Table 2.
Linear probability models with possible explanatory variables of real-life active stock trading.
| Active stock trading | |||||
|---|---|---|---|---|---|
| Left AI (stock > bond choice, gain domain) |
−0.13 (−2.24)** |
−0.13 (−2.39)** |
−0.10 (−1.93)* |
−0.03 (−0.62) |
−0.0001 (−0.00) |
| Household income (after taxes) | 0.10 (4.72)*** |
0.09 (4.54)*** |
0.07 (3.48)** |
0.06 (3.57)*** |
|
| Having financial liabilities | −0.11 (−1.54) |
−0.12 (−1.60) |
−0.09 (−1.24) |
−0.11 (−1.60) |
|
| Years of education | 0.03 (1.78)* |
0.02 (1.79)* |
0.02 (1.66)* |
||
| Financial literacy | 0.04 (0.41) |
−0.08 (−0.92) |
−0.05 (−0.60) |
||
| Debt literacy | −0.01 (−0.16) |
−0.08 (−1.15) |
−0.09 (−1.49) |
||
| Numeracy | −0.10 (−0.81) |
−0.06 (−0.57) |
−0.06 (−0.57) |
||
| Verbal intelligence | 0.003 (0.64) |
0.002 (0.39) |
0.003 (0.68) |
||
| Numerical intelligence | 0.0003 (0.07) |
0.002 (0.45) |
0.001 (0.33) |
||
| Figural intelligence | −0.01 (−1.99)** |
−0.01 (−2.63)** |
−0.01 (−2.22)** |
||
| Risk Optimism Index (ROI) | 0.14 (5.70)*** |
0.10 (3.78)*** |
|||
| Risk Tolerance Index (RTI) | 0.09 (3.95)*** |
||||
| N | 157 | 157 | 157 | 157 | 157 |
| Adjusted R2 | 0.03 | 0.15 | 0.16 | 0.31 | 0.37 |
Left AI activation is included as an independent variable of interest. Coefficients are shown with t-statistics in parentheses.
Significance levels: *p < 0.1, **p < 0.05, ***p < 0.001.