Cognitive abilities and portfolio choice

被引：415

作者：

Christelis, Dimitris ^{[2
]}

Jappelli, Tullio ^{[1
]}

Padula, Mario ^{[3
]}

机构：

[1] Univ Naples Federico II, CSEF, Naples, Italy

[2] Univ Salerno, CSEF, Salerno, Italy

[3] Univ Ca Foscari Venice, Venice, Italy

来源：

EUROPEAN ECONOMIC REVIEW | 2010年 / 54卷 / 01期

关键词：

Cognitive abilities; Stockholding; Portfolio choice; HEALTH; PARTICIPATION; CHILDHOOD; DECISION;

D O I：

10.1016/j.euroecorev.2009.04.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities: mathematical, verbal fluency, and recall skills. We find that the propensity to invest in stocks is strongly associated with cognitive abilities, for both direct stock market participation and indirect participation through mutual funds and retirement accounts. Since the decision to invest in less information-intensive assets (such as bonds) is less strongly related to cognitive abilities, we conclude that the association between cognitive abilities and stockholding is driven by information constraints, rather than by features of preferences or psychological traits. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：18 / 38

页数：21

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