# Chronotype, Risk and Time Preferences, and Financial Behaviour
## 1 Introduction
The second reason is that morning larks are negatively associated with risk attitudes [25], while risk preference is a predictor of the probability of participating in the stock market [26]. Therefore, we anticipate risk preference would be a possible channel between chronotypes and owning equity. In addition, income may moderate the indirect effects of the circadian typologies on the likelihood of delinquent credit card payments and investments in stock because income is a determinant of outstanding balances among credit card revolvers [19; 27] and is associated with risk preference [28]. We launched an online survey and received 455 valid questionnaires from employees who have three to eight years of working experience. We used the Composite Scale of Morningness (CSM) [29] to measure the circadian chronotypes, measured the time perspective by following [PERSON] and [PERSON] [30], and drew on a single question to measure financial risk preference, as proposed by [PERSON] et al. [26]. We used regression and path analysis to examine the hypothesized relationships and the results revealed significant findings. First, the results indicate that morningness inhibits the likelihood of conducting late payments or missing payments on credit card debt. Second, time preference partially mediates the relationship between the morning chronotype and delinquent credit card payment, but this indirect effect only exists when subjects' income level is at average and low levels, for the path from time preference to incomplete credit card payment. The present study is of help to put forward the underlying mechanism and the conditions of the association between the circadian typology and delinquent credit card payment. Furthermore, another novel finding is that financial risk preference fully mediates the link between morningness and the probability of owning equity. Hence, the current study helps to elucidate the unique channel and mechanism through which morning type exert influence on stock market participation. Furthermore, as those characteristics have been found in experienced workers, the results could be a valuable tool for financial professionals who should consider circadian rhythms when developing and introducing financial products or financial services for the morning-type, intermediate-type, and evening-type population. Future research could enhance the study of the relationship between morningness-eveningness, preference constructs and financial behaviour by using a wider population, such as adding an aging group, sampling from different countries. In addition, longitudinal studies would be particularly powerful for testing the proposed relationships. We organize the present paper as follows: In Section 4.2, we given a literature review to build up the hypothesized frameworks to examine the relationship between circadian chronotypes, risk and time preference, and financial behaviour. In Section 4.3, we describe sampling method, measurements of data, descriptive statistics of data, and econometric models. In Section 4.4, we report the results. Section 4.5 is discussion, which provides theoretical and practical implications, as well as some limitations of our research. We conclude in Section 4.6.