Do early birds behave differently from night owls in the stock market?

Grace Lepone*, Zhini Yang

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


This study is the first to apply human beings’ preferred diurnal rhythm, that is, morningness or eveningness, to the field of behavioural finance. Employing proprietary stock trading data from a leading retail brokerage house in Australia, we classify retail investors into M-types (‘early birds’) and E-types (‘night owls’) based on the time of their order submission. Demographic differences between the two groups (M-types or E-types) are found to be weak. We provide robust evidence that M-type investors are distinctively different from E-type investors in their proneness to stock market behavioural biases. We find that M-type investors trade more frequently and have a stronger preference for stock market speculation.
Original languageEnglish
Article number101333
Number of pages11
JournalPacific-Basin Finance Journal
Early online date21 Apr 2020
Publication statusPublished - 1 Jun 2020


  • Frequent trading
  • Investor bias
  • Investor characteristics
  • Lottery stocks
  • Morningness-eveningness
  • Speculation


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