The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Portfolio Inertia and Stock Market Fluctuations
Abstract
This paper uses population‐wide data from the Panel Study of Income Dynamics and the Survey of Consumer Finances to resolve the conflict between overtrading and inactivity shown in administrative data on brokerage and retirement accounts, respectively. Considerable inertia is found and linked to characteristics (e.g., limited education or resources), but less to index movements: the downswing has encouraged staying out, rather than getting out, of the market. The small minority with brokerage accounts exhibits important differences in trading patterns relative to the population and invests small fractions of wealth in brokerage accounts. Results strengthen the case for default options in retirement accounts and built‐in trading provisions in mutual funds.
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“A related strand of literature analyzes the association between financial literacy and trading behavior (e.g., Feng and Seasholes 2005;Bilias et al. 2010;Hoffmann et al. 2013;Bucher-Koenen and Ziegelmeyer 2014;Guiso and Viviano 2015) and the corresponding studies generally document a positive impact of financial literacy as financially sophisticated investors tend to commit less investment mist”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Bilias et al. 2010
Citations
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Cited by
Sorted by citations
Financial literacy, financial advice, and financial behavior
Stolper, O. A., & Walter, A. (2017) · Journal of Business Economics · doi:10.1007/s11573-017-0853-9 · Cited by 471
Metadata
- Authors
- BILIAS, Y., GEORGARAKOS, D., & HALIASSOS, M.
- Affiliations
- Athens University of Economics and Business (GR)
- Goethe University Frankfurt (DE)
- Corresponding author
- BILIAS, YANNIS
- GEORGARAKOS, DIMITRIS
- HALIASSOS, MICHAEL
- Venue
- Journal of Money, Credit and Banking
- Publisher
- Wiley
- Published
- 2010-05-20
- Volume
- 42
- Issue
- 4
- Pages
- 715-742
- ISSN
- 0022-2879 (ISSN-L)
- 1538-4616
- OpenAlex
- W3124219328
- Cited by
- 184
- References
- 3
- Citations by year
- 2025: 10 · 2024: 9 · 2023: 11 · 2022: 7 · 2021: 17 · 2020: 20 · 2019: 12 · 2018: 13 · 2017: 12 · 2016: 10 · 2015: 8 · 2014: 16 · 2013: 8 · 2012: 8
- FWCI
- 33.59
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of money credit and banking (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Econstor (Econstor) (submittedVersion)
- ENLIGHTEN (Jurnal Bimbingan dan Konseling Islam) (submittedVersion)
- Publication Server of Goethe University Frankfurt am Main (Goethe University Frankfurt) (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Keywords
- stock market participation, overtrading, retirement accounts, brokerage accounts, default options, household investment behavior, Panel Study of Income Dynamics, Survey of Consumer Finances, market decline
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- BILIAS, Y., GEORGARAKOS, D., & HALIASSOS, M. (2010). Portfolio Inertia and Stock Market Fluctuations. Journal of Money, Credit and Banking. https://doi.org/10.1111/j.1538-4616.2010.00304.x
