# Chronotype, Risk and Time Preferences, and Financial Behaviour
## Literature Review  
### Overview of Theoretical Rationale  
In the context of personality psychology, circadian rhythm varies among individuals who can be classified as morning-types, neither-types, and evening-types. In particular, morning larks wake up in the early morning, achieve their peak performance physically and mentally in the early morning, and go to bed early in the evening. In contrast to morning larks, evening owls prefer to wake up late in the morning and go to bed late in the evening, and their peak performance is later in the day or in the evening [31; 32]. Researchers usually elicit circadian chronotypes by using self-reported survey questions [33]. The first and most commonly used measure is the Morningness-eveningness questionnaire (MEQ), as proposed by [PERSON] and [PERSON] [8]. Nevertheless, MEQ has been criticized due to its length (19 items) [34]. Its value arranges from 20 to 75. [PERSON] et al. [29] developed a short composite scale with 13 items (CSM). The authors classified the values on their morningness-eveningness scale into three groups using the cut-off points, with morning types (40 and above), intermediate types (23-43), and evening types (22 or fewer). More recently, [PERSON] et al. [35] proposed a new measure with 15 items, termed morningness-eveningness-stability-scale, improved (MESSi), and [PERSON]\(\ssl\) et al. [36] provided the evidence to validate this scale. We will use the CSM scale for the Chinese population to measure circadian chronotypes and to validate the Chinese version of CSM. The determinants of circadian typologies are various, including demographics, environmental, and biological and genetic factors [31; 32]. First, age is a demographic factor that is positively associated with a morning orientation after the end of adolescence [37; 38]. Gender is another demographic factor; males are more likely to be evening owls, while females appear to be more morning-oriented [39]. Second, the photoperiod at birth is an environmental factor that influences circadian chronotypes. Individuals who were born in autumn and winter are prone to be morning-types, whereas those born between spring and autumn are more likely to be evening owls [40]. Another environmental factor is the longitude and latitude of residence. People who live in the East and North are more likely to be morning larks [41]. Third, the biological expression of individual differences in circadian rhythms reflects that the acrophase of melatonin for morning larks occurs in the early morning, as compared to evening owls [42]. Genetic factors also explain the variance in individual circadian rhythms, as a single nucleotide polymorphism positioned at the 3' flanking area of humans' CLOCK gene can be an interpreter of morning orientation for ordinal grownups [43]. Circadian typology has been documented as a key individual characteristic in life, which influences cognitive performance, work performance [44], and psychological well-being [45]. Prior research reported that the cognitive performance of morning-types is lower than that of evening-types [46]. However, evening owls are better at intermediate memory [47]. Circadian typology is also associated with psychiatric disorders, personality traits [14; 31], work shifts [48], and life habits [17; 49]. Therefore, previous studies have explored the effects of circadian rhythms on behaviour in the contexts of education, work, and health. However, to the best of our knowledge, very few studies have examined the effect of circadian rhythms on financial behaviour, such as revolving credit balance and stock market participation. A credit card is a tool for convenient payment [50]. Credit card holder who do not pay off the entire loan before the monthly deadline or who miss the payments have higher amounts of credit card debt when compared with those who pay off in time. [PERSON] and [PERSON] [19] highlighted that poor loan payment habits drive the accumulation of outstanding debt.