was supported by a grant funded by the National Research Foundation of Korea (NRF-2016S1A5A2A01025621) awarded to Do-Yeong Kim.
