Table 3.
Linear probability models with possible explanatory variables of real-life active stock trading.
| Active stock trading | |||||
|---|---|---|---|---|---|
| Right AI (stock > bond choice, gain domain) |
−0.14 (−2.72)** |
−0.15 (−3.14)** |
−0.14 (−2.85)** |
−0.10 (−2.32)** |
−0.07 (−1.58) |
| Household income (after taxes) | 0.10 (4.84)*** |
0.09 (4.68)*** |
0.07 (3.65)*** |
0.07 (3.72)*** |
|
| Having financial liabilities | −0.13 (−1.83)* |
−0.14 (−1.87)* |
−0.10 (−1.42) |
−0.11 (−1.69)* |
|
| Years of education | 0.03 (1.90)* |
0.02 (1.91)* |
0.02 (1.77)* |
||
| Financial literacy | 0.03 (0.39) |
−0.08 (−0.93) |
−0.05 (−0.62) |
||
| Debt literacy | −0.01 (−0.12) |
−0.07 (−1.04) |
−0.08 (−1.34) |
||
| Numeracy | −0.08 (−0.69) |
−0.04 (−0.39) |
−0.04 (−0.40) |
||
| Verbal intelligence | 0.004 (0.76) |
0.002 (0.43) |
0.003 (0.66) |
||
| Numerical intelligence | 0.0004 (0.11) |
0.002 (0.44) |
0.001 (0.32) |
||
| Figural intelligence | −0.01 (−1.96)* |
−0.01 (−2.50)** |
−0.01 (−2.11)** |
||
| Risk Optimism Index (ROI) | 0.14 (5.78)*** |
0.10 (3.82)*** |
|||
| Risk Tolerance Index (RTI) | 0.08 (3.60)*** |
||||
| N | 157 | 157 | 157 | 157 | 157 |
| Adjusted R2 | 0.04 | 0.17 | 0.19 | 0.34 | 0.39 |
Right 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.