Cultura Financeira dos Investidores e Diversificação das Carteiras
AbstractThis paper studies the factors that determine the financial literacy level of the Portuguese individual investors and explores the relation between financial literacy and financial behavior, particularly portfolio diversification. Our results suggest that the average financial literacy level of Portuguese individual investors is low: two in three investors reveal an insufficient level of financial knowledge. We also find that the investor with a high literacy level is a married man, about 44 years old, living in the coast or in the Oporto region, and is an independent worker. Moreover, our results show that the level of financial literacy has a strong impact on portfolio diversification behavior, in different ways. In fact, academic degree, specific financial culture, and information sources are relevant variables for the explanation of individual financial decisions.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2006/10.
Date of creation: 2006
Date of revision:
Contact details of provider:
Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC
Financial Literacy; Portfolio Diversification; Financial Behavior; Portugal.;
Find related papers by JEL classification:
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-07-02 (All new papers)
- NEP-FIN-2006-07-02 (Finance)
- NEP-FMK-2006-07-02 (Financial Markets)
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vitor Escaria).
If references are entirely missing, you can add them using this form.