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Article
Publication date: 26 September 2023

Çağrı Hamurcu, Hayriye Dilek Yalvac Hamurcu and Merve Karakuş

This study aimed to examine the financial risk-taking behaviors of adult individuals diagnosed with attention deficit hyperactivity disorder (ADHD).

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Abstract

Purpose

This study aimed to examine the financial risk-taking behaviors of adult individuals diagnosed with attention deficit hyperactivity disorder (ADHD).

Design/methodology/approach

The study was conducted with adults (n = 80) diagnosed with ADHD and healthy controls (n = 80). In order to measure risk-taking in the financial domain, the items in the investment and gambling sub-dimensions of the Domain-Specific Risk-Taking Scale (DOSPERT) were applied.

Findings

Adults with ADHD had higher investment and gambling risk-taking and expected benefits scores than the control group, and there was no difference between the two groups in terms of risk perceptions. In the regression analysis, there was a positive linear relationship between the investment and gambling risk-taking scores and the expected benefits scores in both groups. There was a negative linear relationship between investment risk-taking and risk perceptions scores only in the control group.

Originality/value

In terms of investment and gambling, both risk-taking and expected benefits are greater in individuals with ADHD. It has been observed that while healthy individuals take investment risks, they evaluate according to the expected benefits and risk perceptions, while individuals with ADHD make evaluations only according to the expected benefits, risk perceptions do not predict financial risk-taking in individuals with ADHD. When it comes to risk-taking related to gambling, both groups take risks only according to their expectations of benefits, not their perceptions of risk. The study provides outputs that can contribute to the literature in terms of the effects of ADHD diagnosis on financial decision-making processes in the context of risk-taking.

Details

Review of Behavioral Finance, vol. 16 no. 3
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 22 October 2020

Cagri Hamurcu and Hayriye Dilek Hamurcu

In this study, it is investigated whether narcissistic tendencies can predict financial literacy overconfidence.

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Abstract

Purpose

In this study, it is investigated whether narcissistic tendencies can predict financial literacy overconfidence.

Design/methodology/approach

Financial literacy overconfidence is analyzed under these three subcategories: overestimation, overplacement and overprecision, according to individual's self-perception of his/her own financial literacy. In order to evaluate narcissistic tendencies, the Turkish version of the Structured Clinical Interview for the Diagnostic and Statistical Manual of Mental Disorders Axis II (SCID II) Fourth Edition (DSM-IV) is used. To measure the financial literacy overestimation, overplacement and overprecision biases, a multistaged measurement process designed specially on basic and advanced financial literacy is implemented.

Findings

The current study provides strong evidence that narcissistic tendencies are predictors of financial literacy overestimation, overplacement and overprecision biases. These tendencies in men are greater than in women. Evaluated risk factors of being exposed to these biases among people who have narcissistic tendencies are found to be greater than among people who do not have those tendencies. Due to a particular exposure of narcissistic tendencies, the probability of financial literacy overprecision bias has the highest rate among the others, and it is followed by overestimation and overplacement bias.

Originality/value

This is the first study that measures overconfidence under three subcategories of overestimation, overplacement and overprecision, according to financial literacy. For this reason, it is believed that these results provide valuable evidence in favor of the relation between overconfidence in finance and narcissistic tendencies.

Details

Review of Behavioral Finance, vol. 13 no. 4
Type: Research Article
ISSN: 1940-5979

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