Savvy investor? It's in your DNA

The economists looked at the differences in the investment portfolios of the twins both identical and non-identical - in an attempt to devise what percentage of investment decisions are affected by an individual's genetic makeup.

Some 18 percent of variations in investment styles were down to genetics if price-earnings ratios were used as a measure, according to the economists. This rises to 25 percent if Morningstar's Value-Growth Score (which enables investors to choose a fund with their preferred style) is used as an investment style measure.

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Adrian Lowcock, senior investment manager at Hargreaves Lansdown, said he was not surprised by the findings.

"Everyone's DNA forms the framework from which they can develop, and investors certainly have different categories of risk - some people are naturally risk-takers and others are much more cautious," he told CNBC.

"Compared to the average person I think I am more willing to take certain risks although I couldn't say how much of that is down to my DNA."

Next generation of cautious investors?

When it comes to nurture, the study found that an investor's style is also affected by their experiences, both earlier and later in life.

"Those investors that have had tougher upbringings, that were poorer - for example, Great Depression babies - are more likely to develop a value-orientated investment style later on in life," Cronqvist added.

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Savvy investor? It's in your DNA