Financial literacy and portfolio diversification

被引：176

作者：

Abreu, Margarida ^{[1
]}

Mendes, Victor ^{[2
]}

机构：

[1] Univ Tecn Lisbon, CISEP, ISEG, P-1200725 Lisbon, Portugal

[2] Portuguese Secur Commiss, CMVM, P-1056801 Lisbon, Portugal

来源：

QUANTITATIVE FINANCE | 2010年 / 10卷 / 05期

关键词：

Applied finance; Behavioral finance; Empirical finance; European financial markets; INDIVIDUAL INVESTORS; INVESTMENT; CHOICE; BIAS;

D O I：

10.1080/14697680902878105

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use a survey of individual investors disclosed by the Portuguese Securities Commission (CMVM) in May 2005 to study the impact of investors' levels of financial literacy on portfolio diversification. We consider distinct aspects of financial literacy, and control for socioeconomic and behavioral differences among individual groups of investors. Our results suggest that investors' educational levels and their financial knowledge have a positive impact on investor diversification. The information sources used by retail investors to gather information on markets and financial products also have a significant impact on the number of different assets included in a portfolio.

引用

页码：515 / 528

页数：14