CoChat
Sign Up
Cited by 99Financial Literacy, Pension, Retirement AnalysisFinancial Literacy and BehaviorFinancial Markets and Investment Strategies

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

Impact of Financial Literacy on the Behavioral Biases of Individual Stock Investors: Evidence from Borsa Istanbul

Open access
Ateş, Sinem, Coşkun, Ali, Şahin, M. Abdullah·2016·Business and Economics Research Journal
DOI 10.20409/berj.2016321805
Open this paper in CoChat — free accountOpen PDF

Abstract

Financial literacy and behavioral biases are critical factors affecting the financial decisions and behaviors of investors.We survey 596 individual stock investors to measure their financial literacy, to examine their behavioral biases and to investigate the relationship between financial literacy and behavioral biases.Results suggest that around half of the investors have a low financial literacy level, their main source of financial information is advice from parents or friends, and they have a high level of behavioral biases.While some of these behavioral biases are independent of the level of financial literacy, there is a significant relationship between a number of other biases and the level of financial literacy.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.20409/berj.2016321805

Cites

2 of 2 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Show all 2 references

Research works printed but not linked: 35

  1. Abreu, M., & Mendes, V. (2010). Financial literacy and portfolio diversification. Quantitative Finance, 10(5): 515-528.
  2. Akyol, C. (2010). Effects of financial awareness on investor choice: A research concerning financial awareness of private bank workers. Master's thesis, Anadolu University Institute of Social Sciences, Eskişehir.
  3. Altıntaş, K. M. (2011). The dynamics of financial literacy within the framework of personal finance: An analysis among Turkish university students. African Journal of Business Management, 5(26): 10483-10491.
  4. Araz, T. (2012). Financial literacy and credit card arrears. Master's thesis, Boğaziçi University Institute of Social Sciences, İstanbul.
  5. Baddeley, M., Burke, C., Schultz, W., & Tobler, P. (2010). Impacts of personality on herding in financial decision- making. University of Cambridge, Faculty of Economics.
  6. Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. Quarterly Journal of Economics, 261-292.
  7. Barberis, N., & Thaler, R. (2003). A survey of behavioral finance. Chapter 18 in Constantinides, G.M., Harris, M., Stulz, R. (Eds.), Handbook of the Economics of Finance (pp. 1052-1121). Elsevier Science B.V. Bayram, S.S. (2010). Financial literacy and money management behaviours: Application on students of Anadolu University. Master's thesis, Anadolu University Institute of Social Sciences, Eskişehir.
  8. Benartzi, S., &Thaler, R. H. (2007). Heuristics and biases in retirement savings behavior. Journal of Economic Perspectives, 21(3): 81-104.
  9. Bhandari, G., & Deaves, R. (2006). The demographics of overconfidence. The Journal of Behavioral Finance, 7(1): 5-11.
  10. Campbell, J. Y., Jackson, H. E., Madrian, B. C., & Tufano, P. (2011). Consumer financial protection. The Journal of Economic Perspectives: A Journal of The American Economic Association, 25(1): 91.
  11. Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2): 107-128. BERJ (7) 3 2016
  12. Collins, J. M., & O'rourke, C. M. (2010). Financial education and counseling-Still holding promise. Journal of Consumer Affairs, 44(3): 483-498.
  13. Duflo, E., & Saez, E. (2003). The role of information and social interactions in retirement plan decisions: Evidence from a randomized experiment. Quarterly Journal of Economics, 118(3): 815-842.
  14. Hibbert, A. M., Lawrence, E. R., & Prakash, A. J. (2012). The role of financial education in the management of retirement savings. Journal of Behavioral Finance, 13(4): 299-307.
  15. Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89: 309-322.
  16. Hirshleifer, D. (2001). Investor psychology and asset pricing. The Journal of Finance, 56(4): 1533-1597.
  17. Jamshidinavid, B., Chavoshani, C., & Amiri, S. (2012). The Impact of Demographic and Psychological Characteristics on the Investment Prejudices in Tehran Stock. European Journal of Business and Social Sciences, 1(5): 41-53.
  18. Kahneman, D., & Riepe, M. W. (1998). Aspects of investor psychology. The Journal of Portfolio Management, 24(4): 52-65.
  19. Knoll, M. A., & Houts, C. R. (2012). The financial knowledge scale: An application of item response theory to the assessment of financial literacy. Journal of Consumer Affairs, 46(3): 381-410.
  20. Lusardi, A., & Mitchell, O. S. (2007a). Baby boomer retirement security: The roles of planning, financial literacy and housing wealth. Journal of Monetary Economics, 54(1): 205-224.
  21. Lusardi, A., Mitchell, O. S., & Curto, V. (2014). Financial literacy and financial sophistication in the older population. Journal of Pension Economics and Finance, 1-20.
  22. Montier, J. (2002). Behavioural finance: Insights into irrational minds and markets. New Jersey: John Wiley & Sons.
  23. Montier, J. (2007). Behavioral investing: A practitioner's guide to applying behavioral finance. New Jersey: John Wiley & Sons.
  24. Nofsinger, J. R. (2004). The psychology of investing. Upper Saddle River, New Jersey: Prentice Hall.
  25. Pompian, M. (2011). Behavioral finance and wealth management: How to build optimal portfolios that account for investor biases. New Jersey: John Wiley & Sons.
  26. Puri, M., & Robinson, D. T. (2007). Optimism and economic choice. Journal of Financial Economics, 86(1): 71-99.
  27. Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs, 44(2): 276-295.
  28. Sevim, N., Temizel, F. ve Sayılır, Ö. (2012). The effects of financial literacy on the borrowing behaviour of Turkish financial consumers. International Journal of Consumer Studies, 36(5): 573-579.
  29. Sezer, D., & Demir, S. (2015). Investors' levels of financial literacy and cognitive ability and their relationship with psychological illusions. Journal of Accounting & Finance, April.
  30. Shefrin, H. (2002). Beyond greed and fear: Understanding behavioral finance and the psychology of investing. New York: Oxford University Press.
  31. Statman, M. (1995). Behavioral finance versus standard finance. In A.S.Wood (Eds.), Behavioral Finance and Decision Theory in Investment Management (14-22). Charlottesville, VA: Association for Investment Management and Research.
  32. Süer, Ö. (2007). An empirical study about the determination of risk behaviour in investment decisions. Öneri, 7(28): 97-105.
  33. Volpe, R. P., Chen, H., & Pavlicko, J. J. (1996). Personal investment literacy among college students: A survey. Financial Practice and Education, 6(2): 86-94.
  34. Volpe, R. P., Kotel, J. E., & Chen, H. (2002). A survey of investment literacy among online investors. Financial Counseling and Planning, 13(1): 1-13.
  35. Wang, A. (2009). Interplay of investors' financial knowledge and risk taking. Journal of Behavioral Finance, 10(4): 204- 213.

Cited by

Sorted by citations

Metadata

Authors
Ateş, S., Coşkun, A., & Şahin, M. A.
Affiliations
  • Galatasaray University (TR)
  • Boğaziçi University (TR)
ORCID
Ateş, Sinem
Venue
Business and Economics Research Journal
Publisher
Business and Economics Research Journal
Published
2016-09-19
Volume
7
Issue
3
Pages
1-1
ISSN
1309-2448 (ISSN-L)
DOI
10.20409/berj.2016321805
OpenAlex
W2520181362
Cited by
99
References
2
Citations by year
2026: 6 · 2025: 11 · 2024: 20 · 2023: 22 · 2022: 16 · 2021: 10 · 2020: 9 · 2019: 2 · 2018: 2 · 2017: 1
FWCI
6.09
Type
journal article
Language
en
Open access
Locations
  • Business and Economics Research Journal (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Keywords
financial literacy, behavioral biases, investor decision-making, financial information sources, Borsa Istanbul

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review