TY  - JOUR
ID  - publications25625
UR  - http://tse-fr.eu/pub/31785
IS  - 2
A1  - Bianchi, Milo
Y1  - 2018/04//
N2  - We match administrative panel data on portfolio choices with survey measures of financial literacy. When we control for portfolio risk, the most literate households experience 0.4% higher annual returns than the least literate households. Distinct portfolio dynamics are the key determinant of this difference. More literate households hold riskier positions when expected returns are higher. They more actively rebalance their portfolios and do so in a way that holds their risk exposure relatively constant over time. They are more likely to buy assets that provide higher returns than the assets that they sell.
PB  - American finance association
JF  - Journal of Finance
VL  - 73
SN  - 0022-1082
TI  - Financial Literacy and Portfolio Dynamics
SP  - 831
AV  - none
EP  - 859
ER  -