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Rich men’s hobby or question of personality: Who considers collectibles as alternative investment?

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  • Kleine, Jens
  • Peschke, Thomas
  • Wagner, Niklas

Abstract

Collecting is an inherent economic behavior that is neither characterized as pure consumption nor investment activity, while subject to various psychological aspects. Based on a unique sample survey of collectors and non-collectors, we study the Big Five personality traits of collectors who consider their activity as linked to valid investment motives. In our sample, investor collectors are to about 70% male and exhibit further demographics including above-average education, income and available assets. Controlling for gender and income, we find that low Agreeableness and high Openness significantly characterize investor collectors, who are self-reliant and open to new investment experience.

Suggested Citation

  • Kleine, Jens & Peschke, Thomas & Wagner, Niklas, 2020. "Rich men’s hobby or question of personality: Who considers collectibles as alternative investment?," Finance Research Letters, Elsevier, vol. 35(C).
    • Handle: RePEc:eee:finlet:v:35:y:2020:i:c:s1544612319309857
    DOI: 10.1016/j.frl.2019.101307
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    References listed on IDEAS

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    1. Erdős, Péter & Ormos, Mihály, 2012. "Pricing of collectibles: Baedeker guidebooks," Economic Modelling, Elsevier, vol. 29(5), pages 1968-1978.
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    4. Benjamin J. Burton & Joyce P. Jacobsen, 1999. "Measuring Returns on Investments in Collectibles," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 193-212, Fall.
    5. Jianping Mei & Michael Moses, 2002. "Art as an Investment and the Underperformance of Masterpieces," American Economic Review, American Economic Association, vol. 92(5), pages 1656-1668, December.
    6. Dimson, Elroy & Spaenjers, Christophe, 2011. "Ex post: The investment performance of collectible stamps," Journal of Financial Economics, Elsevier, vol. 100(2), pages 443-458, May.
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    Cited by:

    1. Li, Dong & Han, Yushu, 2023. "Media attention and large shareholders' embezzlement behavior," Finance Research Letters, Elsevier, vol. 57(C).

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    More about this item

    Keywords

    Collectibles; Alternative investments; Personality traits; Big Five model; Agreeableness; Openness;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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