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Cited by 39Financial Literacy, Pension, Retirement AnalysisDecision-Making and Behavioral EconomicsFinancial Markets and Investment Strategies

Cognitive abilities and portfolio choice

Open access
Christelis, Dimitris, Jappelli, Tullio, Padula, Mario·2010·European Economic Review
DOI 10.1016/j.euroecorev.2009.04.001
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Crossref · 10.1016/j.euroecorev.2009.04.001

Cites

42 of 42 references verified0 citation errors · 0 not checkable

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  • The majority of contributions to the literature document a positive correlation between formal education and financial literacy.

    “Furthermore, the majority of contributions to the literature document a positive correlation between formal education and financial literacy (Lusardi and Mitchell 2011c;Christelis et al. 2010;Lusardi 2012).”

    From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Christelis et al. 2010

    Section 5.1 (page unavailable) suggests that people with higher education may be more financially sophisticated, which is consistent with the claimed correlation. But the paper measures stockholding rather than a correlation between formal education and financial literacy, and it does not establish that a majority of the literature documents that correlation. (LLM, conf=0.79)

    Experimental — accuracy not yet measured

  • There is a positive relationship between cognitive abilities and numeracy on the one hand and sound financial behavior on the other hand.

    “They also review a number of studies which find a positive relationship between cognitive abilities and numeracy on the one hand and sound financial behavior on the other hand”

    From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Christelis et al. 2010

  • Financial literacy is positively correlated with stock market participation.

    “Another robust finding in the literature is a positive correlation between stock market participation and financial literacy (e.g., Kimball and Shumway 2006;Christelis et al. 2010;van Rooij et al. 2011b;Balloch et al. 2015;Clark et al. 2015).”

    From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Christelis et al. 2010

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Cites

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1 of the 43 references couldn’t be matched to a known paper.

Research works printed but not linked: 11

  1. [4]4. Barberis, N., H. Ming, and R. H. Thaler (2006), "Individual Preferences, Monetary Gambles and Stock Market Participation." American Economic Review, 96, 1069-90.
  2. [8]8. Bogan, V. (2006), "Stock Market Participation and the Internet", Journal of Financial and Quantitative Analysis, forthcoming.
  3. [22]22. Engstrom, S. and Westerberg, A. (2003), "Which individuals make active investment decision in the new Swedish pension system?" Journal of Pension Economics and Finance 2, 1-21.
  4. [27]27. Greene, W. H (2002), Econometrics Analysis. 5 th edition. Upper Saddle River: Prentice Hall
  5. [28]28. Grinblatt, M., and M. Keloharju (2001), "How Distance, Language and Culture Influence Stockholding and Trades." Journal of Finance, 56, 1053-73.
  6. [29]29. Guiso, L., T. Jappelli and D. Terlizzese (1996), "Income risk, Borrowing Constraints and Portfolio Choice. " American Economic Review, 86, 158-172.
  7. [30]30. Guiso, L., M. Haliassos, and T. Jappelli (2005), Household Portfolios. Cambridge: MIT Press.
  8. [36]36. Heaton, J. and D. Lucas, (2000), "Portfolio Choice and Asset Prices: the Importance of Entrepreneurial Risk." Journal of Finance, 55, 1163-98.
  9. [43]43. Kennickell, A. (1991), "Imputation of the 1989 Survey of Consumer Finances: Stochastic Relaxation and Multiple Imputation," Proceedings of the Section on Survey Research Methods, American Statistical Association.
  10. [57]57. Train, K. E. (2003), Discrete Choice Methods with Simulation. Cambridge: Cambridge University Press.
  11. [60]60. Yates, F. J. (1990), Judgment and Decision Making. Englewood Cliffs, NJ: Prentice Hall.

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Authors
Christelis, D., Jappelli, T., & Padula, M.
Affiliations
  • University of Salerno (IT)
  • Centre for Studies in Economics and Finance (IT)
  • Ca' Foscari University of Venice (IT)
Corresponding author
Jappelli, Tullio
ORCID
Venue
European Economic Review
Publisher
Elsevier BV
Published
2010-01
Volume
54
Issue
1
Pages
18-38
ISSN
0014-2921 (ISSN-L)
DOI
10.1016/j.euroecorev.2009.04.001
OpenAlex
W3122351359
Cited by
30
References
43
Citations by year
2019: 1 · 2018: 3 · 2015: 2 · 2014: 2 · 2013: 3 · 2012: 1
FWCI
13.07
Type
journal article
Language
en
Open access
Licence
www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations
  • European Economic Review (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
  • Publication Server of Goethe University Frankfurt am Main (Goethe University Frankfurt) (submittedVersion)
  • Econstor (Econstor) (submittedVersion)
  • ENLIGHTEN (Jurnal Bimbingan dan Konseling Islam) (submittedVersion)
Funders
  • European Commission
  • Ministerio de Universidades
Topics
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Keywords
cognitive ability, portfolio optimization, stock ownership, information constraints, mutual funds, retirement accounts, older adults, mathematical ability, verbal fluency, financial literacy, SHARE survey

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