Measuring the Financial Sophistication of Households
Measuring the Financial Sophistication of Households
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DOI：
10.3386/w14699
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发表时间：
2009-02
期刊：
影响因子：
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通讯作者：
Laurent E. Calvet;J. Campbell;Paolo Sodini
中科院分区：
文献类型：
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作者：
Laurent E. Calvet;J. Campbell;Paolo Sodini
许多家庭的投资方式很难与标准的金融理论相协调，并被贴上了投资错误的标签(Campbell 2006；Calvet，Campbell，and Sodini，以下简称CCS，2007)。家庭金融研究人员对金融成熟度的概念越来越感兴趣，金融成熟度被定义为家庭避免犯此类错误的能力。越来越多的经验性研究证明了家庭特征和投资错误之间的横向关联。更富有、受过更好教育的家庭往往更多元化(马歇尔·布鲁姆和欧文·弗兰德1975；CCS 2007；William Goetzmann和Alok Kumar 2008；Annette Vissing-Jorgensen 2003)，表现出较少的惯性(Julie Agnew，Pierluigi Balduzzi和Annika Sunden 2003；Yannis Bilias，Dimitris Georgarakos和Michael Haliassos 2008；Campbell 2006；CCS 2009；Vissing-Jorgensen 2002)，并且比其他家庭持有更弱的倾向持有输赢和出售获胜的股票(CCS 2009；Ravi Dhar和Ning朱2006)。这些早期论文的一个特点是，错误通常是一次调查一个错误
Many households invest in ways that are hard to reconcile with standard financial theory and that have been labelled as investment mistakes (Campbell 2006; Calvet, Campbell, and Sodini, henceforth “CCS,” 2007). There is increasing interest among household finance research-ers in the concept of financial sophistication, defined as the ability of a household to avoid making such mistakes. A growing empirical lit-erature documents a cross-sectional correlation between household characteristics and invest-ment mistakes. Richer, better educated house-holds tend to be better diversified (Marshall Blume and Irwin Friend 1975; CCS 2007; William Goetzmann and Alok Kumar 2008; Annette Vissing-Jorgensen 2003), display less inertia (Julie Agnew, Pierluigi Balduzzi, and Annika Sunden 2003; Yannis Bilias, Dimitris Georgarakos, and Michael Haliassos 2008; Campbell 2006; CCS 2009; Vissing-Jorgensen 2002), and have a weaker disposition to hold losing and sell winning stocks (CCS 2009; Ravi Dhar and Ning Zhu 2006) than other house-holds. One feature of these earlier papers is that mistakes are investigated one at a time, often