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How Does Household Portfolio Diversification Vary with Financial Literacy and Financial Advice?

The Journal of finance (New York), 2015-04, Vol.70 (2), p.489-507 [Peer Reviewed Journal]

2015 American Finance Association ;2015 the American Finance Association ;Copyright Blackwell Publishers Inc. Apr 2015 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/jofi.12231 ;CODEN: JLFIAN

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  • Title:
    How Does Household Portfolio Diversification Vary with Financial Literacy and Financial Advice?
  • Author: GAUDECKER, HANS-MARTIN VON
  • Subjects: Comparative analysis ; Diversification ; Empirical research ; Financial literacy ; Financial planners ; Households ; Investment ; Investment policy ; Literacy ; Portfolio diversification ; Portfolio selection ; Studies ; Trust
  • Is Part Of: The Journal of finance (New York), 2015-04, Vol.70 (2), p.489-507
  • Description: Household investment mistakes are an important concern for researchers and policymakers alike. Portfolio underdiversification ranks among those mistakes that are potentially most costly. However, its roots and empirical importance are poorly understood. I estimate quantitatively meaningful diversification statistics and investigate their relationship with key variables. Nearly all households that score high on financial literacy or rely on professionals or private contacts for advice achieve reasonable investment outcomes. Compared to these groups, households with below-median financial literacy that trust their own decision-making capabilities lose an expected 50 bps on average. All group differences stem from the top of the loss distribution.
  • Publisher: Cambridge: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0022-1082
    EISSN: 1540-6261
    DOI: 10.1111/jofi.12231
    CODEN: JLFIAN
  • Source: Alma/SFX Local Collection
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