eprintid: 25625
rev_number: 21
eprint_status: archive
userid: 1482
importid: 105
dir: disk0/00/02/56/25
datestamp: 2018-05-03 13:28:36
lastmod: 2021-04-02 15:57:18
status_changed: 2019-07-24 11:39:55
type: article
succeeds: 24081
metadata_visibility: show
creators_name: Bianchi, Milo
creators_idrefppn: 22146851X
title: Financial Literacy and Portfolio Dynamics
ispublished: pub
subjects: subjects_ECO
abstract: 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.
date: 2018-04
date_type: published
publisher: American finance association
id_number: 10.1111/jofi.12605
official_url: http://tse-fr.eu/pub/31785
faculty: tse
divisions: tse
divisions: CRM
language: en
has_fulltext: FALSE
doi: 10.1111/jofi.12605
view_date_year: 2018
full_text_status: none
publication: Journal of Finance
volume: 73
number: 2
pagerange: 831-859
refereed: TRUE
issn: 0022-1082
oai_identifier: oai:tse-fr.eu:31785
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harvester_local_overwrite: volume
harvester_local_overwrite: date
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harvester_local_overwrite: faculty
harvester_local_overwrite: ispublished
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harvester_local_overwrite: pagerange
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harvester_local_overwrite: pending
harvester_local_overwrite: doi
harvester_local_overwrite: creators_idrefppn
oai_lastmod: 2019-07-23T07:52:39Z
oai_set: tse
site: ut1
citation:   Bianchi, Milo <https://www.idref.fr/22146851X>  (2018) Financial Literacy and Portfolio Dynamics.    Journal of Finance, 73 (2).  pp. 831-859.