Financial Education and Household Portfolios

在本研究中，我们以投资组合管理模拟博弈的模拟数据为基础，检验投资组合的效率。为了选择资产，我们使用了距离有效前沿的距离，这是从均值-方差投资组合理论中得出的效率指数。概率分析的结果与二元面板概率模型分析的结果一致。后者的结果表明，由了解新知识、拥有多种资产并预测股市改善的人选择的投资组合是有效的。此外，在选择投资组合之前，股票价格指数的上涨会降低投资组合的效率。之前的投资组合表现并不影响投资组合的效率。

In this study, we examine the efficiency of portfolios on the basis of the simulation data of the portfolio management simulation game. To select the assets, we employ the distance from the efficient frontier that is derived as the index of efficiency from the mean-variance portfolio theory. The results of the Probit analysis are consistent with the results derived from the Binary Panel Probit model analysis. The latter results suggest that the portfolio selected by one who understands new knowledge, possesses several types of assets, and predicts an improvement in the stock market, is efficient. Furthermore, a rise in the price index of stocks prior to portfolio selection decreases the efficiency of a portfolio. The previous portfolio performance does not affect the efficiency of the portfolio.