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How Does Household Portfolio Diversification Vary with Financial Literacy and Financial Advice?


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  1. Huck, Steffen & Schmidt, Tobias & Weizsäcker, Georg, 2014. "The standard portfolio choice problem in Germany," Discussion Papers, Research Unit: Economics of Change SP II 2014-308, WZB Berlin Social Science Center.
  2. Stephen Brown & Chris Veld & Yulia Veld‐Merkoulova, 2020. "Credit Cards: Transactional Convenience or Debt‐Trap?," International Review of Finance, International Review of Finance Ltd., vol. 20(2), pages 295-322, June.
  3. Milo Bianchi, 2018. "Financial Literacy and Portfolio Dynamics," Journal of Finance, American Finance Association, vol. 73(2), pages 831-859, April.
  4. Wei-Bin Zhang, 2016. "Exchange Values of Gold, Land, Physical Capital, and Human Capital in a Neoclassical Growth Model," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 265-286, September.
  5. Cristian Badarinza & John Y. Campbell & Tarun Ramadorai, 2016. "International Comparative Household Finance," Annual Review of Economics, Annual Reviews, vol. 8(1), pages 111-144, October.
  6. Tim Kaiser & Lukas Menkhoff, 2017. "Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?," World Bank Economic Review, World Bank Group, vol. 31(3), pages 611-630.
  7. Sengupta, Atri & Deb, Soumya Guha & Mittal, Shashank, 2021. "The underlying motivational process behind portfolio diversification choice decisions of individual investors: An experimental design," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
  8. Zhi Da & Borja Larrain & Clemens Sialm & José Tessada, 2016. "Coordinated Noise Trading: Evidence from Pension Fund Reallocations," NBER Working Papers 22161, National Bureau of Economic Research, Inc.
  9. Gerrans, Paul, 2021. "Undergraduate student financial education interventions: Medium term evidence of retention, decay, and confidence in financial literacy," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
  10. Bannier, Christina E. & Schwarz, Milena, 2018. "Gender- and education-related effects of financial literacy and confidence on financial wealth," Journal of Economic Psychology, Elsevier, vol. 67(C), pages 66-86.
  11. Bannier, Christina E. & Neubert, Milena, 2016. "Actual and perceived financial sophistication and wealth accumulation: The role of education and gender," CFS Working Paper Series 528, Center for Financial Studies (CFS).
  12. Gunnar Gutsche & Bernhard Zwergel, 2016. "Information barriers and SRI market participation – Can sustainability and transparency labels help?," MAGKS Papers on Economics 201624, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  13. Giofré, Maela, 2017. "Financial education, investor protection and international portfolio diversification," Journal of International Money and Finance, Elsevier, vol. 71(C), pages 111-139.
  14. Rosen Valchev, 2017. "Dynamic Information Acquisition and Home Bias in Portfolios," 2017 Meeting Papers 1486, Society for Economic Dynamics.
  15. Cox, Ruben & Kamolsareeratana, Atcha & Kouwenberg, Roy, 2020. "Compulsive gambling in the financial markets: Evidence from two investor surveys," Journal of Banking & Finance, Elsevier, vol. 111(C).
  16. Solomon Antwiagyei Kuffour & George Adu, 2019. "Financial Literacy, Trust and Stock Market Participation in Ghana," Economics Literature, WERI-World Economic Research Institute, vol. 1(2), pages 101-116, December.
  17. Andreas Fagereng & Luigi Guiso & Davide Malacrino & Luigi Pistaferri, 2020. "Heterogeneity and Persistence in Returns to Wealth," Econometrica, Econometric Society, vol. 88(1), pages 115-170, January.
  18. repec:vul:omefvu:v:9:y:2017:i:2:id:234 is not listed on IDEAS
  19. Brice Corgnet & Mark DeSantis & David Porter, 2015. "What Makes a Good Trader? On the Role of Quant Skills, Behavioral Biases and Intuition on Trader Performance," Working Papers 15-17, Chapman University, Economic Science Institute.
  20. Wei-Bin Zhang, 2021. "Growth With Residential Density, Land Rent And Land Value," Economia Coyuntural,Revista de temas de perspectivas y coyuntura, Instituto de Investigaciones Economicas y Sociales 'Jose Ortiz Mercado' (IIES-JOM), Facultad de Ciencias Economicas, Administrativas y Financieras, Universidad Autonoma Gabriel Rene Moreno, vol. 6(1), pages 79-116.
  21. Clemens Fuest & Christa Hainz & Volker Meier & Martin Werding & Giacomo Corneo & Hans Peter Grüner & Dennis Huchzermeier & Bert Rürup & Andreas Knabe & Joachim Weimann & Christine Bortenlänger & Donat, 2019. "Staatsfonds für eine effiziente Altersvorsorge: Welche innovativen Lösungen sind möglich?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(14), pages 03-24, July.
  22. Chalmers, John & Reuter, Jonathan, 2020. "Is conflicted investment advice better than no advice?," Journal of Financial Economics, Elsevier, vol. 138(2), pages 366-387.
  23. F. J. Callado-Munoz & J. Gonzalez-Chapela & N. Utrero-Gonzalez, 2017. "Analysis of Variance in Household Financial Portfolio Choice: Evidence from Spain," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 67(5), pages 439-459, October.
  24. Entorf, Horst & Hou, Jia, 2018. "Financial education for the disadvantaged? A review," SAFE Working Paper Series 205, Leibniz Institute for Financial Research SAFE.
  25. Anantanasuwong, Kanin & Kouwenberg, Roy & Mitchell, Olivia S & Peijnenburg, Kim, 2019. "Ambiguity Attitudes about Investments: Evidence from the Field," CEPR Discussion Papers 13518, C.E.P.R. Discussion Papers.
  26. Love, David & Phelan, Gregory, 2015. "Hyperbolic discounting and life-cycle portfolio choice," Journal of Pension Economics and Finance, Cambridge University Press, vol. 14(4), pages 492-524, October.
  27. Carin Cruijsen & Maaike Diepstraten, 2017. "Banking Products: You Can Take Them with You, So Why Don’t You?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 52(1), pages 123-154, October.
  28. Marco Nieddu & Lorenzo Pandolfi, 2018. "Cutting Through the Fog: Financial Literacy and the Subjective Value of Financial Assets," CSEF Working Papers 497, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  29. Andreas Oehler & Matthias Horn, 2021. "Behavioural portfolio theory revisited: lessons learned from the field," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1743-1774, April.
  30. Hiroshi Fujiki, 2019. "Who needs guidance from a financial adviser? Evidence from Japan," Working Papers on Central Bank Communication 011, University of Tokyo, Graduate School of Economics.
  31. Shin, Su Hyun & Kim, Kyoung Tae & Seay, Martin, 2020. "Sources of information and portfolio allocation," Journal of Economic Psychology, Elsevier, vol. 76(C).
  32. Firth, Chris, 2020. "Protecting investors from themselves: Evidence from a regulatory intervention," Journal of Behavioral and Experimental Finance, Elsevier, vol. 27(C).
  33. Andrej Cupák & Pirmin Fessler & Joanne W. Hsu & Piotr R. Paradowski, 2020. "Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances," Finance and Economics Discussion Series 2020-004, Board of Governors of the Federal Reserve System (U.S.).
  34. Hackethal, Andreas & Laudenbach, Christine & Meyer, Steffen & Weber, Annika, 2018. "Client involvement in expert advice: Antibiotics in finance?," SAFE Working Paper Series 219, Leibniz Institute for Financial Research SAFE.
  35. Calcagno, Riccardo & Giofré, Maela & Urzì-Brancati, Maria Cesira, 2017. "To trust is good, but to control is better: How investors discipline financial advisors’ activity," Journal of Economic Behavior & Organization, Elsevier, vol. 140(C), pages 287-316.
  36. D’Hondt, Catherine & De Winne, Rudy & Merli, Maxime, 2021. "Do retail investors bite off more than they can chew? A close look at their return objectives," LIDAM Discussion Papers LFIN 2021003, Université catholique de Louvain, Louvain Finance (LFIN).
  37. Bannier, Christina E. & Schwarz, Milena, 2017. "Skilled but unaware of it: Occurrence and potential long-term effects of females' financial underconfidence," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168188, Verein für Socialpolitik / German Economic Association.
  38. Diepstraten, Maaike & van der Cruijsen, Carin, 2019. "To stay or go? Consumer bank switching behaviour after government interventions," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 16-33.
  39. Michael S. Finke & John S. Howe & Sandra J. Huston, 2017. "Old Age and the Decline in Financial Literacy," Management Science, INFORMS, vol. 63(1), pages 213-230, January.
  40. H. Evren Damar & Reint Gropp & Adi Mordel, 2019. "Flight from Safety: How a Change to the Deposit Insurance Limit Affects Households’ Portfolio Allocation," Staff Working Papers 19-29, Bank of Canada.
  41. Drerup, Tilman H., 2019. "Eliciting subjective expectations for bivariate outcomes," Journal of Behavioral and Experimental Finance, Elsevier, vol. 23(C), pages 29-45.
  42. Becky L. Choma & David Sumantry & Yaniv Hanoch, 2019. "Right-wing ideology and numeracy: A perception of greater ability, but poorer performance," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(4), pages 412-422, July.
  43. Nagano, Mamoru & Uchida, Yuki, 2021. "Online Banking Users vs. Branch Visitors: Why Are Their Portfolio Returns Different?," MPRA Paper 105531, University Library of Munich, Germany.
  44. Wei, Shang-Jin & Wu, Weixing & Zhang, Linwan, 2019. "Portfolio choices, Asset returns and wealth inequality: evidence from China," Emerging Markets Review, Elsevier, vol. 38(C), pages 423-437.
  45. Paul Gerrans & Richard Heaney, 2019. "The impact of undergraduate personal finance education on individual financial literacy, attitudes and intentions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(1), pages 177-217, March.
  46. Pirmin Fessler & Maria Silgoner & Rosa Weber, 2020. "Financial knowledge, attitude and behavior: evidence from the Austrian Survey of Financial Literacy," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(4), pages 929-947, November.
  47. Lyons, Angela C. & Grable, John E. & Zeng, Ting, 2019. "Impacts of Financial Literacy on the Loan Decisions of Financially Excluded Households in the People's Republic of China," ADBI Working Papers 923, Asian Development Bank Institute.
  48. Kenneth De Beckker & Kristof De Witte & Geert Van Campenhout, 2020. "The role of national culture in financial literacy: Cross‐country evidence," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(3), pages 912-930, September.
  49. Gopi Shah Goda & Matthew Levy & Colleen Flaherty Manchester & Aaron Sojourner & Joshua Tasoff, 2019. "Predicting Retirement Savings Using Survey Measures Of Exponential‐Growth Bias And Present Bias," Economic Inquiry, Western Economic Association International, vol. 57(3), pages 1636-1658, July.
  50. Maximilian Koestner & Benjamin Loos & Steffen Meyer & Andreas Hackethal, 2017. "Do individual investors learn from their mistakes?," Journal of Business Economics, Springer, vol. 87(5), pages 669-703, July.
  51. Luc Arrondel & Majdi Debbich & Fr�d�rique Savignac, 2015. "Stockholding in France: the role of financial literacy and information," Applied Economics Letters, Taylor & Francis Journals, vol. 22(16), pages 1315-1319, November.
  52. Oscar A. Stolper & Andreas Walter, 2017. "Financial literacy, financial advice, and financial behavior," Journal of Business Economics, Springer, vol. 87(5), pages 581-643, July.
  53. Pan, Xuefeng & Wu, Weixing & Zhang, Xuyang, 2020. "Is financial advice a cure-all or the icing on the cake for financial literacy? Evidence from financial market participation in China," International Review of Financial Analysis, Elsevier, vol. 69(C).
  54. Delis, Manthos & Galariotis, Emilios & Monne, Jerome, 2021. "Economic condition and financial cognition," Journal of Banking & Finance, Elsevier, vol. 123(C).
  55. Mazzonna, Fabrizio & Peracchi, Franco, 2020. "Are Older People Aware of Their Cognitive Decline? Misperception and Financial Decision Making," IZA Discussion Papers 13725, Institute of Labor Economics (IZA).
  56. Andrej Cupak & Pirmin Fessler & Maria Antoinette Silgoner & Elisabeth Ulbrich, 2018. "Financial literacy in Austria: a survey of recent research results," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/18, pages 14-26.
  57. Matthias Horn & Andreas Oehler, 2020. "Automated portfolio rebalancing: Automatic erosion of investment performance?," Journal of Asset Management, Palgrave Macmillan, vol. 21(6), pages 489-505, October.
  58. Lu, Xiaomeng & Zhang, Yong & Zhang, Yixing & Wang, Lin, 2020. "Can investment advisors promote rational investment? Evidence from micro-data in China," Economic Modelling, Elsevier, vol. 86(C), pages 251-263.
  59. Thakurata, Indrajit, 2021. "Optimal portfolio choice with stock market entry costs and human capital investments: A developing country model," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 175-195.
  60. Federica Teppa & Susan Thorp & Hazel Bateman, 2015. "Family, friends and framing: A cross-country study of subjective survival expectations," DNB Working Papers 491, Netherlands Central Bank, Research Department.
  61. Sarah Brown & Alessandro Bucciol & Alberto Montagnoli & Karl Taylor, 2020. "Financial Advice and Household Financial Portfolios," Working Papers 2020009, The University of Sheffield, Department of Economics.
  62. Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
  63. Hugh Hoikwang Kim & Raimond Maurer & Olivia S. Mitchell, 2019. "How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages," NBER Working Papers 25750, National Bureau of Economic Research, Inc.
  64. Seth Neumuller & Casey Rothschild, 2017. "Financial Sophistication and Portfolio Choice over the Life Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 26, pages 243-262, October.
  65. Amariei, Cosmina, 2020. "Asset Allocation in Europe: Reality vs. Expectations," ECMI Papers 27304, Centre for European Policy Studies.
  66. Zhong Chu & Zhengwei Wang & Jing Jian Xiao & Weiqiang Zhang, 2017. "Financial Literacy, Portfolio Choice and Financial Well-Being," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 132(2), pages 799-820, June.
  67. Hermansson, Cecilia & Jonsson, Sara & Liu, Lu, 2021. "The medium is the message: learning channels, financial literacy, and stock market participation," Working Paper Series 21/1, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance, revised 28 Jun 2021.
  68. Farago, Adam & Holmén, Martin & Holzmeister, Felix & Kirchler, Michael & Razen, Michael, 2019. "Cognitive Skills and Economic Preferences in the Fund Industry," OSF Preprints 964ba, Center for Open Science.
  69. Susanna Levantesi & Giulia Zacchia, 2021. "Machine Learning and Financial Literacy: An Exploration of Factors Influencing Financial Knowledge in Italy," Journal of Risk and Financial Management, MDPI, Open Access Journal, vol. 14(3), pages 1-21, March.
  70. Georgios A. Panos & Tatja Karkkainen & Adele Atkinson, 2020. "Financial Literacy and Attitudes to Cryptocurrencies," Working Papers 2020_26, Business School - Economics, University of Glasgow.
  71. Luigi Zingales, 2015. "Does Finance Benefit Society?," NBER Working Papers 20894, National Bureau of Economic Research, Inc.
  72. Fujiki, Hiroshi, 2020. "Are the actual and intended sources of financial knowledge the same? Evidence from Japan," Japan and the World Economy, Elsevier, vol. 55(C).
  73. Yang, Junhong & Wu, Yu & Huang, Bihong, 2020. "Digital Finance and Financial Literacy: An Empirical Investigation of Chinese Households," ADBI Working Papers 1209, Asian Development Bank Institute.
  74. Christian Königsheim & Moritz Lukas & Markus Nöth, 2017. "Financial Knowledge, Risk Preferences, and the Demand for Digital Financial Services," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 18(4), pages 343-375, October.
  75. Jing Jian Xiao & Nilton Porto, 2019. "Financial education and insurance advice seeking," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(1), pages 20-35, January.
  76. Oehler, Andreas & Wanger, Hans Philipp, 2020. "Household portfolio optimization with XTFs? An empirical study using the SHS-base," Research in International Business and Finance, Elsevier, vol. 51(C).
  77. Tian, Guangning & Zhou, Shuyuan & Hsu, Sara, 2020. "Executive financial literacy and firm innovation in China," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
  78. Daniel Hoechle & Stefan Ruenzi & Nic Schaub & Markus Schmid, 2017. "The Impact of Financial Advice on Trade Performance and Behavioral Biases," Review of Finance, European Finance Association, vol. 21(2), pages 871-910.
  79. Nolte, Sven & Schneider, Judith C., 2017. "Don’t lapse into temptation: a behavioral explanation for policy surrender," Journal of Banking & Finance, Elsevier, vol. 79(C), pages 12-27.
  80. Paul Gerrans & Douglas A. Hershey, 2017. "Financial Adviser Anxiety, Financial Literacy, and Financial Advice Seeking," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(1), pages 54-90, March.
  81. Jiang, Jinglin & Liao, Li & Wang, Zhengwei & Xiang, Hongyu, 2020. "Financial literacy and retail investors' financial welfare: Evidence from mutual fund investment outcomes in China," Pacific-Basin Finance Journal, Elsevier, vol. 59(C).
  82. Bu, Di & Hanspal, Tobin & Liao, Yin & Liu, Yong, 2020. "Financial literacy and self-control in FinTech: Evidence from a field experiment on online consumer borrowing," SAFE Working Paper Series 273, Leibniz Institute for Financial Research SAFE.
  83. Korkmaz, Aslihan Gizem & Yin, Zhichao & Yue, Pengpeng & Zhou, Haigang, 2021. "Does financial literacy alleviate risk attitude and risk behavior inconsistency?," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 293-310.
  84. Dimmock, Steve & Kouwenberg, Roy & Mitchell, Olivia S & Peijnenburg, Kim, 2018. "Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field," CEPR Discussion Papers 13109, C.E.P.R. Discussion Papers.
  85. Breunig, Christoph & Huck, Steffen & Schmidt, Tobias & Weizsäcker, Georg, 2021. "The Standard Portfolio Choice Problem in Germany," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 2413-2446.
  86. Li, Jianjun & Li, Qize & Wei, Xu, 2020. "Financial literacy, household portfolio choice and investment return," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
  87. Zuzana Brokesova & Andrej Cupak & Gueorgui Kolev, 2017. "Financial literacy and voluntary savings for retirement in Slovakia," Working and Discussion Papers WP 10/2017, Research Department, National Bank of Slovakia.
  88. Kramer, Marc M., 2016. "Financial literacy, confidence and financial advice seeking," Journal of Economic Behavior & Organization, Elsevier, vol. 131(PA), pages 198-217.
  89. Morshadul Hasan & Thi Le & Ariful Hoque, 2021. "How does financial literacy impact on inclusive finance?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-23, December.
  90. Zygimantas Mauricas & Valdone Darskuviene & Tamara Marinicevaite, 2017. "Stock Market Participation Puzzle In Emerging Economies: The Case Of Lithuania," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 8(2).
  91. Lusardi, Annamaria & Michaud, Pierre-Carl & Mitchell, Olivia S., 2020. "Assessing the impact of financial education programs: A quantitative model," Economics of Education Review, Elsevier, vol. 78(C).
  92. Hermansson, Cecilia & Song, Han-Suck, 2016. "Financial advisory services meetings and their impact on saving behavior – A difference-in-difference analysis," Journal of Retailing and Consumer Services, Elsevier, vol. 30(C), pages 131-139.
  93. Drerup, Tilman & Enke, Benjamin & von Gaudecker, Hans-Martin, 2017. "The precision of subjective data and the explanatory power of economic models," Journal of Econometrics, Elsevier, vol. 200(2), pages 378-389.
  94. Agostino Capponi & Zhaoyu Zhang, 2020. "Risk Preferences and Efficiency of Household Portfolios," Papers 2010.13928,
  95. Danielle Winchester & Sandra Huston, 2015. "All Financial Advice for the Middle Class is Not Equal," Journal of Consumer Policy, Springer, vol. 38(3), pages 247-264, September.
  96. Lord Mensah, 2016. "Asset Allocation Brewed Accross African Stock Markets," Proceedings of Economics and Finance Conferences 3205757, International Institute of Social and Economic Sciences.
  97. Kajonius, Petri J. & Carlander, Anders, 2017. "Who gets ahead in life? Personality traits and childhood background in economic success," Journal of Economic Psychology, Elsevier, vol. 59(C), pages 164-170.
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