Individual investment decision behaviors based on demographic characteristics: Case from China.

Predicting and analyzing behaviors of investors is of great value to financial institutions. This paper uses survey data from about 9,000 individual investors across China to explore the predictability of decision behaviors by studying demographic characteristics that are relatively easy to obtain. After applying Pearson's chi-squared test, Spearman rank correlation test, and several data mining methods, we verified that demographic characteristics are closely linked to decision behaviors, and it would be an economical and feasible solution for financial organizations to build initial behavioral prediction models especially when investors' behavioral data are insufficient

Results of Pearson’s chi-squared test.

<p>Results of Pearson’s chi-squared test.</p

Geographical distribution of survey objects.

<p>Geographical distribution of survey objects.</p

Result of benefits using different marketing way.

<p>Result of benefits using different marketing way.</p

Supervised classification.

<p>Supervised classification.</p

Instances of predictive rule from C&R.

<p>Instances of predictive rule from C&R.</p

Results of data mining models.

<p>Results of data mining models.</p

Distribution of demographic characteristic variables.

<p>Distribution of demographic characteristic variables.</p

Confusion matrix.

<p>Confusion matrix.</p

Variable description.

<p>Variable description.</p