An investigation of the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors’ disposition bias
An investigation of the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors’ disposition bias
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金融素养、风险态度和储蓄动机对共同基金投资者处置偏差衰减的影响研究
DOI：
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Mats Wilhelmsson
中科院分区：
文献类型：
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作者：
S. Jonsson;Inga;Mats Wilhelmsson
目的-本文的目的是研究金融素养、风险态度和储蓄动机对共同基金投资者配置偏见衰减的影响。具体而言，作者关注于解释投资者倾向于出售表现不佳的共同基金股票的个人特征。设计/方法/方法-该研究依赖于2013年从1564个瑞典家庭收集的调查数据。作者考虑了三种不同的投资组合构成和投资组合绩效来检验这些假设。每个组成对应一个因变量和一个独立的模型，使用有序逻辑回归估计。研究结果-作者发现，不同形式的金融知识会影响处置效应的衰减。具体而言，作者发现关于共同基金的知识和关于当前市场状况的知识会影响配置效应的衰减，而作者没有发现“技术金融知识”（例如计算复合利率的能力）的影响。作者也没有发现风险态度和储蓄动机对处置偏差衰减的影响。独创性/价值——研究结果表明，需要对金融素养概念及其对投资者倾向偏见的影响进行更细致的概念化。由于这些发现的一个重要含义是，金融知识可能潜在地帮助人们克服行为偏见，因此该研究为政策制定者以及消费者教育计划设计的讨论提供了见解。
Purpose - The purpose of this paper is to investigate the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors’ disposition bias. Specifically, the authors focus on individual characteristics explaining the investors’ propensity to sell shares in a poorly performing mutual fund. Design/methodology/approach - The study relies on survey data collected from 1,564 Swedish households in 2013. The authors test the hypotheses considering three different portfolio compositions and portfolio performances. Each composition corresponds to a dependent variable and a separate model which are estimated using ordinal logistic regression. Findings - The authors find that different forms of financial literacy affect attenuation of the disposition effect. Specifically, the authors find that knowledge about mutual funds and knowledge about current market conditions affect the attenuation of the disposition effect, whereas the authors find no support for the effect of “technical financial knowledge” (e.g. the ability to calculate compound interest rates). The authors also find no support for the effects of risk attitude and saving motives on the attenuation of the disposition bias. Originality/value - The findings suggest a need for a more fine-grained conceptualization of the financial literacy concept and its effect on investors’ disposition bias. Since an important implication of the findings is that financial literacy could potentially help people overcome behavioral bias, the study provides insights for policymakers as well as into the discussion on the design of consumer education programs.
影响因子：
7.6
作者：
D. Wegener;R. Petty
通讯作者：
D. Wegener;R. Petty