PT AU BA BE GP AF BF CA TI SO SE BS LA DT

CT CY CL SP HO DE ID AB C1 RP EM RI OI
FU FX CR NR TC Z9 U1 U2 PU PI PA SN EI
BN J9 JI PD PY VL IS PN SU SI MA BP EP
AR DI D2 EA PG WC SC GA UT PM OA HC HP
DA
J Fong, JH; Koh, BSK; Mitchell, OS; Rohwedder, S Fong, Joelle
H.; Koh, Benedict S. K.; Mitchell, Olivia S.; Rohwedder, Susann
Financial literacy and financial decision-making at older ages PACIFIC-
BASIN FINANCE JOURNAL English Article
Retirement; Financial literacy; Credit card debt; Stock market participation;
Life-cycle investment; Household portfolio; Risk diversification PORTFOLIO CHOICE
How well older households manage their wealth holdings is an important
determinant of their financial security during retirement, yet little is known
about their financial decision-making and how this relates to their financial
literacy. Our paper fills this gap by measuring financial literacy among older
persons in the Singapore Life Panel and examining its association with timely
credit card debt repayment, stock market participation, and age-based investment
risk diversification. Most older respondents understand interest compounding and
inflation, but fewer than half know about risk diversification. Almost all older
credit card holders pay off their balances in a timely manner, but only 40% hold
stocks; fewer than 18% with $1000+ in assets hold portfolios consistent with age-
appropriate investment glide paths. We further show that a one-unit higher
financial literacy score is associated with a greater propensity to timely pay off
credit card balances (1.5 ppts), to hold stock (8.3 ppts), and to follow an age-
appropriate investment glide path (1.7 ppts). [Fong, Joelle H.] Natl Univ
Singapore, Lee Kuan Yew Sch Publ Policy, 469C Bukit Timah Rd, Singapore 259772,
Singapore; [Koh, Benedict S. K.] Singapore Management Univ, 50 Stamford Rd,
Singapore 178899, Singapore; [Mitchell, Olivia S.] Univ Penn, Wharton Sch, 3620
Locust Walk, Philadelphia, PA 19104 USA; [Rohwedder, Susann] RAND Ctr Study Aging,
1776 Main St, Santa Monica, CA 90407 USA Mitchell, OS (corresponding author), Univ
Penn, Wharton Sch, 3620 Locust Walk, Philadelphia, PA 19104 USA. j.fong@nus.edu.sg;
skkoh@smu.edu.sg; mitchelo@wharton.upenn.edu; susannr@rand.org
Singapore Ministry of Education (MOE) Academic Research Fund Tier 3 Grant at
the Singapore Management University [MOE2013-T3-1-009]; Singapore Ministry of
Education Start-up Grant at the National University of SingaporeMinistry of
Education, SingaporeNational University of Singapore [R603-000-267-133]; Pension
Research Council/Boettner Center at The Wharton School of the University of
Pennsylvania We are grateful to seminar participants at the 2019 Asia Pacific
Financial Education Institute Conference and the 2019 Asia Pacific Risk and
Insurance Association Meeting for helpful comments. We also thank Yong Yu, the
Singapore Life Panel (SLP (R)) team, and the RAND SLP (R) team for excellent
research assistance. This work was supported by the Singapore Ministry of Education
(MOE) Academic Research Fund Tier 3 Grant at the Singapore Management University
(grant number MOE2013-T3-1-009); the Singapore Ministry of Education Start-up Grant
at the National University of Singapore (grant number R603-000-267-133); and the
Pension Research Council/Boettner Center at The Wharton School of the University of
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17 Business, Finance Business & Economics RP2PX WOS:000641577100010
hybrid, Green Published 2021-10-06
J Balasubramnian, B; Sargent, CS Balasubramnian, Bhanu;
Sargent, Carol Springer Impact of inflated perceptions of financial
literacy on financial decision making JOURNAL OF ECONOMIC PSYCHOLOGY
English Article Financial literacy;
Financial capability; Consumer economics; Cognitive biases; Dunning-Kruger effect;
Overconfidence GENDER-DIFFERENCES; SELF-CONTROL; OVERCONFIDENCE; MISCONCEPTIONS;
COMPREHENSION; KNOWLEDGE; INVESTORS; EDUCATION We examine whether inflated
perceptions of financial literacy affect financial decision making. Gaps between
objective financial literacy and self-reported (perceived) financial literacy
(blind spots) predict 19 financial behaviors better than age, gender, income,
ethnicity, marital status, self-employment status, and general education levels.
Only two predictors, perceived financial literacy and financial education, carried
similar levels of predictive power on financial behaviors. Those with inflated
perceptions of financial literacy are more likely to miss mortgage payments,
receive a collection call, use informal debt, and have poor banking behavior. Those
without blind spots make better financial decisions. The differences between those
with and without blind spots are more pronounced among individuals with higher
education and income. [Balasubramnian, Bhanu] Univ Akron, Coll Business Adm, Dept
Finance, 259 South Broadway St, Akron, OH 44325 USA; [Sargent, Carol Springer]
Middle Georgia State Univ, Sch Business, 100 Univ Pkwy, Macon, GA 31206 USA
Balasubramnian, B (corresponding author), Univ Akron, Coll Business Adm, Dept
Finance, 259 South Broadway St, Akron, OH 44325 USA. bb67@uakron.edu;
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102306 10.1016/j.joep.2020.102306
16 Economics; Psychology, Multidisciplinary Business & Economics;
Psychology NN3EB WOS:000568673400009 2021-10-06
J Danso, A; Lartey, T; Amankwah-Amoah, J; Adomako, S; Lu, QY; Uddin, M
Danso, Albert; Lartey, Theophilus; Amankwah-Amoah, Joseph; Adomako,
Samuel; Lu, Qinye; Uddin, Moshfique Market sentiment and firm
investment decision-making INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
English Article Market sentiment;
Investment; Profitability; Flexibility; Crisis CAPITAL STRUCTURE DYNAMICS; CEO
OVERCONFIDENCE; CORPORATE-INVESTMENT; CASH FLOW; INFORMATION ASYMMETRY; MANAGERIAL
ABILITY; FINANCIAL CRISIS; DEBT MATURITY; AGENCY COSTS; PERFORMANCE While
research on factors driving corporate investment decisions has blossomed, knowledge
related to the Chief Executive Officer's (CEO's) market sentiment on investment
decision outcomes is lacking. In this study, we extend the existing corporate
finance literature by examining the underexplored issue of how CEOs' market
sentiment drives firms' investment decisions. Capitalising on a large sample of US
firms for the period 2004-2014, we uncovered some crucial observations. First, we
found empirical support for our theoretical contention that market sentiment drives
corporate investment decisions. Second, we established that, while financial
flexibility induces managers to overinvest, the expectation of future profitability
leads firms to underinvest during high sentiment periods. In addition, we uncovered
that the 2007/08 financial crisis significantly impacted firm behaviour and
realigned managerial decision-making. Thus, the sentiment-investment relationship
is more pronounced during the crisis and the post-crisis periods. Our results are
robust after accounting for the possibility of endogeneity and using alternative
measures of both CEOs' market sentiment and firm investment. [Danso, Albert;
Lartey, Theophilus; Lu, Qinye] De Montfort Univ, Leicester Castle Business Sch,
Leicester, Leics, England; [Amankwah-Amoah, Joseph] Univ Kent, Kent Business Sch,
Canterbury, Kent, England; [Adomako, Samuel] Univ Bradford, Sch Management,
Bradford, W Yorkshire, England; [Uddin, Moshfique] Univ Leeds, Business Sch, Leeds,
W Yorkshire, England Danso, A (corresponding author), De Montfort Univ,
Leicester Castle Business Sch, Leicester, Leics, England. Albert.danso@dmu.ac.uk
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101369 10.1016/j.irfa.2019.06.008 16 Business, Finance
Business & Economics JL7IL WOS:000495701900006 Green Accepted,
Green Submitted 2021-10-06
J Lusardi, A Lusardi, Annamaria Financial
literacy: Do people know the ABCs of finance? PUBLIC UNDERSTANDING OF SCIENCE
English Article financial decision
making; financial literacy; numeracy Increasingly, individuals are in
charge of their own financial security and are confronted with ever more complex
financial instruments. However, there is evidence that many individuals are not
well-equipped to make sound saving decisions. This article looks at financial
literacy, which is defined as the ability to process economic information and make
informed decisions about financial planning, wealth accumulation, debt, and
pensions. Failure to plan for retirement, lack of participation in the stock
market, and poor borrowing behavior can all be linked to ignorance of basic
financial concepts. Financial literacy impacts financial decision making, with
implications that apply to individuals, communities, countries, and society as a
whole. Given the lack of financial literacy among the population, it may be
important to remedy it by adding financial literacy to the school curriculum.
[Lusardi, Annamaria] George Washington Univ, Sch Business, Econ &
Accountancy, Washington, DC 20052 USA Lusardi, A (corresponding author), George
Washington Univ, Sch Business, 2201 G St NW,Duques Hall, Washington, DC 20052 USA.
alusardi@gwu.edu Agarwal S, 2009, BROOKINGS PAP ECO
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J MONETARY ECON, V54, P205, DOI 10.1016/j.jmoneco.2006.12.001; Lusardi A, 2014, J
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SL, p345 ; Stango V, 2009, J FINANC, V64, P2807, DOI 10.1111/j.1540-
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10.1016/j.jfineco.2011.03.006 30 40 42 4 66 SAGE PUBLICATIONS LTD
LONDON 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP, ENGLAND 0963-
6625 1361-6609 PUBLIC UNDERST SCI Public Underst. Sci. APR 2015
24 3 260 271 10.1177/0963662514564516
12 Communication; History & Philosophy Of Science
Communication; History & Philosophy of Science CF4WF WOS:000352553100002
25838273 2021-10-06
J Xu, S; Xiong, ZT; Jiao, L Xu, Sheng; Xiong, Zhitao;
Jiao, Lin FINANCIAL LITERACY AND HOUSEHOLD INVESTMENT PERFORMANCE:
EVIDENCE FROM CHINA TRANSFORMATIONS IN BUSINESS & ECONOMICS
English Article financial literacy;
investment performance; household finance MARKET Financial innovations centred
on science and technology bring diversified financial products, which are
beneficial to meet the diversified demands of household asset allocation. However,
household investment performance is not improved, which may be due to the lack of
household financial literacy. To explore the effects and action mechanisms of
financial literacy on household investment performance, a theoretical model of
household investment decision-making was constructed. Theoretical hypotheses were
verified by experiments using the data of the China Household Finance Survey in
2013. Results demonstrate that household financial literacy has positive impacts on
household investment performance and improving financial literacy is conducive to
enhance such performance. A good household financial literacy can increase the
possibility of households to participate in stock, fund, and bond markets. However,
improving financial literacy cannot increase household participation in the real
estate market considering that such market possesses dual attributes of investments
and residences. The conclusions provide theoretical references for government
sectors to set up a long-term mechanism for household financial literacy education
and for the supervision of financial institutions to increase social
responsibility. [Xu, Sheng; Xiong, Zhitao; Jiao, Lin] Zhongnan Univ Econ & Law,
Sch Finance, 182 Nanhu Ave, Wuhan 430073, Hubei, Peoples R China Jiao, L
(corresponding author), Zhongnan Univ Econ & Law, Sch Finance, 182 Nanhu Ave, Wuhan
430073, Hubei, Peoples R China. xusheng@zuel.edu.cn; xiongzt1995@163.com;
18086001526@163.com xu, sheng/0000-0002-0584-3096 Agarwal S,
2017, J FINANC ECON, V123, P42, DOI 10.1016/j.jfineco.2016.01.028; Almenberg J,
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2010, REV FINANC STUD, V23, P2900, DOI 10.1093/rfs/hhq023; Behrman JR, 2012, AM
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10.1017/S1474747214000377; Liao L, 2017, ACCOUNT FINANC, V57, P1383, DOI
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M, 2011, J FINANC ECON, V101, P449, DOI DOI 10.1016/j.jfineco.2011.03.006; Von
Gaudecker HM, 2015, J FINANC, V70, P489, DOI 10.1111/jofi.12231; Wu W., 2018,
STUDIES INT FINANCE, P66; Wu W. X., 2013, STUDIES INT FINANCE, V30, P45; Yin Z. C.,
2014, EC RES J, V4, P62; Yin Z. W., 2015, ADV DIFFER EQU-NY, V1, P1; Zeng Z. G.,
2015, ECONOMIST, V27, P86; Zhu T., 2015, FINANCIAL PERSPECTIV, V29, P85; Zhu X.,
2015, J STAT DECISION, V02, P12 32 0 0 4 24 VILNIUS UNIV
VILNIUS UNIVERSITETO ST 3, VILNIUS, LT-01513, LITHUANIA 1648-4460
TRANSFORM BUS ECON Transform. Bus. Econ. 2019 18 2
237 258 22 Business; Economics
Business & Economics IB1PC WOS:000470036100013
2021-10-06
J Li, Y; Li, ZW; Su, F; Wang, QT; Wang, Q Li, Yi; Li,
Zhengwang; Su, Fan; Wang, Qiteng; Wang, Qian Fintech Penetration,
Financial Literacy, and Financial Decision-Making: Empirical Analysis Based on Tar
COMPLEXITY English Article
The level of financial literacy of rural residents will affect their
financial decisions and the financial well-being behind the decisions. This paper
uses mediating effect and moderating effect to test the influence path of rural
residents' subjective and objective financial literacy on their financial decision-
making with survey data from Henan and Anhui provinces in China. The results show
that subjective and objective financial literacy have positive effects on financial
market participation. Subjective and objective financial literacy have negative
direct effects on insurance market participation. Subjective financial literacy
plays an incomplete mediating effect in the impact of objective financial literacy
on financial market and insurance market participation. Objective financial
literacy is adjusted by subjective financial literacy on financial market
participation and insurance market participation. At the same time, we introduce
financial technology penetration as a threshold variable in the model and find that
the financial literacy has stronger impact on financial decision-making if the
financial technology penetration is above the threshold. [Li, Yi; Su, Fan; Wang,
Qiteng] Hubei Univ Econ, Sch Finance, Wuhan 430205, Hubei, Peoples R China; [Li,
Zhengwang] Zhongnan Univ Econ & Law, Sch Finance, Wuhan 430073, Hubei, Peoples R
China; [Li, Zhengwang] Hubei Financial Dev & Financial Secur Res Ctr, Wuhan 430205,
Hubei, Peoples R China; [Wang, Qian] Kings Coll London, Sch Social Sci & Publ
Policy, London SE1 8WA, England Li, ZW (corresponding author), Zhongnan Univ
Econ & Law, Sch Finance, Wuhan 430073, Hubei, Peoples R China.; Li, ZW
(corresponding author), Hubei Financial Dev & Financial Secur Res Ctr, Wuhan
430205, Hubei, Peoples R China. 752839498@qq.com National Natural
Science Foundation of ChinaNational Natural Science Foundation of China (NSFC)
[72003059]; China Foundation for Development of Financial Education This work
was supported by the National Natural Science Foundation of China (grant no.
72003059). The authors would like to thank China Foundation for Development of
Financial Education for funding this research. Dohmen T, 2010, AM ECON REV, V100,
P1238, DOI 10.1257/aer.100.3.1238; Hansen BE, 2000, ECONOMETRICA, V68, P575, DOI
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FINAN, V14, P332, DOI 10.1017/S1474747215000232; Lusardi A, 2011, J PENSION ECON
FINAN, V10, P509, DOI 10.1017/S147474721100045X; Lusardi A, 2011, J PENSION ECON
FINAN, V10, P497, DOI 10.1017/S1474747211000448; Moore D., 2003, 0339 WASH STAT U
USA; Noctor M., 1992, FINANCIAL LITERACY I; Organisation for Economic Co-Operation
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HINDAWI LONDON ADAM HOUSE, 3RD FL, 1 FITZROY SQ, LONDON, WIT 5HE, ENGLAND
1076-2787 1099-0526 COMPLEXITY Complexity DEC 24 2020 2020
6696312 10.1155/2020/6696312
12 Mathematics, Interdisciplinary Applications; Multidisciplinary Sciences
Mathematics; Science & Technology - Other Topics PS4ZB
WOS:000607930100004 gold 2021-10-06
J Zhao, HD; Zhang, LN Zhao, Haidong; Zhang, Lini
Financial literacy or investment experience: which is more influential in
cryptocurrency investment? INTERNATIONAL JOURNAL OF BANK MARKETING
English Article; Early Access
Cryptocurrency investment; Financial literacy; Investment experience; Social
cognitive theory KNOWLEDGE; RISK; BITCOIN Purpose The purpose of this study
was to investigate how financial literacy and investment experience impact
cryptocurrency investment behavior and explore which factor is more influential in
cryptocurrency investment. Design/methodology/approach Using a sample of US
individual investors from the 2018 National Financial Capability Study Investor
Survey, a three-step hierarchical logistic regression was conducted following a
model-comparison approach. In addition, a mediation analysis was conducted using
the Karlson-Holm-Breen (KHB) method to further explore the mediating effect of
investment experience between financial literacy and cryptocurrency investment.
Findings This study found that while both financial literacy and investment
experience were positively associated with investing in cryptocurrencies,
investment experience was more influential in cryptocurrency investment. The
findings also demonstrated that investment experience, especially risky asset
holding, had a significant mediating effect between subjective financial knowledge
and cryptocurrency investment behavior. Practical implications The findings of this
study offer insight to researchers by providing a deeper understanding of the
determinants of cryptocurrency investment in the United States. This study also
provides detailed implications for financial institutions, financial professionals
and policymakers to guide rational cryptocurrency investment behavior.
Originality/value This study is one of the initial attempts to explore the
determinant factors in cryptocurrency investment, an area that has rarely been
studied in the literature. [Zhao, Haidong] Shanghai Normal Univ, Sch Finance &
Business, Shanghai, Peoples R China; [Zhang, Lini] Shanghai Inst Technol, Sch
Econom & Management, Shanghai, Peoples R China Zhang, LN (corresponding author),
Shanghai Inst Technol, Sch Econom & Management, Shanghai, Peoples R China.
zhao.haidong@outlook.com; zhang.lini@hotmail.com Zhao, Haidong/O-4162-
2018 Zhao, Haidong/0000-0002-7997-948X Shanghai Sailing Program [21YF1446700]
This work was supported by the Shanghai Sailing Program No. 21YF1446700.
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EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY
BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937 INT J BANK MARK
Int. J. Bank Mark.
10.1108/IJBM-11-2020-0552 JUN 2021 19 Business
Business & Economics SL2XP WOS:000656783200001
2021-10-06
J Li, JJ; Li, QZ; Wei, X Li, Jianjun; Li, Qize; Wei, Xu
Financial literacy, household portfolio choice and investment return
PACIFIC-BASIN FINANCE JOURNAL English Article
Financial literacy; Financial market participation; Household
portfolio choices; Investment return STOCK-MARKET PARTICIPATION; RISK-
AVERSION; TRUST Based on data from the 2014 China Family Panel Studies (CFPS),
this paper investigates the effects of financial literacy on Chinese households'
portfolio choices and investment returns from the financial market. We find that
financial literacy significantly increases households' investments in risky assets.
Financial literacy may have an impact by increasing capacities to understand and
compare financial assets. However, we further find that it is not necessary for all
investors to have financial knowledge to gain higher investment returns from
financial markets. Our results show that financial literacy increases investment
returns for younger and better educated households while reducing the returns for
older, less educated households. [Li, Jianjun; Wei, Xu] Cent Univ Finance &
Econ, Sch Finance, Beijing 100081, Peoples R China; [Li, Qize] Chinese Acad Social
Sci, Beijing 100732, Peoples R China; [Li, Qize] Tilburg Univ, TIAS Sch Business &
Soc, Tilburg, Netherlands Wei, X (corresponding author), Cent Univ Finance &
Econ, Sch Finance, Beijing 100081, Peoples R China. xuwei@cufe.edu.cn
National Natural Science Foundation of ChinaNational Natural Science
Foundation of China (NSFC) [71973160, 71403306] The author Xu Wei is grateful for
the financial support from National Natural Science Foundation of China (Grant No.
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101370 10.1016/j.pacfin.2020.101370 15 Business, Finance
Business & Economics NX0GL WOS:000575397400017
2021-10-06
J Jappelli, T; Padula, M Jappelli, Tullio; Padula, Mario
Investment in financial literacy and saving decisions JOURNAL OF BANKING
& FINANCE English Article
Financial literacy; Human capital; Saving CONSUMPTION GROWTH; COGNITIVE
FUNCTION; RETIREMENT; KNOWLEDGE; WEALTH; ASTERISK We present an intertemporal
consumption model of investment in financial literacy. Consumers benefit from such
investment because financial literacy allows them to increase the returns on
wealth. Since literacy depreciates over time and has a cost in terms of current
consumption, the model delivers an optimal investment in literacy. Furthermore,
literacy and wealth are determined jointly, and are positively correlated over the
life-cycle. The model drives our empirical approach to the analysis of the effect
of financial literacy on wealth and saving and indicates that the stock of
financial literacy early in life is a valid instrument in the regression of wealth
on financial literacy. Using microeconomic and aggregate data, we find strong
support for the model's predictions. (C) 2013 Elsevier B.V. All rights reserved.
[Jappelli, Tullio] Univ Naples Federico II, Naples, Italy; [Jappelli, Tullio;
Padula, Mario] CSEF, Naples, Italy; [Padula, Mario] Univ Ca Foscari Venice, Venice,
Italy Padula, M (corresponding author), Sestriere Cannareggio 873, I-30121 Venice,
Italy. tullio.jappelli@unina.it; mpadula@unive.it
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10.1016/j.jbankfin.2013.03.019 14 Business, Finance;
Economics Business & Economics 171ZO WOS:000320969600009 Green
Submitted 2021-10-06
J Ward, AF; Lynch, JG Ward, Adrian F.; Lynch, John G.,
Jr. On a Need-to-Know Basis: How the Distribution of Responsibility
Between Couples Shapes Financial Literacy and Financial Outcomes JOURNAL OF
CONSUMER RESEARCH English Article
consumer financial decision-making; financial literacy; transactive memory;
expertise; relationships TRANSACTIVE MEMORY; DECISION-MAKING; MARITAL QUALITY;
PRIOR KNOWLEDGE; INFORMATION; MARRIAGE; DETERMINANTS; DIMENSIONS; EDUCATION;
COGNITION Many consumers suffer from low levels of financial literacy, and
attempts to increase this dimension of consumer expertise via educational
interventions are typically unsuccessful. We argue that many of these apparent
deficits are caused by the distribution of responsibility for knowledge and
decision-making between relationship partners. Early in relationships,
responsibility for financial matters is often determined not by differences in
financial expertise, but by differences in relative contributions to other domains
(study 3). Although responsibility may be initially unrelated to ability,
responsibility predicts learning of new financial information (study 4). Cross-
sectional data from consumers in long-term relationships show that as relationships
lengthen, high levels of financial responsibility are associated with increases in
financial literacy, whereas low levels of financial responsibility are not (study
1). These diverging trajectories of expertise cannot be explained by role switching
or changes in the sample over time (study 2). The resulting gap in financial
literacy is linked to corresponding differences in both financial decision-making
and financial information search (studies 5, 5a). Consumers develop expertise on a
"need to know" basis. Offloading responsibility to a relationship partner may
eliminate this need in the present, while simultaneously creating barriers to
developing expertise when needed in the future. [Ward, Adrian F.] Univ Texas
Austin, McCombs Sch Business, Mkt, 2110 Speedway, Austin, TX 78705 USA; [Lynch,
John G., Jr.] Univ Colorado, Leeds Sch Business, Fac & Res, 995 Regent Dr, Boulder,
CO 80309 USA; [Lynch, John G., Jr.] Univ Colorado, Leeds Sch Business, Ctr Res
Consumer Financial Decis Making, 995 Regent Dr, Boulder, CO 80309 USA Ward, AF
(corresponding author), Univ Texas Austin, McCombs Sch Business, Mkt, 2110
Speedway, Austin, TX 78705 USA. adrian.ward@mccombs.utexas.edu;
john.g.lynch@colorado.edu Lynch, John G./AAV-5203-2020 Lynch, John G./0000-
0002-4094-3738; Ward, Adrian/0000-0001-8318-7963 Center for Research on
Consumer Financial Decision Making at the Leeds School of Business, University of
Colorado at Boulder This work was supported by a postdoctoral fellowship to the
first author in the Center for Research on Consumer Financial Decision Making at
the Leeds School of Business, University of Colorado at Boulder. The authors thank
the members of the Consumer Financial Decision Making Lab group at the University
of Colorado, as well as seminar participants at the AMA Doctoral Consortium in Iowa
City, Boston College, Duke University, Harvard Business School, HEC-Paris, INSEAD,
MIT, Rice University, University of California-Berkeley, University of Chicago,
University of Delaware, University of Florida, University of TexasAustin,
University of Toronto, Western University (Ontario), and WU Vienna for their
helpful comments. They thank Andrew Bainbridge for research assistance. They thank
the Marketing Science Institute and Conde Nast for assistance with study 3.
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JOURNALS DEPT, 2001 EVANS RD, CARY, NC 27513 USA 0093-5301 1537-5277
J CONSUM RES J. Consum. Res. FEB 2019 45 5
1013 1036 10.1093/jcr/ucy037 24 Business
Business & Economics IS2JJ WOS:000481978500007 hybrid
2021-10-06
J Nguyen, TAN; Rozsa, Z Thi Anh Nhu Nguyen; Rozsa, Zoltan
FINANCIAL LITERACY AND FINANCIAL ADVICE SEEKING FOR RETIREMENT
INVESTMENT CHOICE JOURNAL OF COMPETITIVENESS English Article
financial literacy; financial advice; household
finance; investment choice; retirement EDUCATION; CREDIT The research
investigates the effects of the degree of financial literacy on financial advice
seeking for retirement investment choice as well as assesses the level of financial
literacy of Vietnamese employees. An empirical research was conducted by examining
314 individuals who are currently at working stage. This current work also
contributes to the present literature by exploring whether the relationship between
financial literacy and seeking out advice is a substitute or complementary
relationship. The estimation techniques applied in this resaerch are statistics
descriptive analysis and two-stage least squares (2SLS) regression. The results of
our statistics descriptive analysis indicated that Vietnamese employees have a
moderate level of basic and advanced financial literacy. After addressing the
endogenous problem by running a two-stage least squares (2SLS) regression, results
show that both basic financial knowledge and advanced financial knowledge are
positively correlated with financial advice seeking for retirement investment
choice. This result also supports the evidence that this relationship may be
considered a complementary one. Hence it is recommended that policy makers should
concede that along with financial literacy, financial advice ought to be perceived
as a complementary mechanism to assist individuals to make informed retirement
investment choices. [Thi Anh Nhu Nguyen] Ho Chi Minh City Open Univ, Fac
Finance Banking, Ho Chi Minh City, Vietnam; [Rozsa, Zoltan] Alexander Dubcek Univ
Trencin, Fac Social & Econ Relat, Trencin, Slovakia Nguyen, TAN (corresponding
author), Ho Chi Minh City Open Univ, Fac Finance Banking, Ho Chi Minh City,
Vietnam. nha.nta@ou.eda.vn; zoltan.rozsa@tnuni.sk Rozsa, Zoltan/E-1043-2013
Rozsa, Zoltan/0000-0002-5748-5702; Nguyen, Thi Anh Nhu/0000-0003-3619-4655
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BATI & ZLINE, FAK MANAGEMENTU EKONOMIKY ZLIN NAM T G MASARYKA 5555, ZLIN, 760
01, CZECH REPUBLIC 1804-171X 1804-1728 J COMPETITIVENESS J.
Competitiveness MAR 2019 11 1 70 83
10.7441/joc.2019.01.05 14 Business; Economics; Management
Business & Economics HQ6KU WOS:000462524400006 gold
2021-10-06
J Jappelli, T; Padula, M Jappelli, Tullio; Padula, Mario
Investment in financial literacy, social security, and portfolio choice
JOURNAL OF PENSION ECONOMICS & FINANCE English Article
Financial literacy; portfolio choice; saving
INVESTORS; BIAS We present an intertemporal portfolio choice model where
individuals invest in financial literacy, save, allocate their wealth between a
safe and a risky asset, and receive a pension when they retire. Financial literacy
affects the excess return from and cost of stock-market participation. Investors
simultaneously choose how much to save, their portfolio allocation, and the optimal
investment in financial literacy. The model implies that one should observe a
positive correlation between stock-market participation (and risky asset share,
conditional on participation) and financial literacy, and a negative correlation
between the generosity of the social security system and financial literacy. The
model also implies that financial literacy accumulated early in life is positively
correlated with the individual's wealth and portfolio allocations in later life.
Using microeconomic cross-country data, we find support for these predictions.
[Jappelli, Tullio] Univ Naples Federico II, CSEF, Naples, Italy; [Jappelli,
Tullio; Padula, Mario] CEPR, London, England; [Padula, Mario] USI, Fac Sci Econ,
IdEP, CSEF, New Delhi, India Jappelli, T (corresponding author), Univ Naples
Federico II, CSEF, Naples, Italy. tullio.jappelli@unina.it; padulm@usi.ch
Observatoire de l'Epargne Europeenne (OEE) We thank the Observatoire de
l'Epargne Europeenne (OEE) for financial support, Didier Davydoff and Christian
Gollier for helpful suggestions. We also thank participants in the OEE Conference
'Are Europeans lacking in financial literacy?', Paris, 8 February 2013, for
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43 Business, Finance; Economics Business & Economics CT6GN
WOS:000362911500003 Green Submitted 2021-10-06
J Costa, VM; Teixeira, NAD; Santos, AC; Santos, E Moreira
Costa, Vania; De Sa Teixeira, Nuno A.; Cordeiro Santos, Ana; Santos, Eduardo
When more is less in financial decision-making: financial literacy magnifies
framing effects PSYCHOLOGICAL RESEARCH-PSYCHOLOGISCHE FORSCHUNG
English Article NUMERACY;
PERFORMANCE; INVESTMENT; CHOICE; RISK; RATIONALITY; ELICITATION; PSYCHOLOGY;
PREFERENCE; JUDGMENTS In recent years, the financial world has become more
complex and intricate. In this context, numeracy and, particularly, financial
literacy, are seen as paramount in providing consumers with the knowledge and
confidence required to take part in financial markets. Despite some indicative
empirical findings, it is still to be ascertained how the two competences
differentially contribute to the quality of decision-making in financial contexts.
Furthermore, it is still unknown to what degree financial literacy and numeracy,
taken as relevant mind-ware for financial decision-making, are effective in
guarding against well-documented biases such as loss aversion and framing effects.
This study aims to clarify these issues by employing an experimental task,
conceived as an approximation to real-world decision-making involving the sale of
shares. Our results suggest that numeracy and financial literacy affect decision-
making differently in a pattern that, in part, runs counter to conventional
economic theory. The data indicate that numeracy promotes a pattern of choices
closer to economic rationality, while financial literacy can prove
counterproductive and may amplify cognitive biases, namely framing effects and loss
aversion. The outcomes are interpreted in light of dual-process theories, and the
political implications discussed. [Moreira Costa, Vania; Santos, Eduardo] Univ
Coimbra, Inst Cognit Psychol Human & Social Dev, Rua Colegio Novo, P-3000115
Coimbra, Portugal; [De Sa Teixeira, Nuno A.] Univ Aveiro, Dept Educ & Psychol,
William James Res Ctr, Aveiro, Portugal; [Cordeiro Santos, Ana] Univ Coimbra, Ctr
Social Studies, Coimbra, Portugal Costa, VM (corresponding author), Univ Coimbra,
Inst Cognit Psychol Human & Social Dev, Rua Colegio Novo, P-3000115 Coimbra,
Portugal. vania.moreira.costa@gmail.com Santos, Eduardo/N-3321-2013 Santos,
Eduardo/0000-0002-9305-9073; De Sa Teixeira, Nuno/0000-0003-4915-7802; Santos, Ana
Cordeiro/0000-0002-3654-2544; Moreira Costa, Vania/0000-0001-8801-5669 Portuguese
Foundation for Science and Technology (FCT)Portuguese Foundation for Science and
Technology [SFRH/BD/99484/2014] This work was supported by the Portuguese
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HEIDELBERG TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY 0340-0727
1430-2772 PSYCHOL RES-PSYCH FO Psychol. Res.-Psychol. Forsch.
JUL 2021 85 5 2036 2046
10.1007/s00426-020-01372-7 JUN 2020 11 Psychology, Experimental
Psychology TL1XA WOS:000541314300001 32562014 Green Published
2021-10-06
J Munir, IU; Yue, S; Ijaz, MS; Hussain, SD; Zaidi, SY MUNIR,
I. R. F. A. N. U. L. L. A. H.; YUE, S. H. E. N.; IJAZ, M. U. H. A. M. M. A. D. S.
H. A. H. Z. A. D.; HUSSAIN, S. A. A. D.; ZAIDI, S. Y. E. D. A. Y. U. M. N. A.
FINANCIAL LITERACY AND STOCK MARKET PARTICIPATION: DOES GENDER MATTER?
SINGAPORE ECONOMIC REVIEW English Article; Early Access
Financial literacy; stock market participation;
gender gap; logistic regression; financial decision making PORTFOLIO CHOICE;
CONSUMPTION; RISK In recent years, financial literacy has attracted much attention
in the field of household finance as individuals have become more concerned about
their financial well-being. Besides, financial products have become more complex
over the years. Therefore, financial literacy has become crucial for financial
decision making and has received the attention of policymakers, researchers and
regulatory bodies. This study investigates the cross-sectional heterogeneity on the
relationship between financial literacy and stock market participation in an
emerging economy, particularly Pakistan. This study uses the survey data of the 300
individuals residing in Islamabad. Exploratory factor analysis is used to assess
convergent and discriminant validity of the survey data. Results are estimated
using logistic regression. Results of this study show that individuals with higher
levels of financial literacy tend to participate more in the stock market. This
study also finds the support for gender gap on the financial literacy and
participation in the stock market. Further, it is observed that age, qualification
and income are positively associated with stock market participation. In the end,
the conclusion of the study is given along with significant policy implications.
[MUNIR, I. R. F. A. N. U. L. L. A. H.; YUE, S. H. E. N.] Xi An Jiao Tong
Univ, Sch Econ & Finance, Xian, Shaanxi, Peoples R China; [IJAZ, M. U. H. A. M. M.
A. D. S. H. A. H. Z. A. D.; HUSSAIN, S. A. A. D.; ZAIDI, S. Y. E. D. A. Y. U. M. N.
A.] Pir Mehr Ali Shah Arid Agr Univ Rawalpindi, Univ Inst Management Sci,
Rawalpindi, Pakistan Munir, IU (corresponding author), Xi An Jiao Tong Univ, Sch
Econ & Finance, Xian, Shaanxi, Peoples R China. irfanmunir@stu.xjtu.edu.cn
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10.1142/S0217590820500757 DEC 2020 20 Economics Business &

Economics PF9FA WOS:000599350600001 2021-10-06
J Khan, MSR; Rabbani, N; Kadoya, Y Khan, Mostafa Saidur
Rahim; Rabbani, Naheed; Kadoya, Yoshihiko Is Financial Literacy
Associated with Investment in Financial Markets in the United States?
SUSTAINABILITY English Article
financial literacy; household investment; risky securities; financial
markets; United States STOCK; PARTICIPATION; EXPECTATIONS; WEALTH; WOMEN; RISK
Lack of investment in financial markets is one of the enduring puzzles in
empirical finance. Although recent studies ascribe the lack of investment in stocks
to financial literacy, the association between financial literacy and investment in
financial markets remains inconclusive. We examine whether financial literacy is
associated with investment in financial markets in the United States. We use
investment in stocks, futures/options, investment trusts, corporate bonds, foreign
currency deposits, and government bonds of foreign currency as a proxy for
investment in financial markets. Using data from the Preference Parameter Study, a
nationwide panel survey conducted by Osaka University of Japan, we provide evidence
that financial literacy has a significantly positive association with investment in
financial markets even after controlling for demographic, socioeconomic, and
psychological factors. We check the robustness of our results by using an
alternative proxy for investment in financial markets. Our study has far-reaching
policy implications and we conclude by suggesting the introduction of financial
literacy programs into the academic curriculum. Improving financial literacy could
positively impact the mobilization of household funds and contribute to capital
formation. [Khan, Mostafa Saidur Rahim; Kadoya, Yoshihiko] Hiroshima Univ, Sch
Econ, 1-2-1 Kagamiyama, Higashihiroshima, Hiroshima 7398525, Japan; [Rabbani,
Naheed] Univ Dhaka, Dept Banking & Insurance, Dhaka 1000, Bangladesh Khan, MSR
(corresponding author), Hiroshima Univ, Sch Econ, 1-2-1 Kagamiyama,
Higashihiroshima, Hiroshima 7398525, Japan. khan@hiroshima-u.ac.jp;
naheed.bin@du.ac.bd; ykadoya@hiroshima-u.ac.jp Khan, Mostafa Saidur Rahim/V-1355-
2018; Kadoya, Yoshihiko/W-1530-2017; Kadoya, Yoshihiko/AAN-4905-2021 Kadoya,
Yoshihiko/0000-0003-3530-164X; Kadoya, Yoshihiko/0000-0003-3530-164X; Khan,
Mostafa/0000-0003-2632-3580 JSPS KAKENHIMinistry of Education, Culture, Sports,
Science and Technology, Japan (MEXT)Japan Society for the Promotion of
ScienceGrants-in-Aid for Scientific Research (KAKENHI) [19K13739, 19K13684];
RISTEX, JSTJapan Science & Technology Agency (JST) This work is supported by
JSPS KAKENHI, grant numbers 19K13739 and 19K13684, and RISTEX, JST. The funders had
no role in the study design, data collection and analysis, preparation of the
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ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND 2071-1050
SUSTAINABILITY-BASEL Sustainability SEP 2020 12 18
7370 10.3390/su12187370 14 Green &
Sustainable Science & Technology; Environmental Sciences; Environmental Studies
Science & Technology - Other Topics; Environmental Sciences & Ecology OJ9WW
WOS:000584305500001 gold 2021-10-06
J Jiang, JL; Liao, L; Wang, ZW; Xiang, HY Jiang, Jinglin;
Liao, Li; Wang, Zhengwei; Xiang, Hongyu Financial literacy and retail
investors' financial welfare: Evidence from mutual fund investment outcomes in
China PACIFIC-BASIN FINANCE JOURNAL English Article
Financial literacy; Mutual fund investment; Investment fees;
Retail investors EDUCATION; WEALTH This paper examines the financial literacy of
mutual fund retail investors and its relationship with their investment outcomes.
Using a unique dataset on Chinese mutual fund retail investors containing a survey
on financial literacy, we find that women display significantly lower financial
literacy than men. Investors with a higher level of education and richer investment
experience have higher financial literacy. A one-standard-deviation increase in
advanced financial literacy is associated with a probability decrease of an
individual investor suffering a major loss by 1.940 percentage points, > 13% of the
sample average. Highly literate investors also show more sophistication concerning
fee-related issues: they are more likely to be aware of investment charges, to
avoid high-fee funds sold by intermediaries, and to trade less. Moreover, we find
that advanced literacy has a significantly larger impact on investment performance
than basic literacy. These results can be helpful to the policy debate on the
effects of financial education. [Jiang, Jinglin; Liao, Li; Wang, Zhengwei;
Xiang, Hongyu] Tsinghua Univ, PBC Sch Finance, 43 Chengfu Rd, Beijing 100083,
Peoples R China Jiang, JL (corresponding author), Tsinghua Univ, PBC Sch Finance,
43 Chengfu Rd, Beijing 100083, Peoples R China. jiangjl.l4@pbcsf.tsinghua.edu.cn;
liaol@pbcsf.tsinghua.edu.cn; wangzhw@pbcsf.tsinghua.edu.cn;
xianghy.11@pbcsf.tsinghua.edu.cn National Natural Science Foundation
of ChinaNational Natural Science Foundation of China (NSFC) [71232003, 71472100];
National Social Science Fund of China [15ZDA029] We are grateful for helpful
comments from an anonymous referee, and David Reeb (the Editor). This work was
supported by the National Natural Science Foundation of China [grant numbers
71232003, 71472100] and The National Social Science Fund of China [grant number
15ZDA029]. We acknowledge the cooperation of the Asset Management Association of
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101242 10.1016/j.pacfin.2019.101242 25 Business, Finance
Business & Economics KN3RB WOS:000514756900004
2021-10-06
J Fujiki, H Fujiki, Hiroshi Crypto asset
ownership, financial literacy, and investment experience APPLIED ECONOMICS
English Article Crypto assets; financial
literacy; cash hoarding; payment methods This study compares the key
characteristics of Japanese crypto asset owners with those of nonowners. After
confirming that average crypto asset owners are likely to be young and male as
compared to average crypto asset nonowners, we find that average crypto asset
owners tend to have a higher level of financial literacy and are more likely to use
cashless payment methods and hoard cash, as compared to average crypto asset
nonowners. This study also determined novel heterogeneities among crypto asset
owners according to their investment experience with conventional risky financial
assets in terms of cash hoarding and financial literacy. Crypto asset owners
without investment experience with conventional risky financial assets do not hoard
cash and their level of financial literacy is lower than that of both crypto asset
owners and nonowners with investment experience with conventional risky financial
assets. The results suggest that financial regulators should not treat crypto asset
owners as a homogenous group of financially literate investors who are inherently
good at internet transactions. [Fujiki, Hiroshi] Chuo Univ, Fac Commerce, 742-
1 Higashinakano, Hachioji, Tokyo 1920393, Japan Fujiki, H (corresponding author),
Chuo Univ, Fac Commerce, 742-1 Higashinakano, Hachioji, Tokyo 1920393, Japan.
fujiki@tamacc.chuo-u.ac.jp Fujiki, Hiroshi/0000-0002-3692-0904 Japan
Society for the Promotion of Science [KAKENHI Grant]Ministry of Education, Culture,
Sports, Science and Technology, Japan (MEXT)Japan Society for the Promotion of
ScienceGrants-in-Aid for Scientific Research (KAKENHI) [18K01704] This work
was supported by the Japan Society for the Promotion of Science [KAKENHI Grant
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ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON
PARK, ABINGDON OX14 4RN, OXON, ENGLAND 0003-6846 1466-4283 APPL ECON
Appl. Econ. AUG 21 2021 53 39 4560 4581
10.1080/00036846.2021.1904125 MAY 2021 22 Economics Business &
Economics TX5UD WOS:000651744000001 2021-10-06
J Gerrans, P; Heaney, R Gerrans, Paul; Heaney, Richard
The impact of undergraduate personal finance education on individual
financial literacy, attitudes and intentions ACCOUNTING AND FINANCE
English Article Financial literacy;
Financial education; Undergraduate education; Financial attitudes; Financial
behaviour HIGH-SCHOOL; CURRICULUM Financial literacy education features
prominently among the policy options available to improve personal financial
decision-making. Notwithstanding calls to expand delivery of financial literacy
units at university level, such offerings are relatively rare with little
evaluation. We provide an evaluation of the impact on financial literacy, financial
attitudes and financial behaviour intentions of a semester unit in personal finance
delivered to undergraduates at an Australian university, carefully controlling for
confounding effects in the analysis. We report increases in objective and
subjective financial literacy and an additional gender effect. Contrary to previous
speculation, we do not find overconfidence as an associated outcome. [Gerrans,
Paul; Heaney, Richard] Univ Western Australia, UWA Business Sch, Crawley, WA,
Australia Gerrans, P (corresponding author), Univ Western Australia, UWA Business
Sch, Crawley, WA, Australia. Heaney, Richard A/H-5029-2014 Heaney, Richard
A/0000-0002-2381-8759; Gerrans, Paul/0000-0002-5690-7141 2015 Financial Literacy
Australia Research Grant We thank the participants at the 2014 ABA's Financial
Literacy Conference, the 2014 Moneysmart week seminar at UWA Business School and
the 2015 Malaysia-OECD High-level Global Symposium on financial well-being. We also
acknowledge the financial support from a 2015 Financial Literacy Australia Research
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2019 59 1 177 217 10.1111/acfi.12247
41 Business, Finance Business & Economics HO1VS
WOS:000460700200007 2021-10-06
J Barthel, AC; Lei, S Barthel, Anne-Christine; Lei, Shan
Investment in financial literacy and financial advice-seeking:
Substitutes or complements? QUARTERLY REVIEW OF ECONOMICS AND FINANCE
English Article Financial literacy;
Financial planning; Household finance; Consumer choice SECURITY This paper
studies the strategic relationship between investment in financial literacy and
seeking advice from a financial planner. While the existing literature on this
topic considers financial literacy as exogenously given, we propose a simple model
in which it is endogenously determined through the consumer's investment in
financial literacy. Our theoretical model suggests that in this case, investment in
financial literacy and financial advice-seeking are substitutes. We test this
hypothesis using data from the 2016 Survey of Consumer Finances. When using the
propensity score matching method to control for selfselection bias, we find a
significant negative relationship between the probability of seeking advice from a
financial planner and investment in financial literacy. While these findings cannot
be easily explained by existing models, this paper shows that endogenizing
financial literacy reconciles the results. (c) 2021 Board of Trustees of the
University of Illinois. Published by Elsevier Inc. All rights reserved.
[Barthel, Anne-Christine] West Texas A&M Univ, Canyon, TX 79016 USA; [Lei,
Shan] Salisbury Univ, Salisbury, MD 21801 USA Barthel, AC (corresponding author),
West Texas A&M Univ, Canyon, TX 79016 USA. abarthel@wtamu.edu;
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3441.12294 50 0 0 2 2 ELSEVIER SCIENCE INC NEW YORK STE
800, 230 PARK AVE, NEW YORK, NY 10169 USA 1062-9769 1878-4259 Q REV ECON
FINANC Q. Rev. Econ. Financ. AUG 2021 81
385 396 10.1016/j.qref.2021.06.020 12 Economics
Business & Economics UE6EH WOS:000687978500030
2021-10-06
J Huang, B; Fang, X Huang, Bo; Fang, Xi Market
Sentiment, Valuation Heterogeneity, and Corporate Investment: Evidence from China?s
A-Share Stock Market EMERGING MARKETS FINANCE AND TRADE English
Article China's A-share Stock Market;
corporate investment; market sentiment; sentiment beta; valuation heterogeneity
CROSS-SECTION; POLICY UNCERTAINTY; PRICE; SENSITIVITY; INFORMATION;
DECISIONS; RETURN; RISK We study the heterogeneous valuation of Chinese A-share
stocks caused by high or low market sentiment and its impact on corporate
investment during 2005Q3?2015Q2. We divide stocks into three types based on
sentiment betas. We find that for ?speculative? (and ?bond-like?) stocks,
overvaluation from high (low) sentiment increases corporate investment, but
undervaluation from low (high) sentiment can be arbitraged away; ?investment-Q?
sensitivity is relatively weak. For ?rationally valued? stocks, corporate
investment is positively correlated with valuation and has no consistent
relationship with market sentiment. However, changes in market sentiment can reduce
the reliance of managers? investment decisions on valuation. [Huang, Bo] SLUAF,
Pan Shulun Honors Coll, Shanghai, Peoples R China; [Fang, Xi] SLUAF, Sch Finance,
Shanghai, Peoples R China Fang, X (corresponding author), 995 Shangchuan Rd,
Shanghai 201209, Peoples R China. fx_artemis@163.com National
Social Science Foundation of China [14BGL041] This research is supported by the
National Social Science Foundation of China (Grant No. 14BGL041). ABEL AB,
1983, AM ECON REV, V73, P228; Alimov A, 2012, J CORP FINANC, V18, P519, DOI
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10.1016/j.pacfin.2016.03.010 41 3 3 2 11 ROUTLEDGE JOURNALS,
TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14
4RN, OXON, ENGLAND 1540-496X 1558-0938 EMERG MARK FINANC TR Emerg.
Mark. Financ. Trade JUN 21 2021 57 8 2230
2245 10.1080/1540496X.2019.1672531 OCT 2019 16 Business;
Economics; International Relations Business & Economics; International Relations
SL7UV WOS:000489586900001 2021-10-06
J Aydemir, SD; Aren, S Aydemir, Sibel Dinc; Aren, Selim
Do the effects of individual factors on financial risk-taking behavior
diversify with financial literacy? KYBERNETES English Article
Emotional intelligence; Financial literacy; Risk
aversion; Locus of control; Financial risk taking BECK DEPRESSION INVENTORY;
EMOTIONAL INTELLIGENCE; GENDER-DIFFERENCES; DECISION-MAKING; CONSTRUCT-VALIDITY;
EXTERNAL CONTROL; PERCEPTION; LOCUS; ATTITUDE; PERSONALITY Purpose - This study
aims to examine the roles of individual factors on risky investment intention as an
indicator of risky financial behavior. Design/methodology/approach - The data were
collected from a survey instrument and composed of 496 individuals' responses. The
authors exploited structural equation modelling and multigroup structural equation
modelling for direct and indirect effects, respectively. Findings - Results
indicate that emotional intelligence and locus of control have a positive impact on
financial risk-taking, while risk aversion in general has the negative one.
Although financial literacy does not have a direct effect on risky financial
behavior, it has important role as a moderator variable, interacting with external
locus of control. Originality/value - The authors expect this study to contribute
into behavioral finance literature in two ways. First, they investigate joint and
relative effects of four major factors (i.e. emotional intelligence, locus of
control, risk aversion in general and financial literacy) identified in the
literature on financial risk-taking of individual investors. Each belongs to a
different venue in an individual's psyche and therefore is expected to influence
financial risk-taking through different mechanisms. However, the research arguing
their roles on the financial risky behavior directly is very limited. Investigating
their individual effects is likely to provide unique insights into our
understanding of risky financial behavior. Second, the authors also posit and
manifest that the effects of the first three of the aforementioned factors on risk-
taking intentions are moderated by financial literacy. This finding is likely to
provide rather valuable insights pertaining to the emergence of risk-taking
behaviors and may shed light on the root reasons behind equivocal findings in
previous research regarding the effect of each factor. [Aydemir, Sibel Dinc]
Gebze Tech Univ, Fac Business Adm, Kocaeli, Turkey; [Aren, Selim] Yildiz Tech Univ,
Fac Business Adm, Istanbul, Turkey Aydemir, SD (corresponding author), Gebze Tech
Univ, Fac Business Adm, Kocaeli, Turkey. saydemir@gtu.edu.tr Aydemir,
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10.1177/0956797612450031 131 17 17 4 37 EMERALD GROUP PUBLISHING
LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND
0368-492X 1758-7883 KYBERNETES Kybernetes 2017 46 10
1706 1734 10.1108/K-10-2016-0281 29
Computer Science, Cybernetics Computer Science FO2EN WOS:000416587200006
2021-10-06
J Gamble, KJ; Boyle, PA; Yu, L; Bennett, DA Gamble, Keith
Jacks; Boyle, Patricia A.; Yu, Lei; Bennett, David A. Aging and
Financial Decision Making MANAGEMENT SCIENCE English
Article economics; behavior and behavioral
decision making; microeconomic behavior; finance; aging; financial literacy;
retirement RUSH MEMORY; PROJECT; DESIGN; AGE This study examines how cognitive
changes associated with aging impact the financial decision-making capability of
older Americans. We find that a decrease in cognition is associated with a decrease
in financial literacy. Decreases in episodic memory and visuospatial ability are
associated with a decrease in numeracy, and a decrease in semantic memory is
associated with a decrease in financial knowledge. A decrease in cognition also
predicts a drop in self-confidence in general, but importantly, it is not
associated with a drop in confidence in managing one's own finances. Participants
experiencing decreases in cognition do show an increased likelihood of getting help
with financial decisions; however, many participants experiencing significant drops
in cognition still do not get help. [Gamble, Keith Jacks] Depaul Univ, Driehaus
Coll Business, Chicago, IL 60604 USA; [Boyle, Patricia A.; Yu, Lei; Bennett, David
A.] Rush Univ, Med Ctr, Rush Alzheimers Dis Ctr, Chicago, IL 60612 USA Gamble, KJ
(corresponding author), Depaul Univ, Driehaus Coll Business, Chicago, IL 60604 USA.
kgamble@depaul.edu; patricia_boyle@rush.edu; lei_yu@rush.edu;
david_a_bennett@rush.edu Yu, Lei/AAT-3685-2020 National Institute on
AgingUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [R01AG33678]; NATIONAL
INSTITUTE ON AGINGUnited States Department of Health & Human ServicesNational
Institutes of Health (NIH) - USANIH National Institute on Aging (NIA) [R01AG033678,
R01AG017917] Funding Source: NIH RePORTER This research was supported by the
National Institute on Aging [Grant R01AG33678]. Agarwal S, 2009, BROOKINGS PAP ECO
AC, P51, DOI 10.1353/eca.0.0067; Benartzi S, 2007, J ECON PERSPECT, V21, P81, DOI
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2011, FRONTIERS NEUROSCIEN, V5; Lusardi A., 2011, 17078 NBER; Lusardi A, 2011, J
PENSION ECON FINAN, V10, P497, DOI 10.1017/S1474747211000448; Malmendier U, 2011, Q
J ECON, V126, P373, DOI 10.1093/qje/qjq004; Poterba, 2008, OVERCOMING SAVING SL,
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ACAD SCI, V1235, P1 15 34 34 4 61 INFORMS CATONSVILLE 5521
RESEARCH PARK DR, SUITE 200, CATONSVILLE, MD 21228 USA 0025-1909 1526-5501
MANAGE SCI Manage. Sci. NOV 2015 61 11
2603 2610 10.1287/mnsc.2014.2010 8 Management;
Operations Research & Management Science Business & Economics; Operations Research
& Management Science CW2NI WOS:000364828700004 26622068 Green Accepted
2021-10-06
J Kawamura, T; Mori, T; Motonishi, T; Ogawa, K Kawamura,
Tetsuya; Mori, Tomoharu; Motonishi, Taizo; Ogawa, Kazuhito Is Financial
Literacy Dangerous? Financial Literacy, Behavioral Factors, and Financial Choices
of Households JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES
English Article behavioral factor;
consumer protection; financial education; financial literacy; household financial
behavior; overconfidence JUDGMENTAL OVERCONFIDENCE; EDUCATION EVIDENCE; RISK
PREFERENCE; TIME; DECISIONS; AVERSION; WEALTH; HEALTH; IMPACT Using original
purpose-built 2018 Japanese survey data, we estimate the financial behaviors and
attitudes of households. We find that financial literacy plays an important and
consistent role in financial decision-making. However, the actual behaviors are
counter-intuitive: people with high levels of financial literacy tend to take too
many risks, overborrow, and hold naive financial attitudes. That is, financial
literacy tends to cause people to become daring and reckless toward some financial
aspects. By contrast, financially literate people are better at retirement planning
and are indifferent to gambling. Preferences such as risk and loss aversions and
discount factors, also play a role in financial choices. [Kawamura, Tetsuya]
Tezukayama Gakuin Univ, Fac Econ & Business Management, Nara, Japan; [Mori,
Tomoharu] Ritsumeikan Univ, Coll Comprehens Psychol, Kyoto, Japan; [Motonishi,
Taizo] Kansai Univ, Fac Econ, 3-3-35 Yamate Cho, Suita, Osaka 5648680, Japan;
[Ogawa, Kazuhito] Kansai Univ, Fac Sociol, Suita, Osaka, Japan; [Kawamura, Tetsuya;
Mori, Tomoharu; Motonishi, Taizo; Ogawa, Kazuhito] Kansai Univ, Res Inst
Socionetwork Strategies, Suita, Osaka, Japan Motonishi, T (corresponding
author), Kansai Univ, Fac Econ, 3-3-35 Yamate Cho, Suita, Osaka 5648680, Japan.
tmoto@kansai-u.ac.jp Ogawa, Kazuhito/0000-0002-6876-3958 JSPS
KAKENHIMinistry of Education, Culture, Sports, Science and Technology, Japan
(MEXT)Japan Society for the Promotion of ScienceGrants-in-Aid for Scientific
Research (KAKENHI) [19K01769]; Central Council for Financial Services Information
This work was supported by JSPS KAKENHI grant number 19K01769. We would like
to thank Yusuke Kinari, Kazuhiko Nakahira, Kazuo Ueda, an anonymous referee, and
the seminar participants at the Japan Law and Economics Association meeting, the
17th International Conference of the Japan Economic Policy Association, the MEW
workshop, the International Symposium on Socionetwork Strategies in the Market of
Data, the ISER-RISS Experimental Economics Workshop, JEA Annual Meeting, and Waseda
University for their comments and suggestions. We also thank Noriaki Kawamura of
the Central Council for Financial Services Information for giving us advice on the
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STE 1900, SAN DIEGO, CA 92101-4495 USA 0889-1583 1095-8681 J JPN INT
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101131 10.1016/j.jjie.2021.101131 19 Economics;
International Relations Business & Economics; International Relations SF0DR
WOS:000652436000007 2021-10-06
J Lusardi, A; Samek, A; Kapteyn, A; Glinert, L; Hung, A; Heinberg, A
Lusardi, Annamaria; Samek, Anya; Kapteyn, Arie; Glinert, Lewis; Hung,
Angela; Heinberg, Aileen Visual tools and narratives: new ways to
improve financial literacy JOURNAL OF PENSION ECONOMICS & FINANCE
English Article Financial literacy;
narratives; videos; visual analytic tools SELF-EFFICACY; EDUCATION; BEHAVIOR; LIFE
We developed and experimentally evaluated four novel educational programs
delivered online: an informational brochure, a visual interactive tool, a written
narrative, and a video narrative. The programs were designed to inform people about
risk diversification, an essential concept for financial decision-making. The
effectiveness of these programs was evaluated using the American Life Panel.
Participants were exposed to one of the programs, and then asked to answer
questions measuring financial literacy - in particular, risk literacy - and self-
efficacy. All of the programs were found to be effective at increasing self-
efficacy, and several improved financial literacy, providing new evidence for the
value of programs designed to improve financial decision-making. [Lusardi,
Annamaria] George Washington Univ, Sch Business, Washington, DC 20052 USA; [Samek,
Anya; Kapteyn, Arie] Univ Southern Calif, Los Angeles, CA 90089 USA; [Glinert,
Lewis] Dartmouth Coll, Hanover, NH 03755 USA; [Hung, Angela] RAND Corp, Santa
Monica, CA 90406 USA; [Heinberg, Aileen] Mem Sloan Kettering Canc Ctr, 1275 York
Ave, New York, NY 10021 USA Lusardi, A (corresponding author), George Washington
Univ, Sch Business, Washington, DC 20052 USA. alusardi@gwu.edu; samek@usc.edu;
kapteyn@dornsife.usc.edu; Lewis.H.Glinert@dartmouth.edu; ahung@rand.org;
aheinberg@gmail.com US Social Security Administration (SSA);
Literacy Research Consortium The research reported herein was performed pursuant
to a grant from the US Social Security Administration (SSA) funded as part of the
Financial Literacy Research Consortium. The authors thank participants at the
Financial Literacy Center (FLC) workshops in Cambridge, MA, and Washington, DC, for
comments, Tania Gutsche for excellent assistance on navigating the American Life
Panel, and Anshuman Didwania and Amanda Chuan for research assistance. The opinions
and conclusions expressed herein are solely those of the authors and do not
represent the opinions or policy of SSA, any agency of the Federal Government, or
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SHAFTESBURY RD, CB2 8RU CAMBRIDGE, ENGLAND 1474-7472 1475-3022 J
PENSION ECON FINAN J. Pension Econ. Financ. JUL 2017 16 3
297 323 10.1017/S1474747215000323 27
Business, Finance; Economics Business & Economics EY1MA
WOS:000403728800003 Green Submitted 2021-10-06
J Mouna, A; Anis, J Mouna, Amari; Anis, Jarboui
Financial literacy in Tunisia: Its determinants and its implications on
investment behavior RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
English Article Financial literacy;
Stockholding; Household; Tunisia Given the dynamic changes in the economic
environment, especially in financial markets, a need is felt to improve investors'
financial knowledge. Financial literacy entails informed financial decisions. The
present study investigates the determinants of financial literacy and its impact on
investment behavior. A questionnaire has been developed to elicit the study's
variables and it is divided into three parts. The first part covers the demographic
variables; the second deals with the financial behavior of the Tunisian households,
and the third part is devoted to financial literacy. The study's findings are two
fold: First, individuals with a low level of financial literacy are less likely to
invest in the stock market. Second, the financial literacy level is found to be
affected by age, education level, and the annual income. (C) 2016 Elsevier B.V. All
rights reserved. [Mouna, Amari; Anis, Jarboui] FSEGS, Sfax, Tunisia; [Mouna,
Amari; Anis, Jarboui] ISAAS, Sfax, Tunisia Mouna, A (corresponding author),
FSEGS, Sfax, Tunisia.; Mouna, A (corresponding author), ISAAS, Sfax, Tunisia.
amarimouna86@gmail.com; anisjarboui@yahoo.fr Mouna, Amari/AAQ-5408-2020
Mouna, Amari/0000-0003-2490-6803 Alexander G, 1997, MANAGERIAL
DECISION, V18, P719; Astuti P. H, 2016, J EC EC ED RES, V17, P1; Byrne A., 2007,
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AMSTERDAM, NETHERLANDS 0275-5319 1878-3384 RES INT BUS FINANC Res.
Int. Bus. Financ. JAN 2017 39 A 568 577
10.1016/j.ribaf.2016.09.018 10 Business, Finance Business &
Economics EO1MD WOS:000396461700040 2021-10-06
J Bouzguenda, K Bouzguenda, Karima
Emotional intelligence and financial decision making: Are we talking about a
paradigmatic shift or a change in practices? RESEARCH IN INTERNATIONAL BUSINESS
AND FINANCE English Article
Financial structure; Behavioral finance; Emotional intelligence; Managers'
competencies; Organizational theory; Logistic regression CAPITAL STRUCTURE;
AGENCY COSTS; PERFORMANCE; JUDGMENT; INVESTMENT; BEHAVIOR; CHOICE The paper
investigates the extent to which emotional intelligence has an impact on decision
making mainly with regard to financial decisions and their outcomes. Its relevance
lies in the fact that despite the remarkable evolution of the literature related to
the determinants of financial choices, it is not comprehensively apprehended what
really guides managers' decisions. The study offers a wide support for behavioral
finance and demonstrates a paradigmatic shift in exploring financial decisions. The
paradigmatic evolution of financial theory has yield to an "invisible" part of the
reality which in turn generates some "hidden" costs. At this level, the behavioral
financial paradigm becomes relevant to shed some light on the real dynamic of
financial decisions. An empirical study based on a survey on 50 Tunisian firms
confirms the "partial" influence of emotional intelligence on financial decisions
and the detection of a potential to be upgraded. Results show that managers who
rely on their emotional intelligence can successfully, on one hand, improve firm's
funding opportunities, and on the other hand avoid overreaching the debt target
ratio in such a way to maintain the financial stability of their firms. The study
offers insights at two levels: First, educators are urged to integrate emotional
intelligence competencies in their teaching objectives. Second, human resource
management professionals are invited to reconsider hiring techniques and training
methods favorably to detect and develop an emotional intelligence capital.
[Bouzguenda, Karima] Univ Sfax, Fac Econ & Management, PB 1088-3018, Sfax,
Tunisia Bouzguenda, K (corresponding author), Univ Sfax, Fac Econ & Management,
PB 1088-3018, Sfax, Tunisia. ka.bouzguenda@gmail.com ARGYLE
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12 Business, Finance Business & Economics GD3YU WOS:000430440500019
2021-10-06
J Nieddu, M; Pandolfi, L Nieddu, Marco; Pandolfi, Lorenzo
CUTTING THROUGH THE FOG: FINANCIAL LITERACY AND FINANCIAL INVESTMENT
CHOICES JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION English
Article EDUCATION; INFORMATION This
paper examines the impact of financial literacy on the individual propensity to
invest in financial assets. In a laboratory experiment with a two-by-two design, we
study how the certainty equivalent of a risky lottery changes when varying the
lottery framing and the participants' financial literacy level. We find that
presenting the lottery as a financial asset-whose payoffs need to be computed from
a given return rate-rather than as a simple coin toss reduces the average value
participants assign to the lottery by approximately 20% and lowers their
understanding of the lottery's structure. Enhancing financial literacy by
explaining the basic financial concepts involved in the description of the
financial-asset lottery, offsets the negative effects of the financial framing: it
improves respondents' understanding of the lottery and increases the certainty
equivalent. Our results-which can be rationalized by ambiguity aversion-shed new
light on the linkages between financial literacy and financial investment behavior.
Additionally, they highlight the importance of promoting financial education to
stimulate households' financial market participation. [Nieddu, Marco] Univ
Cagliari, Cagliari, Italy; [Nieddu, Marco] CRENoS, Cagliari, Italy; [Pandolfi,
Lorenzo] Univ Naples Federico II, Naples, Italy; [Pandolfi, Lorenzo] CSEF, Naples,
Italy Nieddu, M (corresponding author), Univ Cagliari, Cagliari, Italy.; Nieddu, M
(corresponding author), CRENoS, Cagliari, Italy. mgnieddu@unica.it;
lorenzo.pandolfi@unina.it Catedra Santader (CATEDRA SANTANDER-UPF
Finances) [CA00016]; Barcelona Graduate School of Economics [SEV-015-0563];
Department of Economics and Finance at the University Pompeu Fabra We are
grateful to three anonymous reviewers and Claudio Michelacci (the Editor) for their
helpful and constructive comments. We thank Jose Apesteguia, Xavier Freixas,
Albrecht Glitz, and Robin Hogarth for several insightful discussions and
suggestions. This paper benefited greatly from helpful comments from Cristina
Belles, Javier Gil-Bazo, Luigi Guiso, Niklas Heusch, Filippo Ippolito, Tullio
Jappelli, Gael Le Mens, Maria Lombardi, Annamaria Lusardi, Rosemarie Nagel, Tommaso
Oliviero, Mario Padula, Marco Pagano, Vittorio Pelligra, Jose Luis Peydro, Marta
Santamaria, Saverio Simonelli, Tomas Williams, seminar participants at UPF, and
participants at the 2018 CSEF-IGIER Symposium on Economics and Institutions, the
2018COVIPWorkshop on Financial Literacy, and the 2018Winter Meeting of the
Econometric Society. We gratefully acknowledge financial support from the Catedra
Santader (CATEDRA SANTANDER-UPF Finances (CA00016)), the Barcelona Graduate School
of Economics (SEV-015-0563), and the Department of Economics and Finance at the
University Pompeu Fabra, where part of this project was carried out. We also
acknowledge use of the services and facilities of the Behavioral Sciences
Laboratory at the University Pompeu Fabra. A previous version of this paper has
been circulated with the title "Cutting Through the Fog: Financial Literacy and the
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237 274 10.1093/jeea/jvz081 38
Economics Business & Economics RY1AW WOS:000647650200007
2021-10-06
J Almenberg, J; Gerdes, C Almenberg, Johan; Gerdes, Christer
Exponential growth bias and financial literacy APPLIED ECONOMICS
LETTERS English Article
exponential growth bias; financial literacy; household finance; survey data
 The tendency to underestimate the future value of a variable growing at a
constant rate, an example of exponential growth bias, has been linked to household
financial decision-making. We show that exponential growth bias and standard
measures of financial literacy are negatively correlated in a representative sample
of Swedish adults. Since financial literacy is linked to household decision-making,
our results indicate that examining the relationship between exponential growth
bias and household finance without adequate controls for financial literacy may
generate biased results. [Gerdes, Christer] Stockholm Univ, Swedish Inst
Social Res, SE-10333 Stockholm, Sweden; [Almenberg, Johan] Minist Finance, SE-10333
Stockholm, Sweden Gerdes, C (corresponding author), Stockholm Univ, Swedish Inst
Social Res, SE-10333 Stockholm, Sweden. christer.gerdes@sofi.su.se
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17 17 0 16 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON
2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND 1350-4851
1466-4291 APPL ECON LETT Appl. Econ. Lett. 2012 19 17
1693 1696 10.1080/13504851.2011.652772
4 Economics Business & Economics 921UI WOS:000302502800008
Green Submitted 2021-10-06
J Brent, DA; Ward, MB Brent, Daniel A.; Ward, Michael B.
Energy efficiency and financial literacy JOURNAL OF ENVIRONMENTAL
ECONOMICS AND MANAGEMENT English Article
Energy efficiency; Financial literacy; Energy efficiency gap; Consumer
durables WILLINGNESS-TO-PAY; MIXED LOGIT; INFORMATION; INVESTMENT; CHOICE;
KNOWLEDGE; BEHAVIOR; DEMAND; PRICES; MODELS Financial literacy explains
anomalies in a wide range of consumers' financial decisions. We extend the
literature on financial literacy by examining its role in the purchase of energy
consumer durables: a setting purported to suffer from sub-optimal levels of
investment due to consumer mistakes. We augment a standard choice experiment for
purchasing a hot water system with data on financial literacy. Financial literacy
is an economically important and statistically significant determinant of
investment in energy efficiency. This result is robust to incorporating individual
discount rates and risk aversion, as well as standard controls such as income and
education, indicating that financial literacy is not merely a proxy for standard
demographic characteristics. Financial literacy also makes choices more consistent
with standard consumer preferences and increases the probability that respondents
select investments with the lowest lifetime discounted costs. The results establish
low financial literacy as a mechanism driving low investment in energy efficiency.
(C) 2018 Elsevier Inc. All rights reserved. [Brent, Daniel A.] Penn State Univ,
Dept Agr Econ Sociol & Educ, Armsby Bldg, University Pk, PA 16802 USA; [Ward,
Michael B.] Monash Univ, Dept Econ, Monash Business Sch, Clayton, Vic, Australia
Brent, DA (corresponding author), Penn State Univ, Dept Agr Econ Sociol &
Educ, Armsby Bldg, University Pk, PA 16802 USA. dab320@psu.edu Brent,
Daniel/0000-0002-7088-8629; Ward, Michael/0000-0001-5962-641X Australian
Research Council Discovery ProjectAustralian Research Council [DP120103846];
Brotherhood of St Laurence [BROSTLCA13] The authors are thankful for financial
support from the Australian Research Council Discovery Project grant number
DP120103846, and the Brotherhood of St Laurence project number BROSTLCA13.
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10.1016/j.jeem.2018.05.004 36 Business; Economics;
Environmental Studies Business & Economics; Environmental Sciences & Ecology
GQ6SA WOS:000441854200011 2021-10-06
J Krische, SD Krische, Susan D. Investment
Experience, Financial Literacy, and Investment-Related Judgments CONTEMPORARY
ACCOUNTING RESEARCH English Article
INVESTORS REACTIONS; NUMERACY; QUALITY; RISK; PERFORMANCE; AVERSION;
CHOICES This research examines how investment experience and financial literacy
impact investment-related judgments. Financial literacy refers to a person's
knowledge of fundamental financial concepts. I begin by documenting investors'
demographic characteristics and financial literacy using a relatively large sample
of participants (n > 2,000) recruited from Amazon's Mechanical Turk under different
categories of investment experience, which I benchmark against national samples of
financial capability skills in the United States. I then replicate a sample of
three accounting research experiments, varying the type and depth of the underlying
accounting issue. Across the three experiments, the data show two main results:
First, investment experience strengthens the influence of financial accounting
disclosures on participants' investment-related judgments. Second, financial
literacy further strengthens the influence of financial accounting disclosures on
investors' (but not noninvestors') judgments. Collectively, these findings suggest
that investment experience and financial literacy can help to identify individuals
who are more likely to be able and willing to study financial reporting information
with reasonable diligence as they form their investment-related judgments.
[Krische, Susan D.] Amer Univ, Washington, DC 20016 USA Krische, SD
(corresponding author), Amer Univ, Washington, DC 20016 USA.
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10.1111/1911-3846.12469 35 Business, Finance Business &
Economics IX9GK WOS:000485995700012 2021-10-06
J Grohmann, A Grohmann, Antonia Financial literacy
and financial behavior: Evidence from the emerging Asian middle class PACIFIC-
BASIN FINANCE JOURNAL English Article
Financial literacy; Saving; Borrowing; Household finance INDIVIDUAL RISK
ATTITUDES; EDUCATION This paper analyses financial literacy and financial
behavior of middle class people living an urban Asian economy. Other than most
papers on financial literacy that focus on people in developed countries, we
surveyed people living Bangkok. Using standard financial literacy questions, we
find that financial literacy levels are largely comparable to industrialized
countries, but understanding of more advanced financial concepts is lower.
Similarly, savings accounts are held by most people, but more sophisticated
products are a lot less common. We further show, in line with the literature, that
higher financial literacy leads to improved financial decision making. [Grohmann,
Antonia] German Inst Econ Res DIW Berlin, Mohrenstr 11, D-10117 Berlin, Germany;
[Grohmann, Antonia] Leibniz Univ Hannover, Dept Econ, Hannover, Germany
Grohmann, A (corresponding author), German Inst Econ Res DIW Berlin,
Mohrenstr 11, D-10117 Berlin, Germany.; Grohmann, A (corresponding author), Leibniz
Univ Hannover, Dept Econ, Hannover, Germany. agrohmann@diw.de Grohmann,
Antonia/0000-0001-5330-4583 German Research Foundation (DFG)German Research
Foundation (DFG) [RTG 1723] We would like to thank participants at several
seminars, in particular Andre Guttler, Christine Kaufmann, Stephan Klasen, Sandra
Ludwig, Olivia Mitchell, Martin Weber and two anonymous referees for helpful
comments. Special thanks to Roy Kouwenberg and Lukas Menkhoff for their advice and
to Atcha Kamolsareeratana for her assistance. Financial support by the German
Research Foundation (DFG, grant RTG 1723) is gratefully acknowledged. Abreu M,
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AMSTERDAM, NETHERLANDS 0927-538X 1879-0585 PAC-BASIN FINANC J Pac.-
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10.1016/j.pacfin.2018.01.007 15 Business, Finance Business &
Economics GC4NA WOS:000429760000009 Green Submitted 2021-
10-06
J Finke, MS; Howe, JS; Huston, SJ Finke, Michael S.; Howe,
John S.; Huston, Sandra J. Old Age and the Decline in Financial
Literacy MANAGEMENT SCIENCE English Article
financial literacy; cognitive ability; household finance; aging;
retirement ADULTS; FLUID; RISK Households age 60 and older bear increasing
responsibility for managing retirement portfolios, and they hold the majority of
financial assets in the United States. Cognitive aging studies find evidence of a
decline in fluid and crystallized intelligence in old age that may impact the
ability to manage money effectively. Using a large sample of older respondents, we
test whether knowledge of basic concepts essential to effective financial choice
declines after age 60. We find a consistent linear decline in financial literacy
score after age 60. A nearly identical rate of decline among men, stockowners,
older, and college-educated respondents indicates that cohort effects are not
driving the results. Confidence in financial decision-making abilities does not
decline with age. A separate analysis using data that include measures of cognitive
ability suggests that a natural decline in both fluid and crystallized intelligence
in old age contributes to falling financial literacy scores. [Finke, Michael
S.; Huston, Sandra J.] Texas Tech Univ, Dept Personal Financial Planning, Lubbock,
TX 79409 USA; [Howe, John S.] Univ Missouri, Dept Finance, Columbia, MO 65211 USA
Finke, MS (corresponding author), Texas Tech Univ, Dept Personal Financial
Planning, Lubbock, TX 79409 USA. michael.finke@ttu.edu; howej@missouri.edu;
sandra.huston@ttu.edu Office of the Vice President for Research at
Texas Tech University; Charles Schwab Foundation The authors acknowledge the
extremely helpful comments and support of Brad Barber (the department editor) and
an anonymous referee. S. J. Huston thanks the Office of the Vice President for
Research at Texas Tech University and the Charles Schwab Foundation for funding the
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10.1287/mnsc.2015.2293 18 Management; Operations Research &
Management Science Business & Economics; Operations Research & Management
Science EL1DH WOS:000394360200014 2021-10-06
J French, D; McKillop, D French, Declan; McKillop, Donal
Financial literacy and over-indebtedness in low-income households
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS English
Article Debt; Financial literacy; Money
management CREDIT-CARD DEBT; RELIGION; ATTITUDES; EDUCATION; WEALTH Financial
literacy can explain a significant proportion of wealth inequality. Among the key
components of financial literacy are numeracy and money management skills. Our
study examines the relative importance of these components in the determination of
consumer debt and household net worth among credit union members in socially
disadvantaged areas. The main finding from our analysis is that money management
skills are important determinants of financial outcomes but that numeracy has
almost no role to play. This result adds to a recent US based behavioural finance
literature on the role of attention and planning in consumer finance. Findings are
found to be robust when the sample is reduced to only those who have a clear role
in household financial decision-making and also when controlling for potential
endogeneity. Our findings have policy implications in the UK and elsewhere as
credit unions across the world are important players in national financial literacy
strategies. (C) 2016 Elsevier Inc. All rights reserved. [French, Declan;
McKillop, Donal] Queens Univ, Sch Management, Riddel Hall,185 Stranmillis Rd,
Belfast BT9 5EE, Antrim, North Ireland French, D (corresponding author), Queens
Univ, Sch Management, Riddel Hall,185 Stranmillis Rd, Belfast BT9 5EE, Antrim,
North Ireland. Centre of Excellence for Public Health at
Queen's University; Economic and Social Research CouncilUK Research & Innovation
(UKRI)Economic & Social Research Council (ESRC) [ES/M005984/1] Funding Source:
researchfish Financial support from the Centre of Excellence for Public Health
at Queen's University is gratefully acknowledged. The authors would also like to
express their gratitude to the management at Cloughfern, Court, Newington, Newry
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PARK AVE, NEW YORK, NY 10169 USA 1057-5219 1873-8079 INT REV FINANC
ANAL Int. Rev. Financ. Anal. DEC 2016 48 1
11 10.1016/j.irfa.2016.08.004 11 Business, Finance
Business & Economics EF7FB WOS:000390494400001 Green Published
2021-10-06
J Liang, SX Liang, Samuel Xin The systematic
pricing of market sentiment shock EUROPEAN JOURNAL OF FINANCE
English Article Market sentiment; market
sentiment shock; demand shock; consumer sentiment; investor sentiment; sentiment
risk factor EXPECTED STOCK RETURNS; CONSUMPTION-BASED EXPLANATION; CROSS-SECTION;
ASSET PRICES; PROSPECT-THEORY; EQUITY PREMIUM; INVESTOR PSYCHOLOGY; HABIT
FORMATION; RISK; VOLATILITY We show that market sentiment shocks create demand
shocks for risky assets and a systematic risk for assets. We measure a market
sentiment shock as the unexpected portion of the University of Michigan Consumer
Sentiment Index's growth. This shock prices stock returns in arbitrage pricing
theory framework at 1% after controlling for market, size, value, momentum, and
liquidity risk factors. Its premium lowered the implied risk aversion by 97.9% to
11.46 between 1978 and 2009 in our sentiment consumption-based capital-asset-
pricing model. Merton's [1973. "An Intertemporal Capital Asset Pricing Model."
Econometrica 41: 867-887]. intertemporal capital-asset-pricing model reconfirms our
finding that this market sentiment shock is a systematic risk factor that provides
investment opportunities. [Liang, Samuel Xin] Tyndale Univ Coll & Seminary,
Tyndale Seminary, Toronto, ON, Canada Liang, SX (corresponding author), Tyndale
Univ Coll & Seminary, Tyndale Seminary, Toronto, ON, Canada.
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Economics GX2JR WOS:000447545700005 2021-10-06
J Blue, LE; Grootenboer, P Blue, Levon Ellen;
Grootenboer, Peter A praxis approach to financial literacy
education JOURNAL OF CURRICULUM STUDIES English Article
Financial literacy education; social justice; mathematics;
praxis MATHEMATICS Financial literacy education (FLE) typically focuses on
teaching skills and capabilities that promote individual wealth accumulation-for
example, the importance of working, budgeting and saving. In this article, we argue
the need to move from an individual wealth accumulation focus in FLE to a praxis
approach to FLE. We outline the shortcomings of the conventional approach to FLE
and develop a conceptual framework for a praxis approach to FLE. We view praxis as
the moral, ethical and caring aspect of teaching. Using the conceptual framework,
we argue that a praxis approach to FLE includes full attention to: how financial
decision-making affects others and self; acknowledging that some life decisions are
not financially rewarding; understanding that improving financial mathematics
skills and capabilities may not equate to an increase in income; how SES affects an
individual's ability to save and maintain long-term saving; and the ways in which
gender, culture, values, psychological state, socioeconomic class and ethics shape
identity and their impact on financial decision-making. [Blue, Levon Ellen]
Queensland Univ Technol, Indigenous Res & Engagement Unit, Brisbane, Qld,
Australia; [Grootenboer, Peter] Griffith Univ, Gold Coast, Australia Blue, LE
(corresponding author), Queensland Univ Technol, Indigenous Res & Engagement Unit,
Brisbane, Qld, Australia. levon.blue@qut.edu.au Blue, Levon/AAY-1241-2021
Blue, Levon/0000-0001-9046-7832; Grootenboer, Peter/0000-0003-4996-9288
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ENGLAND 0022-0272 1366-5839 J CURRICULUM STUD J. Curric. Stud. SEP 3
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10.1080/00220272.2019.1650115 AUG 2019 16 Education & Educational
Research Education & Educational Research IT5XZ WOS:000481015600001
Green Accepted, Green Submitted 2021-10-06
J Clark, GL Clark, Gordon L. Roepke Lecture in
Economic Geography-Financial Literacy in Context ECONOMIC GEOGRAPHY
English Review financial literacy;
cognition; context; information processing; decision makingDECISION; RATIONALITY;
CAPITALISM; PSYCHOLOGY; COGNITION; PENSIONS; BEHAVIOR; ECOLOGY; CREDIT; SPACE
Financial literacy has caught the attention of policy makers around the
world. A major research program has been initiated by the World Bank aimed at
mapping patterns of financial literacy in developed and developing economies. In
this article, I explain the conceptual foundations of the literacy project, develop
a critique of its testing procedures, and suggest that, at the limit, it is an
impossible project. At every turn, standard tests of financial literacy dissolve
into spatially and temporally specific phenomena that undercut the possibility of
shared interpretations of notionally common problems. Nonetheless, the literacy
mapping project is important for what it reveals about the geographic and
sociodemographic patterns of financial knowledge. My research on financial decision
making has been based, in part, on a concern for the nature and scope of financial
knowledge and understanding in the context of risk and uncertainty. Thus, the trick
is to anchor financial literacy programs in ways that are relevant to everyday
life. These arguments are illustrated with reference to the relevant literature,
published and unpublished research on financial literacy among German residents,
and an innovative financial literacy program that is fine-tuned to people's
circumstances. [Clark, Gordon L.] Univ Oxford, Smith Sch Enterprise & Environm,
Oxford OX1 3QY, England; [Clark, Gordon L.] Monash Univ, Fac Business & Econ,
Caulfield, Vic 3142, Australia Clark, GL (corresponding author), Univ Oxford,
Smith Sch Enterprise & Environm, Hinshelwood Rd, Oxford OX1 3QY, England.
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JAN 2014 90 1 1 23
10.1111/ecge.12029 23 Economics; Geography Business &
Economics; Geography 286ZS WOS:000329508400001 2021-
10-06
J Krische, S; Mislin, A Krische, Susan; Mislin, Alexandra
The impact of financial literacy on negotiation behavior JOURNAL OF
BEHAVIORAL AND EXPERIMENTAL ECONOMICS English Article
Financial literacy; Financial knowledge; Financial
confidence; Negotiation; First offer 1ST OFFERS; NUMERACY; ANXIETY; GENDER;
KNOWLEDGE This research investigates the role of financial literacy on initiating
and achieving a favorable negotiation outcome in an employment context. With a goal
of improving long-term financial well-being, extant research examines whether
increasing a person's understanding of basic financial concepts ("financial
literacy") improves his/her financial decision-making. The current research
proposes broader effects of financial literacy via negotiation behavior. We follow
prior research to measure financial literacy both objectively (as the accurate
assessment of basic financial concepts, "financial knowledge") and subjectively (as
confidence in the application of basic financial skills and concepts, "financial
confidence"). In a series of studies engaging students from undergraduate business
courses and adults recruited from an online crowdsourcing service, this research
examines the relationship between these measures of financial literacy and (a) the
likelihood of initiating a negotiation and (b) the likely outcome from a
negotiation, if initiated. Results suggest that financial confidence impacts
participants' willingness to engage in negotiation, while financial knowledge
impacts the level of participants' first offer. These findings suggest financial
literacy has important implications for career advancement and compensation, as
well as the successful management of interpersonal communications, even in fields
not traditionally thought of as focusing on numerical reasoning skills.
[Krische, Susan; Mislin, Alexandra] Amer Univ, Kogod Sch Business, 4400
Massachusetts Ave NW, Washington, DC 20016 USA Mislin, A (corresponding author),
Amer Univ, Kogod Sch Business, 4400 Massachusetts Ave NW, Washington, DC 20016 USA.
sdk8@cornell.edu; mislin@american.edu Kogod Interdisciplinary
Research Funding Competition Co-authors are listed in alphabetical order, with
equal participation in the research project. This research was completed while both
authors were on faculty at American University, and benefitted from funding through
the Kogod Interdisciplinary Research Funding Competition. We thank William Bottom,
Nick Feltovich (as Associate Editor) and two anonymous reviewers for their
comments, as well as participants at the 5th Annual Cherry Blossom Financial
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47 1 1 4 12 ELSEVIER SCIENCE INC NEW YORK STE 800, 230
PARK AVE, NEW YORK, NY 10169 USA 2214-8043 2214-8051 J BEHAV EXP ECON
J. Behav. Exp. Econ. AUG 2020 87
101545 10.1016/j.socec.2020.101545 13 Economics
Business & Economics OA5IS WOS:000577819300001
2021-10-06
J Xue, R; Gepp, A; O'Neill, TJ; Stern, S; Vanstone, BJ Xue,
Rui; Gepp, Adrian; O'Neill, Terry J.; Stern, Steven; Vanstone, Bruce J.
Financial literacy and financial strategies: The mediating role of financial
concerns AUSTRALIAN JOURNAL OF MANAGEMENT English Article
Bootstrap; financial concerns; financial decision-
making; financial literacy; multiple mediator models PORTFOLIO CHOICE; RETIREMENT;
CONSUMPTION; CAPABILITY; INFLATION; EDUCATION; TIME This article analyses how the
financial literacy of elderly people affects their decisions on the adoption of
various financial strategies. Multiple mediator models with bootstrap techniques
are used to identify the mediating mechanisms of financial concerns that transmit
the effects of financial literacy onto specific financial strategies. We find (1)
financial concerns mediate the majority of financial literacy-strategy nexuses;
specifically, financially illiterate people are more likely to have financial
concerns and are more likely to cut back on spending, seek job opportunities,
increase debts and downsize or sell their residence as a result; (2) financially
literate people are more likely to seek professional financial advice, purchase a
life annuity, contribute more to superannuation and invest more conservatively,
regardless of their concerns. Our findings suggest professional advisors and robo-
advisor developers take into account financial concerns when recommending advice.
JEL Classification:D14, J14, J26, I31, G11 [Xue, Rui] Macquarie Univ, Dept
Appl Finance, Sydney, NSW, Australia; [Gepp, Adrian; O'Neill, Terry J.; Stern,
Steven; Vanstone, Bruce J.] Bond Univ, Bond Business Sch, 14 Univ Dr, Robina, Qld
4229, Australia Gepp, A (corresponding author), Bond Univ, Bond Business Sch, 14
Univ Dr, Robina, Qld 4229, Australia. adgepp@bond.edu.au Vanstone,
Bruce/0000-0002-3977-2468; Gepp, Adrian/0000-0003-1666-5501; Xue, Rui/0000-0002-
1104-9921; O'Neill, Terence/0000-0001-6485-6965; Stern, Steven/0000-0003-4048-5121
 Australian Government Department of Education and Training through the
International Postgraduate Research Scholarship (IPRS); Australian Research
CouncilAustralian Research Council [LP0776784] The author(s) disclosed receipt of
the following financial support for the research, authorship and/or publication of
this article: This work was supported by the Australian Government Department of
Education and Training through the International Postgraduate Research Scholarship
(IPRS) grant programme to Rui Xue. The survey used in this research was conducted
by a team of researchers at the Australian National University led by Terry J
O'Neill, in collaboration with AMP, Rice Warner Actuaries and the National Seniors
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10.1086/651257 63 0 0 4 21 SAGE PUBLICATIONS LTD LONDON
1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP, ENGLAND 0312-8962 1327-
2020 AUST J MANAGE Aust. J. Manag. AUG 2021 46 3
437 465 0312896220940762 10.1177/0312896220940762 AUG
2020 29 Business; Management Business & Economics TE9KG
WOS:000555572900001 Green Submitted 2021-10-06
J Hastings, JS; Mitchell, O Hastings, Justine S.;
Mitchell, Olivia How financial literacy and impatience shape
retirement wealth and investment behaviors JOURNAL OF PENSION ECONOMICS &
FINANCE English Article
Household finance; pensions; present bias; financial literacy SECURITY
Two competing explanations for why consumers have trouble with financial
decisions are gaining momentum. One is that people are financially illiterate since
they lack understanding of simple economic concepts and cannot carry out
computations such as computing compound interest, which could cause them to make
suboptimal financial decisions. A second is that impatience or present-bias might
explain suboptimal financial decisions. That is, some people persistently choose
immediate gratification instead of taking advantage of larger long-term payoffs. We
use experimental evidence from Chile to explore how these factors appear related to
poor financial decisions. Our results show that our measure of impatience is a
strong predictor of wealth and investment in health. Financial literacy is also
correlated with wealth though it appears to be a weaker predictor of sensitivity to
framing in investment decisions. Policymakers interested in enhancing retirement
well-being would do well to consider the importance of both factors. [Hastings,
Justine S.] Brown Univ, Box B,64 Waterman St, Providence, RI 02912 USA; [Hastings,
Justine S.] NBER, Econ & Int & Publ Affairs, Box B,64 Waterman St, Providence, RI
02912 USA; [Mitchell, Olivia] Univ Penn, Wharton Sch, Business Econ Policy, 3620
Locust Walk,St 3000 SH-DH, Philadelphia, PA 19104 USA; [Mitchell, Olivia] NBER,
3620 Locust Walk,St 3000 SH-DH, Philadelphia, PA 19104 USA Hastings, JS
(corresponding author), Brown Univ, Box B,64 Waterman St, Providence, RI 02912
USA.; Hastings, JS (corresponding author), NBER, Econ & Int & Publ Affairs, Box
B,64 Waterman St, Providence, RI 02912 USA. justine_hastings@brown.edu;
mitchelo@wharton.upenn.edu Mitchell, Olivia/0000-0002-6419-8314 NIA
NIH HHSUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [P30 AG012836, R01
AG023774] Funding Source: Medline; NICHD NIH HHSUnited States Department of Health
& Human ServicesNational Institutes of Health (NIH) - USANIH Eunice Kennedy Shriver
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CAMBRIDGE, ENGLAND 1474-7472 1475-3022 J PENSION ECON FINAN J.
Pension Econ. Financ. JAN 2020 19 1 1 20
PII S1474747218000227 10.1017/S1474747218000227 20
Business, Finance; Economics Business & Economics JS3FU
WOS:000500195400001 33833619 Green Accepted, Green Published
2021-10-06
J Agarwalla, SK; Barua, SK; Jacob, J; Varma, JR Agarwalla,
Sobhesh Kumar; Barua, Samir K.; Jacob, Joshy; Varma, Jayanth R.
Financial Literacy among Working Young in Urban IndiaWORLD DEVELOPMENT
English Article financial literacy;
financial knowledge; financial behavior; financial attitude; youth; India
The working young in urban India exhibit inferior financial knowledge,
inferior financial attitude, and superior financial behavior compared to their
counterparts elsewhere. While both men and women require intervention to enhance
their financial knowledge, focused intervention is needed to improve the financial
attitude of men and the financial behavior of women. Living in a joint family
impacts financial literacy negatively and consultative decision-making in families
impacts it positively. The influence of these key aspects of Indian family life
indicates the need to involve family members in financial literacy programs to
improve financial decision making of families. (C) 2014 Elsevier Ltd. All rights
reserved. [Agarwalla, Sobhesh Kumar; Barua, Samir K.; Jacob, Joshy; Varma,
Jayanth R.] Indian Inst Management, Ahmadabad 380015, Gujarat, India Agarwalla,
SK (corresponding author), Indian Inst Management, Ahmadabad 380015, Gujarat,
India. Agarwalla, Sobhesh/AAL-5926-2021 Varma, Jayanth/0000-0002-
7296-8956; Agarwalla, Sobhesh/0000-0001-8693-2842 Aterido R, 2013,
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 1 32 PERGAMON-ELSEVIER SCIENCE LTD OXFORD THE BOULEVARD, LANGFORD
LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND 0305-750X WORLD DEV World
Dev. MAR 2015 67 101 109
10.1016/j.worlddev.2014.10.004 9 Development Studies;
Economics Development Studies; Business & Economics CA0PT WOS:000348620000008
Green Submitted 2021-10-06
J Raut, RK Raut, Rajdeep Kumar Past
behaviour, financial literacy and investment decision-making process of individual
investors INTERNATIONAL JOURNAL OF EMERGING MARKETS English
Article Financial market; Financial
literacy; Past behaviour; Behavioural finance; TPB PLANNED BEHAVIOR; REASONED
ACTION; EXTENDED THEORY; INTENTIONS; MODEL; ATTITUDES; HABIT; ACCEPTANCE;
FRAMEWORK; KNOWLEDGE Purpose This study aims to explore the importance of past
behaviour and financial literacy in the investment decision-making of individual
investors and examines the validity of the theory of planned behaviour in this
context. Design/methodology/approach The study used a self-administered
questionnaire and adopted the convenience sampling technique followed by a snowball
sampling method for the survey to collect data from the individual investors
covering the four distinct states of India. Collected data were analysed on AMOS
20.0 using two-step structural equation modelling (SEM). Findings Results indicated
a significant effect of all the predictive variables. Past behaviour showed no
significant direct impact on investor's intention; however, it had an indirect
significant relationship while mediated by the attitude of investors. The multiple
squared correlation (R2) showed that the final model could explain 36% of the
variance in investors' intention towards stock investment which signified a
successful implementation of the TPB model along with external variables added to
it. Moreover, Indian investors were found to be highly influenced, primarily, by
social pressure which could be curbed through financial literacy. Practical
implications - A significant importance of subjective norms was found on stock
market participation which could be a strategic theme for the government and the
policymakers to educate investors through their opinion leaders for increasing
their participation. Moreover, by doing so investors could control their behaviour
and take rational decisions. Originality/value This study extended the
understandings of investor's decision-making behaviour using TPB by incorporating
the two external variables viz., Financial literacy and past behaviour. The
addition of past behaviour is perhaps the novelty of this article since such
examination has not been conducted empirically especially in the case of developing
countries like India. [Raut, Rajdeep Kumar] Amity Univ, Amity Business Sch,
Patna, Bihar, India Raut, RK (corresponding author), Amity Univ, Amity Business
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EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY
BD16 1WA, W YORKSHIRE, ENGLAND 1746-8809 1746-8817 INT J EMERG MARK
Int. J. Emerg. Mark. DEC 14 2020 15 6
1243 1263 10.1108/IJOEM-07-2018-0379 APR 2020 21
Business; Economics; Management Business & Economics LG2IK
WOS:000523328400001 2021-10-06
J Keyser, N; Duvenhage, C Keyser, Nico; Duvenhage, Cecile
Construct validity of a financial literacy instrument JOURNAL OF
PSYCHOLOGY IN AFRICA English Article
construct validity; exploratory factor analysis (EFA); financial behaviour;
financial decision-making; financial literacy; measuring instrument EXPLORATORY
FACTOR-ANALYSIS; STUDENTS; PROGRAM; NUMBER The aim of the present study was to
validate the factorial structure and psychometric properties of a financial
literacy instrument in a South African student sample. A total of 265 students
completed the measure (58.5% = female; 58.62% = black, 29.3% = white, 13.09 =
other; mean age = 21.35 years). Exploratory factor analysis (EFA) of the data
yielded two factors: financial knowledge and abilities, and financial behaviour and
experiences Both the reliability and validity scores from the financial literacy
instrument were acceptable. The results of the study suggest this measuring
instrument has construct validity and is usable for research purposes. [Keyser,
Nico; Duvenhage, Cecile] Univ Free State, Dept Econ & Finance, Bloemfontein, South
Africa Keyser, N (corresponding author), Univ Free State, Dept Econ & Finance,
Bloemfontein, South Africa. keyserjn@ufs.ac.za
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JOURNALS, TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK,
ABINGDON OX14 4RN, OXON, ENGLAND 1433-0237 1815-5626 J PSYCHOL AFR
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10.1080/14330237.2019.1667151 6 Psychology, Multidisciplinary
Psychology JK5IP WOS:000494877300007 2021-10-06
J Swiecka, B; Yesildag, E; Ozen, E; Grima, S Swiecka,
Beata; Yesildag, Eser; Ozen, Ercan; Grima, Simon Financial
Literacy: The Case of Poland SUSTAINABILITY English Article
financial literacy; financial knowledge; financial
attitude; financial behaviour; household finance; young people Financial
literacy is a path to sustainability and has an important role in ensuring the
financial sustainability of individuals, families, enterprises and national
economies. The level of these economic indicators such as debt, payment discipline,
savings and financial management all translate into prosperity or insolvency and
bankruptcy and result partially from financial literacy. The higher the level of
financial literacy, especially of young people, the more favourable the level of
economic indicators, which translates into the economy and sustainable development.
With this study we aim to determine the level of financial literacy of high school
students in Poland and to determine whether financial literacy changes according to
gender. The most important element that distinguishes our study from the others is
that or study was carried out with a large sample of high school students with an
average age of 15-16 years. In addition, the effect of gender on financial literacy
at an early age was investigated, also comparing the wider themes to the so-called
narrow themes. The results of the research demonstrated a good and partially very
good, level of financial knowledge of the young people in Poland. 45.3% obtained an
average level score and 43.8% achieved a high-level score in financial knowledge.
This result shows that they can be rational in their financial decision making.
However although, it is understood that gender makes a difference on financial
behaviour and use of financial instruments, gender does not make any difference on
the level of financial knowledge. Moreover, the financial literacy level of males
is found to be higher than females. [Swiecka, Beata] Univ Szczecin, Inst Econ &
Finance, PL-71004 Szczecin, Poland; [Yesildag, Eser; Ozen, Ercan] Univ Usak, Sch
Appl Sci, TR-64200 Usak, Turkey; [Grima, Simon] Univ Malta, Fac Econ Management &
Accountancy, MSD-2080 Msida, Malta Grima, S (corresponding author), Univ Malta,
Fac Econ Management & Accountancy, MSD-2080 Msida, Malta.
beata.swiecka@usz.edu.pl; eser.yesildag@usak.edu.tr; ercan.ozen@usak.edu.tr;
simon.grima@um.edu.mt YESILDAG, ESER/AAY-3596-2020; Ozen, Ercan/A-2697-2019;
Grima, Simon/O-5299-2015 Grima, Simon/0000-0003-1523-5120 program of the
Minister of Science and Higher Education under the name "Regional Excellence
Initiative" in the years 2019-2022 [001/RID/2018/19] The project is financed
within the framework of the program of the Minister of Science and Higher Education
under the name "Regional Excellence Initiative" in the years 2019-2022; project
number 001/RID/2018/19; the amount of financing PLN 10,684,000.00. Agarwalla
S., 2013, FINANCIAL LITERACY W; ATKINSON A., 2012, OECD WORKING PAPERS; Bayram N.,
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Delavende A., 2008, 2008190 MICH RES CTR; Drolet M., 2016, GENDER DIFFERENCES F;
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F., 2019, INT J ENV SCI ED, V14, P499; van Rooij M, 2011, J FINANC ECON, V101,
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1 5 MDPI BASEL ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND
2071-1050 SUSTAINABILITY-BASEL Sustainability JAN 2 2020 12
2 700 10.3390/su12020700
17 Green & Sustainable Science & Technology; Environmental Sciences;
Environmental Studies Science & Technology - Other Topics; Environmental Sciences
& Ecology KQ3KE WOS:000516824600258 gold 2021-10-06
J Hsu, YL; Chen, HL; Huang, PK; Lin, WY Hsu, Yuan-Lin;
Chen, Hung-Ling; Huang, Po-Kai; Lin, Wan-Yu Does financial literacy
mitigate gender differences in investment behavioral bias? FINANCE RESEARCH LETTERS
English Article Behavioral
bias; Gender difference; Financial literacy; Individual investor INFORMATION;
ADVICE This study investigates gender differences in a number of behavioral
biases using an online survey of individual investors aged eighteen and over, each
of whom has at least one year of stock trading experience in Taiwan. The results
reveal that women are significantly more regret averse than men, whereas men have
significantly stronger self-attribution, illusion of control, and confirmation
biases than women. However, among those who have a high level of financial
literacy, the prevalence of behavioral biases is similar across both genders. This
suggests that financial literacy mitigates gender differences in behavioral bias.
[Hsu, Yuan-Lin; Huang, Po-Kai] Shih Hsin Univ, Dept Finance, Taipei, Taiwan;
[Chen, Hung-Ling] Shih Chien Univ, Dept Int Business, Taipei, Taiwan; [Lin, Wan-Yu]
Carrefour Taiwan, Finance, Taipei, Taiwan Chen, HL (corresponding author), Shih
Chien Univ, Dept Int Business, Taipei, Taiwan. emmahsu@mail.shu.edu.tw;
chenhub@g2.usc.edu.tw; pkhuang@mail.shu.edu.tw; wendy830327@gmail.com
Ministry of Science and Techncorrology in Taiwan [MOST 1062410H158010] Chen
thanks the Ministry of Science and Techncorrology in Taiwan for financial support
(MOST 1062410H158010) . Abreu M, 2012, J ECON PSYCHOL, V33, P868, DOI
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ACADEMIC PRESS INC ELSEVIER SCIENCE SAN DIEGO 525 B ST, STE 1900, SAN
DIEGO, CA 92101-4495 USA 1544-6123 1544-6131 FINANC RES LETT
Financ. Res. Lett. JUL 2021 41
101789 10.1016/j.frl.2020.101789 9 Business, Finance
Business & Economics SU8XT WOS:000663415300009
2021-10-06
J Yeh, TM; Ling, Y Yeh, Tsung-ming; Ling, Yue
Confidence in Financial Literacy, Stock Market Participation, and Retirement
Planning JOURNAL OF FAMILY AND ECONOMIC ISSUES English
Article; Early Access Objective financial
literacy; Subjective financial literacy; Overconfidence; Stock investment;
Retirement planning CEO OVERCONFIDENCE; KNOWLEDGE; BEHAVIOR; ACQUISITIONS;
CONSEQUENCES; CAPABILITY; GENDER; CHOICE; LOGIT This study investigated whether
overconfidence with respect to one's financial literacy affects stock market
participation and retirement preparation and if so, how. Using an effective sample
of 12,653 Japanese individuals, the empirical results confirm that financial
literacy plays a positive role, while confidence in financial literacy also
matters. For people with relatively low financial literacy, overconfidence can
encourage taking financial action, while for people with high financial literacy,
underconfidence can deter action. Confidence could have an effect equal to or
greater than financial literacy. Moreover, it was also found that the positive
effect of overconfidence is weaker for women than for men. [Yeh, Tsung-ming] Kyushu
Univ, Fac Econ, Nishi Ku, 744 Motooka, Fukuoka 8190395, Japan; [Ling, Yue] Kyushu
Univ, Grad Sch Econ, Fukuoka, Japan Yeh, TM (corresponding author), Kyushu Univ,
Fac Econ, Nishi Ku, 744 Motooka, Fukuoka 8190395, Japan. yeh@econ.kyushu-u.ac.jp;
hustlinyue@163.com Yeh, Tsung-ming/0000-0002-4834-5513 JSPS
KAKENHIMinistry of Education, Culture, Sports, Science and Technology, Japan
(MEXT)Japan Society for the Promotion of ScienceGrants-in-Aid for Scientific
Research (KAKENHI) [JP17K03807]; Nomura Foundation Social Science Research Grant
The corresponding author acknowledges financial support from JSPS KAKENHI
(JP17K03807) and Nomura Foundation Social Science Research Grant. Ai CR, 2003,
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SPRINGER INTERNATIONAL PUBLISHING AG CHAM GEWERBESTRASSE 11, CHAM, CH-
6330, SWITZERLAND 1058-0476 1573-3475 J FAM ECON ISS J. Fam. Econ. Iss.

10.1007/s10834-021-09769-1 MAY 2021 18 Economics; Family

Studies Business & Economics; Family Studies RX6PC WOS:000647342300001
2021-10-06
J Bellofatto, A; D'Hondt, C; De Winne, R Bellofatto,
Anthony; D'Hondt, Catherine; De Winne, Rudy Subjective financial
literacy and retail investors' behavior JOURNAL OF BANKING & FINANCE
English Article Retail investors;
Financial literacy; MiFID COMMON-STOCK INVESTMENT; TRADING VOLUME;
OVERCONFIDENCE; WEALTH; DISPOSITION This paper investigates the relationship
between subjective financial literacy, i.e. self-reported by investors, and trading
behavior. In particular, we use the level of financial knowledge and experience
reported in the MiFID tests by retail investors. Such tests are implemented in the
EU from the so-called Markets in Financial Instruments Directive since November
2007. We show that subjective financial literacy helps explain cross-sectional
variations in retail investors' behavior. Investors who report higher levels of
financial literacy seem to invest smarter, even after controlling for gender, age,
portfolio value, trading experience and education. They trade more and are less
prone to the disposition effect. They tend to concentrate their portfolios on a
small set of stocks and achieve diversification through investment funds holding.
Their trading behaviors allow them to display higher gross and net returns as well
as higher excess Sharpe ratios. Our findings are relevant for both policy making
and understanding retail investors' behavior. (C) 2018 Elsevier B.V. All rights
reserved. [Bellofatto, Anthony; D'Hondt, Catherine; De Winne, Rudy] Catholic Univ
Louvain, Louvain Sch Management, Louvain Finance IMMAQ, Chaussee Binche 151, B-7000
Mons, Belgium Bellofatto, A (corresponding author), Catholic Univ Louvain,
Louvain Sch Management, Louvain Finance IMMAQ, Chaussee Binche 151, B-7000 Mons,
Belgium. anthony.bellofatto@uclouvain.be; catherine.dhondt@uclouvain.be;
rudy.dewinne@uclouvain.be European Savings Institute (Observatoire
de l'Epargne Europeenne) We acknowledge the financial support of the European
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Business, Finance; Economics Business & Economics GM8KW
WOS:000438478500011 2021-10-06
J Chu, Z; Wang, ZW; Xiao, JJ; Zhang, WQ Chu, Zhong; Wang,
Zhengwei; Xiao, Jing Jian; Zhang, Weiqiang Financial Literacy,
Portfolio Choice and Financial Well-Being SOCIAL INDICATORS RESEARCH
English Article Household finance;
Financial literacy; Overconfidence; Financial well-being STOCK-MARKET
PARTICIPATION; MUTUAL FUND PERFORMANCE; HOUSING PRICES; RISK; OVERCONFIDENCE;
EXPECTATIONS; PERSISTENCE; INFORMATION; EDUCATION; PANEL This study examined
potential effects of financial literacy on household portfolio choice and
investment return, an indicator of financial wellbeing. Using data from the 2014
Chinese Survey of Consumer Finance, financial literacy was measured and further
categorized into basic financial literacy and advanced financial literacy. This
study tested the hypothesis that financial literacy affects household choice
between stock and mutual fund. The results indicated that households with higher
financial literacy, especially those with higher level of advanced financial
literacy tended to delegate at least part of their portfolio to experts and invest
in mutual fund. However, households who were overconfident about their financial
literacy tended to invest by themselves and were more likely to hold only stocks in
their portfolios. The findings also indicated that households with higher financial
literacy had a better chance of receiving a positive investment return, suggesting
that higher financial literacy may result in a better financial outcome. [Chu,
Zhong; Wang, Zhengwei; Zhang, Weiqiang] Tsinghua Univ, PBC Sch Finance, Beijing
100083, Peoples R China; [Xiao, Jing Jian] Univ Rhode Isl, Dept Human Dev & Family
Studies, Transit Ctr, 2 Lower Coll Rd, Kingston, RI 02881 USA Chu, Z
(corresponding author), Tsinghua Univ, PBC Sch Finance, Beijing 100083, Peoples R
China. chuzh.13@pbcsf.tsinghua.edu.cn Xiao, Jing Jian/R-1415-2016 Xiao,
Jing Jian/0000-0003-3252-5672; zhang, weiqiang/0000-0002-4218-2004 National
Natural Science Foundation of ChinaNational Natural Science Foundation of China
(NSFC) [71232003, 71573147]; Specialized Research Fund for the Doctoral Program of
Higher EducationSpecialized Research Fund for the Doctoral Program of Higher
Education (SRFDP) [20120002110085]; China Postdoctoral Science FoundationChina
Postdoctoral Science Foundation [2015M570066] The authors acknowledge funding
support from the National Natural Science Foundation of China (71232003 and
71573147), Specialized Research Fund for the Doctoral Program of Higher Education
(20120002110085) and China Postdoctoral Science Foundation (2015M570066). The
authors would also like to thank Hong Zhang and Bibo Liu for their comments and
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10.1007/s11205-016-1309-2 22 Social Sciences,
Interdisciplinary; Sociology Social Sciences - Other Topics; Sociology EV9FW
WOS:000402092200014 Green Submitted 2021-10-06
J Xia, T; Wang, ZW; Li, KP Xia, Tian; Wang, Zhengwei;
Li, Kunpeng Financial Literacy Overconfidence and Stock Market
Participation SOCIAL INDICATORS RESEARCH English Article
Stock market participation; Subjective financial
literacy; Objective financial literacy; Overconfidence CEO OVERCONFIDENCE;
TRADING VOLUME; HOLD STOCKS; INVESTMENT Stock market participation is considered
as an indicator of consumer financial well-being. This study examined the
association between financial literacy overconfidence and stock market
participation. Financial literacy overconfidence was measured by the difference
between an individual's subjective and objective financial literacy scores. Data
from the 2012 Chinese Survey of Consumer Finance was analyzed. The results showed
that financial literacy overconfidence is positively correlated with stock market
participation. On the other hand, under-confidence is negatively correlated to
stock market participation. This study contributes to the existing literature by
relating a unique factor, financial literacy overconfidence, to stock market
participation. [Xia, Tian] Tsinghua Univ, Sch Econ & Management, Beijing 100084,
Peoples R China; [Wang, Zhengwei] Tsinghua Univ, PBC Sch Finance, Beijing 100083,
Peoples R China; [Li, Kunpeng] Capital Univ Econ & Business, Int Sch Econ &
Management, Beijing 100070, Peoples R China Wang, ZW (corresponding author),
Tsinghua Univ, PBC Sch Finance, Beijing 100083, Peoples R China.
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13 Social Sciences, Interdisciplinary; Sociology Social Sciences - Other
Topics; Sociology AT0FC WOS:000344611600005 2021-10-06
J Carlin, BI; Robinson, DT Carlin, Bruce Ian; Robinson,
David T. What Does Financial Literacy Training Teach Us? JOURNAL OF
ECONOMIC EDUCATION English Article
decision support; financial literacy training EDUCATION The authors use
data from a finance-related theme park to explore how financial education changes
investment, financing, and consumer behavior. Students were assigned fictitious
life situations and asked to create household budgets. Some students received a 19-
hour financial literacy curriculum before going to the park, and some did not.
After controlling for demographic variables, the authors show that the treatment
effects of the financial literacy program are strong. Students were more frugal,
delayed gratification, paid off debt faster, and relied less on credit financing
after training. Students who attended training showed greater uptake of decision
support that was offered in the park, which indicates that decision support and
financial literacy training are complements, not substitutes. [Robinson, David
T.] Duke Univ, Durham, NC 27706 USA; [Carlin, Bruce Ian] Univ Calif Los Angeles,
Los Angeles, CA 90024 USA Robinson, DT (corresponding author), Duke Univ,
Durham, NC 27706 USA. bruce.carlin@anderson.ucla.edu; davidr@duke.edu
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3 235 247 10.1080/00220485.2012.686385
13 Economics; Education & Educational Research Business &
Economics; Education & Educational Research 979OB WOS:000306828300002
2021-10-06
J Telle, NT; Senior, C; Butler, M Telle, Nils-Torge;
Senior, Carl; Butler, Michael Trait emotional intelligence facilitates
responses to a social gambling task PERSONALITY AND INDIVIDUAL DIFFERENCES
English Article Trait emotional
intelligence; Dual-process theories; Decision making behaviour CHILDREN The
present study examines facilitative effects of trait emotional intelligence on
decision making in a socially moderated, financial context. One hundred
participants completed the trait emotional intelligence questionnaire and a
computerised gambling card game, designed to simulate financial decision making.
The results show that participants scoring high on the sociability factors made
significantly better decisions in certain card game conditions compared to lower
scoring counterparts. Results are discussed in light of dual-process theories. (C)
2010 Elsevier Ltd. All rights reserved. [Telle, Nils-Torge] Leuphana Univ
Luneburg, Inst Expt Ind Psychol, D-21335 Luneburg, Germany; [Senior, Carl] Aston
Univ, Sch Life & Hlth Sci, Birmingham B4 7ET, W Midlands, England; [Butler,
Michael] Aston Univ, Aston Business Sch, Birmingham B4 7ET, W Midlands, England
Telle, NT (corresponding author), Leuphana Univ Luneburg, Inst Expt Ind
Psychol, Wilschenbrucher Weg 84A, D-21335 Luneburg, Germany. Telle@Leuphana.de
Butler, Michael/0000-0002-0061-9538; Senior, Carl N/0000-0002-2155-4139
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Social Psychology 717SV WOS:000287068600016 2021-
10-06
J Ye, JM; Kulathunga, KMMCB Ye, Jianmu; Kulathunga, K. M.
M. C. B. How Does Financial Literacy Promote Sustainability in SMEs?
A Developing Country Perspective SUSTAINABILITY English
Article financial literacy; access to
finance; financial risk attitude; SMEs sustainable performance ENTERPRISE RISK-
MANAGEMENT; RESOURCE-BASED THEORY; ENTREPRENEURIAL ORIENTATION; FIRM PERFORMANCE;
MEDIATING ROLE; ACCESS; GROWTH; KNOWLEDGE; ATTITUDE; INVESTMENT Role of the
knowledge-based resources in promoting sustainability in small and medium
enterprises (SMEs) is currently a topic of debate. Financial literacy has been
identified as a vital knowledge resource for financial decision making, but
insufficient attention has been given to how SMEs' financial literacy affects their
sustainability. Drawing upon a knowledge-based perspective, peaking order theory
and dual process theory, we constructed an integrated model to examine the impact
of financial literacy, access to finance and financial risk attitude on SMEs'
sustainability. The sample included 291 chief financial officers (CFOs) of SMEs in
Sri Lanka. The output of structural equation modelling revealed direct positive
effects of financial literacy, access to finance and financial risk attitude on
sustainability. Financial literacy also emerged as a predictor of access to finance
and financial risk attitude. Moreover, access to finance and financial risk
attitude were found to be partial mediators of the relationship between financial
literacy and SMEs' sustainability. Theoretical implications and practical
implications for policymakers, industry practitioners and academics interested in
promoting sustainability amongst SMEs are discussed. [Ye, Jianmu; Kulathunga, K.
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Dept Management Sci, Badulla 90000, Sri Lanka Kulathunga, KMMCB (corresponding
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MDPI BASEL ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND 2071-1050
SUSTAINABILITY-BASEL Sustainability MAY 2 2019 11 10
2990 10.3390/su11102990 21 Green &
Sustainable Science & Technology; Environmental Sciences; Environmental Studies
Science & Technology - Other Topics; Environmental Sciences & Ecology IC5LV
WOS:000471010300273 gold 2021-10-06
J Altman, M Altman, Morris Implications of
behavioural economics for financial literacy and public policy JOURNAL OF SOCIO-
ECONOMICS English Article
Financial literacy; Behavioural economics; Imperfect information; Heuristics;
Trust; Nudging; Decision-making environment; Ecological rationality BOUNDED
RATIONALITY; HEURISTICS; PSYCHOLOGY; DECISIONS This paper summarizes and
highlights different methodological approaches to behavioural economics in the
context of the conventional economic wisdom and the implications of these different
methodological approaches for financial literacy, related institutional change, and
public policy. Conventional economics predicts no substantive improvement from
improvements to financial literacy. The errors and biases approach to behavioural
economics suggests limited improvements to decision making from financial education
as errors and biases are largely hardwired in the brain. Government and expert
intervention affecting individual choice behaviour is recommended. The evidence
suggests that the bounded rationality approach to behavioural economics, with its
focus on smart decision makers and the importance institutional and environment
constraints on decision making, is the most promising lense through which to
analyse financial decision making. From this perspective, financial decision making
can be improved by providing decision makers with better quality information
presented in a non-complex fashion, an institutional environment conducive to good
decisions, an incentive structure that internalize externalities involved in
financial decision making, and financial education that will facilitate making the
best use of the information at hand within a specific decision-making environment.
(C) 2012 Elsevier Inc. All rights reserved. [Altman, Morris] Victoria Univ
Wellington, Sch Econ & Finance, Wellington, New Zealand; [Altman, Morris] Univ
Saskatchewan, Saskatoon, SK S7N 0W0, Canada Altman, M (corresponding author),
Victoria Univ Wellington, Sch Econ & Finance, Wellington, New Zealand.
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677 690 10.1016/j.socec.2012.06.002 14 Economics
Business & Economics V31KU WOS:000208883300021
2021-10-06
J Prasad, S; Kiran, R; Sharma, RK Prasad, Swati; Kiran,
Ravi; Sharma, Rakesh Kumar Influence of financial literacy on retail
investors' decisions in relation to return, risk and market analysis
INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS English
Article financial literacy; individual
investors; investment decisions; partial least square; structural equation
modelling INDIVIDUAL INVESTORS; INVESTMENT; BEHAVIOR; PERCEPTION; REGRESSION;
DEMAND Investors differ in their decisions with respect to risk, returns and
market analysis. The present study attempts to examine the influence of financial
literacy on retail investors' decisions in relation to return, risk and market
analysis. The study uses convenience sampling to collect data from the retail
investors through stock brokerage managers. Factor analysis has been employed for
understanding factors of financial literacy. Financial literacy is composed of
Accounting Information; Market Information; Broad Overview; and Technical
Knowledge. The factors of Investment decisions are: Return Analytics; Risk
Analytics; and Market. The risk and return analytics have stronger impact on
investors decision than market analytics. PLS SEM has been employed for examining
relation between financial literacy and Investment decision. The results suggest a
significant positive relation between financial literacy and investment decision.
[Prasad, Swati; Kiran, Ravi; Sharma, Rakesh Kumar] Thapar Inst Engn & Technol
Deemed Univ, Sch Humanities & Social Sci, Patiala, Punjab, India Prasad, S
(corresponding author), Thapar Inst Engn & Technol Deemed Univ, Sch Humanities &
Social Sci, Patiala, Punjab, India. swatiprasad0389@gmail.com; rkiran@thapar.edu;
rakesh.kumar@thapar.edu Prasad, Swati/Q-9199-2017; SHRAMA, RAKESH/V-8601-2017
Prasad, Swati/0000-0003-1931-9292; SHRAMA, RAKESH/0000-0001-7656-6957
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10.1080/15427560.2015.1000329 61 0 0 0 12 WILEY HOBOKEN 111
RIVER ST, HOBOKEN 07030-5774, NJ USA 1076-9307 1099-1158 INT J FINANC
ECON Int. J. Financ. Econ. APR 2021 26 2 2548
2559 10.1002/ijfe.1920 AUG 2020 12 Business, Finance
Business & Economics RL5CQ WOS:000555534800001
 2021-10-06
J Dong, ZYZ; Hui, ECM; Yi, DC Dong, Zhaoyingzi; Hui, Eddie
C. M.; Yi, Daichun Housing market sentiment and homeownership
JOURNAL OF HOUSING AND THE BUILT ENVIRONMENT English
Article Housing price; Housing market
sentiment; Home ownership; House-purchasing intention; Housing demand REAL-ESTATE
VALUATION; INVESTOR SENTIMENT; PORTFOLIO CHOICE; URBAN CHINA; PRICES;
PREDICTABILITY; SAVINGS; SEARCH; ACCESS The homeownership in China has witnessed
a sharp growth during the last two decades even though the increasing housing price
has brought challenges to housing affordability. This study provides a new
explanation for this phenomenon. Based on the China Households Finance Surveys
(CHFS), we try to explore how housing market sentiment influences households'
actual housing-purchasing decision and potential house-purchasing intention. Our
results show that housing price and housing market sentiment play quite different
roles in households' housing-related decisions. Higher housing price lowers the
probability to make actual house purchase and discourage households' home-purchase
intention. Higher sentiment is positively related to the decision of purchasing a
house, especially the second house. Households' house-purchasing intention can be
stimulated by higher sentiment. The higher the sentiment, the more investment will
be made in housing market. From an academic perspective, this study contributes to
the existing literature by considering the importance of market collective
attitudes, i.e. "market sentiment". From a practical perspective, our findings are
expected to facilitate a better-informed decision-making process for homebuyers,
property developers and policy makers. [Dong, Zhaoyingzi] Zhejiang Univ, Sch
Publ Affairs, Hangzhou, Zhejiang, Peoples R China; [Hui, Eddie C. M.] Hong Kong
Polytech Univ, Dept Bldg & Real Estate, Hong Kong, Peoples R China; [Yi, Daichun]
Southwestern Univ Finance & Econ, Res Inst Econ & Management, Chengdu, Peoples R
China Hui, ECM (corresponding author), Hong Kong Polytech Univ, Dept Bldg & Real
Estate, Hong Kong, Peoples R China. dongzhaoyingzi@zju.edu.cn;
bscmhui@polyu.edu.hk; daichunyi@chfs.cn Hui, Eddie Chi Man/L-2037-2016 Hui,
Eddie Chi Man/0000-0002-6974-891X China Scholarship CouncilChina Scholarship
Council; National Natural Science Foundation of ChinaNational Natural Science
Foundation of China (NSFC) [72004199] This study was funded by the China
Scholarship Council and National Natural Science Foundation of China (No.72004199).
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10.1007/s11146-010-9252-5 34 1 1 3 14 SPRINGER DORDRECHT
VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS 1566-4910 1573-
7772 J HOUS BUILT ENVIRON J. Hous. Built Environ. MAR 2021 36 1
SI 29 46 10.1007/s10901-020-09784-y OCT
2020 18 Environmental Studies; Regional & Urban Planning; Urban Studies
Environmental Sciences & Ecology; Public Administration; Urban Studies QT8NZ
WOS:000578472400001 2021-10-06
J Kalmi, P; Ruuskanen, OP Kalmi, Panu; Ruuskanen, Olli-Pekka
Financial literacy and retirement planning in Finland JOURNAL OF PENSION
ECONOMICS & FINANCE English Article
Retirement planning; financial literacy; Finland INVESTMENT This paper
presents the results from the first study of financial literacy in Finland and
explores the relationship between financial literacy and retirement planning in
Finland. Finland is an interesting case because countervailing effects may exist: a
high level of education might increase financial literacy, while the high provision
of social security may decrease it and weaken its relationship with pension
planning. The results indicate that the level of financial literacy in Finland is
comparatively high, although it is unequally distributed among the population. With
respect to pension planning, we find that there is little evidence of a
relationship between the three core financial literacy questions and retirement
planning; however, a statistically significant and positive relationship exists
between retirement planning and an extended measure of financial literacy,
consisting mostly of more demanding questions. When we split the sample by gender,
we find evidence of a positive relationship between financial literacy and
retirement planning among women but not among men. The results indicate that
scaling down publicly guaranteed pension benefits may pose a challenge to the less
financially literate segment of the population. [Kalmi, Panu] Univ Vaasa,
Wolffintie 34, Vaasa 65200, Finland; [Ruuskanen, Olli-Pekka] Univ Tampere,
Kanslerinrinne 1, Tampere 33100, Finland Kalmi, P (corresponding author), Univ
Vaasa, Wolffintie 34, Vaasa 65200, Finland. panu.kalmi@uva.fi; olli-
pekka.ruuskanen@staff.uta.fi Academy of FinlandAcademy of
FinlandEuropean Commission; OP Research Foundation; Foundation for Economic
Education; Finnish Financial Ombudsman Bureau; Wage Earner Foundation; Vaasa Aktia
Foundation; Finnish Foundation for Share Promotion We thank Annamaria Lusardi
for her support and mentoring when writing this paper and two anonymous referees
for their helpful comments. We thank the Academy of Finland, the OP Research
Foundation, the Foundation for Economic Education, the Finnish Financial Ombudsman
Bureau, the Wage Earner Foundation, the Vaasa Aktia Foundation, and the Finnish
Foundation for Share Promotion for their financial support, which has made this
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SI 335 362 10.1017/S1474747217000270 28
Business, Finance; Economics Business & Economics GU8KF
WOS:000445587300005 Green Accepted 2021-10-06
J Earl, JK; Gerrans, P; Asher, A; Woodside, J Earl, Joanne
K.; Gerrans, Paul; Asher, Anthony; Woodside, Julia Financial
literacy, financial judgement, and retirement self-efficacy of older trustees of
self-managed superannuation funds AUSTRALIAN JOURNAL OF MANAGEMENT
English Article Ageing; cognitive
ability; dementia; financial decision-making; financial literacy; retirement
savings MILD COGNITIVE IMPAIRMENT; AGE; CAPACITY; ABILITY; DISEASE; GENDER;
HEALTH; LIFE We investigate relationships between retirement self-efficacy,
financial literacy and financial judgement across a sample of older trustees of
self-managed superannuation funds (SMSFs). Aside from demographic factors, we
explore self-rated dementia behaviours, general mental ability, mastery and risk
tolerance. An increasing number of older people are controlling significant assets,
particularly those who elect to become self-managed superannuation fund trustees.
The ageing population, including self-managed superannuation fund trustees, is
susceptible to cognitive decline with advancing age. We find that cognitive ability
and self-rated behavioural dementia symptoms both relate to financial literacy.
Variance in retirement self-efficacy was explained by age, cognitive ability,
financial literacy, mastery and self-rated behavioural dementia symptoms. Those
reporting dementia symptoms appear more vulnerable to making poor financial
judgements. Findings have important implications for financial literacy
interventions and the monitoring of on-going cognitive decline. [Earl, Joanne K.;
Asher, Anthony; Woodside, Julia] Univ New S Wales, Sydney, NSW 2052, Australia;
[Gerrans, Paul] Univ Western Australia, Nedlands, WA 6009, Australia Earl, JK
(corresponding author), Univ New S Wales, Sch Psychol, Cnr High St & Bot St,
Sydney, NSW 2052, Australia. j.earl@unsw.edu.au Earl, Joanne/AAR-6220-2020
Earl, Joanne/0000-0002-0232-053X; Gerrans, Paul/0000-0002-5690-7141 UNSW
Science Faculty Research Grant This research was supported by a UNSW Science
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SAGE PUBLICATIONS LTD LONDON 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y
1SP, ENGLAND 0312-8962 1327-2020 AUST J MANAGE Aust. J. Manag.
AUG 2015 40 3 SI 435 458
10.1177/0312896215572155 24 Business; Management
Business & Economics CQ0KN WOS:000360284200004
2021-10-06
J Dibb, S; Merendino, A; Aslam, H; Appleyard, L; Brambley, W
Dibb, Sally; Merendino, Alessandro; Aslam, Hussan; Appleyard, Lindsey;
Brambley, William Whose rationality? Muddling through the messy
emotional reality of financial decision-making JOURNAL OF BUSINESS RESEARCH
English Article Emotions; Financial
vulnerability; Financial literacy; Muddling through; Rational decision-making
BEHAVIORAL ECONOMICS; LITERACY; KNOWLEDGE; EDUCATION; DETERMINANTS;
PSYCHOLOGY; SERVICES; COSTS; TRUST The public's financial security is vital to
economic stability, with policy and practice efforts focused on developing
financial literacy to reduce financial vulnerability. However, this approach fails
to fully consider the emotional factors that influence the financial decision-
making process. This study examines how emotions shape these decisions, drawing on
the concept of 'muddling through' to understand the complex process to be
navigated. Data are drawn from 78 in-depth interviews with consumers who were
financially 'struggling and squeezed'. 'Integral' and 'incidental' emotions were
influential both in assisting the decision-making process and in introducing biases
that could lead to harm. Consumers were able to rationalize their decisions, even
though they might not be economically optimal in the longer term. Muddling through
theory is extended by explaining the role of emotions within it. New insights into
the interaction between emotions that are 'integral' or 'incidental' to decision-
making lead to policy and practice recommendations. [Dibb, Sally; Merendino,
Alessandro; Aslam, Hussan; Appleyard, Lindsey] Coventry Univ, Fac Business & Law,
Ctr Business Soc, Coventry, W Midlands, England; [Brambley, William] Open Univ,
Open Univ Business Sch, Milton Keynes, Bucks, England Dibb, S (corresponding
author), Priory St, Coventry CV1 5FB, W Midlands, England.
sally.dibb@coventry.ac.uk; alessandro.merendino@coventry.ac.uk;
hussan.aslam@coventry.ac.uk; lindsey.appleyard@coventry.ac.uk;
William.Brambley@open.ac.uk appleyard, lindsey/0000-0003-1087-8450 Money
Advice Service's What Works Fund Funding was received from the Money Advice
Service's What Works Fund for a project entitled `Managing My Money for the Just
About Managing', a research project conducted by the True Potential Centre for the
Public Understanding of Finance at the Open University and the Centre for Business
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10.1016/j.jbusres.2020.10.041 13 Business Business &
Economics SE4AK WOS:000652015200016 2021-10-06
J Celiktas, M; Yilmaz, N Celiktas, Mehmet; Yilmaz, Neslihan
Money illusion, financial literacy and implications of self-perceptions
APPLIED ECONOMICS LETTERS English Article
 Money illusion; financial literacy; education; self-perception;
overconfidence Understanding inflation is crucial in financial decision-
making, however, lack of comprehension pertains to money illusion. Using a survey
applied to university students, we study the determinants of money illusion
including financial literacy and education. Moreover, we test the implications of
individuals' self-perception of interest and knowledge in financial matters. Our
findings show that a higher level of financial knowledge results in lower money
illusion levels and education improves financial knowledge. Moreover, there exist
self-perception biases; self-perceived levels might not always be in line with the
actual ones, and there is a gender effect on self-perceptions. [Celiktas, Mehmet;
Yilmaz, Neslihan] Bogazici Univ, Dept Management, Istanbul, Turkey Yilmaz, N
(corresponding author), Bogazici Univ, Dept Management, Istanbul, Turkey.
neslihan.yilmaz@boun.edu.tr Yilmaz, Neslihan/AAR-8791-2020 Yilmaz,
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16 0 0 3 15 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
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2021 28 6 447 450
10.1080/13504851.2020.1761520 MAY 2020 4 Economics Business &
Economics QS3EO WOS:000533716800001 2021-10-06
J Al-Bahrani, A; Buser, W; Patel, D Al-Bahrani, Abdullah;
Buser, Whitney; Patel, Darshak Early Causes of Financial Disquiet
and the Gender Gap in Financial Literacy: Evidence from College Students in the
Southeastern United States JOURNAL OF FAMILY AND ECONOMIC ISSUES
English Article Financial literacy;
Math; Gender gap SEX-DIFFERENCES; SELF-EFFICACY; YOUNG-ADULTS; KNOWLEDGE;
MATHEMATICS; CONFIDENCE Financial literacy, a cornerstone of family economic well-
being, is surprisingly low in the United States. The literature has established
that financial literacy is lower among women than among men. As sound financial
decision-making among both male and female household heads is of paramount
importance to well-being, we look to identify the underlying causes that may
initiate and perpetuate this differential. We found that a gender-based gap in
understanding develops by early college age, before individuals have had the
opportunity to develop financial skills through experience or specialization in
household roles. The literature indicates that women tend to underestimate their
abilities relative to men, particularly in areas of math and financial decision-
making. Math ability, financial confidence, and financial and math education have
been found to enhance financial literacy, and so we focus on math self-efficacy as
an early indicator of financial assurance and literacy. Using an ordered probit
model and data from a sample of 529 college students across three institutions in
the southeastern United States, we extend the current literature to find that for
men, objective math ability drives financial literacy. For women, on the other
hand, self-efficacy-and not objective ability-is predictive of financial literacy.
Understanding the underlying causes of the gender-based financial literacy gap can
inform the creation of better education, family, and cultural intervention methods
by which to close this gap in financial literacy, decisions, and outcomes. [Al-
Bahrani, Abdullah] Northern Kentucky Univ, Haile US Bank Coll Business, Highland
Hts, KY 40199 USA; [Buser, Whitney] Young Harris Coll, Business & Publ Policy Dept,
Young Harris, GA 30582 USA; [Patel, Darshak] Univ Kentucky, Gatton Business & Econ,
Lexington, KY 40506 USA Buser, W (corresponding author), Young Harris Coll,
Business & Publ Policy Dept, Young Harris, GA 30582 USA. albahrania1@nku.edu;
wtdouglasbuser@yhc.edu; dpate3@uky.edu Buser, Whitney/0000-0003-3125-8728
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INTERNATIONAL PUBLISHING AG CHAM GEWERBESTRASSE 11, CHAM, CH-6330, SWITZERLAND
1058-0476 1573-3475 J FAM ECON ISS J. Fam. Econ. Iss. SEP
2020 41 3 558 571 10.1007/s10834-
020-09670-3 FEB 2020 14 Economics; Family Studies Business &
Economics; Family Studies MZ0BN WOS:000516778300002
2021-10-06
J Bannier, CE; Schwarz, M Bannier, Christina E.; Schwarz,
Milena Gender- and education-related effects of financial literacy
and confidence on financial wealth JOURNAL OF ECONOMIC PSYCHOLOGY
English Article Household finance;
Financial literacy; Confidence; Wealth; Gender; Education MULTIPLE IMPUTATION;
RISK TOLERANCE; BEHAVIOR; ADVICE; MODELS; WOMEN; PARTICIPATION; KNOWLEDGE;
ASTERISK; OUTCOMES This study examines the influence of actual and perceived
financial knowledge (i.e., financial literacy and confidence) on financial wealth.
We show that consideration of gender and education as moderators helps to uncover
intricate effects. Greater financial literacy leads to higher wealth, with higher
education strengthening this effect considerably for women, but not so for men.
Men's wealth also rises in confidence, while there is hardly any confidence effect
for women. Our results are robust against the employment of different instrumental
variables and confidence measures, consideration of one-time wealth effects and
mode of financial decision making. [Bannier, Christina E.; Schwarz, Milena] Justus
Liebig Univ Giessen, Licher Str 62, D-35394 Giessen, Germany Bannier, CE
(corresponding author), Justus Liebig Univ Giessen, Licher Str 62, D-35394 Giessen,
Germany. christina.Bannier@wirtschaft.uni-giessen.de;
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66 86 10.1016/j.joep.2018.05.005 21
Economics; Psychology, Multidisciplinary Business & Economics; Psychology
GP6BK WOS:000440961700005 2021-10-06
J Grohmann, A; Kouwenberg, R; Menkhoff, L Grohmann, Antonia;
Kouwenberg, Roy; Menkhoff, Lukas Childhood roots of financial
literacy JOURNAL OF ECONOMIC PSYCHOLOGY English Article
Financial literacy; Financial behavior; Family
background; Education; Numeracy INDIVIDUAL RISK ATTITUDES; EDUCATION;
SOCIALIZATION; DETERMINANTS; ORIENTATION; INVESTMENT; KNOWLEDGE; AVERSION; IMPACT
Financial literacy predicts informed financial decisions, but what explains
financial literacy? We use the concept of financial socialization and aim to
represent three major agents of financial socialization: family, school and work.
Thus we compile twelve relevant childhood characteristics in a new survey study and
examine their relation to financial literacy, while controlling for established
socio-demographic characteristics. We find in a mediation analysis that both family
and school positively affect the financial literacy of adults. Moreover, financial
literacy and school related variables also have a direct effect on financial
behavior. This suggests that family factors and schooling work through
complementary channels. (C) 2015 Elsevier B.V. All rights reserved. [Grohmann,
Antonia; Menkhoff, Lukas] German Inst Econ Res DIW Berlin, D-10108 Berlin, Germany;
[Kouwenberg, Roy] Mahidol Univ, Coll Management, Bangkok 10400, Thailand;
[Kouwenberg, Roy] Erasmus Univ, Sch Econ, NL-6032 PA Rotterdam, Netherlands;
[Menkhoff, Lukas] Humboldt Univ, Dept Econ, D-10178 Berlin, Germany; [Menkhoff,
Lukas] Leibniz Univ Hannover, D-30167 Hannover, Germany Menkhoff, L
(corresponding author), Mohrenstr 58, D-10117 Berlin, Germany. grohmann@glad.uni-
hannover.de; roy.kou@mahidol.ac.th; menkhoff@gif.uni-hannover.de Kouwenberg,
Roy/AAT-2635-2020; Kouwenberg, Roy/M-6873-2014 Kouwenberg, Roy/0000-0001-9312-
4587; Kouwenberg, Roy/0000-0001-9312-4587; Grohmann, Antonia/0000-0001-5330-4583
German Research Foundation (DFG)German Research Foundation (DFG) [RTG 1723]
We would like to thank participants at several seminars and workshops, in
particular Gerrit Antonides, Alessandro Bucciol, Sebastian Braun, Martin Brown,
Clemens Fuest, Olaf Hubler, Stephan Klasen, Sandra Ludwig, Olivia Mitchell, Martin
Weber for helpful comments and two reviewers for excellent reports. Special thanks
to Atcha Kamolsareeratana for her assistance. Financial support by the German
Research Foundation (DFG, grant RTG 1723) is gratefully acknowledged. Agarwal S,
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J ECON PSYCHOL J. Econ. Psychol. DEC 2015 51
 114 133 10.1016/j.joep.2015.09.002 20 Economics;
Psychology, Multidisciplinary Business & Economics; Psychology CY9ZZ
WOS:000366766200009 Green Submitted 2021-10-06
J Agarwal, S; Amromin, G; Ben-David, I; Chomsisengphet, S; Evanoff, DD
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; Chomsisengphet,
Souphala; Evanoff, Douglas D. Financial literacy and financial
planning: Evidence from India JOURNAL OF HOUSING ECONOMICS English
Article Financial literacy; Financial
education; Household finance; Consumer behavior KNOWLEDGE; SECURITY In this
study we report findings about financial literacy and financial planning behavior
based on a financial advisory program in India. We evaluate survey responses to
three standard questions previously used to measure financial literacy. We then
break down the data across particular demographic and socioeconomic groups and
compare responses. Finally, we examine the investment behavior, liability choice,
risk tolerance and insurance usage of program participants. We find that the vast
majority of respondents appear to be financially literate based on their answers to
questions concerning interest rates (numeracy), inflation, and
risk/diversification. However, we do find variation across demographic and
socioeconomic groups. We are also able to obtain additional information about the
financial tendencies of the program participants (including risk tolerance,
investment preferences, investment goals, etc.) and to relate those tendencies to
financial literacy. (C) 2015 Elsevier Inc. All rights reserved. [Agarwal, Sumit]
Natl Univ Singapore, Singapore 117548, Singapore; [Amromin, Gene; Evanoff, Douglas
D.] Fed Reserve Bank Chicago, Chicago, IL 60604 USA; [Ben-David, Itzhak] Ohio State
Univ, Columbus, OH 43210 USA; [Chomsisengphet, Souphala] US Off Comptroller
Currency, Washington, DC USA Evanoff, DD (corresponding author), Fed Reserve Bank
Chicago, Res Dept, 230 South LaSalle St, Chicago, IL 60604 USA. Ben-David,
Itzhak/I-3233-2012; Agarwal, Sumit/F-4836-2012 Agarwal, Sumit/0000-0002-8305-3786
Florida State University; Office of the Comptroller of the Currency The
authors thank Carlo de Bassa Scheresberg for his constructive comments, as well as
other participants at the April 25, 2014 Housing Finance Symposium sponsored by
Florida State University and the Office of the Comptroller of the Currency. They
also thank Tom Mayock and Keith Ihlanfeldt for coordinating this special issue of
the Journal. Jacqui Barrett, Zach Duey and Robert McMenamin provided excellent
research assistance. The views expressed are those of the authors and may not
reflect the views of the Federal Reserve System, the Federal Reserve Bank of
Chicago, or the Office of the Comptroller of the Currency. Agarwal S., 2011,
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27 SI 4 21
10.1016/j.jhe.2015.02.003 18 Economics; Urban Studies
Business & Economics; Urban Studies CJ6XE WOS:000355637700002
2021-10-06
J Balaz, V Balaz, Vladimir Perceived and
Actual Financial Literacy EKONOMICKY CASOPIS Slovak
Article financial literacy; financial
knowledge; strategic financial decisions GENDER; RISK; RETIREMENT; CHOICE; WOMEN
Perceived and actual financial literacy in Slovakia was examined via standard
questions used in international surveys. Levels of perceived competence were well-
related to actual knowledge of basic financial concepts, such as inflation,
compound interest, time value of money and investment costs and socio-demographic
variables (education, gender). Psychological variables (risk tolerance levels)
impacted perceived financial knowledge indirectly, via willingness to invest in
risky classes of financial products. Slovak Acad Sci, Prognosticky Ustav,
Bratislava 81105 1, Slovakia Balaz, V (corresponding author), Slovak Acad Sci,
Prognosticky Ustav, Sancova 56, Bratislava 81105 1, Slovakia. vbalaz@yahoo.com
Balaz, Vladimir/R-9416-2016 Balaz, Vladimir/0000-0002-8132-3789
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CSPS SAS BRATISLAVA SANCOVA 56, BRATISLAVA, SLOVAKIA 0013-3035
EKON CAS Ekon. Cas. 2012 60 7 681
697 17 Economics Business & Economics 031UM
WOS:000310667900002 2021-10-06
J Shen, CH; Lin, SJ; Tang, DP; Hsiao, YJ Shen, Chung-Hua;
Lin, Shih-Jie; Tang, De-Piao; Hsiao, Yu-Jen The relationship between
financial disputes and financial literacy PACIFIC-BASIN FINANCE JOURNAL
English Article Financial literacy;
Financial dispute INVESTMENT; EDUCATION; WEALTH This study examines financial
literacy and its relationship with financial disputes. We devised two special
modules from the Third National. Financial Literacy Survey,conducted by Taiwan's
Financial Supervisory Commission (FSC) in 2011. With this unique database, we
examine topics that have rarely been discussed in other studies. Our empirical
evidence suggests that people with a higher financial literacy are less likely to
experience financial disputes. When the purchase of financial products and services
leads to a financial dispute, people with a higher financial literacy will
aggressively handle the problem. In addition, personal characteristics, such as
gender, work status, and household income, are key factors affecting the chances of
a financial dispute. Finally, our results are robust to potential selection bias
when we include the results of the National Financial Literacy Survey conducted by
the FSC in 2007, 2009, and 2011. (C) 2015 Elsevier B.V. All rights reserved. [Shen,
Chung-Hua] Hunan Univ, Coll Finance & Stat, Dept Money & Finance, Changsha 410082,
Hunan, Peoples R China; [Lin, Shih-Jie; Tang, De-Piao] Natl Taiwan Univ, Grad Inst
Natl Dev, Taipei, Taiwan; [Hsiao, Yu-Jen] Natl Dong Hwa Univ, Dept Finance, Hualien
97401, Taiwan Hsiao, YJ (corresponding author), Natl Dong Hwa Univ, Dept
Finance, Hualien 97401, Taiwan. yujen@mail.ndhu.edu.tw
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10.1016/j.pacfin.2015.11.002 20 Business, Finance Business &
Economics DF1MK WOS:000371103700004 2021-10-06
J Gavurova, B; Kubak, M; Huculova, E; Popadakova, D; Bilan, S
Gavurova, Beata; Kubak, Matus; Huculova, Eva; Popadakova, Dominika; Bilan,
Svitlana FINANCIAL LITERACY AND RATIONALITY OF YOUTH IN SLOVAKIA
TRANSFORMATIONS IN BUSINESS & ECONOMICS English Article
rationality; financial literacy; Slovak republic
HIGH-SCHOOL-STUDENTS; INVESTMENT In recent years, the importance of issue
of financial literacy of young people increases. Given view is evidenced by
numerous research studies which aim to detect the factors that determine the
financial literacy level of subjects of studies. The aim of presented study is to
reveal relationship between financial literacy and rationality of students in
Slovakia. We use questionnaire to detect rationality and financial literacy level
of subjects. In regression we also control for control for age, gender, type of
school and number of family members to detect possible variables that can influence
financial literacy. Our findings suggest that males' financial literacy is higher
than females' one. We also document that adolescents are less financially literate
than 22+ years old students. Interesting is finding about relationship between
financial literacy and number of family members. Students from families with more
members are more financially literate than students from less membered families.
The positive relationship between rationality and financial literacy is proven,
despite being weaker than we expected. [Gavurova, Beata] Tomas Bata Univ Zlin,
Ctr Appl Econ Res, Fac Management & Econ, Nam TG Masaryka 5555, Zlin 76001, Czech
Republic; [Kubak, Matus; Huculova, Eva; Popadakova, Dominika] Tech Univ Kosice, Fac
Econ, Letna 1-9, Kosice 04001, Slovakia; [Bilan, Svitlana] Rzeszow Univ Technol,
Fac Management, Dept Humanities & Social Sci, Al Powstancow Warszawy 10, PL-35959
Rzeszow, Poland Gavurova, B (corresponding author), Tomas Bata Univ Zlin, Ctr
Appl Econ Res, Fac Management & Econ, Nam TG Masaryka 5555, Zlin 76001, Czech
Republic. gavurova@utb.cz; matus.kubak@tuke.skinko; eva.huculova@tuke.sk;
dominika.popadakova@tuke.sk; s.bilan@prz.edu.pl Kubak, Matus/AAF-4889-2019;
Gavurova, Beata/N-9159-2018 Kubak, Matus/0000-0003-1438-479X; Gavurova,
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Transform. Bus. Econ. 2019 18 3 43
53 11 Business; Economics Business &
Economics JZ5PN WOS:000505154500003 2021-10-06
J Santos, DB; Mendes-Da-Silva, W; Gonzalez, L Santos,
Danilo Braun; Mendes-Da-Silva, Wesley; Gonzalez, Lauro LOWER
FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS RAE-REVISTA DE ADMINISTRACAO
DE EMPRESAS English Article Loan;
informal loan; financial literacy; capitalization bond; behavioral finance
SERVICES; CREDIT Finance literature documents associations between a
family's financial literacy and its propensity to borrow. However, most studies
focus exclusively on formal loan markets. Based on 2,023 observations about
financial behavior of Brazilian families, we examined the impacts of financial
literacy on informal borrowing, such as loans from friends or moneylenders. Using
multinomial logit models, we compared financial literacy's effects on the
propensity to take informal loans between families that did not borrow at all and
those who took bank loans. Financial literacy is measured by the investment in
capitalization bonds, a financial instrument in the Brazilian market. The results
suggest that financial literacy's relevance to informal loans may exceed that for
formal credit channels. [Santos, Danilo Braun] Univ Fed Sao Paulo, Escota Bautista
Polit Econ & Negocios, Sao Paulo, SP, Brazil; [Mendes-Da-Silva, Wesley; Gonzalez,
Lauro] Fundacao Getulio Vargas, Escala Adm Empresas Sao Paulo, Sao Paulo, SP,
Brazil Santos, DB (corresponding author), Univ Fed Sao Paulo, Escota Bautista
Polit Econ & Negocios, Sao Paulo, SP, Brazil. danilobraun@gmail.com;
mr.mendesdasilva@gmail.com; lauro.gonzalez@fgv.br Santos, Danilo B/R-6322-2018;
Mendes-Da-Silva, Wesley/B-4551-2012 Mendes-Da-Silva, Wesley/0000-0002-5500-4872;
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52 1 1 3 13 FUNDACAO GETULIO VARGAS SAO PAULO SP ESCOLA
ADMIN EMPRESAS SAO PAULO, AV 9 DE JULHO, 2-029, BELA VISTA, SAO PAULO SP, 01313-
902, BRAZIL 2178-938X RAE-REV ADMIN EMPRES RAE-Rev. Adm. Empres.
JAN-FEB 2018 58 1 44 59
10.1590/s0034-759020180105 16 Business; Management
 Business & Economics GB9SL WOS:000429414000004 gold, Green
Published, Green Submitted 2021-10-06
J Zeidner, M; Matthews, G; Roberts, RD; MacCann, C
Zeidner, M; Matthews, G; Roberts, RD; MacCann, C Development
of emotional intelligence: Towards a multi-level investment model HUMAN
DEVELOPMENT English Article
emotional competencies; emotional intelligence development; social
competencies; socialization of emotions; temperament SELF-REGULATION; NEGATIVE
EMOTIONS; COMPETENCE; CHILDREN; BEHAVIOR; ANGER; SOCIALIZATION; HERITABILITY;
PERSONALITY; AGGRESSION This paper examines the development of emotional
intelligence (EI) in childhood. It is proposed that ambiguities in conceptualizing
EI may be resolved by distinguishing multiple levels of emotion-regulation
processes. Temperament, rule-based skill acquisition, and self-aware emotion
regulation are differentiated as potential sources of individual differences. We
review empirical studies that demonstrate multiple mechanisms linked to these
levels. temperament is shaped by genes, interacting with environmental influences
such as patterns of infant-caregiver interaction. Early, language-dependent skill
learning is governed by reinforcement and modeling processes. Subsequent,
insightful learning is influenced by emotional discourse with parents and others,
and cultural factors. Cognitive abilities may also influence individual differences
in emotional function. At the same time, the biological and sociocultural factors
that influence EI interact in complex and interrelated ways. We conclude this
article by proposing a tentative 'investment model' for emotional competencies in
children that accommodates the multifaceted nature of EI. Lower-level competencies
may provide a platform for developing more sophisticated emotion-regulation skills,
with competencies becoming increasingly differentiated over time. Copyright (C)
2003 S. Karger AG, Basel. Univ Cincinnati, Cincinnati, OH 45221 USA; Univ
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HUM DEV Hum. Dev. MAR-JUN 2003 46 2-3
69 96 10.1159/000068580 28 Psychology,
Developmental Psychology 657YU WOS:000181694600001
2021-10-06
J Lu, XM; Zhang, Y; Zhang, YX; Wang, L Lu, Xiaomeng;
Zhang, Yong; Zhang, Yixing; Wang, Lin Can investment advisors
promote rational investment? Evidence from micro-data in China ECONOMIC MODELLING
English Article; Proceedings Paper Conference on Applied
Finance, Macroeconomic Performance, and Economic Growth MAY 31-JUN 02, 2019
Beijing, PEOPLES R CHINA Investment advisor; Rational
investment; Investment experience; Financial literacy HOUSEHOLD PORTFOLIO
DIVERSIFICATION; FINANCIAL LITERACY; MARKET EQUILIBRIUM; ADVICE; PERFORMANCE;
COSTS; OVERCONFIDENCE; SELECTION; BEHAVIOR; WEALTH Investment advisors are
important participants in financial markets. With the increasing demand for
household financial asset management in China, the role of investment advisors is
being widely discussed. Taking investors' degree of diversification as the proxy of
the rational investment, this study examines the role of investment advisors in
promoting rational investments. It finds that investors with investment advisors
are more likely to invest rationally. Further analysis shows that investment
advisors play a greater role in promoting rational investment of investors with
more investment experience, better financial literacy, more investible assets and
male. The conclusions of this study indicate that giving full play to the role of
professional investment advisors in household asset allocations and encouraging
investors to invest rationally is important for the prevention of financial risks
and the promotion of the healthy development of the financial market. [Lu,
Xiaomeng] Southwestern Univ Finance & Econ, China Household Finance Survey & Res
Ctr, Chengdu, Peoples R China; [Zhang, Yong; Zhang, Yixing] Southwestern Univ
Finance & Econ, Sch Finance, Chengdu, Peoples R China; [Wang, Lin] Beijing Univ
Posts & Telecommun, Sch Econ & Management, Beijing, Peoples R China Wang, L
(corresponding author), 10 Xitucheng Rd, Beijing 100876, Peoples R China.
luxiaomeng@swufe.edu.cn; zy253z@163.com; zhangy1x1ng@163.com;
nina6009@163.com 111 ProjectMinistry of Education, China - 111 Project
[B16040]; MOE (Ministry of Education in China) Project of Humanities and Social
Sciences [18YJC790112]; Fundamental Research Funds for the Central
UniversitiesFundamental Research Funds for the Central Universities [JBK1902056]
Work in this paper is supported by the 111 Project B16040, the MOE (Ministry
of Education in China) Project of Humanities and Social Sciences (#18YJC790112),
and the Fundamental Research Funds for the Central Universities (#JBK1902056). All
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AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0264-9993 1873-
6122 ECON MODEL Econ. Model. MAR 2020 86
251 263 10.1016/j.econmod.2019.10.011 13 Economics
Business & Economics KR8FG WOS:000517850800019
2021-10-06
J Sivaramakrishnan, S; Srivastava, M; Rastogi, A
Sivaramakrishnan, Sreeram; Srivastava, Mala; Rastogi, Anupam
Attitudinal factors, financial literacy, and stock market participation
INTERNATIONAL JOURNAL OF BANK MARKETING English Article
Financial literacy; Equity holding; Investor
behaviour; Risk avoidance; Stock market participation PERCEIVED BEHAVIORAL-CONTROL;
PLANNED BEHAVIOR; CONSUMER SOCIALIZATION; INVESTMENT DECISIONS; SUBJECTIVE
KNOWLEDGE; PURCHASE INTENTION; HOLD STOCKS; GROUP NORMS; SATISFACTION; INFORMATION
Purpose - The purpose of this paper is to study the influence of factors such
as financial literacy on a consumer's investment decisions, particularly in the
stock market. Based on two empirical studies, the theory of planned behaviour (TPB)
was used to understand stock market participation (SMP) in India while developing a
model to represent the relationships between the various factors. Consumer
financial literacy was conceptualised to be a part of perceived behavioural control
and included in the TPB. Design/methodology/approach - A mixed methods research was
followed where qualitative research preceded a quantitative survey-based study. In-
depth interviews were conducted with investors and experts, results of which, when
combined with the literature review, revealed seven variables including financial
literacy which were pooled into three distinct groups based on the TPB. Responses
obtained from 506 retail investors from four cities in India were analysed.
Structural equation modelling was used to test the models and arrive at a final
empirical model. Findings - Results of the study indicated that investment
intention predicts actual investments in the stock market (which represented
behaviour). Financial literacy - both subjective and objective - were also found to
be significant influencers on intention while only objective financial literacy
seemed to affect behaviour. Three variables - perception of regulator, risk
avoidance, and hassle factor - were combined to form a second-order construct which
was named "Attitude to Investment Behaviour". This had a negative impact on
intention to invest in the equity markets. Financial well-being seemed to have a
negative impact on intention while having a positive relationship with behaviour.
Practical implications - The results present significant investor behaviour and
policy implications for financial services marketing. Some interventions,
especially in the area of consumer financial literacy, are more likely than others
to help consumers bridge the gap between non-participation and participation in the
stock market. Originality/value - The study makes a contribution to investor
behaviour theory in the form of a comprehensive model to explain SMP in an emerging
market. This can be further tested across geographies. [Sivaramakrishnan,
Sreeram; Rastogi, Anupam] Narsee Monjee Inst Management Studies Univ, Sch Business
Management, Bombay, Maharashtra, India; [Srivastava, Mala] Indian Inst Management
Kashipur, Dept Mkt, Kashipur, India Sivaramakrishnan, S (corresponding author),
Narsee Monjee Inst Management Studies Univ, Sch Business Management, Bombay,
Maharashtra, India. sreeram.s@nmims.edu srivastava, mala/AAG-4305-2020;
Sivaramakrishnan, Sreeram/AAW-7555-2020 Sivaramakrishnan, Sreeram/0000-0002-1228-
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4 41 EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON
LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937 INT J
BANK MARK Int. J. Bank Mark. 2017 35 5 SI
818 841 10.1108/IJBM-01-2016-0012 24 Business
Business & Economics FC6RY WOS:000406970300005
2021-10-06
J Kadoya, Y; Khan, MSR Kadoya, Yoshihiko; Khan, Mostafa
Saidur Rahim Can financial literacy reduce anxiety about life in
old age? JOURNAL OF RISK RESEARCH English Article
financial literacy; anxiety; aging policy; Japan
UNITED-STATES; PSYCHIATRIC-DISORDERS; CULTURAL-DIFFERENCES; SOCIAL ANXIETY;
RETIREMENT; PREVALENCE; DEPRESSION; COMMUNITY; EDUCATION This study examines the
role of financial literacy in reducing anxiety about life in old age. We
hypothesize that financial literacy increases preparedness for old age through
better savings and investment decisions, leading to the accumulation of more assets
and earning more income, which enhances financial capacity and reduces anxiety.
Using data from a nationwide panel survey in Japan, we provide evidence that
financial literacy can reduce anxiety about life in old age by making people
capable of accumulating more assets and earning more income. Moreover, the
interaction of financial literacy with age and spouse reduces anxiety, while living
with children increases anxiety about life during old age. We check the robustness
of our results using an alternative measure of financial literacy, changing
composition of the sample, controlling for residents' geographical dispersion, and
testing for endogeneity bias. The major findings remain unchanged after considering
these factors. [Kadoya, Yoshihiko; Khan, Mostafa Saidur Rahim] Nagoya Univ, Grad
Sch Econ, Nagoya, Aichi, Japan; [Kadoya, Yoshihiko] Hiroshima Univ, Sch Econ,
Hiroshima, Japan Kadoya, Y (corresponding author), Nagoya Univ, Grad Sch Econ,
Nagoya, Aichi, Japan.; Kadoya, Y (corresponding author), Hiroshima Univ, Sch Econ,
Hiroshima, Japan. ykadoya@hiroshima-u.ac.jp Kadoya, Yoshihiko/AAN-4905-2021;
Kadoya, Yoshihiko/W-1530-2017; Khan, Mostafa Saidur Rahim/V-1355-2018 Kadoya,
Yoshihiko/0000-0003-3530-164X; Kadoya, Yoshihiko/0000-0003-3530-164X; JSPS
KAKENHIMinistry of Education, Culture, Sports, Science and Technology, Japan
(MEXT)Japan Society for the Promotion of ScienceGrants-in-Aid for Scientific
Research (KAKENHI) [15K17075, 15KK0083]; RISTEX, JSTJapan Science & Technology
Agency (JST); Grants-in-Aid for Scientific ResearchMinistry of Education, Culture,
Sports, Science and Technology, Japan (MEXT)Japan Society for the Promotion of
ScienceGrants-in-Aid for Scientific Research (KAKENHI) [15KK0083, 15K17075] Funding
Source: KAKEN This work was supported by the JSPS KAKENHI [grant number
15K17075], [grant number 15KK0083], and RISTEX, JST. Al-Tamimi HAH, 2009, J RISK
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43 17 17 0 12 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
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18 Social Sciences, Interdisciplinary Social Sciences - Other
Topics HL0HR WOS:000458376100006 Green Submitted 2021-
10-06
J Anderson, A; Baker, F; Robinson, DT Anderson, Anders; Baker,
Forest; Robinson, David T. Precautionary savings, retirement
planning and misperceptions of financial literacy JOURNAL OF FINANCIAL
ECONOMICS English Article
Financial literacy; Overconfidence; Optimism COMMON-STOCK INVESTMENT;
WEALTH; OVERCONFIDENCE We measure financial literacy among Linkedln members,
complementing standard questions with additional questions that allow us to gauge
self-perceptions of financial literacy. Average financial literacy is surprisingly
low given the demographics of our sample: fewer than two-thirds of chief financial
officers, chief executive officers, and chief operating officers complete the test
correctly. Financial literacy, precautionary savings and retirement planning are
positively correlated, but this is mostly driven by perceived, not actual,
literacy: controlling for self-perceptions, actual literacy has low predictive
power. Perceptions drive decision-making among low-literacy respondents and are
associated with mistaken beliefs about financial products and less willingness to
accept financial advice. (C) 2017 Published by Elsevier B.V. [Anderson, Anders]
Stockholm Sch Econ, Swedish House Finance, Drottninggatan 98, SE-11160 Stockholm,
Sweden; [Baker, Forest] LinkedIn Corp, 2029 Stierlin Ct, Mountain View, CA 94043
USA; [Robinson, David T.] Fuqua Sch Business, 100 Fuqua Dr, Durham, NC 27708 USA
Anderson, A (corresponding author), Stockholm Sch Econ, Swedish House
Finance, Drottninggatan 98, SE-11160 Stockholm, Sweden. anders.anderson@hhs.se;
fbaker@linkedin.com; davidr@duke.edu VinnovaVinnova; Nasdaq OMX
Foundation; Mistra Financial Systems We are grateful to Johan Almenberg,
Enrica Bolognesi, Harrison Hong, Annamaria Lusardi, Olivia Mitchell, Terry Odean,
Richard Sias, Paul Smeets, Zheng Sun, and seminar participants at Stockholm School
of Economics, Stockholm Business School, BI Oslo, Gothenburg, Georgia Tech, Lund,
Maastricht, Tilburg, Duke University, the 2014 UNSW Australasian Banking and
Finance conference, the 2015 WFA meetings, the 2015 Behavioral Finance Working
Group Conference at the University of London and the 2016 Cherry Blossom Financial
Education Institute conference at the George Washington University, and an
anonymous referee for useful comments. In addition, we thank Susan Sumida for
excellent research assistance. This research does not express the views of LinkedIn
and has been funded by Vinnova, the Nasdaq OMX Foundation, and Mistra Financial
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10.1016/j.jfineco.2017.07.008 16 Business, Finance; Economics
Business & Economics FN7IU WOS:000416192700008 Green Published
2021-10-06
J Li, NW; Rehman, MZU; Zhang, WJ; Naseem, S; Mohsin, M; Afzal, A
Li Naiwen; Rehman, Muhammad Zia Ur; Zhang Wenju; Naseem, Sobia; Mohsin,
Muhammad; Afzal, Amina The role of financial literacy and risk
tolerance: an analysis of gender differences in the textile sector of Pakistan
INDUSTRIA TEXTILA English Article
financial literacy; risk tolerance; investment decisions; innovation; PLS-
SEM; textiles application This research explores the effect of financial
literacy and risk tolerance on decisions making for investment by men and women in
the textile sector of Pakistan. It examines the role of risk tolerance as mediator
in relation between financial literacy and individual's investment decision making.
It also examines the moderating effect of gender difference between financial
literacy and risk tolerance. Collection of research data was done from the 300
respondents in the textile sector of Faisalabad through the self-administered
questionnaire by using convenient sampling. This research work represented the
facts that financial literacy has a positive and significant relationship with risk
tolerance, and investment decisions are significantly influenced by it. Risk
tolerance has a positive and insignificant impact on investment decisions. In
contrast, the mediation role of risk tolerance is insignificant between the
financial literacy level of individuals and decisions made by them for investment.
The purpose of a moderator as gender differences is significant. This study
empowers managers to provide basics financial services to employees. Management
might be guided that what should be highlighted and what has to be improved to
enhance the financial literacy level of textile workers. Employers can play a vital
role in building awareness and to educate their employees on fiscal wellness,
investment planning, and retirement. Financial literacy can also help employees to
achieve commercial success, and it is fruitful in providing benefit plans at work
and in their financial affairs. [Li Naiwen; Rehman, Muhammad Zia Ur; Zhang
Wenju] Liaoning Tech Univ, Coll Business Adm, Hulodao 125105, Peoples R China;
[Naseem, Sobia; Afzal, Amina] Natl Text Univ, Dept Management Sci, Faisalabad
37610, Pakistan; [Mohsin, Muhammad] Liaoning Tech Univ, Inst Optimizat & Decis
Making Analyt, Fuxing, Peoples R China Rehman, MZU (corresponding author),
Liaoning Tech Univ, Coll Business Adm, Hulodao 125105, Peoples R China.
570915380@qq.com; mzrehman.fin@iiu.edu.pk; 704680474@qq.com;
sobiasalamat4@gmail.com; mohsinlatifntu@gmail.com; aminaafzal909@yahoo.com
Aileni RM, 2020, IND TEXTILA, V71, P12, DOI
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TEXTILE PIELARIE-BUCURESTI BUCURESTI STR LUCRETIU PATRASCANU NR 16, SECTOR 3,
BUCURESTI, 00000, ROMANIA 1222-5347 IND TEXTILA Ind. Textila
2021 72 3 300 308
10.35530/IT.072.03.202023 9 Materials Science, Textiles
Materials Science TD5CK WOS:000669344500010 gold 2021-
10-06
J Brown, M; Henchoz, C; Spycher, T Brown, Martin; Henchoz,
Caroline; Spycher, Thomas Culture and financial literacy: Evidence
from a within-country language border JOURNAL OF ECONOMIC BEHAVIOR &
ORGANIZATION English Article
Culture; Financial literacy; Financial socialisation CAUSAL MECHANISMS;
BLACK-BOX; SOCIALIZATION; EDUCATION; BEHAVIOR; MONEY; TRANSMISSION; EXPERIENCES;
INVESTMENT; DEBT We study the effect of culture on financial literacy by comparing
secondary-school students along the German-French language border within
Switzerland. We find that students in the French-speaking region have a lower level
of financial literacy than students in the German-speaking region. The difference
in financial literacy across the language groups is stronger for native students
and monolingual students than for immigrant students and bilingual students. This
supports the hypothesis that embedded cultural differences rather than unobserved
heterogeneity in schooling are driving the effect. A mediation analysis suggests
that the cultural divide in financial literacy is related to systematic differences
in financial socialisation across the language groups. Students in the German
speaking region are more likely to receive pocket money at an early age, and are
more likely to have independent access to a bank account than students in the
French speaking region. (C) 2018 The Author(s). Published by Elsevier B.V.
[Brown, Martin; Spycher, Thomas] Univ St Gallen, St Gallen, Switzerland;
[Henchoz, Caroline] Univ Fribourg, Fribourg, Switzerland Brown, M (corresponding
author), Univ St Gallen, St Gallen, Switzerland. martin.brown@unisg.ch;
caroline.henchoz@unifr.ch; thomas.spycher@unisg.ch Department of
Public Instruction, Culture and Sport of the canton of Fribourg (EKSD / DICS);
Swiss National Science FoundationSwiss National Science Foundation (SNSF)European
Commission; European Investment Bank Institute through its EIBURS initiative We
thank the Department of Public Instruction, Culture and Sport of the canton of
Fribourg (EKSD / DICS) for supporting this study. We thank Christian Biener,
Kristian Blickle, Lionel Cottier, Geraldo Cerqueiro, Andrew Ellul, Beatrix Eugster,
John Gathergood, Xavier Giroud, Antonia Grohmann, Martin Huber, Soren Leth-
Petersen, Lukas Menkhoff and Stefan Trautmann, as well as seminar and conference
participants at the 3rd Cherry Blossom Financial Education Institute, ETH Zurich,
LMU Munich, SSES Annual Congress 2017, the Swiss National Bank, the University of
Glasgow, the University of Lausanne and the University of St. Gallen for helpful
comments. We are grateful to Sebastien Betrisey, Celine Buntschu, Manuela Frey,
Benjamin Guin and Manuel Wald for their assistance with the development and
translation of the survey. We are grateful to the Swiss National Science Foundation
for financial support. Brown gratefully acknowledges financial support from the
European Investment Bank Institute through its EIBURS initiative. The findings,
interpretations and conclusions presented in this article are entirely those of the
authors and should not be attributed in any manner to the European Investment Bank
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RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0167-2681 1879-1751
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Economics Business & Economics GK5PH WOS:000436226500005 hybrid
2021-10-06
J Stewart, CC; Yu, L; Wilson, RS; Bennett, DA; Boyle, PA
Stewart, Christopher C.; Yu, Lei; Wilson, Robert S.; Bennett, David A.;
Boyle, Patricia A. Correlates of Healthcare and Financial Decision
Making Among Older Adults Without Dementia HEALTH PSYCHOLOGY
English Article decision making; aging;
cognition; literacy; risk aversion ALZHEIMERS-DISEASE; COGNITIVE FUNCTION; AGE-
DIFFERENCES; RISK-AVERSION; LIFE-SPAN; LITERACY DECLINE; ENGLISH ADULTS; NUMERACY;
CHOICE; INFORMATION Objective: Healthcare and financial decision making among
older persons has been previously associated with cognition, health and financial
literacy, and risk aversion: however, the manner by which these resources support
decision making remains unclear, as past studies have not systematically
investigated the pathways linking these resources with decision making. In the
current study. we use path analysis to examine the direct and indirect pathways
linking age, education, cognition, literacy, and risk aversion with decision
making. We also decomposed literacy into its subcomponents, conceptual knowledge
and numeracy, in order to examine their associations with decision making. Method:
Participants were 937 community-based older adults without dementia from the Rush
Memory and Aging Project who completed a battery of cognitive tests and assessments
of healthcare and financial decision making, health and financial literacy, and
risk aversion. Results: Age and education exerted effects on decision making, but
nearly two thirds of their effects were indirect, working mostly through cognition
and literacy. Cognition exerted a strong direct effect on decision making and a
robust indirect effect working primarily through literacy. Literacy also exerted a
powerful direct effect on decision making, as did its subcomponents, conceptual
knowledge and numeracy. The direct effect of risk aversion was comparatively weak.
Conclusions: In addition to cognition, health and financial literacy emerged as
independent and primary correlates of healthcare and financial decision making.
These findings suggest specific actions that might be taken to optimize healthcare
and financial decision making and, by extension, improve health and well-being in
advanced age. [Stewart, Christopher C.; Boyle, Patricia A.] Rush Univ, Med Ctr,
Dept Behav Sci, 1645 West Jackson Blvd,Suite 400, Chicago, IL 60612 USA; [Yu, Lei;
Bennett, David A.; Boyle, Patricia A.] Rush Univ, Med Ctr, Rush Alzheimers Dis Ctr,
Chicago, IL 60612 USA; [Yu, Lei; Wilson, Robert S.; Bennett, David A.] Rush Univ,
Med Ctr, Dept Neurol Sci, Chicago, IL 60612 USA; [Wilson, Robert S.] Rush Univ, Med
Ctr, Dept Behav Sci, Rush Alzheimers Dis Ctr, Chicago, IL 60612 USA Stewart, CC
(corresponding author), Rush Univ, Med Ctr, Dept Behav Sci, 1645 West Jackson
Blvd,Suite 400, Chicago, IL 60612 USA. christopher_stewart@rush.edu Yu, Lei/AAT-
3685-2020 National Institute on AgingUnited States Department of Health &
Human ServicesNational Institutes of Health (NIH) - USANIH National Institute on
Aging (NIA) [R01AG17917, R21AG30765, R01AG34374, R01AG33678]; NATIONAL INSTITUTE ON
AGINGUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [R01AG033678, R21AG030765,
R01AG034374, R01AG017917] Funding Source: NIH RePORTER This study was supported
by National Institute on Aging Grants R01AG17917 (David A. Bennett), R21AG30765
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Bronze, Green Accepted 2021-10-06
J Burchi, A; Wlodarczyk, B; Szturo, M; Martelli, D
Burchi, Alberto; Wlodarczyk, Bogdan; Szturo, Marek; Martelli, Duccio
The Effects of Financial Literacy on Sustainable Entrepreneurship
SUSTAINABILITY English Article
sustainable entrepreneurship; financial literacy; MSMEs ECONOMIC-GROWTH;
COMPETITIVE ADVANTAGE; BUSINESS; DETERMINANTS; PERFORMANCE; ENTERPRISES;
INVESTMENT; INNOVATION; ACCESS; IMPACT Entrepreneurship contributes to the
economic well-being of every country. Specifically, the level of individual
entrepreneurship is crucial in the process of developing and building economic
potential, especially in Central European countries. Among the several factors
impacting entrepreneurship, the ability to access the necessary external sources of
financing need to be considered crucial. The financial literacy of the entrepreneur
plays a crucial role in the relationship between the lender and the borrower. In
this paper, we investigate the effects of financial literacy on sustainable
entrepreneurship. We based our analysis on the framework proposed by the World
Economic Forum. We present an OLS model that adopts entrepreneurship, financial
literacy and macroeconomic variables. The analysis is carried out on individual and
national data from different sources of information (Global Entrepreneurship
Monitor, World Bank, and Organization for Economic Co-operation and Development).
The results show a positive and statistically significant relationship between
financial literacy and sustainable entrepreneurial activity. This evidence supports
the increasing number of financial education initiatives and the inclusion of
topics related to economic and financial culture in school education systems. We
identify internationally valid policy implications. In the context of the growth
strategies of Central European countries, financial literacy takes on even greater
importance. The introduction of financial education in the national curricula could
strengthen entrepreneurial skills and accelerate the inclusive growth process
across Europe. [Burchi, Alberto; Martelli, Duccio] Univ Perugia, Dept Econ, I-
06123 Perugia, Italy; [Wlodarczyk, Bogdan; Szturo, Marek] Univ Warmia & Mazury, Fac
Econ Sci, Dept Finance, PL-10720 Olsztyn, Poland Burchi, A (corresponding
author), Univ Perugia, Dept Econ, I-06123 Perugia, Italy. alberto.burchi@unipg.it;
bogdan.wlodarczyk@uwm.edu.pl; marsz@uwm.edu.pl; duccio.martelli@unipg.it
Szturo, Marek/0000-0001-7978-1089; Wlodarczyk, Bogdan/0000-0002-8965-9957
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BASEL Sustainability MAY 2021 13 9
5070 10.3390/su13095070 21 Green & Sustainable Science &
Technology; Environmental Sciences; Environmental Studies Science & Technology -
Other Topics; Environmental Sciences & Ecology SC8DZ WOS:000650895700001
gold 2021-10-06
J Lusardi, A Lusardi, Annamaria Financial
Literacy and Financial Decision-Making in Older Adults GENERATIONS-JOURNAL OF
THE AMERICAN SOCIETY ON AGING English Article
[Lusardi, Annamaria] George Washington Univ, Sch
Business, Washington, DC 20052 USA Lusardi, A (corresponding author), George
Washington Univ, Sch Business, Washington, DC 20052 USA.
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36 2 25 32 8
Gerontology Geriatrics & Gerontology 970DL WOS:000306108200005
2021-10-06
J Liao, L; Xiao, JJ; Zhang, WQ; Zhou, CY Liao, Li; Xiao,
Jing Jian; Zhang, Weiqiang; Zhou, Congyi Financial literacy and risky
asset holdings: evidence from China ACCOUNTING AND FINANCE English
Article Chinese households; Financial
literacy; Risky asset holdings PORTFOLIO CHOICE; INVESTMENT; PARTICIPATION;
EDUCATION; SECURITY; PRICES; GENDER Although financial literacy is important for
participating in financial markets, the level of financial literacy of Chinese
consumers is low compared with those in developed countries. Using data from the
2014 China Survey of Consumer Finances, we examine the relation between financial
literacy and the risky asset holding behaviour of Chinese households, in the
context of an emerging financial market with a distinct institutional background.
The findings reveal that consumers with higher levels of financial literacy are
more likely to hold risky financial assets than those with lower levels. The
potential impacts are derived mainly from advanced financial literacy. [Liao, Li;
Zhang, Weiqiang; Zhou, Congyi] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R
China; [Xiao, Jing Jian] Univ Rhode Isl, Transit Ctr, Dept Human Dev & Family
Studies, Kingston, RI 02881 USA Liao, L (corresponding author), Tsinghua Univ,
PBC Sch Finance, Beijing, Peoples R China. zhang, wq/L-8923-2019; Xiao,
Jing Jian/R-1415-2016 Xiao, Jing Jian/0000-0003-3252-5672 National Natural Science
Foundation of ChinaNational Natural Science Foundation of China (NSFC) [71232003,
71573147]; China Postdoctoral Science FoundationChina Postdoctoral Science
Foundation [2016T90073, 2015M570066] The authors acknowledge funding support
from the National Natural Science Foundation of China (71232003 and 71573147) and
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24 WILEY HOBOKEN 111 RIVER ST, HOBOKEN 07030-5774, NJ USA 0810-5391
1467-629X ACCOUNT FINANC Account . Financ. DEC 2017 57 5
1383 1415 10.1111/acfi.12329 33
Business, Finance Business & Economics GA5BR WOS:000428347600006
2021-10-06
J Santini, FDO; Ladeira, WJ; Mette, FMB; Ponchio, MC
Santini, Fernando De Oliveira; Ladeira, Wagner Junior; Budiner Mette,
Frederike Monika; Ponchio, Mateus Canniatti The antecedents and
consequences of financial literacy: a meta-analysis INTERNATIONAL JOURNAL OF BANK
MARKETING English Article
Antecedents; Meta-analysis; Financial literacy; Consequents and moderators
PARTICIPATION; REPUTATION; BEHAVIOR; CONTEXT Purpose - The purpose of this
paper is to determine the antecedents and consequences of financial literacy by
using meta-analytic techniques. Design/methodology/approach - The authors conducted
a meta-analysis of 44 valid studies, which generated a total of 690 observations
(effect sizes). Findings - The findings showed that the factors influencing
financial literacy were as follows: educational level, financial attitude,
financial knowledge, financial behaviour, gender, household income and investments.
The consequences of financial literacy were the behaviour of incurring avoidable
credit and checking fees, credit score, and the willingness to take investment
risks. The authors also find some methodological, cultural, economic and
theoretical moderations effects between financial literacy and
antecedent/consequent constructs. Research limitations/implications - This meta-
analysis reviewed the relationships found worldwide in the literature on financial
literacy. The authors also identified new avenues for future research. Some
specific limitations, such as the non-use of qualitative studies, are registered.
Originality/value - This research tested the impact of the antecedents,
consequences and moderators of financial literacy via a meta-analytical review.
This meta-analysis contributes to the marketing and financial literature by
offering a set of empirical generalisations about the direct and moderation effects
investigated. [Santini, Fernando De Oliveira; Ladeira, Wagner Junior] Univ Vale
Rio dos Sinos, Sao Leopoldo, Brazil; [Budiner Mette, Frederike Monika] Escola Super
Propaganda & Mkt, Campus ESPM Sul, Porto Alegre, RS, Brazil; [Ponchio, Mateus
Canniatti] Escola Super Propaganda & Mkt, Dept Mkt, Sao Paulo, Brazil Santini, FDO
(corresponding author), Univ Vale Rio dos Sinos, Sao Leopoldo, Brazil.
santiniconsultores@terra.com.br Ponchio, Mateus C/L-4705-2013 Ponchio,
Mateus C/0000-0003-1110-8642; JUNIOR LADEIRA, WAGNER/0000-0002-1793-6206; Mette,
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10.1016/j.ijresmar.2012.09.001 66 7 7 2 14 EMERALD GROUP
PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W
YORKSHIRE, ENGLAND 0265-2323 1758-5937 INT J BANK MARK Int. J. Bank
Mark. 2019 37 6 1462 1479
10.1108/IJBM-10-2018-0281 18 Business Business &
Economics JB4LR WOS:000488529100004 2021-10-06
J Gill, A; Bhattacharya, R Gill, Andrew; Bhattacharya,
Radha The effects of a financial literacy intervention on the financial
and economic knowledge of high school students JOURNAL OF ECONOMIC EDUCATION
English Article Economic knowledge;
financial knowledge; input mix of financial literacy curricula EDUCATION; GENDER
The authors taught financial concepts to students in 12th-grade economics
classes, where one treatment was intensive in money management (MM) topics and the
other was intensive in financial investment (FI) topics. Two control groups,
consisting of 11th-grade students with no exposure to economics and 12th-grade
economics students, received no treatment. Both treatment groups showed a 13
percentage point increase in test scores from pretest to posttest, while neither
control group showed gains. Neither treatment group outperformed the other in the
financial literacy test. [Gill, Andrew; Bhattacharya, Radha] Calif State Univ
Fullerton, Dept Econ, 800 North State Coll Blvd, Fullerton, CA 92834 USA;
[Bhattacharya, Radha] Calif State Univ Fullerton, Ctr Econ Educ, 800 North State
Coll Blvd, Fullerton, CA 92834 USA Bhattacharya, R (corresponding author), Calif
State Univ Fullerton, Dept Econ, 800 North State Coll Blvd, Fullerton, CA 92834
USA.; Bhattacharya, R (corresponding author), Calif State Univ Fullerton, Ctr Econ
Educ, 800 North State Coll Blvd, Fullerton, CA 92834 USA.
rbhattachary@fullerton.edu Center for Economic Education's
Financial Literacy Lab The authors thank anonymous referees and the Associate
Editor for valuable comments. Joshua Mitton, Francisco Fuentes, Michael Rodriguez,
and Esteban Fernandez provided research assistance. The authors acknowledge Wells
Fargo Bank's support of the Center for Economic Education's Financial Literacy Lab.
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6 15 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK
SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND 0022-0485 2152-4068
J ECON EDUC J. Econ. Educ. 2019 50 3
215 229 10.1080/00220485.2019.1618761 15 Economics;
Education & Educational Research Business & Economics; Education & Educational
Research IR5LR WOS:000481475100012 2021-10-06
J Ayhan, B Ayhan, Berkay Constituting
financialized subjectivities: cultural political economy of financial literacy in
Turkey TURKISH STUDIES English Article
Financial literacy; financialization; cultural political economy;
Turkey MARKET; CREDIT Financial literacy is defined as the knowledge,
skills, and ability to navigate increasingly complex financial markets, and is
considered to empower consumers to make responsible financial decisions. It has
been widely promoted as a crucial life skill following the 2008 financial crisis.
This study critically analyzes financial literacy education initiatives in Turkey
through ethnographic research. Financial literacy curricula provide the basic
knowledge of finance as well as instruct subjects ways to conduct financial
planning, budgeting, debt management, creditworthiness, saving, and investment.
Financial literacy agenda deepens neo-liberal governmentality by promoting an
entrepreneurial subjectivity and making individuals more aware and responsible for
social risks. The cultural political economy perspective of this study analyzes
financialized capital accumulation dynamics together with the reshaping of culture
and the constitution of financialized subjectivities. [Ayhan, Berkay] Middle East
Tech Univ, Dept Polit Sci & Publ Adm, TR-06800 Ankara, Turkey Ayhan, B
(corresponding author), Middle East Tech Univ, Dept Polit Sci & Publ Adm, TR-06800
Ankara, Turkey. ayhanb@metu.edu.tr Ayhan, Berkay/AAH-9278-2019 Ayhan,
Berkay/0000-0002-5929-829X Aitken R., 2007, PERFORMING CAPITAL C;
Arrighi Giovanni, 1994, LONG 20 CENTURY MONE; Arthur Chris, 2012, FINANCIAL
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70 1 1 0 24 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
1468-3849 1743-9663 TURK STUD Turk. Stud. OCT 20 2019 20
5 680 707 10.1080/14683849.2018.1520103
28 Area Studies Area Studies IZ4LJ WOS:000487055000002
2021-10-06
J Hizgilov, A; Silber, J Hizgilov, Albert; Silber, Jacques
On Multidimensional Approaches to Financial Literacy Measurement SOCIAL
INDICATORS RESEARCH English Article
Alkire and Foster multidimensional poverty index; Financial literacy; Fuzzy
approach; PISA survey CAPABILITY; BEHAVIOR; SOPHISTICATION; INVESTMENT; POVERTY;
WOMEN Financial literacy has become an important research topic in recent years.
This paper uses data on financial literacy collected in 2012 by Israel's Central
Bureau of Statistics. To measure financial literacy it first adopts ideas
originally suggested by Lusardi and Mitchell (Am Econ Rev 98(2):413-417, 2008, J
Pension Econ Finance 10(4):509-525, 2011). Then it proposes to measure financial
literacy by borrowing concepts commonly used in the literature on multi-dimensional
poverty measurement. The paper thus introduces three approaches to financial
literacy measurement, the so-called "fuzzy" approach, that of Alkire and Foster (J
Public Econ 95(7-8):476-487, 2011) and that of Rippin (Distributional justice and
efficiency: integrating inequality within and between dimensions in additive
poverty indices. Georg-August-Universitat Gottingen, Gottingen). The empirical
analysis shows that in Israel the overall level of financial sophistication is
quite low. Men are generally more financially literate than women, and Jews more
than non-Jews. The relationship between age and financial literacy is U-shaped.
Financial literacy, and its components, increase with the level of education and
are generally higher among married individuals and those who are employed.
[Hizgilov, Albert; Silber, Jacques] Bar Ilan Univ, Dept Econ, IL-52900 Ramat
Gan, Israel; [Silber, Jacques] LISER, Esch Sur Alzette, Luxembourg; [Silber,
Jacques] Ctr Camilo Dagum, Tuscan Interuniv Ctr Adv Stat Equitable & Sustain, Pisa,
Italy Silber, J (corresponding author), Bar Ilan Univ, Dept Econ, IL-52900 Ramat
Gan, Israel.; Silber, J (corresponding author), LISER, Esch Sur Alzette,
Luxembourg.; Silber, J (corresponding author), Ctr Camilo Dagum, Tuscan Interuniv
Ctr Adv Stat Equitable & Sustain, Pisa, Italy. albert_hizgilov@outlook.com;
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36 SPRINGER DORDRECHT VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT,
NETHERLANDS 0303-8300 1573-0921 SOC INDIC RES Soc. Indic. Res. APR
2020 148 3 787 830 10.1007/s11205-
019-02227-4 NOV 2019 44 Social Sciences, Interdisciplinary; Sociology
Social Sciences - Other Topics; Sociology LG2KA WOS:000497409600001
2021-10-06
J Lin, X; Bruhn, A; William, J Lin, Xi; Bruhn, Aaron;
William, Jananie Extending financial literacy to insurance literacy: a
survey approach ACCOUNTING AND FINANCE English Article
Financial literacy; Insurance literacy; Financial
education; Actuarial education; Behavioural biases HEURISTICS; ATTITUDES We
extend behavioural research in investment and retirement savings to insurance, by
investigating factors that may influence individuals' insurance decision making.
These factors include financial literacy, specialist insurance education and some
behavioural biases. Based on a definition of insurance literacy that requires both
having, and applying insurance knowledge, we find from a survey of postgraduate
students that financial literacy does not necessarily translate to insurance
literacy, whereas more specialised education can improve insurance literacy.
Results also indicate specialist education potentially reduces susceptibility to
anchoring effects. [Lin, Xi] Taylor Fry, Sydney, NSW, Australia; [Bruhn,
Aaron; William, Jananie] Australian Natl Univ, Coll Business & Econ, Res Sch
Finance Actuarial Studies & Stat, Canberra, ACT, Australia Bruhn, A (corresponding
author), Australian Natl Univ, Coll Business & Econ, Res Sch Finance Actuarial
Studies & Stat, Canberra, ACT, Australia. aaron.bruhn@anu.edu.au
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59 1 SI 685 713 10.1111/acfi.12353
29 Business, Finance Business & Economics NR7MV
WOS:000571745800012 2021-10-06
J Hsiao, YJ; Tsai, WC Hsiao, Yu-Jen; Tsai, Wei-Che
Financial literacy and participation in the derivatives markets JOURNAL OF
BANKING & FINANCE English Article
Household finance; Financial literacy; Derivatives market participation
CONSUMPTION; RISK; PREFERENCES; INVESTMENT; EFFICIENCY; GAMBLES; DEMAND
We set out in this study to determine whether individuals with higher levels
of financial literacy are more likely to be active participants in the derivatives
markets. Our empirical results, based upon an official National Survey undertaken
by the Financial Supervisory Commission of Taiwan, reveal that even after
controlling for stock market participation rates, financial literacy represents a
significant benefit to individuals since it helps them to lower the entry barriers
to purchasing complex derivatives products. We also find that household wealth,
gender, residential location and diverse sources of information have significant
effects on participation rates in the derivatives markets. Furthermore, when taking
into consideration issues of accessibility or measurement error, the positive
effects of financial literacy on derivatives market participation are found to
remain largely unchanged. (C) 2017 Elsevier B.V. All rights reserved. [Hsiao, Yu-
Jen] Taipei Med Univ, Coll Management, Taipei, Taiwan; [Tsai, Wei-Che] Natl Sun Yat
Sen Univ, 70 Lienhai Rd, Kaohsiung 80424, Taiwan Tsai, WC (corresponding
author), Natl Sun Yat Sen Univ, 70 Lienhai Rd, Kaohsiung 80424, Taiwan.
weiche@mail.nsysu.edu.tw Tsai, Wei-Che/K-9249-2016 Tsai,
Wei-Che/0000-0002-0066-4822 Ministry of Science and Technology of TaiwanMinistry
of Science and Technology, Taiwan [MOST 105-2629-H-110-001]; Financial Supervisory
Commission of Executive Yuan in Taiwan We also greatly appreciate and
acknowledge the valuable support provided by the Ministry of Science and Technology
of Taiwan (MOST 105-2629-H-110-001) and the Financial Supervisory Commission of
Executive Yuan in Taiwan. The views expressed in this paper are those of the
authors alone and should not be attributed to the Financial Supervisory Commission
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10.1016/j.jbankfin.2017.11.006 15 Business, Finance;
Economics Business & Economics FX6XQ WOS:000426231000002
2021-10-06
J Munoz-Murillo, M; Alvarez-Franco, PB; Restrepo-Tobon, DA
Munoz-Murillo, Melisa; Alvarez-Franco, Pilar B.; Restrepo-Tobon, Diego A.
The role of cognitive abilities on financial literacy: New experimental
evidence JOURNAL OF BEHAVIORAL AND EXPERIMENTAL ECONOMICS
English Article Cognitive ability;
Financial literacy; Experiment EDUCATION; PERFORMANCE; INVESTMENT; REFLECTION;
KNOWLEDGE; BEHAVIOR; MONEY; DEBT Financial literacy research focuses on why,
how, and when people acquire financial knowledge, shape their financial attitudes,
and adapt their financial behaviors. The literature demonstrates that some
demographic characteristics highly correlate with financial literacy. However,
demographic factors often mask the ultimate determinants of financial literacy
acquisition such as risk aversion, time preferences, cognitive and behavioral
biases, personality traits, cognitive and non-cognitive abilities, among others.
Theory suggests that cognitive ability is one of the fundamental factors in
explaining financial literacy. We offer experimental evidence supporting the key
role of cognitive ability in financial literacy acquisition. Our experimental
setting allows us to (a) overcome particular limitations of the traditional
multiple-choice questions survey designs, (b) provide compatible incentives to make
participants exert an appropriate level of effort to solve the assigned tasks, and
(c) use a well-known measure of cognitive abilities. We find that individuals with
higher cognitive abilities are more financially literate. Our main result holds
even after controlling for some of the main confounding factors identified in the
literature. In contrast to previous studies, we find no role for gender in
explaining financial literacy once we control for cognitive abilities. [Munoz-
Murillo, Melisa; Alvarez-Franco, Pilar B.; Restrepo-Tobon, Diego A.] Univ EAFIT,
Medellin, Colombia Restrepo-Tobon, DA (corresponding author), Univ EAFIT,
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Exp. Econ. FEB 2020 84 101482
10.1016/j.socec.2019.101482 21 Economics Business &
Economics KR4JX WOS:000517586800007 2021-10-06
J James, BD; Boyle, PA; Bennett, JS; Bennett, DA James, Bryan
D.; Boyle, Patricia A.; Bennett, Jarred S.; Bennett, David A. The
Impact of Health and Financial Literacy on Decision Making in Community-Based Older
Adults GERONTOLOGY English Article
Financial literacy; Health literacy; Decision making NUMERACY; COMPREHENSION;
COMPETENCE; MORTALITY; ABILITY; RISK Background: Health and financial literacy
have been linked to the health and well-being of older adults, yet there are few
data on how health and financial literacy actually impact decision making regarding
healthcare and economic choices in advanced age. Objective: To examine the
association of health and financial literacy with decision making in older adults.
Method: Data came from 525 community-dwelling older persons without dementia from
the Rush Memory and Aging Project, an ongoing longitudinal study of aging. Health
and financial literacy were assessed via a series of questions designed to measure
comprehension of health and financial information and concepts. The two scores were
averaged to yield a total literacy score. A modified, 12-item version of the
Decision-Making Competence Assessment Tool was used to measure financial and
healthcare decision making (6 items each), using materials designed to approximate
those used in real world settings. All 12 items were summed to yield a total
decision-making score. Associations were tested via linear regression models
adjusted for age, sex and education. Secondary models adjusted for global cognitive
function, income, depression and chronic medical conditions. Results: On average,
participants correctly answered 67% of the literacy questions (health literacy =
61.6%, SD = 18.8% and financial literacy = 72.5%, SD = 16.0%). After adjustment for
cognitive function, the total literacy score was positively associated with the
decision-making total score (estimate = 0.64, SE = 0.08, p < 0.001), as well as
healthcare (estimate = 0.37, SE = 0.5, p < 0.001) and financial decision making
(estimate = 0.28, SE = 0.05, p < 0.001). Further, total literacy, health and
financial literacy all were independently associated with decision making in models
adjusted for covariates including income, depression, and chronic medical
conditions (all p values < 0.001). Finally, there was evidence of effect
modification such that the beneficial association between literacy and healthcare
decision making was stronger among older persons, poorer persons and persons at the
lower ranges of cognitive ability. Conclusion: Among community based older persons
without dementia, higher levels of health and financial literacy were associated
with better decision making, suggesting that improvements in literacy could
facilitate better decision making and lead to better health and quality of life in
later years. Copyright (C) 2012 S. Karger AG, Basel [James, Bryan D.; Boyle,
Patricia A.; Bennett, Jarred S.; Bennett, David A.] Rush Univ, Med Ctr, Rush
Alzheimers Dis Ctr, Chicago, IL 60612 USA; [James, Bryan D.] Rush Univ, Med Ctr,
Dept Internal Med, Chicago, IL 60612 USA; [Boyle, Patricia A.] Rush Univ, Med Ctr,
Dept Behav Sci, Chicago, IL 60612 USA; [Bennett, David A.] Rush Univ, Med Ctr, Dept
Neurol Sci, Chicago, IL 60612 USA James, BD (corresponding author), Rush Univ,
Med Ctr, Rush Alzheimers Dis Ctr, 600 S Paulina St,Suite 1038, Chicago, IL 60612
USA. Bryan_James@rush.edu James, Bryan/0000-0003-1932-151X NIHUnited
States Department of Health & Human ServicesNational Institutes of Health (NIH) -
USA [R01AG17917, R01AG34374, R01AG33678]; Robert C. Borwell Endowment Fund;
NATIONAL INSTITUTE ON AGINGUnited States Department of Health & Human
ServicesNational Institutes of Health (NIH) - USANIH National Institute on Aging
(NIA) [R01AG034374, R01AG017917, R01AG033678] Funding Source: NIH RePORTER
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2021-10-06
J Kramer, MM Kramer, Marc M. Financial
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20 Economics Business & Economics EB6TG WOS:000387517900015
Green Published 2021-10-06
J Arthur, C Arthur, Chris Financial Literacy
Education as Public Pedagogy for the Capitalist Debt Economy TOPIA-CANADIAN
JOURNAL OF CULTURAL STUDIES English Article
financial literacy; debt; ethics; capitalism; subjectivity;
governmentality Financial literacy education often appears as part of a
solution to the individualization of economic risk, growing indebtedness,
financialization and ongoing austerity. Using concepts from Marx, Zizek and
Foucault, this paper analyses a number of prominent debt and investment television
shows, arguing that these forms of entertainment work with financial literacy
curriculum documents, editorials and speeches to form a public pedagogic dispositif
that supports the creation of subjects ethically disposed to recreate the debt
economy's hierarchical relations and practices. In contrast to those who see
financial literacy education as a tool for reducing debt and ameliorating financial
and economic insecurity, I argue that financial literacy education is better seen
as a technology that supports the production of an economic system that produces
debt and financial and economic insecurity. To challenge the capitalist debt
economy, the paper ends by calling for a critical public pedagogy to create the
conditions in which all can be secure and realize their human capacities free from
the constraints imposed by capital-conditions we owe others and ourselves a debt to
continually recreate. [Arthur, Chris] York Univ, N York, ON M3J 1P3, Canada;
[Arthur, Chris] Toronto Dist Sch Board, Toronto, ON, CanadaArthur, C (corresponding
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1206-0143 1916-0194 TOPIA TOPIA FAL-SPR 2013 30-31
147 163 17 Cultural Studies
Cultural Studies CB9HV WOS:000349943500009 2021-
10-06
J Kubak, M; Tkacova, A; Androniceanu, A; Tvaronaviciene, M; Huculova, E
Kubak, Matus; Tkacova, Andrea; Androniceanu, Armenia; Tvaronaviciene,
Manuela; Huculova, Eva FINANCIAL LITERACY OF STUDENTS IN CHOSEN
UNIVERSITIES - RESEARCH PLATFORM FOR REGULATORY PROCESSES OF EDUCATIONAL SYSTEM IN
SLOVAKIA E & M EKONOMIE A MANAGEMENT English Article
Financial literacy; financial education; prospect theory
The main goal of this paper is to compare the level of financial literacy
among the selected faculties of economics in Slovakia and to elaborate a comparison
of financial literacy level at both input and output level, i.e. between the
university students at the beginning of their Bachelor study and the university
students who are in the final stage of their Master study. In addition, we want to
analyze the level of financial literacy by means of practical tasks aimed at
confirmation or rejection of the prospect theory principles. Concerning methods we
statistically process our primary data which were collected through the survey
2015/2016 from Slovak University of economics in Kosice, Presov and Bratislava.
Inter alia, we analyze correlative data dependence of selected variables. The
survey is focused also on financial behavior of respondents and their skills in
terms of financial literacy concept. Last but not least, we deal with features of
respondents' financial decision making under the conditions of risk and
uncertainty. At first, we show that statistically significant dependency of FL
level on respondents' sex does exist. Male respondents reached higher FL than
female ones. Hypothesis of better high school education of economy at Business
Secondary School was rejected, rate of financially literate respondents who
attended Grammar School or Business Secondary School is comparable. Subsequently,
students in their last year of studies at EKF TUKE and NHF EUBA have significantly
higher level of FL than those students who are at the beginning of their studies.
Contrary, at FM PU the rate of financially illiterate first-year students was lower
than the rate of financially literate students in their last year of studies. We
found out a correlation of FL with decision-making based on prospect theory. The
results of the presented research provide important information for policy makers
who should reflect on present status of this issue in Slovakia. [Kubak, Matus]
Tech Univ Kosice, Fac Econ, Dept Reg Sci & Management, Kosice, Slovakia; [Tkacova,
Andrea] Tech Univ Kosice, Fac Econ, Dept Finance, Kosice, Slovakia; [Androniceanu,
Armenia] Bucharest Univ Econ Studies, Int Ctr Publ Management, Bucharest, Romania;
[Tvaronaviciene, Manuela] Vilnius Gediminas Tech Univ, Fac Business Management,
Dept Econ & Management Enterprises, Vilnius, Lithuania; [Huculova, Eva] Tech Univ
Kosice, Fac Econ, Dept Banking & Investment, Kosice, Slovakia Kubak, M
(corresponding author), Tech Univ Kosice, Fac Econ, Dept Reg Sci & Management,
Kosice, Slovakia. matus.kubak@tuke.sk; andrea.tkacova@tuke.sk;
armenia.androniceanu@man.ase.ro; manuela.tvaronaviciene@vgtu.lt;
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10.15240/tul/001/2018-1-012 16 Economics; Management
Business & Economics GC4WP WOS:000429786100012 gold, Green
Published 2021-10-06
J Li, ZD; Gupta, B; Loon, M; Casimir, G Li, Zhidong;
Gupta, Bindu; Loon, Mark; Casimir, Gian Combinative aspects of
leadership style and emotional intelligence LEADERSHIP & ORGANIZATION
DEVELOPMENT JOURNAL English Article
Emotional intelligence; Leadership style; Configuration POSITIVE EMOTIONS;
5-FACTOR MODEL; PERFORMANCE; PERSONALITY; ORGANIZATIONS; VALIDITY; BEHAVIOR;
SCRIPTS Purpose - The purpose of this paper is to examine whether the leader's
emotional intelligence influences the leader's preferences for different ways of
combining leadership behaviors (i.e. combinative aspects of leadership style).
Design/methodology/approach - The authors used a hybrid design to collect the data
to avoid common-method biases. The authors described a high-stress workplace in a
vignette and asked participants to rank four styles of combining a task-oriented
leadership (i.e. Pressure) statement and a socio-emotional leadership (i.e.
Support) statement. The authors then asked participants to complete a Likert-scale
based questionnaire on emotional intelligence. Findings - The authors found that
leaders who prefer to provide Support immediately before Pressure have higher
levels of emotional intelligence than do leaders who prefer the three other
combinative styles. Leaders who prefer to provide Pressure and Support separately
(i.e. provide Pressure 30 minutes after Support) have the lowest levels of
emotional intelligence. Research limitations/implications - A key implicit
assumption in the work is that leaders do not want to evoke negative emotions in
followers. The authors did not take into account factors that influence leadership
style which participating managers would be likely to encounter on a daily basis
such as the relationship with the follower, the follower's level of performance and
work experience, the gender of the leader and the gender of the follower, the
hierarchical levels of the leader and follower, and the followers' preferred
combinative style. The nature of the sample and the use of a hypothetical scenario
are other limitations of the study. Practical implications - Providing leadership
behaviors that are regarded as effective is necessary but not enough because the
emotional impact of leadership behaviors appears to also depend on how the
behaviors are configured. Originality/value - This is the first study to show that
the emotional intelligence of leaders is related to their preferences for the
manner in which they combine task and social leadership statements. Furthermore,
two-factor theories of leadership propose that the effects of task and social
leadership are additive. However, the findings show that the effects are
interactive. [Li, Zhidong] Pilot Investment Holdings, Beijing, Peoples R
China; [Gupta, Bindu] Inst Management Technol Ghaziabad, Ghaziabad, India; [Loon,
Mark] Univ Worcester, Worcester Business Sch, Worcester, England; [Casimir, Gian]
Kuwait Maastricht Business Sch, Salmiya, Kuwait Casimir, G (corresponding author),
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HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0143-7739 1472-5347
LEADERSHIP ORG DEV J Leadersh. Org. Dev. J. 2016 37 1
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Management Business & Economics DJ4JX WOS:000374172300006 Green
Submitted, Green Accepted 2021-10-06
J Fujiki, H Fujiki, Hiroshi Who adopts crypto
assets in Japan? Evidence from the 2019 financial literacy survey JOURNAL OF
THE JAPANESE AND INTERNATIONAL ECONOMIES English Article
Crypto assets; Financial literacy; Payment methods
The adoption of crypto assets has been of great concern to policymakers ever
since Facebook announced its proposed cryptocurrency, Libra, in mid-2019. Behind
this concern lies the possibility of widespread Libra adoption for day-to-day
transactions, bringing with it a set of serious risks related to money laundering,
illicit financing, and consumer and investor protection. This study first
investigates the variables that distinguish Japanese crypto-asset owners from
nonowners, then investigates the variables that distinguish the owners belonging to
each group from the rest of the owners. The second investigation focuses on four
groups: owners' level of understanding of crypto assets, the profitability of their
investment in crypto assets, their holdings of conventional risky financial assets,
and their adoption of noncash payment methods. In addition to the usual demographic
variables, financial literacy, financial behavior, conventional risky financial
asset holdings, and use of noncash payment methods are also investigated. Both
probit models and multinomial logit models are estimated and two results are
obtained. First, 35 variables distinguish average Japanese crypto-asset owners from
nonowners. Owners are more likely to be male, aged below 30 years, have higher
pretax income, work in private or public companies, or be self-employed, and be
graduate-school graduates compared with nonowners. Owners tend to have higher
financial literacy from two perspectives: a measure of objective financial literacy
and the experience of financial education at school, and lower financial literacy
from three perspectives: the experience of financial education about money
management by parents at home, experience of financial troubles, and knowledge
about credit cards, than average nonowners. Regarding financial behavior, owners
tend to be overconfident about their financial literacy, impatient, judge based on
reputation in selecting financial products, lack self-control, and less risk-averse
than nonowners. Owners tend to have experience investing in conventional risky
financial assets and to use noncash payment methods. Second, 40-60% of variables
that statistically significantly distinguish between the average owners and
nonowners also differentiate the owners belonging to three of the four groups
(excluded is the group that uses noncash payment methods) from the owners not
belonging to the groups. These results suggest that policies for crypto-asset
owners, if ever implemented, should not only consider the average owner's
characteristics, but also owners' heterogeneity. [Fujiki, Hiroshi] Chuo Univ,
Fac Commerce, 742-1 Higashinakano, Hachioji, Tokyo 1920393, Japan Fujiki, H
(corresponding author), Chuo Univ, Fac Commerce, 742-1 Higashinakano, Hachioji,
Tokyo 1920393, Japan. fujiki@tamacc.chuo-u.ac.jp Fujiki, Hiroshi/0000-
0002-3692-0904 Japan Society for the Promotion of Science, through KAKENHI
[18K01704] I would like to thank an anonymous referee, Franz Joseph Hinzen, and
Maarten van Oordt for their helpful comments. I received permission to use the
Financial Literacy Survey (FLS) 2019 data from the Central Council for Financial
Services Information. I gratefully acknowledge the financial support of the Japan
Society for the Promotion of Science, through KAKENHI grant no. 18K01704.
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10.1016/j.jjie.2020.101107 20 Economics; International
Relations Business & Economics; International Relations OU7AS
WOS:000591678300003 hybrid 2021-10-06
J Brugiavini, A; Cavapozzi, D; Padula, M; Pettinicchi, Y
Brugiavini, Agar; Cavapozzi, Danilo; Padula, Mario; Pettinicchi, Yuri
On the effect of financial education on financial literacy: evidence from a
sample of college students JOURNAL OF PENSION ECONOMICS & FINANCE
English Article Financial education;
financial literacy; investment attitudes; planning INVESTMENT Based on a sample
of university students, we provide evidence that a small-scale training
intervention has both a statistically and economically significant effect on
subjective and objective assessments of financial knowledge. We also show that the
intervention increases self-assessed more than actual financial knowledge. The
intervention consists of measuring financial literacy before and after a small on-
line course and is administered through an on-line platform. [Brugiavini, Agar;
Cavapozzi, Danilo; Padula, Mario] Ca Foscari Univ Venice, Dept Econ, Cannaregio
873, I-30121 Venice, Italy; [Padula, Mario] Commiss Vigilanza Fondi Pens COVIP,
Piazza Augusto Imperatore 27, I-00186 Rome, Italy; [Pettinicchi, Yuri] MEA Max
Plank Inst Social Law & Social Policy, Amalienstr 33, D-80799 Munich, Germany
Pettinicchi, Y (corresponding author), MEA Max Plank Inst Social Law & Social
Policy, Amalienstr 33, D-80799 Munich, Germany. pettinicchi@mea.mpisoc.mpg.de
pettinicchi, yuri/0000-0003-0837-8449 Italian Ministry of Education,
University and Research under the FIRB project on "The Economic Effects of
Demographic Aging"; PRIN - Italian Ministry MIURMinistry of Education, Universities
and Research (MIUR) [2010T8XAXB]; Research Center CINTIA; International Postdoc
Programme GO-IN [291776] We are grateful to the Italian Ministry of Education,
University and Research under the FIRB project on "The Economic Effects of
Demographic Aging" and under the PRIN - Italian Ministry MIUR project "2010T8XAXB
The economic consequences of population ageing in Europe 2013-2016", and to
Research Center CINTIA for financial support for this work. Yuri Pettinicchi
gratefully acknowledges research support from the 7.FP, COFUND, Goethe
International Postdoc Programme GO-IN, No. 291776. We thank Michele Bernasconi,
Massimo Warglien, Giulia Previati, and Juliana Bernhofer. We also thank the
participants at the workshop The Policy Implications of Demographic Ageing (2014),
CINTIA Second Conference (2014), Netspar International Pension Workshop (2015),
ESPE Annual Conference (2015) and First Ca' Foscari -University of Groningen PhD
Workshop in Economics (2015). Errors are our own and any opinion expressed here
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Business, Finance; Economics Business & Economics LY1SD
WOS:000540300800004 2021-10-06
J Liu, BH; Wang, JC; Chan, KC; Fung, A Liu, Baohua; Wang,
Jiancheng; Chan, Kam C.; Fung, Anna The impact of entrepreneurs's
financial literacy on innovation within small and medium-sized enterprises
INTERNATIONAL SMALL BUSINESS JOURNAL-RESEARCHING ENTREPRENEURSHIP
English Article financial literacy;
innovation; small; and medium-sized enterprises UPPER ECHELONS; PARTICIPATION;
PERFORMANCE; KNOWLEDGE; PROSPECT; ATTITUDE; DEMAND This article analyses the
impact of an entrepreneur's financial literacy upon innovation within small- and
medium-sized enterprises (SMEs) and, in so doing, extends human capital theory to
consider the effect of financial literacy on risky investment decisions. Using a
large survey dataset of Chinese SMEs in 2015 and 2017, our findings suggest that
financial literacy is positively associated with innovation; positive relationships
are robust to different innovation metrics. In addition, we find that gender
matters, as male owners appear to promote more innovations, while firm size is
positively associated with innovation. Additional analysis suggests that risk
tolerance is a transmission mechanism for the impact of financial literacy on
innovation. Our results corroborate previous studies showing that individuals with
greater financial literacy make sound personal financial decisions and so have
important public policy implications. [Liu, Baohua] Sichuan Univ, Business Sch,
Chengdu, Peoples R China; [Wang, Jiancheng] Sun Yat Sen Univ, Int Sch Business &
Finance, Zhuhai, Peoples R China; [Chan, Kam C.] Western Kentucky Univ, Finance,
Bowling Green, KY 42101 USA; [Fung, Anna] Amer Univ, Kogod Sch Business,
Management, Washington, DC 20016 USA Wang, JC (corresponding author), Sun Yat
Sen Univ, Int Sch Business & Finance, Zhuhai, Peoples R China.
jiangcheng1989@foxmail.com Wang, Feng/AAH-7731-2021; Wang, Jiancheng/AAT-
4248-2021 Chan, Kam/0000-0003-4657-1485; Jiancheng, Wang/0000-0002-4993-3595
National Natural Science Foundation of ChinaNational Natural Science
Foundation of China (NSFC) [71702153] The author(s) disclosed receipt of the
following financial support for the research, authorship and/or publication of this
article: We acknowledge the financial support of the National Natural Science
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LONDON 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP, ENGLAND 0266-
2426 1741-2870 INT SMALL BUS J Int. Small Bus. J.-Res. Entrep. MAY
2021 39 3 228 246 0266242620959073
10.1177/0266242620959073 SEP 2020 19 Business; Management
 Business & Economics SA0HS WOS:000575459900001
2021-10-06
J Mouna, A; Jarboui, A Mouna, Amari; Jarboui, Anis
Financial literacy and portfolio diversification: an observation from the
Tunisian stock market INTERNATIONAL JOURNAL OF BANK MARKETING
English Article Diversification;
Tunisia; Familiarity; Financial literacy; Individual investor INVESTMENT;
DECISIONS; WEALTH; IMPACT Purpose - The purpose of this paper is to focus on
the lack of financial literacy as one probable factor explaining the low levels of
portfolio diversification. The authors consider distinct aspects of financial
literacy and control for socioeconomic and behavioral differences among individual
groups of investors. Design/methodology/approach - The proposed models in this
paper use multivariate analysis to examine the relationship between financial
literacy and portfolio diversification. Investors' biases have been measured by
means of a questionnaire comprising several items, including indicators of
investors' portfolio fragmentation, financial literacy and socio economic
variables. The sample consists of 256 small investors actively trading on the
Tunisian stock market. Findings - The results suggest that investors' experience,
financial literacy level, age, their use of the availability heuristic, familiarity
bias and portfolio size, have a significant impact on the diversity of assets
included their portfolios. Research limitations/implications - The main limitation
of the empirical study is the small size of the sample. A larger sample would have
given more reliable results and could have enabled a wider range of analyzes.
Practical implications - The paper encourages investors to make their investments
decisions based on their financial capability and experience levels and to avoid
relying on their sentiment. Social implications - The paper encourages governmental
organizations to establish training programmes aimed to develop the individual
investor's financial literacy level. Originality/value - The current study is the
first of its kind focusing on the link between financial literacy and portfolio
diversification, within the specific context of Tunisia. [Mouna, Amari] Univ Sfax
FSEGS, LARTIGE Lab Res, Sfax, Tunisia; [Jarboui, Anis] Univ Sfax FSEGS, Finance &
Accounting Dept, Finance & Accounting, Sfax, Tunisia Mouna, A (corresponding
author), Univ Sfax FSEGS, LARTIGE Lab Res, Sfax, Tunisia. amarimouna86@gmail.com
Mouna, Amari/AAQ-5408-2020 Mouna, Amari/0000-0003-2490-6803
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HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937
INT J BANK MARK Int. J. Bank Mark. 2015 33 6
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Business Business & Economics V0S4T WOS:000216517800008
2021-10-06
J Baidoo, ST; Boateng, E; Amponsah, M Baidoo, Samuel Tawiah;
Boateng, Elliot; Amponsah, Mary Understanding the Determinants of
Saving in Ghana: Does Financial Literacy Matter? JOURNAL OF INTERNATIONAL
DEVELOPMENT English Article
domestic savings; financial literacy; sustainable economic growth;
demographics; life cycle hypothesis; Ghana ECONOMIC-GROWTH; EDUCATION; WORLD
Domestic savings remain low in Ghana despite several attempts to improve this
situation. Whereas existing studies on private savings have identified several
determinants, the role of financial literacy in saving decisions has not been
explored. In this paper, we build on existing studies and provide evidence
supporting our hypothesis that financial literacy is key to promoting domestic
saving. The study relies mainly on primary data, and the binary probit regression
model is employed as the estimation technique. Our results show that improving
financial literacy among Ghanaians should be incorporated into the broad policy
package aimed at increasing domestic saving which is a prerequisite for investment
and subsequently sustainable economic growth. Copyright (c) 2018 John Wiley & Sons,
Ltd. [Baidoo, Samuel Tawiah] Kwame Nkrumah Univ Sci & Technol, Dept Econ, Kumasi,
Ghana; [Boateng, Elliot; Amponsah, Mary] Univ Newcastle, Newcastle Business Sch,
Econ Discipline, Callaghan, NSW, Australia Baidoo, ST (corresponding author),
Kwame Nkrumah Univ Sci & Technol, Dept Econ, Kumasi, Ghana.
samueltawiahbaidoo@yahoo.com Amponsah, Mary/AAF-5226-2019; Baidoo, Samuel
Tawiah/I-4307-2018 Baidoo, Samuel Tawiah/0000-0001-5941-6308
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5 886 903 10.1002/jid.3377
18 Development Studies Development Studies GM7FT
WOS:000438347400008 2021-10-06
J Mikolajczak, M; Van Bellegem, S Mikolajczak, Moira; Van
Bellegem, Sebastien Increasing emotional intelligence to decrease
healthcare expenditures: How profitable would it be? PERSONALITY AND INDIVIDUAL
DIFFERENCES English Article
Emotional competence; Emotional intelligence; Health; Healthcare
expenditures; Health expenditure; Elasticity INCREMENTAL VALIDITY; METAANALYSIS;
BEHAVIORS; PERSONALITY; COMPETENCE; STRESS; SCHOOL; IMPACT; MODEL While
numerous studies document the impact of emotional intelligence on health, no study
has estimated the associated economic impact. As a result, the return on investment
that could be expected from investing in improving emotional intelligence is
unknown, and emotional intelligence research does not always make the expected
impact on public policies. In this study, we examine how profitable it would be for
governments or insurances to invest in improving people's emotional intelligence
(El). 9616 members of a Mutual Benefit Society completed a measure of EI that we
coupled with their healthcare expenditures. Results first show that every 1%
increase in intrapersonal El corresponds to a 1% decrease in healthcare
expenditures. Findings also show that the return on investment of increasing
intrapersonal El would vary as a function of people's educational level: the lower
the level of education, the higher the expected return. (C) 2017 Elsevier Ltd. All
rights reserved. [Mikolajczak, Moira] Catholic Univ Louvain, Dept Psychol, Pl
Cardinal Merrier 10, B-1348 Louvain La Neuve, Belgium; [Van Bellegem, Sebastien]
Catholic Univ Louvain, CORE, Louvain La Neuve, Belgium Mikolajczak, M
(corresponding author), Catholic Univ Louvain, Dept Psychol, Pl Cardinal Merrier
10, B-1348 Louvain La Neuve, Belgium. moira.mikolajczak@uclouvain.be
Mikolajczak, Moira/0000-0002-7333-1578 Belgian-American Educational
Foundation (BAEF) Alumni Award This study was funded by the Belgian-American
Educational Foundation (BAEF) Alumni Award 2012. The authors warmly thank Herve
Avalosse, Sigrid Vancorenland, and Rebecca Verniest from the R&D of the Mutualite
Chretienne-Christelijke Mutualiteit for their help in this project. We also thank
Ilios Kotsou who set up the first contact between the University and the Mutualite
Chretienne-Christelijke Mutualiteit and who made this collaboration possible.
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PERGAMON-ELSEVIER SCIENCE LTD OXFORD THE BOULEVARD, LANGFORD LANE,
KIDLINGTON, OXFORD OX5 1GB, ENGLAND 0191-8869 PERS INDIV DIFFER Pers.
Individ. Differ. OCT 1 2017 116 343 347
10.1016/j.paid.2017.05.014 5 Psychology, Social
Psychology EZ1SJ WOS:000404490800052 2021-10-06
J Hua, FT; Wang, JB Hua, Fengtao; Wang, Jinbo
How Investor Sentiment Impacts Financial Decision-making Behavior: From A
Cognitive Neuroscience Perspective NEUROQUANTOLOGY English
Article Sentiment; Emotional Processing;
Situational Force; Risk Decision; Intertemporal Decision INFORMATION; PRICES
In financial markets, irrational behaviors of investors are an important
driver of the noise market, and such irrationality is fueled by changes of
sentiment of investors. Then how the investor sentiment impacts their financial
decision-making behaviors? First, this paper, from a cognitive psychological
perspective, explains the mechanism of how investor sentiment and market sentiment
are developed; secondly, based on a method of cognitive psychology and
neuroscience, we build the models on how investor sentiment impacts risk decision
and intertemporal decision. This paper concludes that the investor sentiment is a
result of conflicting perceptual analysis and cognitive processing, and it further
develops into market sentiment through "information adverse filtering" and
"unification of belief"; these sentiments exert implications on the risk decision
and intertemporal decision through emotional processing and situational force.
[Hua, Fengtao] Anhui Normal Univ, Sch Econ & Management, Wuhu 241003, Peoples
R China; [Wang, Jinbo] Anhui Normal Univ, Sch Foreign Studies, Wuhu 241003, Peoples
R China Hua, FT (corresponding author), Anhui Normal Univ, Sch Econ &
Management, Wuhu 241003, Peoples R China. hittile@ahnu.edu.cn
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2021-10-06
J Guiso, L; Viviano, E Guiso, Luigi; Viviano, Eliana
How Much Can Financial Literacy Help? REVIEW OF FINANCE
English Article We use a
dataset of individual investors containing test-based measures of financial
literacy and administrative records on their assets holding and trades before and
during the financial crisis of September 2008. We design three tests of the
benefits of financial literacy during the Global Financial Crisis, by comparing the
decisions actually taken by individuals with a dominated alternative, i.e., one
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making. We find that high-literacy investors are better at timing the market. High-
literacy investors are also more likely to trade according to the prescriptions of
normative models and to detect intermediaries' potential conflicts of interest.
However, though statistically significant, these effects are economically small.
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GREAT CLARENDON ST, OXFORD OX2 6DP, ENGLAND 1572-3097 1573-692X
REV FINANC Rev. Financ. JUL 2015 19 4
1347 1382 10.1093/rof/rfu033 36 Business, Finance;
Economics Business & Economics CR4PX WOS:000361319800001 Green
Submitted 2021-10-06
J van Rooij, M; Lusardi, A; Alessie, R van Rooij,
Maarten; Lusardi, Annamaria; Alessie, Rob Financial literacy and stock
market participation JOURNAL OF FINANCIAL ECONOMICS English
Article Portfolio choice; Knowledge of
economics and finance; Financial sophistication; Risk diversification; Learning
from peers RETIREMENT; EQUITY; COSTS We have devised two special modules for
De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and
study its relationship to stock market participation. We find that the majority of
respondents display basic financial knowledge and have some grasp of concepts such
as interest compounding, inflation, and the time value of money. However, very few
go beyond these basic concepts; many respondents do not know the difference between
bonds and stocks, the relationship between bond prices and interest rates, and the
basics of risk diversification. Most importantly, we find that financial literacy
affects financial decision-making: Those with low literacy are much less likely to
invest in stocks. (C) 2011 Elsevier B.V. All rights reserved. [Lusardi,
Annamaria] Dartmouth Coll, Dept Econ, Hanover, NH 03755 USA; [van Rooij, Maarten]
Dutch Cent Bank, Amsterdam, Netherlands; [Lusardi, Annamaria] NBER, Cambridge, MA
02138 USA; [Alessie, Rob] Univ Groningen, NL-9700 AB Groningen, Netherlands
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10.1016/j.jfineco.2011.03.006 24 Business, Finance; Economics
Business & Economics 777MK WOS:000291625300010 Green Submitted,
Green Published 2021-10-06
J Shimizutani, S; Yamada, H Shimizutani, Satoshi; Yamada,
Hiroyuki Financial literacy of middle-aged and older Individuals:
Comparison of Japan and the United States JOURNAL OF THE ECONOMICS OF AGEING
English Article Financial literacy;
Japan; U.S.; JSTAR; HRS; Household asset allocation Financial literacy holds
growing interest for managing assets/savings during the longer retirement period
currently experienced in rapidly aging countries. We examine and compare levels and
determinants of financial literacy as well as its association with asset allocation
among middle-aged and older individuals of Japan and the United States. We present
some interesting findings. First, financial literacy is generally influenced by
educational attainment, cognitive skills, coursework in economics or finance, and
income level. Second, financial literacy is associated with household asset
allocation; individuals with higher literacy also have investment in stocks or
securities. These patterns are commonly observed both in Japan and the United
States. [Shimizutani, Satoshi] Nakasone Yasuhiro Peace Inst NPI, Minato Ku,
Toranomon 30 Mori Bldg 6F,3-2-2 Toranomon, Tokyo 1050001, Japan; [Yamada, Hiroyuki]
Keio Univ, Fac Econ, Minato Ku, 2-15-45 Mita, Tokyo 1088345, Japan Shimizutani,
S (corresponding author), Nakasone Yasuhiro Peace Inst NPI, Minato Ku, Toranomon 30
Mori Bldg 6F,3-2-2 Toranomon, Tokyo 1050001, Japan. sshimizutani@gmail.com;
hyamada@econ.keio.ac.jp Shimizutani, Satoshi/AAZ-9848-2021 National Institute
on AgingUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [2R01 AG030153] This
work was presented at the Gateway to Global Aging Data Research Conference, funded
by the National Institute on Aging (2R01 AG030153). We thank our discussant, Silvia
Barcellos, conference participants, one anonymous referee, and the editors for
their constructive comments. The views expressed in this paper are completely
personal and unrelated to those of any organizations with which we are affiliated
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AMSTERDAM, NETHERLANDS 2212-828X 2212-8298 J ECON AGEING J. Econ.
Ageing JUN 2020 16 100214
10.1016/j.jeoa.2019.100214 10 Demography; Economics;
Gerontology Demography; Business & Economics; Geriatrics & Gerontology NG7SX
WOS:000564182000010 2021-10-06
J Noviarini, J; Coleman, A; Roberts, H; Whiting, RH
Noviarini, Jelita; Coleman, Andrew; Roberts, Helen; Whiting, Rosalind H.
Financial literacy, debt, risk tolerance and retirement preparedness:
Evidence from New Zealand PACIFIC-BASIN FINANCE JOURNAL English
Article Financial literacy; Retirement;
Risk tolerance; Debt anxiety; Endogeneity; Structural Equation Modelling
INVESTMENT; SECURITY This study investigates the effect of financial
literacy on debt ownership, debt anxiety and risk tolerance of older individuals.
Contrary to prior evidence that financial literacy is not associated with
retirement planning in New Zealand our findings suggest that financial literacy is
important for retirement preparedness. "Advantage" (high income and education) is a
strong factor common to higher financial literacy that results in less debt anxiety
or higher risk tolerance/willingness to take more risk. The relationships between
financial literacy and risk tolerance and between financial literacy and debt
anxiety are complex and vary by subsample cohort and indicate that assuming a
simplified nature between these factors may result in misleading relationship
generalisations. [Noviarini, Jelita; Roberts, Helen; Whiting, Rosalind H.] Univ
Otago, Dept Accountancy & Finance, POB 56, Dunedin, New Zealand; [Coleman, Andrew]
Reserve Bank New Zealand, Wellington, New Zealand Noviarini, J (corresponding
author), Univ Otago, Dept Accountancy & Finance, POB 56, Dunedin, New Zealand.
jelita.noviarini@otago.ac.nz; Andrew.coleman@rbnz.govt.nz;
helen.roberts@otago.ac.nz; ros.whiting@otago.ac.nz Indonesian
Endowment Fund for Higher Education (Lembaga Pengelola Dana Pendidikan); University
of Otago This work was supported by the Indonesian Endowment Fund for Higher
Education (Lembaga Pengelola Dana Pendidikan) for funding one of the author's
(Jelita Noviarini) PhD degree programme and funding this research paper. We also
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10.1016/j.pacfin.2021.101598 18 Business, Finance Business &
Economics UD6LN WOS:000687316800012 2021-10-06
J Bayar, Y; Sezgin, HF; Ozturk, OF; Sasmaz, MU Bayar,
Yilmaz; Sezgin, H. Funda; Ozturk, Omer Faruk; Sasmaz, Mahmut Unsal
Financial Literacy and Financial Risk Tolerance of Individual Investors:
Multinomial Logistic Regression Approach SAGE OPEN English
Article financial literacy; financial risk
tolerance; multinomial logistic regression GENDER-DIFFERENCES; AVERSION
Financial risk tolerance is one of the important factors affecting the
financial investment decisions of individuals and institutional investors and a
crucial factor of financial planning and financial counseling. It is therefore
necessary to determine the major determinants of risk tolerance. In this article,
we researched the impact of financial literacy level and demographic
characteristics on the financial risk tolerance of the individuals in the sample of
Usak University staff, using a multinomial logistic regression analysis and
retrieving data through the questionnaire method. Multinomial logistic regression
is an extension of binary logistic regression, allowing for three or more
categories of the dependent variable. The findings of the empirical analysis reveal
that financial literacy and demographic characteristics of age, gender, education,
and income levels are significant determinants of financial risk tolerance. In this
regard, the improvements in the financial literacy of the individuals through
various education programs will probably raise the demand of financial products
with different risk characteristics and in turn contribute to the development of
financial sector. [Bayar, Yilmaz; Ozturk, Omer Faruk; Sasmaz, Mahmut Unsal] Usak
Univ, Usak, Turkey; [Sezgin, H. Funda] Istanbul Univ Cerrahpasa, Istanbul, Turkey
Bayar, Y (corresponding author), Usak Univ, Dept Econ, TR-64100 Usak, Turkey.
yilmaz.bayar@usak.edu.tr BAYAR, YILMAZ/0000-0002-6776-6524 Usak
University Coordinatorship of Scientific Research Projects [2017/HD-SOSB005] The
author(s) disclosed receipt of the following financial support for the research,
authorship, and/or publication of this article: This study was derived from the
project No. 2017/HD-SOSB005 accepted and carried out by the Usak University
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OPEN SAGE Open JUL 2020 10 3
2158244020945717 10.1177/2158244020945717 11 Social
Sciences, Interdisciplinary Social Sciences - Other Topics MV4NP
WOS:000556337100001 gold 2021-10-06
J Spataro, L; Corsini, L Spataro, Luca; Corsini, Lorenzo
Endogenous Financial Literacy, Saving, and Stock Market Participation
FINANZARCHIV English Article
financial literacy; portfolio decisions; human capital; saving for
retirement; stock market participation GENDER-DIFFERENCES; INVESTMENT Recent
empirical literature provides evidence that financial literacy, human capital,
education, saving, and stock market participation are interconnected decisions.
However, a consolidated theoretical explanation of such connections is missing. We
contribute to this topic by building a framework that includes all these decisions
in an encompassing model. We build a two-period model in which individuals acquire
education, work, and save for retirement; financial literacy reduces the costs of
managing risky assets available on the stock market. Our results, besides providing
a theoretical foundation for the role and the determinants of the above-mentioned
decisions, can also explain several stylized facts on literacy, human capital, and
stock market participation. [Spataro, Luca; Corsini, Lorenzo] Univ Pisa, Via
Ridolfi 10, I-56124 Pisa, Italy Spataro, L (corresponding author), Univ Pisa,
Via Ridolfi 10, I-56124 Pisa, Italy. luca.spataro@unipi.it;
lorenzo.corsini@unipi.it Spataro, Luca/AAD-9002-2020 Spataro, Luca/0000-0002-
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2040, TUBINGEN, 72010, GERMANY 0015-2218 1614-0974 FINANZARCHIV
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10.1628/001522117X14877521353555 28 Business, Finance;
Economics Business & Economics EX9AW WOS:000403545300001 Green
Submitted 2021-10-06
J Cupak, A; Fessler, P; Schneebaum, A Cupak, Andrej; Fessler,
Pirmin; Schneebaum, Alyssa Gender differences in risky asset
behavior: The importance of self-confidence and financial literacy FINANCE
RESEARCH LETTERS English Article
self-confidence; financial literacy; financial behavior; gender;
decomposition WOMEN This paper studies the role of individuals' confidence in
own financial literacy in explaining the gender gap in investment in risky assets,
while controlling for actual financial literacy and risk aversion. It is the first
paper to assess the role of confidence independent of actual financial knowledge
for a large set of countries and it is the first to explore the role of confidence
by using counterfactual decomposition techniques. Results from our analysis confirm
recent findings of modern behavioral finance: confidence is a strong determinant of
risky financial behavior and accounts for a large part of the gender gap.
[Cupak, Andrej] Natl Bank Slovakia, Imricha Karvasa 1, Bratislava 81325,
Slovakia; [Cupak, Andrej] Univ Econ Bratislava, Dolnozemska Cesta 1, Bratislava
85235, Slovakia; [Fessler, Pirmin] Oesterreich Natl Bank, Postfach 61, A-1011
Vienna, Austria; [Schneebaum, Alyssa] Vienna Univ Econ & Business, Welthandelspl 1,
A-1020 Vienna, Austria Schneebaum, A (corresponding author), Vienna Univ Econ &
Business, Welthandelspl 1, A-1020 Vienna, Austria. alyssa.schneebaum@wu.ac.at
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101880 10.1016/j.frl.2020.101880 6 Business, Finance
Business & Economics US8WT WOS:000697707900036 hybrid
2021-10-06
J Bonte, W; Filipiak, U Boente, Werner; Filipiak, Ute
Financial literacy, information flows, and caste affiliation: Empirical
evidence from India JOURNAL OF BANKING & FINANCE English
Article Financial literacy; Social
interaction; Social networks; Indian caste system This paper empirically
investigates the relevance of social interaction and caste affiliation for
individual awareness of financial instruments and investment behavior of households
in India. The results of our empirical analysis, which is based on a large scale
survey on saving patterns of Indians, suggest a positive relationship between
financial literacy and social interaction. However, especially backward caste
people living in regions with a large fraction of backward castes have a lower
probability of being aware of various financial instruments. In contrast, we find
only weak empirical evidence for a direct effect of caste affiliation and social
interaction on investment behavior. (C) 2012 Elsevier B.V. All rights reserved.
[Boente, Werner; Filipiak, Ute] Univ Wuppertal, Schumpeter Sch Business &
Econ, D-42119 Wuppertal, Germany Bonte, W (corresponding author), Univ
Wuppertal, Schumpeter Sch Business & Econ, Gaussstr 20, D-42119 Wuppertal, Germany.
boente@wiwi.uni-wuppertal.de; filipiak@wiwi.uni-wuppertal.de Bonte,
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Business, Finance; Economics Business & Economics 027ZZ
WOS:000310393900021 2021-10-06
J West, T; Mitchell, E West, Tracey; Mitchell, Elizabeth
Australian women with good financial knowledge fare better in divorce
AUSTRALIAN JOURNAL OF MANAGEMENT English Article; Early
Access divorce; financial decision-making;
financial literacy; gender LITERACY; ATTITUDES; IMPACT; LIFE Divorce dissolves
couple households, who likely specialised in household financial decision-making
tasks, into singles who need to learn new skills. Financial decisions will be
particularly challenging for those newly separated people that are lacking
knowledge and confidence. Given the substantive literature supporting the lack of
financial knowledge of women in comparison to men, women are likely to be more
disadvantaged by this aspect of divorce. We employ the HILDA Survey and find
support for the role of financial literacy in improving wealth outcomes in divorce,
particularly for women. We find that the positive impact is significant over the
long term. This research contributes to knowledge of the role of financial
education in building resilience to endure financial shocks. JEL classification:
D14; G53; G50; J12; J16 [West, Tracey; Mitchell, Elizabeth] Griffith Univ, Dept
Accounting Finance & Econ, Gold Coast, Qld 4222, Australia West, T (corresponding
author), Griffith Univ, Dept Accounting Finance & Econ, Gold Coast, Qld 4222,
Australia. t.west@griffith.edu.au Australian Government Department of
Social Services (DSS)Australian Government This paper uses unit record data
from the Household, Income and Labour Dynamics in Australia (HILDA) Survey. The
HILDA Project was initiated and is funded by the Australian Government Department
of Social Services (DSS) and is managed by the Melbourne Institute of Applied
Economic and Social Research (Melbourne Institute). The findings and views reported
in this paper, however, are those of the author and should not be attributed to
either DSS or the Melbourne Institute. AIFS, 2018, LIV TOG AUSTR LIV TOG AUSTR;
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180 WP MICH RET RES 58 0 0 1 1 SAGE PUBLICATIONS LTD LONDON
1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP, ENGLAND 0312-8962 1327-
2020 AUST J MANAGE Aust. J. Manag.
03128962211022041 10.1177/03128962211022041 JUN
2021 22 Business; Management Business & Economics TD4YU
WOS:000669334600001 2021-10-06
J Kuzmina, J Kuzmina, Jekaterina Emotion's
component of expectations in financial decision making BALTIC JOURNAL OF
MANAGEMENT English Article
Expectational Emotional intelligence; Prices Financial markets Financial
modelling; Decision making Purpose - The economic system is an
expectation's feedback system, thus decisions made by economic agents are based on
their expectations about the future state of the economy These decisions affect
actual realization of economic variables and this process leads to the new
expectations For a long period of time, economics was based on the erroneous belief
that economic agents apply rational calculations to economic and financial
decisions The main purpose of the current paper is to present the theoretical model
explaining emotion s component of expectations in the process of financial decision
making Design/methodology/approach - The research is based on the generally
accepted scientific qualitative and quantitative methods including monographic
method Findings - The paper shows how the expectations and subjective beliefs of
different financial market participants could be translated into prices After
describing the main investor's categories it is possible to model their subjective
beliefs about the current price evolution on the stock exchange and formulate the
demand strategy of each investor's group Finally the model shows mathematical
considerations how prices result from demands considering that they are set by the
market maker Originality/value - The paper shows how emotions impact investors
beliefs and could be transmitted into prices A particular agent category the
emotional investor was formulated who exclusively follows his intuition and whose
presence influences market prices So, there is no doubt that an appropriate
rational strategy requires the adoption to the new kind of market agent and
theoretical considerations presented in the paper could contribute to this process
BA Sch Business & Finance, Riga, Latvia Kuzmina, J (corresponding author),
BA Sch Business & Finance, Riga, Latvia. Gerhards, Guntis/D-5197-2009
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BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND
1746-5265 1746-5273 BALT J MANAG Balt. J. Manag. 2010
5 3 295 306
10.1108/17465261011079721 12 Management Business &
Economics 681EN WOS:000284294300002 2021-10-06
J Aren, S; Hamamci, HN Aren, Selim; Nayman Hamamci, Hatice
Relationship between risk aversion, risky investment intention,
investment choices Impact of personality traits and emotionKYBERNETES
English Article Risk aversion; Emotions;
Financial literacy; Big five; Investment choices; Risky investment intention BIG 5;
INFORMATION ACQUISITION; DECISION-MAKING; ATTITUDES; FEAR; BEHAVIOR; DOMAIN; ANGER;
DETERMINANTS; PREFERENCES Purpose This paper aims to examine the effects of
subjective and financial literacy, big five personality traits and emotions (fear,
anger, hope and sadness) on risk aversion, risky investment intention and
investment choices were investigated. Interactions of these three variables (risk
aversion, risky investment intention and investment choices) were also examined.
Design/methodology/approach For this purpose, in January-February 2019, collected
data on 446 subjects from Turkey using the internet (341) and face-to-face (105)
survey instruments. The authors exploited IBM SPSS Statistics for analysis. ANOVA,
t-test and discriminant analysis were performed. Findings As a result of the
analyzes, two personality traits (neuroticism and openness) and two emotions (fear
and sadness) were determined as predictors of risk aversion. For risky investment
intention, risk aversion, two personality traits (neuroticism and openness) and one
of the same and other one different two emotions (fear and anger) were found.
Originality/value Investment choices can be estimated by objective financial
literature, risk aversion and risky investment intention. In addition, individuals'
risk averse or risk taking characteristics differ according to their level of
sadness with agreeableness, conscientiousness and neuroticism personality traits.
Similarly, have a risky investment intention or have not risky investment intention
also differs according to sadness emotions with conscientiousness and openness.
Finally, the choice of stocks or bank deposits varies according to subjective
financial literacy and extraversion personality trait. [Aren, Selim; Nayman
Hamamci, Hatice] Yildiz Tech Univ, Fac Business Adm, Istanbul, Turkey Aren, S
(corresponding author), Yildiz Tech Univ, Fac Business Adm, Istanbul, Turkey.
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BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND
0368-492X 1758-7883 KYBERNETES Kybernetes OCT 22 2020 49
11 2651 2682 10.1108/K-07-2019-0455
JAN 2020 32 Computer Science, Cybernetics Computer Science OL2ZX
WOS:000511107800001 2021-10-06
J Lin, CN; Hsiao, YJ; Yeh, CY Lin, Chaonan; Hsiao, Yu-Jen;
Yeh, Cheng-Yung Financial literacy, financial advisors, and
information sources on demand for life insurance PACIFIC-BASIN FINANCE JOURNAL
English Article Financial
literacy; Financial advisor; Life insurance RETIREMENT; WEALTH; DETERMINANTS;
CONSUMPTION; INVESTMENT; EDUCATION; BEHAVIOR; IMPACT; AGE A logistic regression
model was used to investigate the effects of financial literacy, financial
advisors, and information sources on life insurance participation. Our empirical
findings suggest that people with high financial literacy are more likely to
purchase life insurance and that consultations with financial advisors and
conversations with family members and friends are both positively associated with
the demand for life insurance. Participant characteristics, such as age, gender,
marital status, working status, and personal income, are also major factors
affecting the demand for life insurance. Moreover, the Taiwan Financial Supervisory
Commission education program can increase the demand for life insurance. [Lin,
Chaonan] Xiamen Univ, Sch Management, Xiamen, Peoples R China; [Hsiao, Yu-Jen]
Taipei Med Univ, Execut MBA Program Biotechnol, Taipei, Taiwan; [Yeh, Cheng-Yung]
Natl Dong Hwa Univ, Dept Finance, Hualien, Taiwan Hsiao, YJ (corresponding
author), Taipei Med Univ, Execut MBA Program Biotechnol, Taipei, Taiwan.
yujen@tmu.edu.tw Fundamental Research Funds for the Central
Universities of ChinaFundamental Research Funds for the Central Universities
[20720151186] Chaonan Lin acknowledges the financial support from the
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Business, Finance Business & Economics EZ9IF WOS:000405042700013
2021-10-06
J Karaa, IE; Kugu, TD Karaa, Ibrahim E.; Kugu, Tayfun D.
Determining Advanced and Basic Financial Literacy Relations and
Overconfidence, and Informative Social Media Association of University Students in
Turkey EDUCATIONAL SCIENCES-THEORY & PRACTICE English
Article Financial literacy; Social media
literacy; Social networks; Financial education; Advanced financial literacy
INVESTMENT The purposes of the paper are, first, to investigate financial
literacy in university students and to determine the relationship between basic and
advanced financial literacy; second, to present a positive association between
social media usage and financial literacy; third, to examine demographic factors
consistent with previous studies; and, fourth, to assess students' confidence in
their knowledge. We surveyed 1,119 university students and found that advanced
literacy and basic literacy are significantly related and some of advanced literacy
can be explained by basic literacy. Following the pages or accounts of famous
economists, benefiting from economics, and gaining exposure to finance course
materials, and posting financial and economic issues increase advanced financial
literacy. Financial literacy differs on the basis of age, class, and major areas of
study. University students are overconfident in their ability to interpret
financial and economic news and data. [Karaa, Ibrahim E.] Celal Bayar Univ, Sch
Appl Sci, Dept Int Trade, TR-45140 Muradiye, Manisa, Turkey; [Kugu, Tayfun D.]
Celal Bayar Univ, Sch Appl Sci, Dept Banking & Finance, TR-45140 Muradiye, Manisa,
Turkey Karaa, IE (corresponding author), Celal Bayar Univ, Sch Appl Sci, Dept
Int Trade, TR-45140 Muradiye, Manisa, Turkey. emre.karaa@cbu.edu.tr;
tayfun.kugu@cbu.edu.tr KARAA, IBRAHIM EMRE/0000-0001-7893-5701
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6 6 2 25 EDAM ISTANBUL KISIKLI MH ALEMDAG CD YAN YOL SK,
SBK IS MERKEZI NO 5, KAT 1 USKUDAR, ISTANBUL, 81190, TURKEY2630-5984 2148-7561
EDUC SCI-THEOR PRACT Educ. Sci.-Theory Pract. DEC 2016 16 6
1865 1891 10.12738/estp.2016.6.0415
27 Education & Educational Research Education & Educational Research
EH8OQ WOS:000392032200003 2021-10-06
J Zhang, YX; Jia, QM; Chen, C Zhang, Yixing; Jia, Qinmin;
Chen, Chen Risk attitude, financial literacy and household
consumption: Evidence from stock market crash in China ECONOMIC MODELLING
English Article Risk attitude;
Financial literacy; Consumption; Stock market crash MACROECONOMIC EXPERIENCES;
HOUSING WEALTH; RETURNS; VALUES; CYCLE The most recent stock market crash
occurred in 2015 and caused a huge negative impact on the household sector. This
paper assesses the impact of stock market crash on households' financial income and
consumption. We find that the financial income of households holding risky assets
decreased significantly, in the meanwhile, financial literacy and investment
experience did not help reduce loses. In terms of consumption, households with
different risk attitude and financial literacy have significant differences in
whether they choose smoother consumption decisions after the shock. Finally, based
on the empirical results, we estimate that the stock market crash caused the
consumption of residents in 2016 to decrease by 87.53 billion RMB, accounting for
0.30% of the total resident consumption. [Zhang, Yixing; Jia, Qinmin; Chen, Chen]
Southwestern Univ Finance & Econ, Sch Finance, Chengdu, Peoples R China Chen,
C (corresponding author), Southwestern Univ Finance & Econ, Sch Finance, Chengdu,
Peoples R China. zhangyixing@smail.swufe.edu.cn; qinminj@smail.swufe.edu.cn;
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1 1 7 13 ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX
AMSTERDAM, NETHERLANDS 0264-9993 1873-6122 ECON MODEL Econ. Model.
JAN 2021 94 995 1006
10.1016/j.econmod.2020.02.040 12 Economics Business &
Economics PK8OH WOS:000602696600012 2021-10-06
J Ranyard, R; McNair, S; Nicolini, G; Duxbury, D Ranyard,
Rob; McNair, Simon; Nicolini, Gianni; Duxbury, Darren An item response
theory approach to constructing and evaluating brief and in-depth financial
literacy scales JOURNAL OF CONSUMER AFFAIRS English Article
financial literacy; item response theory; scale
development EDUCATION We applied item response theory (IRT) to construct and
evaluate new brief and in-depth financial literacy scales. A survey of a UK adult
sample (N= 589) included 50 questions to assess knowledge about managing financial
resources and competence in using personal finance-related information-including
five widely used items, on interest rates, inflation, investment diversification,
mortgages and bonds. IRT applied to a scale of these items identified some
limitations, overcome via further iterations to construct a new brief scale with
sound psychometric properties. IRT was then applied iteratively to our pool,
resulting in an in-depth, 20-item scale, also psychometrically sound, covering four
broad financial domains: everyday money transactions; the concept of money;
borrowing; and saving and investment. Parallel 10-item sub-scales were also
evaluated. The validity of the new scales was demonstrated by regression analyses
which found that, controlling for demographic variables, financial literacy
predicted key indicators of financial well-being. [Ranyard, Rob] Univ Leeds,
Ctr Decis Res, Business Sch, Leeds, W Yorkshire, England; [McNair, Simon] Behav
Insights Team, Consumer Markets Team, London, England; [Nicolini, Gianni] Tor
Vergata Univ Rome, Fac Econ, Rome, Italy; [Duxbury, Darren] Newcastle Univ,
Accounting & Finance Grp, Business Sch, Tyne, England Ranyard, R (corresponding
author), Univ Leeds, Business Sch, Leeds, W Yorkshire, England.
r.ranyard@leeds.ac.uk Ranyard, Rob/0000-0003-4293-9510 Leverhulme
TrustLeverhulme Trust [ECF-2015-067] Leverhulme Trust, Grant/Award Number:
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WILEY HOBOKEN 111 RIVER ST, HOBOKEN 07030-5774, NJ USA 0022-0078 1745-
6606 J CONSUM AFF J. Consum. Aff. SEP 2020 54 3
1121 1156 10.1111/joca.12322 JUL 2020 36
Business; Economics Business & Economics NS0TM WOS:000547175400001
hybrid 2021-10-06
J Fernandes, D; Lynch, JG; Netemeyer, RG Fernandes, Daniel;
Lynch, John G., Jr.; Netemeyer, Richard G. Financial Literacy,
Financial Education, and Downstream Financial Behaviors MANAGEMENT SCIENCE
English Article behavioral
economics; household finance; consumer behavior; education systems; public policy;
government programs; statistics; causal effects; design of experiments; meta-
analysis; financial education; financial literacy INSTRUMENTAL VARIABLES; SELF-
EFFICACY; SCALE; IDENTIFICATION; PROPENSITY; VALIDATION; SEARCH; NUMBER; TIME
Policy makers have embraced financial education as a necessary antidote to
the increasing complexity of consumers' financial decisions over the last
generation. We conduct a meta-analysis of the relationship of financial literacy
and of financial education to financial behaviors in 168 papers covering 201 prior
studies. We find that interventions to improve financial literacy explain only 0.1%
of the variance in financial behaviors studied, with weaker effects in low-income
samples. Like other education, financial education decays over time; even large
interventions with many hours of instruction have negligible effects on behavior 20
months or more from the time of intervention. Correlational studies that measure
financial literacy find stronger associations with financial behaviors. We conduct
three empirical studies, and we find that the partial effects of financial literacy
diminish dramatically when one controls for psychological traits that have been
omitted in prior research or when one uses an instrument for financial literacy to
control for omitted variables. Financial education as studied to date has serious
limitations that have been masked by the apparently larger effects in correlational
studies. We envisage a reduced role for financial education that is not elaborated
or acted upon soon afterward. We suggest a real but narrower role for "just-in-
time" financial education tied to specific behaviors it intends to help. We
conclude with a discussion of the characteristics of behaviors that might affect
the policy maker's mix of financial education, choice architecture, and regulation
as tools to help consumer financial behavior. [Fernandes, Daniel] Erasmus Univ,
Rotterdam Sch Management, NL-3000 DR Rotterdam, Netherlands; [Fernandes, Daniel]
Catholic Univ Portugal, Catolica Lisbon Sch Business & Econ, P-1649023 Lisbon,
Portugal; [Lynch, John G., Jr.] Univ Colorado, Leeds Sch Business, Boulder, CO
80309 USA; [Netemeyer, Richard G.] Univ Virginia, McIntire Sch Commerce,
Charlottesville, VA 22904 USA Fernandes, D (corresponding author), Erasmus Univ,
Rotterdam Sch Management, NL-3000 DR Rotterdam, Netherlands.
daniel.fernandes@ucp.pt; john.g.lynch@colorado.edu; rgn3p@comm.virginia.edu
Lynch, John G./AAV-5203-2020 Lynch, John G./0000-0002-4094-3738; Fernandes,
Daniel/0000-0002-1318-9290 National Endowment for Financial Education The
authors are grateful to the National Endowment for Financial Education for
financial support for this work. The authors thank Michael Collins, John Gewke,
Oliver Rutz, Karen Schmitt, and Yacheng Sun for statistical advice. They are
grateful for comments from the associate editor and referees, and from audience
members at the Boulder Summer Conference on Consumer Financial Decision Making, the
City University of New York, the Hebrew University of Jerusalem, the National
Endowment for Financial Education, the University of Michigan, the University of
Wisconsin-Madison, the U.S. Consumer Financial Protection Bureau, the University of
Colorado's Center for Research on Consumer Financial Decision Making, Institute of
Cognitive Sciences, and the University of Colorado Law School. The usual disclaimer
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INFORMS CATONSVILLE 5521 RESEARCH PARK DR, SUITE 200, CATONSVILLE, MD
21228 USA 0025-1909 1526-5501 MANAGE SCI Manage. Sci. AUG 2014
60 8 1861 1883 10.1287/mnsc.2013.1849
23 Management; Operations Research & Management Science Business &
Economics; Operations Research & Management Science AP1YN WOS:000341868400001
2021-10-06
J Mueller, EA; Wood, SA; Hanoch, Y; Huang, YM; Reed, CL
Mueller, Emily A.; Wood, Stacey A.; Hanoch, Yaniv; Huang, Yumi; Reed,
Catherine L. Older and wiser: age differences in susceptibility to
investment fraud: the protective role of emotional intelligence JOURNAL OF ELDER
ABUSE & NEGLECT English Article
Emotional intelligence; decision-making; susceptibility to persuasion
INDIVIDUAL-DIFFERENCES; DECISION-MAKING; ADULTS; SCAMS; LIFE There have
been inconsistent results regarding whether older adults are more vulnerable to
fraud than younger adults. The two main goals of this study were to investigate the
claim that there is an age-related vulnerability to fraud and to examine whether
emotional intelligence (EI) may be associated with fraud susceptibility.
Participants (N = 281; 18-82 years; M = 53.4) were recruited via Amazon's
Mechanical Turk and completed measures of EI, decision-making, and scam
susceptibility. Participants who scored higher on "ability" EI were less
susceptible to scams. The "younger" group (M = 2.50, SD = 1.06) was more
susceptible to scams than the "older" group, p <.001, d = 0.56, while the "older"
group (M = 4.64, SD = 1.52) reported the scams as being more risky than the
"younger" group, p =.002, d = 0.37. "Older" participants were more sensitive to
risk, less susceptible to persuasion, and had higher than average emotional
understanding. Emotional understanding was found to be a partial mediator for age-
related differences in scam susceptibility and susceptibility to persuasion.
[Mueller, Emily A.; Wood, Stacey A.] Scripps Coll, Dept Psychol, Claremont,
CA 91711 USA; [Hanoch, Yaniv] Univ Southampton, Southampton Business Sch, Fac
Social Sci, Southampton, Hants, England; [Huang, Yumi] Claremont Grad Univ, Inst
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Psychol, Claremont, CA 91711 USA Wood, SA (corresponding author), Scripps Coll,
Claremont, CA 91711 USA. swood@scrippscollege.edu Hanoch,
Yaniv/0000-0001-9453-4588 Anderson K.B., 2016, MASS MARKET
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38 2 2 3 14 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
0894-6566 1540-4129 J ELDER ABUSE NEGL J. Elder Abuse Negl.
MAR 14 2020 32 2 152 172
10.1080/08946566.2020.1736704 MAR 2020 21 Gerontology Geriatrics &
Gerontology MK7PE WOS:000519882000001 32149596 Green Accepted
2021-10-06
J Filippini, M; Kumar, N; Srinivasan, S Filippini,
Massimo; Kumar, Nilkanth; Srinivasan, Suchita Energy-related financial
literacy and bounded rationality in appliance replacement attitudes: evidence from
Nepal ENVIRONMENT AND DEVELOPMENT ECONOMICS English Article
bounded rationality; energy literacy; financial
literacy; households; Nepal EFFICIENCY GAP; CONSERVATION; INVESTMENT; ECONOMICS;
AWARENESS; DEMAND As countries develop, they are likely to face challenges in
meeting growing energy demand and in ensuring energy security. Given this, and the
problem of climate change, improving demand-side energy efficiency is pivotal to
ensuring sustainable development. However, agents often underinvest in energy-
efficient technologies due to behavioral failures such as low levels of energy-
related financial literacy, defined as the combination of energy knowledge and
cognitive abilities needed to evaluate the lifetime costs of durables. Using novel
data, we analyze the levels and determinants of energy-related financial literacy
of households in urban areas in the eastern lowlands of Nepal, and whether it is
correlated with their attitudes towards replacement of energy-inefficient
appliances. We find that respondents have low levels of energy-related financial
literacy, and higher levels of literacy are associated with more rational attitudes
towards appliance replacement. The findings of this study are relevant to
addressing the energy-efficiency gap in developing countries. [Filippini,
Massimo; Kumar, Nilkanth; Srinivasan, Suchita] Swiss Fed Inst Technol, Ctr Econ Res
CER ETH, Zurich, Switzerland; [Filippini, Massimo] Univ Svizzera Italiana, Lugano,
Switzerland Srinivasan, S (corresponding author), Swiss Fed Inst Technol, Ctr Econ
Res CER ETH, Zurich, Switzerland. suchitas@ethz.ch Filippini, Massimo/K-8155-
2013 Filippini, Massimo/0000-0002-5972-4439 Allcott H, 2012, J ECON
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36 4 4 0 2 CAMBRIDGE UNIV PRESS NEW YORK 32 AVENUE OF
THE AMERICAS, NEW YORK, NY 10013-2473 USA 1355-770X 1469-4395 ENVIRON DEV
ECON Environ. Dev. Econ. AUG 2020 25 4 399
422 PII S1355770X20000078 10.1017/S1355770X20000078 24
Economics; Environmental Studies Business & Economics; Environmental
Sciences & Ecology MO4BD WOS:000551472500005 Green Submitted
2021-10-06
J Zou, J; Deng, XJ Zou, Jing; Deng, Xiaojun
Financial literacy, housing value and household financial market
participation: Evidence from urban China CHINA ECONOMIC REVIEW
English Article Financial literacy;
Housing value; Household financial market participation; IV probit; PSM
PORTFOLIO CHOICE; PROPENSITY SCORE; RISK-AVERSION; STOCK; CONSUMPTION;
INVESTMENT; WEALTH; TRUST Using data from the 2012 consumer finance survey in
China, we extend the literature on household finance by examining the effects of
both financial literacy and housing value on household financial market
participation, the role of which has been examined separately in the existing
literature. The results show that financial literacy significantly improves the
probability of household financial market participation, while the housing value
has an obvious "crowding-out effect" on household financial market participation in
urban China. Further research finds that the role of financial literacy in
household financial market participation in households with a low housing value is
stronger than that in households with a high housing value. Furthermore, the study
of the regional differences shows that among households with a high housing value,
financial literacy plays a more significant role in household bond market
participation in less-developed cities. Among households with a low housing value,
improvement in financial literacy plays a more significant role in household fund
market participation in less-developed cities and under-developed cities. Our
findings remain robust after alleviating potential bias due to endogenous problems
by applying the instrumental variable (IV) method and propensity score matching
(PSM) method. Finally, the paper proposes corresponding policy recommendations.
[Zou, Jing] Shanghai Univ Finance & Econ, Sch Publ Econ & Adm, Shanghai
200433, Peoples R China; [Deng, Xiaojun] Zhejiang Univ Finance & Econ, Sch Econ,
Hangzhou 310018, Zhejiang, Peoples R China Deng, XJ (corresponding author),
Zhejiang Univ Finance & Econ, Sch Econ, Hangzhou 310018, Zhejiang, Peoples R China.
mijun45@163.com National Natural Science Foundation of
ChinaNational Natural Science Foundation of China (NSFC) [41601039]; Graduate
Student Innovation Funding of SUFE [CXJJ-2017-404] The research was funded by
National Natural Science Foundation of China (Grant No. 41601039) and Graduate
Student Innovation Funding of SUFE (Grant No. CXJJ-2017-404). Alan S, 2006, REV
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YORK, NY 10169 USA 1043-951X 1873-7781 CHINA ECON REV China Econ.
Rev. JUN 2019 55 52 66
10.1016/j.chieco.2019.03.008 15 Economics Business &
Economics HZ9HE WOS:000469165600004 2021-10-06
J Zhao, JM; Li, TC Zhao, Jingmei; Li, Tiancheng
Social Capital, Financial Literacy, and Rural Household Entrepreneurship: A
Mediating Effect Analysis FRONTIERS IN PSYCHOLOGY English
Article social capital; household
entrepreneurship; financial literacy; mediating effect; information communications
technologies; rural China INNOVATION CAPABILITY; NETWORKS; KNOWLEDGE; ACCESS;
FACE; COMMUNICATION; CONSTRAINTS; TRANSITION; EMPLOYMENT; INVESTMENT In rural
areas, entrepreneurship helps lift households out of poverty by alleviating
unemployment and increasing income, and financial literacy plays an important role
in promoting entrepreneurship. Social capital is a resource embedded in social
relationships, the boundaries of which have been expanded by the development of
information communications technologies (ICTs). This article aims to link social
capital, financial literacy, and rural entrepreneurship through a partial mediating
effect analysis. Using data from the 2015 China Household Finance Survey (CHFS), we
analyze how social capital affects rural entrepreneurship and the role of local
ICTs development in this effect while also accounting for reverse causality. We
construct a social capital indicator, mainly referring to bridging social capital,
and two financial literacy indicators to make the conclusions robust. The empirical
results show that social capital promotes rural entrepreneurship by sharing
financial literacy. Furthermore, the spread of ICTs enhances this mediating effect.
Our study provides empirical evidence for encouraging entrepreneurship and
promoting knowledge sharing and implies the importance of ICTs in promoting
entrepreneurship in rural areas.</p> [Zhao, Jingmei] Southwestern Univ Finance
& Econ, Sch Finance, Chengdu, Peoples R China; [Li, Tiancheng] Southwestern Univ
Finance & Econ, Res Inst Econ & Management, Chengdu, Peoples R China Li, TC
(corresponding author), Southwestern Univ Finance & Econ, Res Inst Econ &
Management, Chengdu, Peoples R China. ltc@smail.swufe.edu.cn
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10.1007/s10902-015-9622-z 85 0 0 1 1 FRONTIERS MEDIA SA
LAUSANNE AVENUE DU TRIBUNAL FEDERAL 34, LAUSANNE, CH-1015, SWITZERLAND
1664-1078 FRONT PSYCHOL Front. Psychol. AUG 27 2021
12 724605
10.3389/fpsyg.2021.724605 13 Psychology, Multidisciplinary
Psychology UT1HM WOS:000697874400001 34512479 gold, Green Published
2021-10-06
J Dang, TV; Xu, ZX Dang, Tri Vi; Xu, Zhaoxia
Market Sentiment and Innovation Activities JOURNAL OF FINANCIAL AND
QUANTITATIVE ANALYSIS English Article
CASH FLOW SENSITIVITIES; INVESTOR SENTIMENT; STOCK-MARKET; CORPORATE-
INVESTMENT; CEO OVERCONFIDENCE; GROWTH; OPPORTUNITIES; LIQUIDITY; BUBBLES; PRICES
We investigate potential mechanisms through which market-wide sentiment
affects firms' innovation activities. We provide evidence for the financing channel
by showing that financially constrained firms are more likely to issue equity and
invest more in research and development (R&D) than financially unconstrained firms
at high market sentiment. Using time-varying manager sentiment measures, we find
suggestive evidence for a sentiment spillover channel whereby market sentiment
affects R&D investments through influencing manager sentiment. Furthermore, better
patent portfolios are produced from R&D investments stimulated by high market
sentiment. Market sentiment has a stronger impact on R&D than the capital
expenditures of financially constrained firms. [Dang, Tri Vi] Columbia Univ, Dept
Econ, New York, NY 10027 USA; [Xu, Zhaoxia] UNSW, Business Sch, Sch Banking &
Finance, Sydney, NSW, Australia Dang, TV (corresponding author), Columbia Univ,
Dept Econ, New York, NY 10027 USA. td2332@columbia.edu; zhaoxia.xu@unsw.edu.au
Xu, Zhaoxia/0000-0003-4112-9479 Acharya VV, 2007, J FINANC
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1090 1756-6916 J FINANC QUANT ANAL J. Financ. Quant. Anal. JUN 2018
53 3 1135 1161
10.1017/S0022109018000078 27 Business, Finance; Economics
Business & Economics GJ3TA WOS:000435220200006
2021-10-06
J Lee, T Lee, Taejun (David) Clear,
conspicuous, and improving US corporate websites for critical financial literacy in
retirement INTERNATIONAL JOURNAL OF BANK MARKETING English
Article Financial literacy; Corporate
websites; Disclosure information; Online CCS guidance; Retirement savings and
investments ADVERTISING DISCLOSURES; COMMUNICATION STRATEGIES; CONSUMER LITERACY;
KNOWLEDGE; PROTECTION; EDUCATION; SERVICES; BEHAVIOR; SAVINGS; DECISIONS
Purpose - The economic downturn and financial meltdown in the changing
retirement savings and pension landscape in the US placed individual investors and
financial companies at risk. Recognizing the need for more financial literacy among
investors, the US financial services companies for retirement plans and investment
options (i.e. the retirement financial services providers (RFSPs)) have stepped up
consumer marketing, particularly through creation of corporate websites. Seeing
their potential for increasing literacy and aiding consumer financial decisions, a
majority of RFSPs are promoting websites and a large number of consumers use them.
With this backdrop, the purpose of this paper is to examine the use of these
websites and their conformity to existing regulations regarding design and
structure. Design/methodology/approach - The present study used a quantitative
content analysis to examine the types of disclosure information presented on the
corporate websites of RFSPs during 2013- 2015. It also examined the adherence to
the Federal Trade Commission's (FTC) clear and conspicuous standards (CCS)
disclosure guidelines over the three- year period. Finally, this study examined the
levels of financial literacy activities employed on 164 RFSPs' websites over the
three- year period. Findings - This study shows that RFSPs are increasingly
providing disclosure information for target consumers via their websites. Although
problems still exist with the presentation of that material in terms of the FTC's
suggestions for prominence, there have been some improvements in compliance with
proximity of disclosures. In addition, just under one- fourth of the RFSPs were
providing tactics and features on their websites to potentially aid in the creation
and maintenance of critical financial literacy and acumen. Practical implications -
The key point emerging from this analysis is that financial services providers,
regulators, advocacy groups, and policymakers should continue to address varying
levels of financial literacy activities to promote the deliberation and discussion
of the retirement issues and topics across media while facilitating the provision
and dissemination of financial information and data in a clear and conspicuous
manner. Originality/value - This is the first study to explore the content of
RFSPs' websites with regard to disclosure information, adherence to FTC CCS
disclosure guidelines, and the use of techniques related to various levels of
financial literacy from 2013- 2015. [Lee, Taejun (David)] KDI Sch Publ Policy &
Management, Sejong, South Korea Lee, T (corresponding author), KDI Sch Publ
Policy & Management, Sejong, South Korea. davidtjlee@gmail.com
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EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY
BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937 INT J BANK MARK
Int. J. Bank Mark. 2017 35 5 SI 761
780 10.1108/IJBM-01-2016-0010 20 Business
Business & Economics FC6RY WOS:000406970300002
2021-10-06
J Garcia-Perez-de-Lema, D; Ruiz-Palomo, D; Dieguez-Soto, J
Garcia-Perez-de-Lema, Domingo; Ruiz-Palomo, Daniel; Dieguez-Soto, Julio
Analysing the roles of CEO's financial literacy and financial
constraints on Spanish SMEs technological innovation TECHNOLOGY IN SOCIETY
English Article Financial literacy;
Financial constraints; Technological innovation; SMEs PRODUCT INNOVATION;
EMPIRICAL-EVIDENCE; SMALL FIRMS; DETERMINANTS; PERFORMANCE; INVESTMENT; RESOURCE;
ACCESS; IMPACT; RECOMMENDATIONS Drawing on human capital and upper echelons
theories, this study analyses how CEO?s financial literacy in-fluences a firm?s
technological innovation and investigates the mediating role of alleviating
financial constraints of Small and Medium-sized Enterprises (SMEs) in the former
relationship. We develop and test hypotheses applying a Structural Equation Model
to a sample of 310 Spanish SMEs. The results show that CEO?s financial literacy
exerts both a direct and an indirect impact, through alleviating financial
constraints, on a firm?s tech-nological innovation. [Garcia-Perez-de-Lema,
Domingo] Tech Univ Cartagena, Fac Business Studies, Dept Accounting & Finance,
Calle Real 3, Cartagena 30201, Spain; [Ruiz-Palomo, Daniel; Dieguez-Soto, Julio]
Univ Malaga, Fac Econ & Business Adm, Dept Accounting & Finance, Campus El Ejido,
Malaga 29071, Spain Ruiz-Palomo, D (corresponding author), Univ Malaga, Fac
Econ & Business Adm, Dept Accounting & Finance, Campus El Ejido, Malaga 29071,
Spain. domingo.garcia@upct.es; drp@uma.es; jdieguez@uma.es Palomo, Daniel
Ruiz/C-1549-2019; Dieguez-Soto, Julio/H-5608-2015 Palomo, Daniel Ruiz/0000-
0003-4404-8017; Dieguez-Soto, Julio/0000-0001-5116-5604; Garcia Perez de Lema,
Domingo/0000-0001-6951-4630 Spanish Association of Accounting and Business
Administration (AECA); Firm Feasability Chair at the University of Malaga Data
collection was partially supported by both the Spanish Association of Accounting
and Business Administration (AECA), and the Firm Feasability Chair at the
University of Malaga. The funding sources have no other involvement or decision in
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125 3 3 6 7 ELSEVIER SCI LTD OXFORD THE BOULEVARD,
LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND 0160-791X 1879-3274
TECHNOL SOC Technol. Soc. FEB 2021 64
101519 10.1016/j.techsoc.2020.101519 12 Social
Issues; Social Sciences, Interdisciplinary Social Issues; Social Sciences -
Other Topics QW6VK WOS:000628785200001 2021-10-06
J Li, Y; Burr, JA; Miller, EA Li, Yang; Burr, Jeffrey A.;
Miller, Edward Alan Pension Plan Types and Financial Literacy in
Later Life GERONTOLOGIST English Article
Defined benefit plans; Defined contribution plans; Health and
Retirement Study; Human capital DECISION-MAKING; HEALTH LITERACY; OLDER-ADULTS;
WORKPLACE; EDUCATION Background and Objectives The ongoing shift from defined
benefit (DB) to defined contribution (DC) pension plans means that middle-aged and
older adults are increasingly being called upon to manage their own fiscal security
in retirement. Yet, half of older Americans are financially illiterate, lacking the
knowledge and skills to manage financial resources. This study investigates whether
pension plan types are associated with varying levels of financial literacy among
older Americans. Research Design and Methods Cross-sectional analyses of the 2010
Health and Retirement Study (HRS) (n = 1,281) using logistic and linear regression
models were employed to investigate the association between different pension plans
and multiple indicators of financial literacy. The potential moderating effect of
gender was also examined. Results Respondents with DC plans, with or without
additional DB plans, were more likely to correctly answer various financial
literacy questions, in comparison with respondents with DB plans only. Men with
both DC and DB plans scored significantly higher on the financial literacy index
than women with both types of plans, relative to respondents with DB plans only.
Discussion and Implications Middle-aged and older adults, who are incentivized by
participation in DC plans to manage financial resources and decide where to invest
pension funds, tend to self-educate to improve financial knowledge and skills,
thereby resulting in greater financial literacy. This finding suggests that
traditional financial education programs may not be the only means of achieving
financial literacy. Further consideration should be given to providing older adults
with continued, long-term exposure to financial decision-making opportunities.
[Li, Yang; Burr, Jeffrey A.; Miller, Edward Alan] Univ Massachusetts, Dept
Gerontol, John E McCormack Grad Sch Policy & Global Studies, 100 Morrissey Blvd,
Boston, MA 02125 USA Li, Y (corresponding author), Univ Massachusetts, Dept
Gerontol, John E McCormack Grad Sch Policy & Global Studies, 100 Morrissey Blvd,
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39 5 5 2 20 OXFORD UNIV PRESS INC CARY JOURNALS DEPT,
2001 EVANS RD, CARY, NC 27513 USA 0016-9013 1758-5341 GERONTOLOGIST
Gerontologist APR 2019 59 2 260 270
10.1093/geront/gnx135 11 Gerontology Geriatrics & Gerontology
HQ7KC WOS:000462597900015 28958076 2021-10-06
J Foster, FD; Ng, J; Wee, M Foster, F. Douglas; Ng,
Juliana; Wee, Marvin Presentation Format and Financial Literacy:
Accessibility and Assessability of Retirement Savings Statements JOURNAL OF
CONSUMER AFFAIRS English Article
INFORMATION; EDUCATION; PERCEPTIONS; KNOWLEDGE; COST While increased
financial literacy may improve individual retirement savings decisions, modifying
the placement of key information in retirement savings statements can produce
further improvements. We examined the extent to which placement of information and
financial literacy affected the accessibility of information for individuals and
assisted in their financial decision making. We also disaggregated financial
literacy into numeracy and knowledge to identify key drivers. Using an experimental
design, we find the increased salience resulting from modifying the presentation
format improved participants' ability to locate important information
(accessibility) and to evaluate the relative performance of funds (assessability).
However, the incremental benefits of placement are only found for individuals with
moderate numeracy skills. We conclude there is value accruing from financial
literacy programs as advocated by regulators, but suggest additional benefits may
be reaped from focusing on numeracy skills and from using presentation formats that
improve information accessibility and assessability. [Foster, F. Douglas] Univ
Technol Sydney, Sydney, NSW 2007, Australia; [Ng, Juliana] Australian Natl Univ,
Canberra, ACT 0200, Australia; [Wee, Marvin] Univ Western Australia, Nedlands, WA
6009, Australia Foster, FD (corresponding author), Univ Technol Sydney, Sydney,
NSW 2007, Australia. Douglas.Foster@uts.edu.au; juliana.ng@anu.edu.au;
marvin.wee@uwa.edu.au Wee, Marvin/H-6065-2014 Wee, Marvin/0000-0002-3097-9091
University of Western Australia Research Development AwardsF. Douglas Foster
(Douglas. Foster@uts.edu.au) is a Professor at the University of Technology Sydney,
Juliana Ng (juliana.ng@anu.edu.au) is a Professor at the Australian National
University, and Marvin Wee (marvin.wee@uwa.edu.au) is an Associate Professor at the
University of Western Australia. The authors appreciate the helpful comments by the
anonymous reviewer, Paul Gerrans, Susan Thorp, Geoff Warren, David Woodliff, the
participants of the pilot study and interviews, and the participants at the
research seminars at The University of Western Australia and Macquarie University.
Wee gratefully acknowledges financial support from the University of Western
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10.1111/joca.12087 31 Business; Economics Business &
Economics DA2WR WOS:000367658400002 2021-10-06
J Zheng, Y; Osmer, E; Zhang, RY Zheng, Yao; Osmer, Eric;
Zhang, Ruiyi Sentiment hedging: How hedge funds adjust their
exposure to market sentiment JOURNAL OF BANKING & FINANCE English
Article Hedge funds; Market sentiment; Fund
age; Fund size; Incentive fees MUTUAL FUNDS; INVESTMENT PERFORMANCE; BOOTSTRAP
ANALYSIS; CROSS-SECTION; STOCK RETURNS; TIME; RISK; LIQUIDITY; STRATEGIES; BUBBLE
We investigate a new facet of hedging ability among hedge fund managers.
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market exposure of their portfolios to changes in market sentiment. Out-of-sample
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outperform funds having the highest positive sentiment exposure by 1.7%-2.4% per
year. The results remain persistent for both the sub-period analysis and the
analysis excluding crisis periods. We also find that a hedge fund's willingness to
take on sentiment exposure decreases with fund age and fund size and increases with
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data biases, as well as using alternative sentiment measures. (C) 2017 Elsevier
B.V. All rights reserved. [Zheng, Yao; Osmer, Eric] Northern Illinois Univ, De
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10.1016/j.jbankfin.2017.11.016 14 Business, Finance;
Economics Business & Economics FX6XQ WOS:000426231000011
2021-10-06
J Clark, R; Lusardi, A; Mitchell, OS Clark, Robert; Lusardi,
Annamaria; Mitchell, Olivia S. Financial knowledge and 401(k)
investment performance: a case study JOURNAL OF PENSION ECONOMICS & FINANCE
English Article Financial
literacy; investment returns; retirement saving plans LITERACY We explore whether
investors who are more financially knowledgeable earn more on their retirement plan
investments compared with their less sophisticated counterparts, using a unique new
dataset linking administrative data on investment performance and financial
knowledge. Results show that the most financially knowledgeable investors: (a) held
18% points more stock than their least knowledgeable counterparts; (b) could
anticipate earning 8 basis points per month more in excess returns; (c) had 40%
higher portfolio volatility; and (d) held portfolios with about 38% less
idiosyncratic risk, as compared with their least savvy counterparts. Our results
are qualitatively similar after controlling on observables as well as modeling
sample selection. We also examine portfolio changes to assess the potential impact
of the financial literacy intervention. Controlling on other factors, those who
elected to take the financial literacy survey boosted their equity allocations by
66 basis points and their monthly expected excess returns rose by 2.3 basis points;
no significant difference in volatility or non-systematic risk was detected before
versus after the survey. While these findings relate to only one firm, we
anticipate that they may spur other efforts to enhance financial knowledge in the
workplace. [Clark, Robert] North Carolina State Univ, Poole Coll Management, Box
7229, Raleigh, NC 27695 USA; [Lusardi, Annamaria] George Washington Univ, Sch
Business, 2201 G St,Suite 450E,Duques Hall, Washington, DC 20052 USA; [Mitchell,
Olivia S.] Univ Penn, Wharton Sch, 3620 Locust Walk,3000 SH DH, Philadelphia, PA
19104 USA Clark, R (corresponding author), North Carolina State Univ, Poole Coll
Management, Box 7229, Raleigh, NC 27695 USA. robert_clark@ncsu.edu
Pension Research Council/Boettner Center at the Wharton School of the
University of Pennsylvania; Office of Employee Benefits at the Federal Reserve
System Research support for the work reported herein was provided by the
Pension Research Council/Boettner Center at the Wharton School of the University of
Pennsylvania, as well as the Office of Employee Benefits at the Federal Reserve
System that provided the data for the study and partial funding for the project.
Without implicating them, we are grateful for useful comments provided by William
Clark, Pierre-Carl Michaud, Ryan Peters, Petra Todd, Ning Tang, and Steven Utkus.
We are also appreciative of excellent programming assistance from Yong Yu. Opinions
and conclusions expressed herein are solely those of the authors and do not
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10.1017/S1474747215000384 24 Business, Finance; Economics
Business & Economics EY1MA WOS:000403728800004 Green Published
2021-10-06
J Clarke, C Clarke, Chris Learning to fail:
resilience and the empty promise of financial literacy education CONSUMPTION
MARKETS & CULTURE English Article
financial literacy education; mass investment culture; neoliberalism;
economic citizenship; resilience; financial capability NEW-LABOR; CRISIS;
COMMUNITY; TRAUMA The requirement to build economic resilience in people has become
a concern for the UK Government, regulators, and the financial services industry.
Transposed to the realm of financial literacy education (FLE), the resilience
doctrine performs particular effects in relation to the naturalisation and
individualisation of financial market relations. At the same time, it tends to
speak of the inevitability of market failures and crashes. I argue that based on
these features, the effect of the resilience doctrine is to mask the "empty
promise" of FLE programmes: the irreconcilable gap between the empowerment
discourse surrounding what such agendas are meant to achieve for ordinary people
and the latter's actual success in securing their security and well-being through
financial markets. The paradoxical element of resilience talk is that it at once
serves to further legitimise financial education attempts, while providing an
opportune reason for failures judged even on its own terms.Univ Warwick, Dept Polit
& Int Studies, Coventry CV4 7AL, W Midlands, England Clarke, C (corresponding
author), Univ Warwick, Dept Polit & Int Studies, Coventry CV4 7AL, W Midlands,
England. c.d.clarke@warwick.ac.uk British International Studies
Association International Political Economy Group; University of Warwick's
Department of Politics and International Studies; Institute of Advanced Study
I would like to thank Janine Brodie, Adrienne Roberts, Alex Sutton, Matthew
Watson, and participants of the workshop "Financial Resilience in Light of the
Crisis" (sponsored by the British International Studies Association International
Political Economy Group, as well as the University of Warwick's Department of
Politics and International Studies and the Institute of Advanced Study) for their
comments on earlier versions of this article. I also thank three anonymous
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10.1080/10253866.2014.1000315 20 Business Business &
Economics CJ0VA WOS:000355195500003 Green Submitted 2021-
10-06
J Bialowolski, P; Cwynar, A; Weziak-Bialowolska, D
Bialowolski, Piotr; Cwynar, Andrzej; Weziak-Bialowolska, Dorota
Financial management, division of financial management power and financial
literacy in the family context - evidence from relationship partner dyads
INTERNATIONAL JOURNAL OF BANK MARKETING English Article
Financial literacy; Couples; Dyadic data; Household
financial management DECISION-MAKING; HOUSEHOLD; EDUCATION; COUPLES; INVESTMENT;
CONFIDENCE; CHILDHOOD; STRESS; LIFE Purpose - The article aims to study the
relationship between the assignments of financial management responsibilities and
the level of financial literacy within married and cohabitating couples.
Design/methodology/approach - The link between household financial management and
the financial literacy of union partners was examined using dyadic survey data. In
the dyadic multilevel regression analysis, the financial management process was
scrutinized, and two distinct measures of financial literacy (tested and self-
assessed) were used as the outcomes in the analysis. Findings - The extent to which
married and cohabitating individuals engage in household financial management was
found to positively correlate with their financial literacy. Self-reports about the
division of financial management responsibilities were found to be biased with
individuals typically overestimating their share in household financial management.
Consequently, the status of household financial manager was not as crucial for
financial literacy as was the self-perception of engagement in household financial
management. Despite the benefits of intrahousehold labor specialization, delegation
of sole responsibility for household financial matters may place the person who
waives the responsibility at a serious risk of self-exclusion from lifelong
financial learning. Originality/value - The article uses dyadic data (from married
and cohabiting couples), which ensures more rigorous and accurate evidence for the
link between the household financial management and financial literacy. A novel
approach to the analytical treatment of partners' contradictory reports on the role
of couple's financial manager is also proposed. The breadth of household financial
management is captured by analyzing three stages of the process: proposing,
decision-making and implementation of financial solutions or actions.
[Bialowolski, Piotr; Weziak-Bialowolska, Dorota] Harvard Univ, Dept Environm
Hlth Sustainabil & Hlth Initiat SHI, Harvard TH Chan Sch Publ Hlth, Cambridge, MA
02138 USA; [Bialowolski, Piotr] WSB Univ, Dept Management, Dabrowa Gornicza,
Poland; [Cwynar, Andrzej] Univ Econ & Innovat Lublin, Fac Adm & Social Sci, Lublin,
Poland Bialowolski, P (corresponding author), Harvard Univ, Dept Environm Hlth
Sustainabil & Hlth Initiat SHI, Harvard TH Chan Sch Publ Hlth, Cambridge, MA 02138
USA.; Bialowolski, P (corresponding author), WSB Univ, Dept Management, Dabrowa
Gornicza, Poland. pbialowolski@hsph.harvard.edu Bialowolski, Piotr/AAI-8393-2020;
Cwynar, Andrzej/AAD-5409-2019; Weziak-Bialowolska, Dorota/AAF-7827-2020
Bialowolski, Piotr/0000-0003-4102-0107; Cwynar, Andrzej/0000-0003-2702-0397;
Weziak-Bialowolska, Dorota/0000-0003-2711-2283 Polish Ministry of Science and
Higher Education grant [program "Dialogue" (project entitled "Debt Watch")]
[0057/DLG/2016/10] This work was supported by Polish Ministry of Science and
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10.1108/IJBM-01-2020-0023 26 Business Business &
Economics NC7XH WOS:000561427400007 2021-10-06
J Castro, R; Fortunato, A Castro, Ruben; Fortunato, Andres
Is financial literacy an economic good? CEPAL REVIEW
English Article Finance; consumption;
consumer education; measurement; evaluation; mathematical analysis; Chile
Financial literacy (FL) is generally regarded as an economic good which
individuals choose whether or not to consume depending on how much of a
contribution they expect it to make to the quality of their financial decision-
making. This construct has not, however, been tested empirically. In this study we
analyse variations in FL on the part of individuals who experience major life-cycle
events that show up in the data and that can be assumed to have repercussions on
their personal finances. The analysis of a panel made up of approximately 12,000
people indicates that there is a correlation between 13 of the 17 selected life
events and financial decisions, but only one of those events (job training) is
associated with a change in FL. This evidence casts doubt upon the
conceptualization of FL as an economic good and is in line with a series of other
studies that, for one reason or another, have questioned the soundness of the
current conceptual approach to FL. [Castro, Ruben] Diego Portales Univ, Publ
Policy Inst, Santiago, Chile; [Fortunato, Andres] Univ Chile, Sch Econ, Santiago,
Chile Castro, R (corresponding author), Diego Portales Univ, Publ Policy Inst,
Santiago, Chile. ruben.castro@udp.cl; fortunato@hotmail.cl Castro, Ruben E/J-1948-
2015 Castro, Ruben E/0000-0002-7289-9081 Agarwal S., 2009, BROOKINGS
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Economics Business & Economics CY1FT WOS:000366152800008
2021-10-06
J Gerrans, P; Hershey, DA Gerrans, Paul; Hershey, Douglas A.
Financial Adviser Anxiety, Financial Literacy, and Financial Advice
Seeking JOURNAL OF CONSUMER AFFAIRS English Article
EDUCATION; OUTCOMES Seeking professional
financial advice to assist with financial decision making is an important option
for consumers faced with increased responsibility for their own financial
circumstances. We explore the role of two potential barriers/enablers to accessing
financial advice. First, we explore the role of a variety of financial literacy
measures to explain observed financial advice consultation. Second, we introduce a
newly developed measure of financial adviser anxiety. We define adviser anxiety as
(an existing or prospective clients') concerns involving the prospect of meeting
with a financial adviser. The notion of adviser anxiety is inspired by evidence
from medical settings that suggest individuals may refrain from seeking advice when
objectively, it is in their best interests to do so. This anxiety may be due to
embarrassment, worry, or other forms of apprehension associated with the
consultation process. A new scale is presented which has strong validity and a
demonstrated ability to explain reported future levels of professional advice
seeking. [Gerrans, Paul] Univ Western Australia, UWA Business Sch, Finance,
Nedlands, WA, Australia; [Hershey, Douglas A.] Oklahoma State Univ, Psychol, Dept
Psychol, Stillwater, OK 74078 USA Gerrans, P (corresponding author), Univ Western
Australia, UWA Business Sch, Finance, Nedlands, WA, Australia.
paul.gerrans@uwa.edu.au; douglas.hershey@okstate.edu Gerrans,
Paul/0000-0002-5690-7141 National Seniors Productive Ageing Centre We
gratefully acknowledge a grant from the National Seniors Productive Ageing Centre
which made this research possible. A technical report from that funded project was
titled "Financial Literacy and Financial Advice Seeking in an Ageing Australia."
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10.1111/joca.12120 37 Business; Economics Business &
Economics EN0QD WOS:000395713600003 Green Submitted 2021-
10-06
J Akhtar, MN; Rehman, KU; Hunjra, AI Akhtar, Muhammad Naeem;
Rehman, Kashif Ur; Hunjra, Ahmed Imran DETERMINANTS OF SHORT-TERM
INVESTMENT DECISION-MAKING ACTUAL PROBLEMS OF ECONOMICS English
Article financial literacy; accounting
information; information asymmetry; openness to experience; short-term investment
RISK-TAKING; INVESTORS This study examines the impact of financial literacy,
accounting information, openness to experience and information asymmetry on the
short-term investment decision-making of the stock market investors. For this
purpose 23-item questionnaire was developed and distributed among 185 stock market
investors through non-probability sampling. The results indicate that all these
factors have a significant effect on the short-term investment decision-making.
Results also indicate that individual investors with higher educational
qualifications have more intentions for short-term investments as compared to the
investors with other qualifications. [Akhtar, Muhammad Naeem; Rehman, Kashif
Ur] Iqra Univ, Islamabad, Pakistan; [Hunjra, Ahmed Imran] Quaid I Azam Univ,
Islamabad, Pakistan Akhtar, MN (corresponding author), Iqra Univ, Islamabad
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MANAGEMENT KYIV VUL PANASA MYMOGO 26, KYIV, 01011, UKRAINE 1993-6788
ACTUAL PROBL ECON Actual Probl. Econ. 2011 125
356 363 8 Economics Business &
Economics 869CJ WOS:000298573000042 2021-10-06
J Willis, LE Willis, Lauren E. Against Financial-
Literacy Education IOWA LAW REVIEW English Review
INDIVIDUAL-DIFFERENCES; BEHAVIORAL ECONOMICS;
VISCERAL INFLUENCES; INFORMATION SEARCH; TASK COMPLEXITY; CONSUMER CHOICE; HEALTH;
IMPACT; RISK; KNOWLEDGE The dominant model of regulation in the United States for
consumer credit, insurance, and investment products is disclosure and unfettered
choice. As these products have become more complex, consumers' inability to
understand them has become increasingly apparent, and the consequences of this
inability more dire. In response, policymakers have embraced financial-literacy
education as a necessary corollary to the disclosure model of regulation. This
education is widely believed to turn consumers into "responsible" and "empowered"
market players, motivated and competent to make financial decisions that increase
their own welfare. The vision created, is of educated, consumers handling their own
credit, insurance, and retirement planning matters by confidently navigating the
bountiful unrestricted marketplace. Although this vision is seductive, promising
both a free market and increased consumer welfare, the predicate belief in the
effectiveness of financial-literacy education lacks empirical support. Moreover,
the belief is implausible, given the velocity of change in the financial
marketplace, the gulf between current consumer skills and those needed to
understand today's complex nonstandardized financial products, the Persistence of
biases in financial decisionmaking, and the disparity between educators and
financial-services firm in resources with which to reach consumers. Harboring this
belief may be innocent, but it is not harmless; the pursuit Of financial literacy
poses costs that almost certainly swamp any benefits. For some consumers, financial
education appears to increase confidence without improving ability, leading to
Worse decisions. Mien, consumers find themselves in dismal financial straits, the
regulation-through-education model blames them for their plight, shaming them and
deflecting calls for effective market regulation. Consumers generally do not serve
as their own doctors and lawyers and for reasons of efficient division of labor
alone, generally should not serve as their own financial experts. The search for
effective financial-literacy education should be replaced by a search far policies
more conducive to good consumer financial outcomes. Loyola Law Sch, Los Angeles,
CA USA Willis, LE (corresponding author), Loyola Law Sch, Los Angeles, CA USA.
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197 285 89 Law Government & Law 395WT
WOS:000262554900004 2021-10-06
J Fonseca, R; Mullen, KJ; Zamarro, G; Zissimopoulos, J
Fonseca, Raquel; Mullen, Kathleen J.; Zamarro, Gema; Zissimopoulos, Julie
What Explains the Gender Gap in Financial Literacy? The Role of
Household Decision Making JOURNAL OF CONSUMER AFFAIRS English
Article EXPECTATIONS; EDUCATION Using
newly collected data from the RAND American Life Panel, we examine potential
explanations for the gender gap in financial literacy, including the role of
marriage and who within a couple makes the financial decisions. BlinderOaxaca
decomposition reveals the majority of the gender gap in financial literacy is not
explained by differences in the characteristics of men and womenbut rather
differences in coefficients, or how literacy is produced. We find that financial
decision making of couples is not centralized in one spouse although it is
sensitive to the relative education level of spouses. [Fonseca, Raquel] Univ
Quebec, Montreal, PQ H3C 3P8, Canada; [Fonseca, Raquel; Mullen, Kathleen J.;
Zamarro, Gema] RAND Corp, Santa Monica, CA 90406 USA; [Zamarro, Gema] Pardee RAND
Grad Sch Publ Policy, Santa Monica, CA USA; [Zissimopoulos, Julie] Schaeffer Ctr
Hlth Policy & Econ, Los Angeles, CA USA; [Zissimopoulos, Julie] Univ So Calif, Los
Angeles, CA 90089 USA Fonseca, R (corresponding author), Univ Quebec, Montreal,
PQ H3C 3P8, Canada. fonseca.raquel@uqam.ca; kmullen@rand.org;
gzamarro@rand.org; zissimop@healthpolicy.usc.edu NIA NIH HHSUnited
States Department of Health & Human ServicesNational Institutes of Health (NIH) -
USANIH National Institute on Aging (NIA) [P30 AG024962] Funding Source: Medline;
NATIONAL INSTITUTE ON AGINGUnited States Department of Health & Human
ServicesNational Institutes of Health (NIH) - USANIH National Institute on Aging
(NIA) [P30AG024962] Funding Source: NIH RePORTER Bernheim BD, 2003, J
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2 47 WILEY-BLACKWELL MALDEN COMMERCE PLACE, 350 MAIN ST, MALDEN
02148, MA USA 0022-0078 J CONSUM AFF J. Consum. Aff. SPR
2012 46 1 90 106 10.1111/j.1745-
6606.2011.01221.x 17 Business; Economics Business & Economics
910NO WOS:000301646700004 23049140 Green Accepted, Green Submitted
2021-10-06
J Hoffmann, A; Otteby, K Hoffmann, Arvid; Otteby, Katarina
Personal finance blogs: Helpful tool for consumers with low financial
literacy or preaching to the choir? INTERNATIONAL JOURNAL OF CONSUMER STUDIES
English Article Consumer Behaviour;
Consumer Education; Consumer Financial Decision Making; Consumer Policy; Consumer
Susceptibility to Informational Influence; Financial Education; Financial Literacy;
Household Finance; Perceived Financial Uncertainty; Personal Finance Blogs
STRUCTURAL EQUATION MODELS; RETAIL INVESTORS; EDUCATION; BEHAVIOR;
SUSCEPTIBILITY; SEARCH; MILLENNIALS; VARIABLES; INTERNET; TYPOLOGY Recent
transitions from defined benefit to defined contribution plans assign greater
individual responsibility to consumers to prepare for retirement and make
consequential financial choices. However, many consumers are ill-equipped to do so,
considering overall low levels of financial literacy. At the same time, there is
increasing controversy about the effectiveness of traditional financial education,
such as high school financial education, counselling and seminars or workshops.
Alternative sources of (just-in-time) financial training or advice may be needed to
financially empower consumers and help them make important financial decisions. In
the light of these developments, this study investigates if consumers perceive
personal finance blogs as a helpful alternative in acquiring financial knowledge,
and which factors influence perceived helpfulness of and intention to use personal
finance blogs. Using Structural Equation Modelling to analyse data from a sample of
U.S. consumers, the results of this study uncover that financial literacy and
susceptibility to informational influence have a significant positive association
with perceived helpfulness. Perceived financial uncertainty, which refers to
uncertainty in terms of consumers' perceived ability to accurately predict their
future financial needs, has a significant negative association with perceived
helpfulness of and intention to use personal finance blogs. Finally, perceived
helpfulness of a personal finance blog is a significant positive predictor of
consumers' intention to use it. Overall, the findings suggest that personal finance
blogs are preaching to the choir, since the consumers who are most likely to use
personal finance blogs seem to need them the least given their higher levels of
financial literacy and lower levels of perceived financial uncertainty. Taken
together, the findings shed light on the potential users of personal finance blogs
and underline the challenges of a one-size-fits-all' financial education. This
study aids in assessing personal finance blogs as an online resource which is
scarcely researched, but which has the potential to provide just-in-time financial
education to consumers across the world. [Hoffmann, Arvid] Univ Adelaide, Sch
Business, 10 Pulteney St, Adelaide, SA 5005, Australia; [Otteby, Katarina]
Charlottenstr 73, D-40210 Dusseldorf, Germany Hoffmann, A (corresponding author),
Univ Adelaide, Sch Business, 10 Pulteney St, Adelaide, SA 5005, Australia.
arvid.hoffmann@adelaide.edu.au Hoffmann, Arvid/0000-0003-4148-5078
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241 254 10.1111/ijcs.12412 14 Business
Business & Economics FV0KS WOS:000424245100005
2021-10-06
J Cumurovic, A; Hyll, W Cumurovic, Aida; Hyll, Walter
Financial Literacy and Self-Employment JOURNAL OF CONSUMER AFFAIRS
English Article HOUSEHOLD WEALTH;
ENTREPRENEURSHIP EDUCATION; LIQUIDITY CONSTRAINTS; RISK ATTITUDES; HIGH-SCHOOL;
IMPACT; PERSONALITY; INVESTMENT; STABILITY; WORKPLACE In this paper, we study the
relationship between financial literacy and self-employment. We use established
financial literacy questions to measure literacy levels. The analysis shows a
highly significant and positive correlation between the index and self-employment.
We address the direction of causality by applying instrumental variable techniques
based on information about maternal education. We also exploit information on
financial support and family background to account for concerns about the exclusion
restriction. The results provide support for a positive effect of financial
literacy on the probability of being self-employed. As financial literacy is
acquirable, the findings suggest that entrepreneurial activities might be increased
by enhancing financial literacy. [Cumurovic, Aida] Halle Inst Econ Res IWH,
Halle, Germany; [Hyll, Walter] Danube Univ Krems, Krems, Austria Cumurovic, A
(corresponding author), Halle Inst Econ Res IWH, Halle, Germany.
aida.cumurovic@iwh-halle.de; walter.hyll@iwh-halle.de
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J CONSUM AFF J. Consum. Aff. JUN 2019 53 2
455 487 10.1111/joca.12198 33 Business;
Economics Business & Economics IC4LP WOS:000470937500007 Green
Submitted 2021-10-06
J Meyll, T; Pauls, T; Walter, A Meyll, Tobias; Pauls, Thomas;
Walter, Andreas Why do Households Leave Money on the Table? The Case
of Subsidized Pension Products JOURNAL OF BEHAVIORAL FINANCE
English Article Household finance;
Financial advice; Financial literacy; Risk attitude; Savings and investment
behavior FINANCIAL LITERACY Many individuals only save money in their
savings account for their old-age provision rather than investing in more
profitable asset classes. That is despite the existence of subsidized pension
products, for which smallest contributions can be made monthly, which guarantee the
capital preservation, and which offer higher expected returns than saving money in
bank deposits. We investigate the determinants that affect individuals' decision to
leave money on the table by not investing in subsidized pension products. Our
results show that financial literacy and financial advice are positively related to
holding such pension products. In that, our results emphasize the role of financial
literacy and financial advisors for sound financial decision-making in increasingly
complex financial markets. [Meyll, Tobias; Walter, Andreas] Univ Giessen, Dept
Financial Serv, Licher Str 74, D-35394 Giessen, Germany; [Pauls, Thomas] Goethe
Univ Frankfurt, House Finance, Frankfurt, Germany Meyll, T (corresponding
author), Univ Giessen, Dept Financial Serv, Licher Str 74, D-35394 Giessen,
Germany. Tobias.Meyll@wirtschaft.uni-giessen.de Meyll, Tobias/0000-0002-
3227-0617 [SGF 2018] We thank Martin Brown, Tobin Hanspal, Geng Li, Steffen
Meyer, Annika Weber, as well as participants at the 21st Annual Conference of the
Swiss Society for Financial Market Research (SGF 2018), the 80th Annual Meeting of
the German Academic Association for Business Research (VHB), the 2018 Eastern
Finance Association Annual Meeting, and the 2018 Annual Meeting of the European
Financial Management Association for helpful comments and suggestions. [Anonymous],
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10.1080/15427560.2019.1692209 NOV 2019 18 Business, Finance;
Economics Business & Economics MH9JN WOS:000498379700001
2021-10-06
J Klapper, L; Lusardi, A Klapper, Leora; Lusardi, Annamaria
Financial literacy and financial resilience: Evidence from around the
world FINANCIAL MANAGEMENT English Article
LANGUAGE; CULTURE We measure financial literacy using questions
assessing basic knowledge of four fundamental concepts in financial decision
making: knowledge of interest rates, interest compounding, inflation, and risk
diversification. Worldwide, just one in three adults are financially literate-that
is, they know at least three out of the four financial concepts. Women, poor
adults, and lower educated respondents are more likely to suffer from gaps in
financial knowledge. This is true not only in developing countries but also in
countries with well-developed financial markets. Relatively low financial literacy
levels exacerbate consumer and financial market risks as increasingly complex
financial instruments enter the market. Credit products, many of which carry high
interest rates and complex terms and conditions, are becoming more readily
available. Yet only around half of adults in major emerging countries who use a
credit card or borrow from a financial institution are financially literate. We
discuss policies to protect borrowers against risks and encourage account holders
to save. [Klapper, Leora] World Bank, Dev Res Grp, 1818 H St NW, Washington, DC
20433 USA; [Lusardi, Annamaria] George Washington Univ, Sch Business, GFLEC,
Washington, DC USA Klapper, L (corresponding author), World Bank, Dev Res Grp,
1818 H St NW, Washington, DC 20433 USA. lklapper@worldbank.org
Standard&Poor's Ratings Services; McGraw Hill Financial IncStandard&Poor's
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FINANC MANAGE Financ. Manage. SEP 2020 49 3
589 614 10.1111/fima.12283 AUG 2019 26 Business,
Finance Business & Economics NI5MO WOS:000482782700001
2021-10-06
J Neupane, S; Paudyal, K; Thapa, C Neupane, Suman; Paudyal,
Krishna; Thapa, Chandra Firm quality or market sentiment: What matters
more for IPO investors? JOURNAL OF BANKING & FINANCE English
Article Initial public offerings;
Transparency; IPO grade; Grey market; Retail investors; Institutional investors;
Indian IPOs ALLOCATION; INVESTMENT; AUCTIONS This paper investigates the
investment decisions of IPO investors when equipped with information on both the
quality of the firm and the market sentiment. Unique regulatory provisions allow
IPO investors in India to have access to the independent assessment of firm quality
and information on the participation of other investors, including institutional
investors. At the same time, an active grey market reveals market sentiment before
the application for subscription is closed. The results, which are robust to
alternative model specifications, suggest that the institutional investors'
decision is guided almost exclusively by firm quality while the retail investors'
decision to participate in IPOs is strongly influenced by market sentiment, even in
a highly transparent market where both sets of information are freely available.
(C) 2014 Elsevier B.V. All rights reserved. [Neupane, Suman] Griffith Univ,
Griffith Business Sch, Dept Accounting Finance & Econ, Nathan, Qld 4111, Australia;
[Paudyal, Krishna; Thapa, Chandra] Univ Strathclyde, Dept Accounting & Finance,
Glasgow G4 0LN, Lanark, Scotland Neupane, S (corresponding author), Griffith
Univ, Griffith Business Sch, Dept Accounting Finance & Econ, Nathan, Qld 4111,
Australia. s.neupane@griffith.edu.au; krishna.paudyal@strath.ac.uk;
chandra.thapa@strath.ac.uk Neupane, Suman/AAI-4069-2021 Neupane, Suman/0000-
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ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0378-
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12 Business, Finance; Economics Business & Economics AJ6DL
WOS:000337779800014 Green Accepted 2021-10-06
J Greenberg, AE; Sussman, AB; Hershfield, HE Greenberg,
Adam Eric; Sussman, Abigail B.; Hershfield, Hal E. Financial product
sensitivity predicts financial health JOURNAL OF BEHAVIORAL DECISION MAKING
English Article consumer financial
decision making; debt; financial literacy; investment; well-being Recent
research has aimed to understand how people consider financial decisions because
they have important consequences for well-being. Yet existing research has largely
failed to examine how attitudes and behaviors vary as a function of the specific
financial product (e.g., debt type). We ask to what extent people differentiate
between similarly categorized financial products (e.g., debt or investment) as a
function of their terms (e.g., interest costs and expected returns) and whether
such differentiation predicts financial health. Across four studies, we find not
only that there are individual differences in attitudes toward similar financial
products (e.g., two distinct loans), but also that the extent to which a consumer
is averse to high-cost versus low-cost products predicts financial health. This
relationship cannot be fully explained by financial literacy, numeracy, or
intertemporal discounting. In addition, nudging people toward differentiating
between financial products promotes decisions that are aligned with financial
health. [Greenberg, Adam Eric] Bocconi Univ, Dept Mkt, Via Roentgen 1, I-20136
Milan, Italy; [Sussman, Abigail B.] Univ Chicago, Booth Sch Business, Chicago, IL
60637 USA; [Hershfield, Hal E.] Univ Calif Los Angeles, Anderson Sch Management,
Los Angeles, CA USA Greenberg, AE (corresponding author), Bocconi Univ, Dept
Mkt, Via Roentgen 1, I-20136 Milan, Italy. adam.greenberg@unibocconi.it
Greenberg, Adam/0000-0003-0821-7661 True North Communications Inc.; Faculty
Research Fund at the Booth School of Business; Morrison Center for Marketing and
Data Analytics at the Anderson School of Management True North Communications
Inc. Faculty Research Fund at the Booth School of Business; Morrison Center for
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Psychology QI3FY WOS:000618865800002 2021-10-06
J Jennings, JD; Quinn, C; Ly, JA; Rehman, S Jennings, John D.;
Quinn, Courtney; Ly, Justin A.; Rehman, Saqib Orthopaedic Surgery
Resident Financial Literacy: An Assessment of Knowledge in Debt, Investment, and
Retirement Savings AMERICAN SURGEON English Article;
Proceedings Paper Meeting of the American-Orthopaedic-Association JUN 20-24, 2017
Charlotte, NC Amer Orthopaed Assoc Most orthopedic
residents carry significant debt and may enter their practice with little knowledge
of business management, minimal retirement savings, and overall poor financial
literacy. This study aimed to gauge financial literacy, debt, and retirement
planning in United States orthopedic surgery residents. Willingness to participate
in formalized financial education was also assessed. Eighty-five allopathic
orthopedic surgery residents in the United States completed a 14-question anonymous
online survey in 2016. The survey assessed demographic data, self-assessed
financial knowledge, amount of credit card debt and loans, preparation for
retirement, and willingness to participate in formal didactic education on these
topics. Most respondents derive their financial knowledge from personal research
(51%), whereas only 4 per cent have a formal curriculum. Despite most respondents
reporting more than $200,000 in outstanding loans, only 31 per cent create and
stick to a budget. Few programs offer retirement advice, and 48 per cent of
respondents save $0 toward retirement. Eighty-five per cent of residents expressed
interest in learning about personal investment, savings, and retirement planning.
Orthopedic surgery residents carry significant debt and do not achieve their high-
income potential until disproportionately later in life. Only 4 per cent of
residents have formal training in investing, personal finance, or retirement
despite a majority who desire such a curriculum. In fact, almost 75 per cent of
those surveyed felt less prepared for retirement than their peers outside of
medical training. This study suggests a role for formal financial education in the
orthopedic curriculum to prepare residents for retirement, improve financial
literacy, and enhance debt management. [Jennings, John D.; Quinn, Courtney;
Rehman, Saqib] Temple Univ Hosp & Med Sch, Dept Orthopaed Surg & Sports Med,
Philadelphia, PA 19140 USA; [Ly, Justin A.] Lewis Katz Sch Med, Philadelphia, PA
USA Jennings, JD (corresponding author), Rothman Orthopaed Inst, 925 Chestnut
St,5th Floor, Philadelphia, PA 19107 USA. jdj5000@gmail.com
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WOS:000466611500024 31043194 2021-10-06
J Schroder-Abe, M; Schutz, A Schroeder-Abe, Michela;
Schuetz, Astrid Walking in Each Other's Shoes: Perspective Taking
Mediates Effects of Emotional Intelligence on Relationship Quality EUROPEAN
JOURNAL OF PERSONALITY English Article
Actor-Partner Interdependence Mediation Model; closeness; emotional
intelligence; perspective taking; relationship quality; relationship satisfaction
RELATIONSHIP SATISFACTION; ROMANTIC RELATIONSHIPS; SOCIAL INTERACTIONS;
LONGITUDINAL COURSE; MARITAL INTERACTION; INVESTMENT MODEL; NEGATIVE AFFECT; DYADIC
RESEARCH; BEHAVIOR; COMMITMENT Although theorists have repeatedly emphasized
that emotional intelligence should be linked to relationship quality, little
empirical research has systematically examined emotional intelligence in romantic
relationships using appropriate dyadic designs and analyses. The present research
investigated the relationship between emotional intelligence and aspects of
relationship quality (satisfaction, closeness and commitment). Study 1 was
conducted online with 191 heterosexual couples. We found that a person's
perceptions of relationship quality were predicted not only by that person's
emotional intelligence, but also by the relationship partner's emotional
intelligence. In Study 2, these positive actor and partner effects of emotional
intelligence on relationship satisfaction and closeness were replicated in a sample
of 80 couples in the laboratory. In this context, couples engaged in a conflict
discussion, and perspective taking of the partners was rated by the experimenter.
Actor-Partner Interdependence Mediation Model showed that perspective taking
mediated the effects of emotional intelligence on relationship quality. The present
research confirmed the link between emotional intelligence and relationship quality
and sheds light on the processes through which emotional intelligence affects the
quality of romantic relationships. Copyright (C) 2011 John Wiley & Sons, Ltd.
[Schroeder-Abe, Michela; Schuetz, Astrid] Tech Univ Chemnitz, Dept Psychol
Personal Psychol & Psychol Assessmen, D-09107 Chemnitz, Germany Schroder-Abe, M
(corresponding author), Tech Univ Chemnitz, Dept Psychol Personal Psychol & Psychol
Assessmen, D-09107 Chemnitz, Germany. msa@psychologie.tu-chemnitz.de
Schutz, Astrid/U-4113-2018 Schutz, Astrid/0000-0002-6358-167X
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Psychology 748AE WOS:000289361600007 2021-10-06
J Mata, OG Garcia Mata, Osvaldo The effect
of financial literacy and gender on retirement planning among young adults
INTERNATIONAL JOURNAL OF BANK MARKETING English Article;
Early Access Retirement planning; Financial
literacy; Young adults; Gender gap; Mexico; D14; G53; J26; J32 KNOWLEDGE;
SPOUSAL; FAMILY; AGE Purpose The purpose of this paper is to analyze financial
literacy's effect on retirement planning among young adults in Mexico, with gender
as a moderator variable. Planning refers to the actual or intended implementation
of several retirement strategies: private pension funds, investing in assets,
government subsidies and family assistance. Design/methodology/approach The
article's methodology is quantitative, empirical and cross-sectional. Ajzen's
theory of planned behavior (1991) works as the theoretical framework to examine
planning for retirement intentions determined by individuals' financial inclusion,
attitudes, knowledge, behavior, occupation and family traits. The methodology
follows generalized structural equation models (GSEM) with logistic regression
basis, constructed with data from the National Survey on Financial Inclusion 2018.
Findings Results confirm that the most financially knowledgeable individuals have
lesser intentions to pursue passive strategies, while financial behavior and
inclusion associate with actively planning. Gender plays a fundamental role in
retirement planning too. Research limitations/implications Observations for several
years are necessary to effectuate longitudinal analysis. Further research should
include a more in-depth study of strategy choice triggers and policy impact on
retirement planning. Social implications Findings can be useful to public and
private institutions focused on saving, investment and retirement, especially in
economies comparable to Mexico's. Avoiding the higher social costs associated with
poor retirement planning depends on timely decision-making. Originality/value This
study goes beyond the traditional pension fund strategy to analyze other options.
It delivers information about young people's long-term financial plans in Mexico
concerning financial literacy and gender. [Garcia Mata, Osvaldo] Univ Autonoma
Tamaulipas, Sch Commerce & Adm Victoria, Victoria, Mexico Mata, OG (corresponding
author), Univ Autonoma Tamaulipas, Sch Commerce & Adm Victoria, Victoria, Mexico.
ogarciam@uat.edu.mx Garcia-Mata, Osvaldo/AAW-1904-2021 Garcia-Mata,
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0518 APR 2021 23 Business Business & Economics RU1BG
WOS:000644885900001 2021-10-06
J Blasch, J; Boogen, N; Daminato, C; Filippini, M Blasch,
Julia; Boogen, Nina; Daminato, Claudio; Filippini, Massimo Empower the
Consumer! Energy-related Financial Literacy and its Implications for Economic
Decision Making ECONOMICS OF ENERGY & ENVIRONMENTAL POLICY
English Article Household decision
making; Bounded rationality; Financial literacy; Consumer durables; Energy
efficiency BEHAVIORAL ECONOMICS; BIOSPHERIC VALUES; EFFICIENCY GAP; POLICY;
PARTICIPATION; PREFERENCES; PERCEPTIONS; GENDER; CONSERVATION; INVESTMENT
Untapped energy savings potential in the residential sector might lead to
substantial welfare losses. While several studies have focused on the role of
behavioral biases in explaining the lack of adoption of energy-efficient durable
goods, little is known about the role of limited energy-specific knowledge and
financial literacy. In this paper, we propose an integrated concept of `energy-
related financial literacy', which combines both energy cost-specific knowledge and
skills needed to process this information. Using data from a large household survey
in three European countries, we explore the determinants of different measures of
literacy and, most importantly, we provide empirical evidence on the association
between limited knowledge and skills to perform an intertemporal optimization and
the adoption of energy-efficient light bulbs. Our findings support the promotion of
energy-specific financial education programs and tools to increase the adoption of
energy-efficient durable goods. [Blasch, Julia] Vrije Univ Amsterdam, Inst
Environm Studies IVM, Boelelaan 1111, NL-1081 HV Amsterdam, Netherlands; [Blasch,
Julia; Boogen, Nina; Daminato, Claudio; Filippini, Massimo] Swiss Fed Inst Technol,
Ctr Econ Res CER ETH, Zurich, Switzerland; [Filippini, Massimo] Univ Svizzera
Italiana, Lugano, Switzerland Blasch, J (corresponding author), Vrije Univ
Amsterdam, Inst Environm Studies IVM, Boelelaan 1111, NL-1081 HV Amsterdam,
Netherlands.; Blasch, J (corresponding author), Swiss Fed Inst Technol, Ctr Econ
Res CER ETH, Zurich, Switzerland. julia.blasch@vu.nl Blasch,
Julia/0000-0002-1082-9272 European Union's Horizon 2020 research and innovation
programme [723791]; Swiss State Secretariat for Education, Research and Innovation
(SERI) [16.0087]; Swiss Commission for Technology and Innovation (CTI)/Innosuisse
This paper is based on data collected within the EU H2020 Project "PENNY"
(Psychological social & financial barriers to energy efficiency). We acknowledge
financial support from the European Union's Horizon 2020 research and innovation
programme under grant agreement No 723791 - project PENNY "Psychological, social
and financial barriers to energy efficiency", and financial support from the Swiss
State Secretariat for Education, Research and Innovation (SERI) under contract
number 16.0087. We would like to thank Cristina Cattaneo, Angela Ruepert, Ellen van
der Werff and Linda Steg for the collaboration in collecting the survey data used
in this study. Furthermore, we would like to thank the utilities that cooperated
during the data collection process. This research is also part of the activities of
SCCER CREST, which is financially supported by the Swiss Commission for Technology
and Innovation (CTI)/Innosuisse. The authors would also like to thank participants
at the 11th International Workshop on "Empirical Methods in Energy Economics", the
8th Atlantic Workshop on Energy and Environmental Economics and the 5th European
Conference on Behaviour and Energy Efficiency for helpful suggestions. The opinions
expressed and arguments employed herein do not necessarily reflect the official
views of the Swiss Government nor the European Commission. All omissions and
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J Balasubramnian, B; Sargent, CS Balasubramnian, Bhanu;
Sargent, Carol Springer Impact of inflated perceptions of financial
literacy on financial decision making (vol 80, 102306, 2020) JOURNAL OF
ECONOMIC PSYCHOLOGY English Correction
[Balasubramnian, Bhanu] Univ Akron, Coll Business Adm, Dept
Finance, 259 South Broadway St, Akron, OH 44325 USA; [Sargent, Carol Springer]
Middle Georgia State Univ, Sch Business, 100 Univ Pkwy, Macon, GA 31206 USA
Balasubramnian, B (corresponding author), Univ Akron, Coll Business Adm, Dept
Finance, 259 South Broadway St, Akron, OH 44325 USA. bb67@uakron.edu;
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102343 10.1016/j.joep.2020.102343
2 Economics; Psychology, Multidisciplinary Business & Economics;
Psychology PL8ZA WOS:000603401400004 2021-10-06
J Zhu, AYF; Chou, KL Zhu, Alex Yue Feng; Chou, Kee Lee
Financial Literacy Among Hong Kong's Chinese Adolescents Testing the
Validity of a Scale and Evaluating Two Conceptual Models YOUTH & SOCIETY
English Article financial literacy;
family income; Hong Kong Chinese adolescents; parental financial socialization;
general poverty GLOBAL CITY; INCOME; CHILDREN; MONEY; POVERTY; STRESS;
INVESTMENT; ALLOWANCE; KNOWLEDGE; ATTITUDES Against today's global backdrop
where financial responsibility has been transferred from the government to
individuals, financial literacy, as a key component of financial capacity, could be
an effective strategy to escape from lifecourse poverty. Compared with young
adults, research demonstrates that financial literacy among adolescents is of
greater importance. The present study fills the theoretical gap to measure the
financial literacy of Hong Kong Chinese adolescents by validated Financial Fitness
for Life (FFFL) Test, and explore its development by fitting data collected in Hong
Kong into a model of socialization and a model of general poverty and comparing
their ability to explain the link between family income and the financial literacy
of adolescents. The results of the model of socialization show that parental
financial behavior can explain the link between family income and the financial
literacy of adolescents. The results of the model of general poverty are associated
with better influential power, showing that the same link can be mediated by both
parental stress and positive parenting behavior. The findings of this study specify
the critical role of parents, offer specific entry points for interventions by
policymakers and educators, and provide parents with pathways to positively
influence the development of financial literacy among adolescents. [Zhu, Alex
Yue Feng] Hong Kong Polytech Univ, Kowloon, Hong Kong, Peoples R China; [Chou, Kee
Lee] Educ Univ Hong Kong, Taipo, Hong Kong, Peoples R ChinaZhu, AYF (corresponding
author), Hong Kong Polytech Univ, Ctr Innovat Programmes Adolescents & Families,
Hong Hum, Kowloon, Hong Kong, Peoples R China. yfzhu@polyu.edu.hk Chou,
Kee Lee/0000-0003-3627-9915 Research Grant Council Strategic Public Policy
Research [HKIEd 7001-SPPR-11] The author(s) disclosed receipt of the following
financial support for the research, authorship, and/or publication of this article:
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3 3 4 14 SAGE PUBLICATIONS INC THOUSAND OAKS 2455 TELLER
RD, THOUSAND OAKS, CA 91320 USA 0044-118X 1552-8499 YOUTH SOC Youth
Soc. MAY 2020 52 4 548 573
10.1177/0044118X17753813 26 Social Issues; Social
Sciences, Interdisciplinary; Sociology Social Issues; Social Sciences - Other
Topics; Sociology KZ1OZ WOS:000523040400002 2021-10-06
J Bamforth, J; Jebarajakirthy, C; Geursen, G Bamforth,
Jill; Jebarajakirthy, Charles; Geursen, Gus Understanding
undergraduates' money management behaviour: a study beyond financial literacy
INTERNATIONAL JOURNAL OF BANK MARKETING English Article
Australia; Undergraduates; Qualitative techniques;
Financial literacy; Young people; Money management behaviour CREDIT CARD USE;
SELF-IDENTITY; STUDENTS; CONSUMER; TRANSITION; CAPABILITY; ATTITUDES; DEBT; TIME;
PSYCHOLOGY Purpose - The money management behavior of undergraduates determines
their smooth transition into adulthood. Economic, social and psychological factors
also affect undergraduates' money management behavior. Therefore, the purpose of
this paper is to investigate how undergraduates manage and respond to economic,
social and psychological factors affecting their money management behavior, and to
examine whether this response changes as they make progress in their degree.
Design/methodology/approach - Adopting a qualitative exploratory approach, this
study examined Australian undergraduates as they face many challenges to their
money management behavior. The data were collected using six focus group
discussions, held in three Australian universities, in which 47 undergraduates
participated. Findings - The findings have shown that their approach to manage
spending, income, saving, peer relationships and stress changes as they make
progress in their degree. However, they shared similar approaches to investment,
followed parental money management advice and used technology for cost reduction,
irrespective of the progress in their degree. Research limitations/implications -
This study was conducted with the data collected from a relatively small sample of
respondents and was limited only to undergraduates. Moreover, this study was
conducted in Australia, indicating that some of the results might be specific to
the Australian context. Practical implications - The findings of this study can be
utilized by governments, financial institutions, educational institutions and
parents who are interested in inculcating prudent money management behavior in
undergraduates. Originality/value - This study extends the scope of the literature
beyond financial literacy, and has shown how undergraduates respond to economic,
social and psychological aspects relating to money management behavior and how
these responses vary as they make progress in their degree. This study has applied
a qualitative exploratory approach, in contrast to quantitative methods which have
generally been applied for studies relating to undergraduates' money management
behavior. [Bamforth, Jill] Swinburne Univ Technol, Melbourne, Vic, Australia;
[Jebarajakirthy, Charles] Griffith Univ, Dept Mkt, Brisbane, Qld, Australia;
[Geursen, Gus] Univ South Australia, Business Sch, Adelaide, SA, Australia
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BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND
0265-2323 1758-5937 INT J BANK MARK Int. J. Bank Mark.
2018 36 7 1285 1310 10.1108/IJBM-05-
2017-0104 26 Business Business & Economics JB4KJ
WOS:000488524800001 2021-10-06
J Saleem, S; Mahmood, F; Usman, M; Bashir, M; Shabbir, R
Saleem, Sharaz; Mahmood, Faiq; Usman, Muhammad; Bashir, Mohsin; Shabbir,
Rizwan Determinants of Investment Behavior in Mutual Funds:
Evidence From Pakistan FRONTIERS IN PSYCHOLOGY English Article
mutual fund investors behavior; investment criteria;
mutual fund awareness; risk perception; return perception; financial literacy
This paper aimed to provide empirical evidence on the behavior of the
investor toward mutual funds by considering its relationship with risk perception
(RP), return perception (Return P), investment criteria (IC), mutual fund awareness
(MFA), and financial literacy (FL). Data were collected using a questionnaire from
500 mutual fund investors, from which 460 questionnaires were used for the
analysis. In addition, the snowball sampling technique was used to collect data
from different cities in Pakistan. The result showed that RP, Return P, and MFA are
insignificant and negatively affect the behavior of mutual fund investors.
Investment criteria have a negative and significant effect on the behavior of
mutual fund investors. Financial literacy has a positive and insignificant effect
on the behavior of mutual fund investors. The results provide better information
and guidance to investors and policymakers on the factors that affect the behavior
of mutual fund investors. [Saleem, Sharaz; Mahmood, Faiq; Bashir, Mohsin;
Shabbir, Rizwan] Govt Coll Univ, Lyallpur Business Sch, Faisalabad, Pakistan;
[Usman, Muhammad] Univ Gujrat, Dept Management Sci, Gujrat, Pakistan Mahmood, F
(corresponding author), Govt Coll Univ, Lyallpur Business Sch, Faisalabad,
Pakistan. drfaiqmahmood@gcuf.edu.pk Abbas K.S., 2019,
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FRONTIERS MEDIA SA LAUSANNE AVENUE DU TRIBUNAL FEDERAL 34, LAUSANNE,
CH-1015, SWITZERLAND 1664-1078 FRONT PSYCHOL Front. Psychol.
JUL 12 2021 12 666007
10.3389/fpsyg.2021.666007 9 Psychology, Multidisciplinary
Psychology TQ6HA WOS:000678377700001 34322059 gold, Green Published
2021-10-06
J Fong, JH Fong, Joelle H. Taking control:
Active investment choice in Singapore's national defined contribution scheme
JOURNAL OF THE ECONOMICS OF AGEING English Article
Retirement; Pension investment decisions; Investment
choice; Financial literacy; Pension policy; Workplace pension This paper
examines what factors drive non-default investment choice among more than 7000
older plan participants in the Singaporean Central Provident Fund (CPF), and
assesses the extent to which financial knowledge, experience, and attitudes help
predict such choice. We find that only 16% of plan participants aged 50 and above
in our sample in 2016 invest a portion of their pension savings outside of the
default government-run CPF fund. Plan participants who are male, younger, not
married, currently working for pay, have higher risk tolerance, and higher net
worth are more likely to choose to actively manage their pension savings. Education
is a strong independent determinant of active investment choice, but its effect
diminishes with age. Longer-term financial planning horizon and experience in
managing household finances, as well as in stocks investment, are also
significantly associated with higher self-invested balances. Financial literacy is,
however, not significantly associated with non-default decision-making in our
sample. Our findings have important implications for policy makers seeking to
encourage greater individual responsibility in pension savings and investments
within defined-contribution retirement systems. [Fong, Joelle H.] Natl Univ
Singapore, Lee Kuan Yew Sch Publ Policy, 469C Bukit Timah Rd,Oei Tiong Ham Bldg,
Singapore 259772, Singapore Fong, JH (corresponding author), Natl Univ Singapore,
Lee Kuan Yew Sch Publ Policy, 469C Bukit Timah Rd,Oei Tiong Ham Bldg, Singapore
259772, Singapore. j.fong@nus.edu.sg Singapore Ministry of
Education (MOE) Academic Research Fund Tier 3 grant at the Singapore Management
University [MOE2013-T3-1-009]; MOE Start-up Grant at LKY School of Public Policy at
the National University of Singapore The research was supported by the
Singapore Ministry of Education (MOE) Academic Research Fund Tier 3 grant (MOE2013-
T3-1-009) at the Singapore Management University, and the MOE Start-up Grant at LKY
School of Public Policy at the National University of Singapore. All opinions are
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0 0 1 1 ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX
AMSTERDAM, NETHERLANDS 2212-828X 2212-8298 J ECON AGEING J. Econ.
Ageing OCT 2020 17 100249
10.1016/j.jeoa.2020.100249 11 Demography; Economics;
Gerontology Demography; Business & Economics; Geriatrics & Gerontology QB3AI
WOS:000614013200032 hybrid 2021-10-06
J Abreu, M; Mendes, V Abreu, Margarida; Mendes, Victor
Financial literacy and portfolio diversification QUANTITATIVE
FINANCE English Article
Applied finance; Behavioral finance; Empirical finance; European financial
markets INDIVIDUAL INVESTORS; INVESTMENT; CHOICE; BIAS We use a survey of
individual investors disclosed by the Portuguese Securities Commission (CMVM) in
May 2005 to study the impact of investors' levels of financial literacy on
portfolio diversification. We consider distinct aspects of financial literacy, and
control for socioeconomic and behavioral differences among individual groups of
investors. Our results suggest that investors' educational levels and their
financial knowledge have a positive impact on investor diversification. The
information sources used by retail investors to gather information on markets and
financial products also have a significant impact on the number of different assets
included in a portfolio. [Abreu, Margarida] Univ Tecn Lisbon, CISEP, ISEG, P-
1200725 Lisbon, Portugal; [Mendes, Victor] Portuguese Secur Commiss, CMVM, P-
1056801 Lisbon, Portugal Abreu, M (corresponding author), Univ Tecn Lisbon,
CISEP, ISEG, Rua Miguel Lupi 20, P-1200725 Lisbon, Portugal. mabreu@iseg.utl.pt
Abreu, Margarida/C-3501-2011 Mendes, Victor/0000-0001-6736-9791; Abreu,
Margarida/0000-0002-1948-6229 Banks J, 2002, HOUSEHOLD PORTFOLIOS,
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61 63 3 45 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON
4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXFORDSHIRE, ENGLAND 1469-
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515 528 PII 915669572 10.1080/14697680902878105
14 Business, Finance; Economics; Mathematics, Interdisciplinary
Applications; Social Sciences, Mathematical Methods Business & Economics;
Mathematics; Mathematical Methods In Social Sciences 596HA WOS:000277674600007
2021-10-06
J Sanchez-Pujalte, L; Mateu, DN; Etchezahar, E; Yepes, TG
Sanchez-Pujalte, Laura; Mateu, Diego Navarro; Etchezahar, Edgardo; Gomez
Yepes, Talia Teachers' Burnout during COVID-19 Pandemic in Spain:
Trait Emotional Intelligence and Socioemotional Competencies SUSTAINABILITY
English Article burnout; teachers;
trait emotional intelligence; socioemotional competencies; empathy; emotional
autonomy; regulation; prosociality HEAVY WORK INVESTMENT; PROSOCIAL BEHAVIOR; JOB-
SATISFACTION; STRESS; IMPACT; AGE; ORIENTATION; PERSONALITY; AGGRESSION; RESOURCES
The aim of this research is to recognize the burnout levels in a group of
high school teachers that exercised their profession during the COVID-19 pandemic,
looking forward to examining the correlation between burnout levels, trait
emotional intelligence and socioemotional competencies (Autonomy, Regulation,
Prosocial Behaviour and Empathy). The study counted with a sample of 430 high
school teachers from multiple regions of Spain. The participants' age was between
25 and 60, and the gender distribution was 53.72% for men and 46.28% for women. We
used the Spanish version of the Maslach Burnout Inventory (MBI), the Trait Meta-
Mood Scale (TMMS-24) and the Socioemotional Competences Scale (SCS). The main
results indicated that teachers showed high levels of burnout dimensions, with
women being the most affected, reaching higher levels in comparison to men. It was
also observed that the older and more experienced professionals showed lower levels
of burnout. Finally, statistically significant negative relations were found
between emotional intelligence and burnout levels, as well as their association
with the teacher's socioemotional competencies. The analysis argues the possible
consequences of stress during the pandemic and, correspondingly, the need for
promoting protective approaches that embrace emotional intelligence and
socioemotional competencies. [Sanchez-Pujalte, Laura; Mateu, Diego Navarro;
Etchezahar, Edgardo; Gomez Yepes, Talia] Int Univ Valencia, Fac Educ, Valencia
46002, Spain; [Mateu, Diego Navarro] Catholic Univ Valencia, Dept Inclus Educ, Fac
Educ, Valencia 46110, Spain; [Etchezahar, Edgardo; Gomez Yepes, Talia] Univ Buenos
Aires, Fac Psychol, RA-1207 Buenos Aires, DF, Argentina; [Etchezahar, Edgardo] Natl
Sci & Tech Res Council, RA-1428 Buenos Aires, DF, ArgentinaYepes, TG (corresponding
author), Int Univ Valencia, Fac Educ, Valencia 46002, Spain.; Yepes, TG
(corresponding author), Univ Buenos Aires, Fac Psychol, RA-1207 Buenos Aires, DF,
Argentina. marialaura.sanchez@campusviu.es; diego.navarro@campusviu.es;
edgardoetchezahar@psi.uba.ar; talia.gomez@campusviu.es Etchezahar, Edgardo/AAU-
7874-2021 Etchezahar, Edgardo/0000-0002-3289-194X; Gomez Yepes, Talia/0000-0001-
6555-1186 Alarcon GM, 2011, J VOCAT BEHAV, V79, P549, DOI
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56 0 0 10 10 MDPI BASEL ST ALBAN-ANLAGE 66, CH-4052 BASEL,
SWITZERLAND 2071-1050 SUSTAINABILITY-BASEL Sustainability JUL
2021 13 13 7259 10.3390/su13137259
11 Green & Sustainable Science & Technology; Environmental
Sciences; Environmental Studies Science & Technology - Other Topics;
Environmental Sciences & Ecology TF9HV WOS:000671026400001 gold, Green
Published 2021-10-06
J Sari, RC; Fatimah, PLR; Ilyana, S; Hermawan, HD Sari, Ratna
Candra; Fatimah, P. L. Rika; Ilyana, Sariyatul; Hermawan, Hardika Dwi
Augmented reality (AR)-based sharia financial literacy system (AR-SFLS): a
new approach to virtual sharia financial socialization for young learners
INTERNATIONAL JOURNAL OF ISLAMIC AND MIDDLE EASTERN FINANCE AND MANAGEMENT
English Article; Early Access
Augmented reality; Elementary students; Financial socialization; Sharia
financial literacy EDUCATION Purpose This study aims to examine financial
socialization based on augmented reality (AR) technology for elementary school
students, which it is hoped will improve their sharia financial knowledge.
Design/methodology/approach The experimental method with pre- and post-test and
control groups was used to test the improvement in the young learners' sharia
financial knowledge. This study used AR for sharia financial socialization on
elementary school students and focused on sharia's basic concepts, which include
earning money, balanced spending, borrowing, saving, investment, payment methods,
financial technology and the concept of protection. Findings This study finds
empirical evidence that the treatment group, who received sharia financial
socialization via the AR media, increased their sharia financial knowledge to a
greater extent than the control group did. Research limitations/implications This
study provides encouraging evidence about the potential of sharia financial
education for elementary school students using the appropriate learning strategies
and media. The weakness in this study is that it was only carried out in one
elementary school, with the children of middle- to upper-income parents. Further
research should be undertaken at several schools with the children of parents with
different income levels. Practical implications A shift in learning styles from
verbal or visual to virtual encourages the use of AR-based learning media.
Financial concepts can be abstract ones, and AR-based learning media is able to
present intangible virtual elements so they become more concrete and tangible.
Social implications The global COVID-19 pandemic has affected all aspects. One of
the most severe and likely to be multiyear ahead is the financial aspect.
Therefore, this research is expected to be a preparation for the younger generation
as early as possible to strengthen social benefits in order to improve sharia
financial literacy. Originality/value Research into the financial literacy,
especially sharia financial literacy aimed at elementary school students, is still
very limited. The teaching of financial literacy will be more effective if
educators use the appropriate strategies and media. This study used financial
socialization strategies and AR learning media that are aligned with the learning
styles of young learners. [Sari, Ratna Candra] Univ Negeri Yogyakarta, Fac
Econ, Dept Accounting Educ, Yogyakarta, Indonesia; [Fatimah, P. L. Rika] Univ
Gadjah Mada, Fac Econ & Business, Dept Management, Yogyakarta, Indonesia; [Ilyana,
Sariyatul] Univ Gadjah Mada, Fac Econ & Business, Dept Accounting, Yogyakarta,
Indonesia; [Hermawan, Hardika Dwi] Univ Muhammadiyah Surakarta, Fac Teacher
Training & Educ, Dept Informat Engn Educ, Sukohado, Indonesia Fatimah, PLR
(corresponding author), Univ Gadjah Mada, Fac Econ & Business, Dept Management,
Yogyakarta, Indonesia. rikafatimahpl@ugm.ac.id Hermawan, Hardika Dwi/H-2295-2019
Hermawan, Hardika Dwi/0000-0003-2181-4989 Ministry of Education, Culture, and
Research Technology, Republic of Indonesia [67/Penelitian/PT/ UN34.21/2019];
Ministry of Research, Technology and Higher Education, Republic of
IndonesiaMinistry of Research and Technology of the Republic of Indonesia (RISTEK)
[67/Penelitian/PT/UN34.21/2019] The authors would like to thank for The
Ministry of Education, Culture, and Research Technology. This work was supported by
a research grant awarded by The Ministry of Education, Culture, and Research
Technology, Republic of Indonesia (Grant No. 67/Penelitian/PT/ UN34.21/2019).
Research funding: This work was supported by a research grant awarded by the
Ministry of Research, Technology and Higher Education, Republic of Indonesia (Grant
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PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W
YORKSHIRE, ENGLAND 1753-8394 1753-8408 INT J ISLAMIC MIDDLE Int.J.
Islamic Middle Eastern Finance Manag.
10.1108/IMEFM-11-2019-0484 JUL 2021 18
Business, Finance; Management Business & Economics TE9UC
WOS:000670351600001 2021-10-06
J Lin, SL; Lu, J Lin, Shu-Ling; Lu, Jun Did
Institutional Investors' Behavior Affect US-China Equity Market Sentiment? Evidence
from the US-China Trade Turbulence MATHEMATICS English Article
U; S; -China trade turbulence; institutional
investors; equity market sentiment; feedback trading strategy; smart money theory;
dynamic panel data analysis MUTUAL FUND INVESTORS; INVESTMENT BEHAVIOR; SMART
MONEY; STOCK; PATTERNS; PERFORMANCE; OWNERSHIP In the current situation of U.S.-
China trade turbulence, this study focuses on quarterly panel data from May 2016 to
September 2019 in order to verify the effectiveness of feedback trading strategy
and smart money theory in stabilizing U.S.-China securities markets and to
understand the role of institutional investors' behavior, to come up with
suggestions for improving and perfecting the market mechanism in stabilizing the
U.S.-China securities markets. In this study, we adopt the generalized method of
moments (GMM) to perform dynamic panel data analysis and discuss the changes in
professional institutional investors' behavior and equity market sentiment in the
U.S. and China during the trade turbulence, and then analyze whether that behavior
will suppress local stock market sentiment. Through empirical research, we found
that institutional investors on both sides of the trade turbulence have a different
impact on the stability of the local securities market. The behavior of
institutional investors in the United States has played a role in stabilizing
equity market sentiment in accordance with feedback trading strategy and smart
money theory. However, the behavior of institutional investors in China is the
opposite. [Lin, Shu-Ling] Natl Taipei Univ Technol, Dept Informat & Finance
Management, Coll Management, Taipei 10608, Taiwan; [Lu, Jun] Natl Taipei Univ
Technol, Coll Management, Taipei 10608, Taiwan Lin, SL (corresponding author),
Natl Taipei Univ Technol, Dept Informat & Finance Management, Coll Management,
Taipei 10608, Taiwan. shuling@ntut.edu.tw; lujun3@mail.ntut.edu.tw
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BASEL ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND 2227-7390
MATHEMATICS-BASEL Mathematics JUN 2020 8 6
952 10.3390/math8060952 17 Mathematics Mathematics
MS9MS WOS:000554596600001 gold 2021-10-06
J Niu, G; Zhou, Y; Gan, HW Niu, Geng; Zhou, Yang; Gan,
Hongwu Financial literacy and retirement preparation in China
PACIFIC-BASIN FINANCE JOURNAL English Article
Financial sophistication; Retirement planning; Financial
planning; Private pension PLANNING EVIDENCE; PENSION REFORM; CHALLENGES;
PARTICIPATION; INVESTMENT; AGE A growing body of literature, which primarily
focuses on the developed world, investigates the implications of financial literacy
(or lack thereof) on households' well-being. This paper examines the level of
financial literacy and its impact on retirement preparation in China, a country
that is growing old before getting rich. Drawing on internationally comparable
survey questions, we find that a large proportion of Chinese people, especially the
elderly, women, and under-educated, lack financial knowledge. The empirical results
show that financial literacy has a strong and positive impact on various aspects of
retirement preparation among Chinese people, including determining retirement
financial needs, making long-term financial plans, and purchasing private pension
insurance. Our findings suggest that concrete measures are needed to improve
financial literacy so as to increase the awareness of retirement preparation in
China. [Niu, Geng] Southwestern Univ Finance & Econ, Res Inst Econ &
Management, Chengdu 610074, Sichuan, Peoples R China; [Zhou, Yang] Wuhan Univ, Dept
Finance, Sch Econ & Management, Wuhan 430072, Hubei, Peoples R China; [Gan, Hongwu]
Renmin Univ China, Hanqing Adv Inst Econ & Finance, Beijing 100872, Peoples R China
Zhou, Y (corresponding author), Wuhan Univ, Dept Finance, Sch Econ &
Management, Wuhan 430072, Hubei, Peoples R China. g.niu@swufe.edu.cn;
y.zhou@whu.edu.cn; hongwu_gan@hotmail.com Niu, Geng/0000-0001-7973-0628
National Natural Science Foundation of ChinaNational Natural Science
Foundation of China (NSFC) [71703114, 71904160]; Fundamental Research Funds for the
Central Universities in China [JBK170148]; 111 ProjectMinistry of Education, China
- 111 Project [B16040] This work was supported by the National Natural Science
Foundation of China [grant number 71703114, 71904160], the Fundamental Research
Funds for the Central Universities in China [grant number JBK170148], and the 111
Project [grant number B16040]. Agarwal S, 2015, J HOUS ECON, V27, P4, DOI
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ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0927-
538X 1879-0585 PAC-BASIN FINANC J Pac.-Basin Financ. J. FEB 2020
59 101262
10.1016/j.pacfin.2020.101262 17 Business, Finance Business &
Economics KN3RB WOS:000514756900017 2021-10-06
J Von Gaudecker, HM Von Gaudecker, Hans-Martin
How Does Household Portfolio Diversification Vary with Financial Literacy and
Financial Advice? JOURNAL OF FINANCE English Article
DECISION-MAKING Household investment mistakes are
an important concern for researchers and policymakers alike. Portfolio
underdiversification ranks among those mistakes that are potentially most costly.
However, its roots and empirical importance are poorly understood. I estimate
quantitatively meaningful diversification statistics and investigate their
relationship with key variables. Nearly all households that score high on financial
literacy or rely on professionals or private contacts for advice achieve reasonable
investment outcomes. Compared to these groups, households with below-median
financial literacy that trust their own decision-making capabilities lose an
expected 50 bps on average. All group differences stem from the top of the loss
distribution. Univ Bonn, Dept Econ, Bonn, Germany Von Gaudecker, HM
(corresponding author), Univ Bonn, Dept Econ, Bonn, Germany.
Netspar Von Gaudecker is with Universitat Bonn, Department of Economics.
Several of the data manipulations and preliminary estimations were performed by
Mark Prins as part of his MSc Thesis at VU University Amsterdam and in a subsequent
research assistantship to the author. Special thanks to him for an excellent
programming job and many fruitful discussions. Funding from Netspar is gratefully
acknowledged. I appreciate helpful comments received from seminar and conference
participants at the Universities of Frankfurt and Bonn, the 2nd SAVE conference in
Deidesheim, the 2011 Netspar Pension Workshop in Amsterdam, and the Federal Reserve
Bank of Chicago; in particular, Tabea Bucher-Koenen, Armin Falk, Dimitris
Georgarakos, Michael Haliassos, Rainer Haselmann, Olivia Mitchell, Karl Scholz,
Stephen Zeldes, and Michael Ziegelmeyer. Furthermore, I would like to thank
CentERdata for help on numerous data questions; Mauro Mastrogiacomo for sharing
code to prepare the DHS data; and Maarten van Rooij, Annamaria Lusardi, and Rob
Alessie for providing the data and code used to construct the financial literacy
scores in van Rooij, Lusardi, and Alessie (2011). Agarwal S, 2013, AM ECON J-
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489 507 10.1111/jofi.12231 19 Business,
Finance; Economics Business & Economics CE9DD WOS:000352142900001
2021-10-06
J Abebe, G; Tekle, B; Mano, Y Abebe, Girum; Tekle, Biruk;
Mano, Yukichi Changing Saving and Investment Behaviour: The Impact
of Financial Literacy Training and Reminders on Micro-businesses JOURNAL OF AFRICAN
ECONOMIES English Article
savings; reminders; financial training; entrepreneurs; Africa; experiment;
inattention FIELD EXPERIMENT; POOR; ENTREPRENEURSHIP; MICROFINANCE; MODEL In
developing countries, savings is an important financial tool, particularly for
micro-business with limited access to credit. However, micro-entrepreneurs often
undersave, even when they have some surplus and the desire to save. Knowledge gaps
and behavioural biases such as limited attention have been discussed as potential
constraints on saving. To test ways to alleviate such constraints, we offered a 4-
hour financial literacy training and periodic SMS reminders for 3 months to a
randomly selected group of micro-entrepreneurs in Addis Ababa, Ethiopia. We
particularly compared the joint treatment to the two treatments in isolation for
the first time in the literature. We find that SMS reminders increased savings
relative to no treatment, and that the combination of reminders and financial
training improved the financial literacy score and increased short-term deposits in
the bank. Our results confirm earlier findings that savings can be limited by
attention, and that financial literacy matters for saving behaviour when saving is
at the top of the mind. [Abebe, Girum; Tekle, Biruk] Ethiopian Dev Res Inst, Addis
Ababa 2479, Ethiopia; [Mano, Yukichi] Hitotsubashi Univ, Grad Sch Econ, Tokyo
1868601, Japan Mano, Y (corresponding author), Hitotsubashi Univ, Grad Sch Econ,
Tokyo 1868601, Japan. yukichi.mano@gmail.com Abebe, Girum/V-4986-2019 Abebe,
Girum/0000-0001-8335-3028 African Capacity Building Foundation (ACBF); Canada's
Think Thank Initiative-International Development Research Centre (TTI-IDRC) We
thank Yutaka Arimoto, Nick Bloom, Stefano Caria, Pascaline Dupas, Marcel Fafchamps,
Taiji Furusawa, Yuki Higuchi, Jota Ishikawa, Dean Karlan, Yuya Kudo, Takashi
Kurosaki, Qing Liu, Keijiro Otsuka, Owen Ozier, Saumik Paul, Simon Quinn, Yasuyuki
Sawada, Daniela Scur, Masahiro Shoji, Tetsushi Sonobe, Yoichi Sugita, Aya Suzuki,
Kazushi Takahashi, Yoshito Takasaki and Yasuyuki Todo for their useful comments.
Input from seminar participants at the University of Tokyo, Hitotsubashi University
and National Graduate Institute for Policy Studies (GRIPS) in Japan, Peking
University in China, and University of Oxford in the UK is highly appreciated. We
are grateful to the African Capacity Building Foundation (ACBF) and Canada's Think
Thank Initiative-International Development Research Centre (TTI-IDRC) for funding
the project. We are also grateful to Habtamu Molla for his excellent research
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DOI 10.1100/2012/804698; Zolfaghari M, 2012, J CLIN NURS, V21, P1922, DOI
10.1111/j.1365-2702.2011.03951.x 47 4 4 2 17 OXFORD UNIV PRESS
OXFORD GREAT CLARENDON ST, OXFORD OX2 6DP, ENGLAND 0963-8024 1464-
3723 J AFR ECON J. Afr. Econ. NOV 2018 27 5
587 611 10.1093/jae/ejy007 25 Economics
Business & Economics HI7ZI WOS:000456674500004
2021-10-06
J Frydman, C; Camerer, CF Frydman, Cary; Camerer, Colin F.
The Psychology and Neuroscience of Financial Decision Making TRENDS
IN COGNITIVE SCIENCES English Review
INFORMATION DISCLOSURE; BEHAVIORAL ECONOMICS; PROSPECT-THEORY; EQUITY
PREMIUM; RISK-TAKING; DISPOSITION; RETURNS; ATTENTION; INVESTORS; OVERCONFIDENCE
Financial decisions are among the most important life-shaping decisions that
people make. We review facts about financial decisions and what cognitive and
neural processes influence them. Because of cognitive constraints and a low average
level of financial literacy, many household decisions violate sound financial
principles. Households typically have underdiversified stock holdings and low
retirement savings rates. Investors overextrapolate from past returns and trade too
often. Even top corporate managers, who are typically highly educated, make
decisions that are affected by overconfidence and personal history. Many of these
behaviors can be explained by well-known principles from cognitive science. A boom
in high-quality accumulated evidence-especially how practical, low-cost 'nudges'
can improve financial decisions-is already giving clear guidance for balanced
government regulation. [Frydman, Cary] USC Marshall Sch Business, Los Angeles, CA
90089 USA; [Camerer, Colin F.] CALTECH, Div Humanities & Social Sci, Pasadena, CA
91125 USA Frydman, C (corresponding author), USC Marshall Sch Business, Los
Angeles, CA 90089 USA.; Camerer, CF (corresponding author), CALTECH, Div Humanities
& Social Sci, Pasadena, CA 91125 USA. cfrydman@marshall.usc.edu;
camerer@caltech.edu Divn Of Social and Economic SciencesNational
Science Foundation (NSF)NSF - Directorate for Social, Behavioral & Economic
Sciences (SBE) [1261060] Funding Source: National Science Foundation
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52 53 8 103 ELSEVIER SCIENCE LONDON LONDON 84 THEOBALDS RD,
LONDON WC1X 8RR, ENGLAND 1364-6613 1879-307X TRENDS COGN SCI TRENDS
COGN. SCI. SEP 2016 20 9 661 675
10.1016/j.tics.2016.07.003 15 Behavioral Sciences;
Neurosciences; Psychology, Experimental Behavioral Sciences; Neurosciences &
Neurology; Psychology DU6TJ WOS:000382347200007 27499348 Green Accepted,
hybrid 2021-10-06
J Luhrmann, M; Serra-Garcia, M; Winter, J Luehrmann,
Melanie; Serra-Garcia, Marta; Winter, Joachim Teaching teenagers in
finance: Does it work? JOURNAL OF BANKING & FINANCE English
Article Financial literacy; Economic
education; Financial decision-making SELF-CONTROL; COGNITIVE FUNCTION;
LITERACY; KNOWLEDGE; EDUCATION; PREFERENCES Many initiatives worldwide aim at
improving financial literacy through targeted education programs, yet there is
little evidence regarding their effectiveness. We examine the impact of a short
financial education program on teenagers in German high schools. Our findings
reveal that the training program significantly increases teenagers' interest in
financial matters and their financial knowledge, especially their ability to
properly assess the riskiness of assets. Behaviorally, we observe a decrease in the
prevalence of self-reported impulse purchases, but at the same time find no
evidence of a significant increase in savings. (C) 2014 Elsevier B.V. All rights
reserved. [Luehrmann, Melanie] Inst Fiscal Studies, London, England; [Luehrmann,
Melanie] Univ London, London WC1E 7HU, England; [Luehrmann, Melanie; Winter,
Joachim] Munich Ctr Econ Aging MEA, Munich, Germany; [Serra-Garcia, Marta] Univ
Calif San Diego, Rady Sch Management, San Diego, CA 92103 USA; [Winter, Joachim]
Univ Munich, Dept Econ, D-81377 Munich, Germany Winter, J (corresponding author),
Univ Munich, Dept Econ, Marchioninistr 15, D-81377 Munich, Germany.
melanie.luhrmann@rhul.ac.uk; mserragarcia@ucsd.edu; winter@lmu.de Serra-
Garcia, Marta/AAA-3340-2020 Serra-Garcia, Marta/0000-0002-5875-4986; Winter,
Joachim/0000-0003-2460-619X; Luhrmann, Melanie/0000-0002-2257-8407
"Gleichstellungsfonds" of the University of Munich We would like to thank
the team of My Finance Coach, Munich, for supporting the survey fieldwork, the
"Gleichstellungsfonds" of the University of Munich for financial support, and
Johanna Sophie Quis for excellent research assistance. We would also like to thank
two anonymous referees, Davide Cantoni, Philip Neary, Dan Houser, and the audiences
at the Conference on "Financial Literacy, Saving and Retirement in an Ageing
Society" at Collegio Carlo Alberto, the 2013 Annual Conferences of the Royal
Economic Society and the Verein fur Socialpolitik, and at seminars at the Deutsche
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Business, Finance; Economics Business & Economics CG9CW
WOS:000353613000012 Green Submitted 2021-10-06
J Koratamaddi, P; Wadhwani, K; Gupta, M; Sanjeevi, SG
Koratamaddi, Prahlad; Wadhwani, Karan; Gupta, Mridul; Sanjeevi, Sriram G.
Market sentiment-aware deep reinforcement learning approach for stock
portfolio allocation ENGINEERING SCIENCE AND TECHNOLOGY-AN INTERNATIONAL
JOURNAL-JESTECH English Article
Reinforcement learning; Portfolio allocation; Sentiment analysis; Deep
learning; Stock trading MICROBLOGGING DATA; RETURNS; MODEL; PREDICTION; MEDIA;
NOISE The stock market currently remains one of the most difficult systems to model
in finance. Hence, it is a challenge to solve stock portfolio allocation wherein an
optimal investment strategy must be found for a curated collection of stocks that
effectively maximizes return while minimizing the risk involved. Deep reinforcement
learning approaches have shown promising results when used to automate portfolio
allocation, by training an intelligent agent on historical stock prices. However,
modern investors are actively engaging with digital platforms such as social media
and online news websites to understand and better analyze portfolios. The overall
attitude thus formed by investors toward a particular stock or financial market is
known as market sentiment. Existing approaches do not incorporate market sentiment
which has been empirically shown to influence investor decisions. In our paper, we
propose a novel deep reinforcement learning approach to effectively train an
intelligent automated trader, that not only uses the historical stock price data
but also perceives market sentiment for a stock portfolio consisting of the Dow
Jones companies. We demonstrate that our approach is more robust in comparison to
existing baselines across standardized metrics such as the Sharpe ratio and
annualized investment return. (C) 2021 Karabuk University. Publishing services by
Elsevier B.V. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/). [Koratamaddi, Prahlad;
Wadhwani, Karan; Gupta, Mridul] Natl Inst Technol, Warangal, Andhra Pradesh, India;
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Pradesh, India Koratamaddi, P (corresponding author), Natl Inst Technol,
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INDIA PVT LTD NEW DELHI 17-A/1 MAIN RING ROAD, LAJPAT NAGAR IV, NEW DELHI,
110024, INDIA 2215-0986 ENG SCI TECHNOL Eng. Sci. Technol.
AUG 2021 24 4 848 859
10.1016/j.jestch.2021.01.007 12 Engineering,
Multidisciplinary Engineering RY3DF WOS:000647795100002 gold
2021-10-06
J Dearborn, K Dearborn, K Studies in emotional
intelligence redefine our approach to leadership development PUBLIC PERSONNEL
MANAGEMENT English Article
This article references the work of Daniel Goleman, author of Emotional
Intelligence, Working with Emotional Intelligence, and co-author of Primal
Leadership, creating an awareness of the contrast that exists between traditional
training approaches and self-directed learning as we pursue leadership development.
The emotional intelligence premise is overviewed and linked to the discussion of
demonstrating a return on investment in our organizations as we deploy training
programs to impact performance. The author contends that our traditional deployment
of leadership development/communication skills training fails to, produce
sustainable change in behaviors and supports Goleman's initiatives to invest in the
emotional intelligence of leaders with individualized plans to impact the climate
and performance of an organization. City Gresham, Human Resources Dept, Gresham, OR
97030 USA Dearborn, K (corresponding author), City Gresham, Human Resources Dept,
1333 NW Eastman Pkwy, Gresham, OR 97030 USA.
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PRIMAL LEADERSHIP RE, P38 4 17 17 3 19 INT PERSONNEL MANAGEMENT
ASSN ALEXANDRIA 1617 DUKE ST, ALEXANDRIA, VA 22314 USA 0091-0260
PUBLIC PERS MANAGE Public Personnel Manage. WIN 2002 31 4
523 530 10.1177/009102600203100408
8 Industrial Relations & Labor; Public Administration Business &
Economics; Public Administration 640LT WOS:000180690900008
2021-10-06
J van der Linden, D; van Klaveren, D; Dunkel, CS van der
Linden, Dimitri; van Klaveren, Donna; Dunkel, Curtis S. Emotional
intelligence (EI) is an indicator of a slow life history strategy: A test of
ability and trait EI PERSONALITY AND INDIVIDUAL DIFFERENCES
English Article Life history theory;
Emotional intelligence; Evolutionary psychology; Social behavior PERSONALITY Life
history (LH) theory applied to humans states that individual differences exist in
reproductive strategies. A slow LH strategy implies that one invests relatively
much into parental care but less so in mating effort. A fast LH strategy implies a
reversed pattern (i.e., high mating effort, lower parental investment). It has been
hypothesized that due to higher demands of social complexity, slow LH strategist
may have higher levels of emotional intelligence (EI). In a sample of N = 201,
mainly high-school students, the present study is the first to use well-known
ability and trait measures of EI in order to test this hypothesis. Ability and
trait measures of EI, as well as a general EI factor, all were significantly
related to a slow life history strategy. Findings provide further insight into the
characteristics of fast versus slow life history strategies. (C) 2014 EIsevier Ltd.
All rights reserved. [van der Linden, Dimitri; van Klaveren, Donna] Erasmus
Univ, Inst Psychol, NL-3000 DR Rotterdam, Netherlands; [Dunkel, Curtis S.] Western
Illinois Univ, Dept Psychol, Macomb, IL USA van der Linden, D (corresponding
author), Erasmus Univ, Inst Psychol, POB 1738, NL-3000 DR Rotterdam, Netherlands.
vanderlinden@fsw.eur.nl Van der Linden, Dimitri/0000-0001-7098-8948
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10.1016/j.paid.2014.09.027 4 Psychology, Social
Psychology AT9OY WOS:000345257500015 2021-10-06
J Wilson, JM; Strough, J; Shook, NJ Wilson, Jenna M.;
Strough, JoNell; Shook, Natalie J. Benefits of Experience and
Knowledge for Older Adults' Monetary Sequence Preferences INTERNATIONAL JOURNAL OF
AGING & HUMAN DEVELOPMENT English Article; Early Access
decision-making; temporal sequences; financial literacy;
financial experience; age differences FINANCIAL LITERACY; INDIVIDUAL-
DIFFERENCES; DECISION-MAKING; AGE-DIFFERENCES; TIME; PERSPECTIVE Financial literacy
and financial experience may be important for understanding age differences in
financial decisionmaking. Older adults generally have more financial experience
than younger adults do, and some studies suggest they also have better financial
literacy. We investigated associations among age (N = 594, aged 20-88, M (age) =
46.48), financial experience, financial literacy, and preferences for receiving
larger (versus smaller) amounts of money sooner (versus later). Older age was
correlated with preferences for receiving larger amounts of money sooner and
smaller amounts later, but this association was no longer significant after
accounting for financial experience and financial literacy. Financial experience
was the only significant contributor. We discuss implications for improving
financial decision-making across adulthood. [Wilson, Jenna M.; Strough, JoNell;
Shook, Natalie J.] West Virginia Univ, Dept Psychol, 53 Campus Dr,POB 6040,
Morgantown, WV 26505 USA; [Shook, Natalie J.] Univ Connecticut, Sch Nursing,
Storrs, CT USA Wilson, JM (corresponding author), West Virginia Univ, Dept
Psychol, 53 Campus Dr,POB 6040, Morgantown, WV 26505 USA. jw0097@mix.wvu.edu
National Science FoundationNational Science Foundation (NSF) [1459021]
The author(s) disclosed receipt of the following financial support for the
research, authorship, and/or publication of this article: This work was supported
by the National Science Foundation (Award Number 1459021). The funding organization
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SAGE PUBLICATIONS INC THOUSAND OAKS 2455 TELLER RD, THOUSAND OAKS, CA
91320 USA 0091-4150 1541-3535 INT J AGING HUM DEV Int. J. Aging
Human Dev.
00914150211009464 10.1177/00914150211009464 APR 2021 15
Gerontology; Psychology, Developmental Geriatrics & Gerontology;
Psychology SA5MC WOS:000649346400001 33913785 2021-10-06
J Lusardi, A; Mitchell, OS; Curto, V Lusardi, Annamaria;
Mitchell, Olivia S.; Curto, Vilsa Financial literacy and financial
sophistication in the older population JOURNAL OF PENSION ECONOMICS & FINANCE
English Article Financial
knowledge; framing; gender differences; retirement security Using a special-
purpose module implemented in the Health and Retirement Study, we evaluate
financial sophistication in the American population over the age of 50. We combine
several financial literacy questions into an overall index to highlight which
questions best capture financial sophistication and examine the sensitivity of
financial literacy responses to framing effects. Results show that many older
respondents are not financially sophisticated: they fail to grasp essential aspects
of risk diversification, asset valuation, portfolio choice, and investment fees.
Subgroups with notable deficits include women, the least educated, non-Whites, and
those age 75+. In view of the fact that retirees increasingly must take on
responsibility for their own retirement security, such meager levels of knowledge
have potentially serious and negative implications. [Lusardi, Annamaria] George
Washington Sch Business, Washington, DC 20052 USA; [Mitchell, Olivia S.] Univ Penn,
Wharton Sch, Philadelphia, PA 19104 USA; [Curto, Vilsa] Stanford Univ, Dept Econ,
Stanford, CA 94305 USA Lusardi, A (corresponding author), George Washington Sch
Business, 2201 G St NW,Suite 450E,Duques Hall, Washington, DC 20052 USA.
alusardi@gwu.edu; mitchelo@wharton.upenn.edu; vcurto@stanford.edu
NATIONAL INSTITUTE ON AGINGUnited States Department of Health & Human
ServicesNational Institutes of Health (NIH) - USANIH National Institute on Aging
(NIA) [U01AG009740] Funding Source: NIH RePORTER; NIA NIH HHSUnited States
Department of Health & Human ServicesNational Institutes of Health (NIH) - USANIH
National Institute on Aging (NIA) [U01 AG009740] Funding Source: Medline
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Business, Finance; Economics Business & Economics AW7PJ
WOS:000346456300001 28553191 Green Accepted 2021-10-06
J Sharma, A; Johri, A Sharma, Akshay; Johri, Aditya
Learning and empowerment: Designing a financial literacy tool to teach long-
term investing to illiterate women in rural India LEARNING CULTURE AND SOCIAL
INTERACTION English Article Guided
participation; Design-based research; Financial literacy; Empowerment; Development
MICROFINANCE; WORLD The objectives of this paper are two-fold. First, it
aims to bring attention to the learning and educational needs of the almost one
billion illiterate adults in the world who have little or no means for furthering
their education in traditional settings. More than two-thirds of illiterate adults
in the world are women and their education can have an immense impact on societal
development. When we think of learning in its cultural context through social
interaction, this population presents a unique vantage point to test and extend our
theoretical ideas. Second, the paper presents an exploratory case study that
demonstrates how research on learning can guide human empowerment by addressing
everyday problems and how addressing these problems, in turn, can contribute to our
understanding of how people learn. Specifically, we present a design-based research
and implementation case of a financial literacy tool constructed to assist learners
in understanding the advantages of long-term investment. Our findings demonstrate
the advantages of leveraging the local context to construct teaching aids and
supports viewing learning as the creation and enactment of situated practices. (C)
2013 Elsevier Ltd. All rights reserved. [Sharma, Akshay] Dept Ind Design,
Blacksburg, VA 24061 USA; [Johri, Aditya] Dept Engn Educ, Blacksburg, VA 24061 USA
Johri, A (corresponding author), Dept Engn Educ, 616 McBryde Hall,
Blacksburg, VA 24061 USA. akshay@vt.edu; ajohri@vt.edu Johri,
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10.1016/j.lcsi.2013.10.003 13 Education & Educational
Research Education & Educational Research AN8MR WOS:000340858800003
2021-10-06
J Lundgren, AD Lundgren, Ashley D.
Establishing Financial Literacy: What Every Resident Needs to Know CUTIS
 English Editorial Material
Financial literacy is a skill that requires an ongoing investment of time and
often is overlooked throughout medical training. Physicians are facing an
unprecedented student loan burden upon graduation from medical school, coupled with
stagnant and decreasing salaries and few financial skills to help navigate this
terrain. The purpose of this article is to address several specific steps every
resident should take during training to establish good financial practices.
[Lundgren, Ashley D.] Univ Texas Austin, Dell Med Sch, Div Dermatol, Austin,
TX 78712 USA Lundgren, AD (corresponding author), 313 E 12th St,Ste 103,
Austin, TX 78701 USA. ashley.diana@gmail.com Ahmad FA,
2017, INT J MED EDUC, V8, P192, DOI 10.5116/ijme.5918.ad11; [Anonymous], RET TOP
IRA CONTR LI; [Anonymous], RET PLAN FAQS REG 40; Collins JL, STOCK SERIES;
Grischkan J, 2017, JAMA INTERN MED, V177, P1532, DOI
10.1001/jamainternmed.2017.4023; Levy S, RESIDENTS SALARY DEB 6 0 0
0 4 QUADRANT HEALTHCOM INC PARSIPPANY 7 CENTURY DRIVE, STE 302,
PARSIPPANY, NJ 07054-4603 USA 0011-4162 2326-6929 CUTIS Cutis MAY 2018
101 5 E8 E10 3
Dermatology Dermatology GH3BZ WOS:000433277400004 29894538
2021-10-06
J Salamanca, N; de Grip, A; Fouarge, D; Montizaan, R
Salamanca, Nicolas; Grip, Andries de; Fouarge, Didier; Montizaan, Raymond
Locus of control and investment in risky assets JOURNAL OF ECONOMIC
BEHAVIOR & ORGANIZATION English Article
Household portfolio; Personality trait; Subjective expectation; Risk
perception; Financial literacy; Measurement error HUMAN-CAPITAL INVESTMENT;
LIFETIME PORTFOLIO SELECTION; PERSONALITY-TRAITS; EXTERNAL CONTROL; SELF-ESTEEM;
CHOICE; STOCK; DETERMINANTS; OPTIMISM; CYCLE Internal locus of control is an
important personality trait strongly related to many economic outcomes. We show
that the probability to own equity and the share of equity in household portfolios
increase with people's internal locus of control. We explore, and find no evidence
for, the hypothesis that this relation is driven by a link between internal
economic locus of control and subjective expectations about the return and risk of
investment in equity. The relation between locus of control and investment in
equity also remains after controlling for risk and time preferences, financial
literacy, overconfidence, optimism, trust, and other personality traits. We also
show that locus of control has a stronger relation with investment in equity for
financially illiterate investors. Our results document a strong and robust relation
between locus of control and investment behaviour that cannot be explained by
leading behavioural investment theories. (c) 2020 Elsevier B.V. All rights
reserved. [Salamanca, Nicolas] Univ Melbourne, Melbourne Inst Appl Econ & Social
Res, ARC Ctr Excellence Children & Families Life Cours, Melbourne, Vic, Australia;
[Grip, Andries de; Fouarge, Didier; Montizaan, Raymond] Maastricht Univ, ROA,
Maastricht, Netherlands; [Grip, Andries de; Fouarge, Didier; Montizaan, Raymond]
Netspar, Tilburg, Netherlands; [Salamanca, Nicolas; Grip, Andries de; Fouarge,
Didier; Montizaan, Raymond] Inst Lab Econ IZA, Bonn, Germany Salamanca, N
(corresponding author), Univ Melbourne, Level 5,Business & Econ Bldg,111 Barry St,
Melbourne, Vic 3010, Australia. n.salamanca@unimelb.edu.au Salamanca,
Nicolas/H-9849-2015 Salamanca, Nicolas/0000-0002-6596-843X Australian
Research Council Centre of Excellence for Children and Families over the Life
CourseAustralian Research Council [CE140100027] We thank Eric Bonsang, Lex
Borghans, Deborah Cobb-Clark, Denis de Crombrugghe, Thomas Dohmen, Alexandra de
Gendre, Bart Golsteyn, Thomas Post, Stefanie Schurer, Paul Smeets, Ulf Zolitz, and
especially Jan Feld for their helpful suggestions, and participants at various
seminars and conferences for their comments. This research was supported by the
Australian Research Council Centre of Excellence for Children and Families over the
Life Course (project number CE140100027). The Centre is administered by the
Institute for Social Science Research at The University of Queensland, with nodes
at The University of Western Australia, The University of Melbourne and The
University of Sydney. The views expressed herein are those of the authors and are
not necessarily those of the Australian Research Council. In this paper use is made
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21 Economics Business & Economics NM0EY WOS:000567779700004
Green Submitted, Green Published 2021-10-06
J Marinelli, N; Mazzoli, C; Palmucci, F Marinelli,
Nicoletta; Mazzoli, Camilla; Palmucci, Fabrizio How does gender really
affect investment behavior? ECONOMICS LETTERS English Article
Gender; Investment behavior; Risk preferences;
Portfolio's risk and diversification; Financial literacy FINANCIAL LITERACY;
RISK-TAKING In this paper we study gender differences in investment behavior. By
making use of a dedicated proprietary dataset including 2374 clients of an Italian
bank we show that, after controlling for socio-demographic and economic variables,
gender still explains many differences in the investment decision process, risk
preferences and portfolio characteristics, thus suggesting a role of gender in the
investment behavior. However, no difference is revealed in the portfolio liquidity
and diversification, meaning that gender does not affect the quality of portfolios.
(C) 2016 Elsevier B.V. All rights reserved. [Marinelli, Nicoletta] Univ
Macerata, Dept Econ & Law, Piazza Strambi 1, I-62100 Macerata, Italy; [Mazzoli,
Camilla] Univ Politecn Marche, Dept Management, Ple Martelli 8, I-60121 Ancona,
Italy; [Palmucci, Fabrizio] Univ Bologna, Dept Management, Via Capo Lucca 34, I-
40126 Bologna, Italy Palmucci, F (corresponding author), Univ Bologna, Dept
Management, Via Capo Lucca 34, I-40126 Bologna, Italy.
nicoletta.marinelli@unimc.it; c.mazzoli@univpm.it; f.palmucci@unibo.it
Palmucci, Fabrizio/A-6297-2009 Palmucci, Fabrizio/0000-0002-8786-2409
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LAUSANNE PO BOX 564, 1001 LAUSANNE, SWITZERLAND 0165-1765 1873-7374
ECON LETT Econ. Lett. FEB 2017 151 58
61 10.1016/j.econlet.2016.12.006 4 Economics
Business & Economics EJ2AG WOS:000393011500014
2021-10-06
J Yang, MR; Al Mamun, A; Mohiuddin, M; Al-Shami, SSA; Zainol, NR
 Yang, Marvello; Mamun, Abdullah Al; Mohiuddin, Muhammad; Al-Shami, Sayed
Samer Ali; Zainol, Noor Raihani Predicting Stock Market Investment
Intention and Behavior among Malaysian Working Adults Using Partial Least Squares
Structural Equation Modeling MATHEMATICS English Article
risk tolerance; financial well-being; financial literacy;
overconfidence bias; herding behavior; social interaction; investment intention;
stock market participation The purpose of this study was to investigate
the effects of risk tolerance, financial well-being, financial literacy,
overconfidence bias, herding behavior, and social interaction on stock market
investment intention and stock market participation among working adults in
Malaysia. Adopting the cross-sectional design, this study collected quantitative
data from a total of 349 respondents in an online survey via Google form link
across various social media platforms. This study used the partial least squares
structural equation modeling (PLS-SEM) approach to test the hypotheses. This study
revealed the significant positive effects of risk tolerance, herding behavior, and
social interaction on stock market investment intention. Stock market investment
intention also had a significant effect on stock market participation. Stock market
investment intention was also found to successfully mediate the relationships of
risk tolerance and overconfidence bias with stock market participation. When it
comes to stock market investment, the government and related authorities should
focus on developing programs and policies that provide a financial safety net for
investors and promote investment-related social platforms. This study linked risk
tolerance, financial well-being, financial literacy, overconfidence bias, herding
behavior, social interaction, stock market investment intention, and stock market
participation. This is one of the few early attempts to address issues in light of
the stock market investment participation among the working adults in a developing
country. [Yang, Marvello] Widya Dharma Univ Pontianak, Fac Econ & Business, Dept
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UCSI Univ, Fac Business & Management, Kuala Lumpur 56000, Malaysia; [Mohiuddin,
Muhammad] Laval Univ, Fac Business Adm, Quebec City, PQ 2325, Canada; [Al-Shami,
Sayed Samer Ali] Univ Teknikal Malaysia Melaka, Inst Technol Management &
Entrepreneurship, Durian Tunggal 76100, Melaka, Malaysia; [Zainol, Noor Raihani]
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Kelantan, Malaysia Al Mamun, A (corresponding author), UCSI Univ, Fac Business
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ANLAGE 66, CH-4052 BASEL, SWITZERLAND 2227-7390 MATHEMATICS-BASEL
Mathematics APR 2021 9 8 873
10.3390/math9080873 16 Mathematics Mathematics RT5XT
WOS:000644534300001 gold 2021-10-06
J Lusardi, A; Mitchell, OS Lusardi, Annamaria; Mitchell,
Olivia S. The Economic Importance of Financial Literacy: Theory and
Evidence JOURNAL OF ECONOMIC LITERATURE English Article
LIFE-CYCLE; WEALTH-ACCUMULATION; NUMERICAL
ABILITY; PORTFOLIO CHOICE; RETIREMENT; EDUCATION; INFORMATION; KNOWLEDGE;
PARTICIPATION; CONSUMPTION This paper undertakes an assessment of a rapidly
growing body of economic research on financial literacy. We start with an overview
of theoretical research, which casts financial knowledge as a form of investment in
human capital. Endogenizing financial knowledge has important implications for
welfare, as well as policies intended to enhance levels of financial knowledge in
the larger population. Next, we draw on recent surveys to establish how much (or
how little) people know and identify the least financially savvy population
subgroups. This is followed by an examination of the impact of financial literacy
on economic decision making in the United States and elsewhere. While the
literature is still young, conclusions may be drawn about the effects and
consequences of financial illiteracy and what works to remedy these gaps. A final
section offers thoughts on what remains to be learned if researchers are to better
inform theoretical and empirical models as well as public policy. [Lusardi,
Annamaria] George Washington Univ, Washington, DC 20052 USA; [Mitchell, Olivia S.]
Univ Penn, Philadelphia, PA 19104 USA Lusardi, A (corresponding author), George
Washington Univ, Washington, DC 20052 USA. NATIONAL INSTITUTE
ON AGINGUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [U01AG009740] Funding
Source: NIH RePORTER; NIA NIH HHSUnited States Department of Health & Human
ServicesNational Institutes of Health (NIH) - USANIH National Institute on Aging
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AMER ECONOMIC ASSOC NASHVILLE 2014 BROADWAY, STE 305, NASHVILLE, TN
37203 USA 0022-0515 2328-8175 J ECON LIT J. Econ. Lit. MAR 2014
52 1 5 44 10.1257/jel.52.1.5
40 Economics Business & Economics AE1SX WOS:000333751300001
28579637 Green Submitted, Green Accepted, Green Published
2021-10-06
J Cornil, Y; Hardisty, DJ; Bart, Y Cornil, Yann; Hardisty,
David J.; Bart, Yakov Easy, breezy, risky: Lay investors fail to
diversify because correlated assets feel more fluent and less risky
ORGANIZATIONAL BEHAVIOR AND HUMAN DECISION PROCESSES English
Article Perceived risk; Lay perception;
Fluency; Diversification; Financial decision-making; Financial literacy HOME
BIAS; FAMILIARITY; PERCEPTION; RETIREMENT; HEURISTICS; ALLOCATION; PREFERENCE;
INTUITION; JUDGMENTS; AVERSION Why do people fail to diversify risk in their
investment portfolios? We study how lay investors (people with low financial
literacy) invest in financial assets whose past or expected returns are provided.
Although investing in assets with negatively correlated returns reduces portfolio
risk (i.e., reduces portfolio fluctuations), we find that lay investors instead
prefer investing in assets with positively correlated returns, which results in
less diversified and riskier investment portfolios than intended. Using a mixed-
method approach, we find that lay investors rely on a lay perception of portfolio
risk: assets with positively correlated returns feel more fluent (more familiar,
simple, and predictable), and thus are erroneously perceived as less risky. We find
that lay investors succeed in forming diversified, lower-risk portfolios when they
are provided with aggregate portfolio returns, or when-paradoxically-they are
encouraged to take more risk. [Cornil, Yann; Hardisty, David J.] Univ British
Columbia, Sauder Sch Business, 2053 Main Mall, Vancouver, BC V6T 1Z2, Canada;
[Bart, Yakov] Northeastern Univ, DAmore McKim Sch Business, 360 Huntington Ave,
Boston, MA 02115 USA Cornil, Y (corresponding author), Univ British Columbia,
Sauder Sch Business, 2053 Main Mall, Vancouver, BC V6T 1Z2, Canada.
yann.cornil@sauder.ubc.ca; david.hardisty@sauder.ubc.ca;
y.bart@northeastern.edu Bart, Yakov/0000-0002-4094-9873 Social Sciences
and Humanities Research Council of Canada (SSHRC)Social Sciences and Humanities
Research Council of Canada (SSHRC); INSEAD Alumni Fund; PH&N Centre for Financial
Research at Sauder School of Business This research was generously funded by
the Social Sciences and Humanities Research Council of Canada (SSHRC), PH&N Centre
for Financial Research at Sauder School of Business, and INSEAD Alumni Fund. The
authors thank Ece Ikiz and Aylin Senem Piskin for their research assistance. Alter
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ELSEVIER SCIENCE SAN DIEGO 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 USA
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10.1016/j.obhdp.2019.06.001 15 Psychology, Applied;
Management; Psychology, Social Psychology; Business & Economics KI3BF
WOS:000511223400008 2021-10-06
J Dave, HP; Keefer, KV; Snetsinger, SW; Holden, RR; Parker, JDA
Dave, Hiten P.; Keefer, Kateryna V.; Snetsinger, Samantha W.; Holden, Ronald
R.; Parker, James D. A. Predicting the Pursuit of Post-Secondary
Education: Role of Trait Emotional Intelligence in a Longitudinal Study
FRONTIERS IN PSYCHOLOGY English Article
trait emotional intelligence; longitudinal; post-secondary pursuit;
emerging adulthood; nationally-representative data HIGH-SCHOOL; ACADEMIC-
PERFORMANCE; PERSONALITY-TRAITS; SOCIAL SUPPORT; UNIVERSITY; TRANSITION; DECISION;
COMPETENCE; STUDENTS; SUCCESS Trait Emotional Intelligence (EI) is a constellation
of emotional self-perceptions and dispositions related to perceiving,
understanding, using, and managing emotions of self and others. Although higher
trait EI has been implicated in post-secondary success among university students.
There is lack of evidence for whether it predicts the pursuit of post-secondary
education (PSE) in emerging adulthood. This was the first study to investigate the
role of trait EI in PSE pursuit using a large, nationally-representative sample of
Canadian young adults who participated in the National Longitudinal Survey for
Children and Youth (NLSCY). Participants in this dataset reported on their PSE
status at three biennial waves (age 20-21, 22-23, and 24-25), and completed a four-
factor self-report scale for trait EI (Emotional Quotient Inventory: Mini) at ages
20-21 and 24-25. Higher trait EI subscale scores were significantly associated with
greater likelihood of PSE participation both concurrently, and at 2- and 4-year
follow-ups. Overall, these associations were larger for men than women. The finding
that these links persisted over a multi-year period is particularly promising, as
it represents an important validation step toward further investment in
socioemotional competencies as part of youth development interventions. [Dave,
Hiten P.] Univ Western Ontario, Dept Psychol, London, ON, Canada; [Keefer, Kateryna
V.; Snetsinger, Samantha W.; Parker, James D. A.] Trent Univ, Dept Psychol,
Peterborough, ON, Canada; [Holden, Ronald R.] Queens Univ, Dept Psychol, Kingston,
ON, Canada Dave, HP (corresponding author), Univ Western Ontario, Dept Psychol,
London, ON, Canada. hdave7@uwo.ca Government of Ontario,
through the Ontario Human Capital Research and Innovation Fund This project was
supported by the Government of Ontario, through the Ontario Human Capital Research
and Innovation Fund. All analyses were based on the anonymized data files from the
Canadian National Longitudinal Survey of Children and Youth provided by Statistics
Canada. We thank the staff at the Statistics Canada Toronto Research Data Centre
for technical assistance. The opinions expressed in this paper are those of the
authors and do not necessarily reflect those of the Government of Ontario or
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MEDIA SA LAUSANNE AVENUE DU TRIBUNAL FEDERAL 34, LAUSANNE, CH-1015,
SWITZERLAND 1664-1078 FRONT PSYCHOL Front. Psychol. MAY 24
2019 10 1182
10.3389/fpsyg.2019.01182 12 Psychology, Multidisciplinary
Psychology HZ6OH WOS:000468971600002 31178797 Green Published, gold
2021-10-06
J Erdemlioglu, D; Joliet, R Erdemlioglu, Deniz; Joliet,
Robert Long-term asset allocation, risk tolerance and market
sentiment JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY
English Article Asset management;
Portfolio choice; Investment horizons; Investor and market sentiment; Fund
performance; Signal processing INVESTOR SENTIMENT; TRACKING-ERROR; SIZE;
STRATEGIES; MANAGEMENT; ANOMALIES; MOMENTUM; HORIZON This paper studies optimal
equity portfolios with long-term horizon under heterogeneous risk aversion levels.
We focus on European stocks and empirically show that contemporaneous excess
returns of semi-active strategies are negatively associated with market conditions
and sentiment. Consistent with our long-horizon perspective, we find that the
effects of sentiment measures on semi-active portfolio returns are sizeable and
economically relevant, particularly in bull (post-crisis) periods, even after
controlling for the five Fama-French factors, momentum, macro indicators and
political uncertainty shocks either globally or country-wise. By contrast, the
effects of sentiment measures on the passive (benchmark) portfolio appear to be
negligible. The results further indicate that realized portfolio returns generated
from our long-term strategies are considerably resilient to the episodes of flight-
to-safety (risk-off) regimes. (C) 2019 Elsevier B.V. All rights reserved. IESEG
Sch Management, Lille, France; LEM CNRS 9221, Lille, FranceJoliet, R (corresponding
author), IESEG Sch Management, LEM CNRS 9221, 3 Rue Digue, Lille, France.
d.erdemlioglu@ieseg.fr; r.joliet@ieseg.fr Erdemlioglu, Deniz/0000-0002-
8036-3930 Ait-Sahalia Y, 2001, J FINANC, V56, P1297, DOI
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FINANC, V69, P2597, DOI 10.1111/jofi.12203; Bekaert G, 2013, J MONETARY ECON, V60,
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10.1016/j.jfineco.2010.10.011 47 2 2 2 12 ELSEVIER AMSTERDAM
RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 1042-4431 J INT
FINANC MARK I J. Int. Financ. Mark. Inst. Money SEP 2019 62
1 19 10.1016/j.intfin.2019.04.004 19
Business, Finance; Economics Business & Economics IW7FH
WOS:000485149400001 Bronze 2021-10-06
J Sachse, K; Jungermann, H; Belting, JM Sachse, Katharina;
Jungermann, Helmut; Belting, Julia M. Investment risk - The
perspective of individual investors JOURNAL OF ECONOMIC PSYCHOLOGY
English Article Perceived risk;
Investment decisions; Individual investors; Investment risk perception PSYCHOMETRIC
PARADIGM; PERCEPTION; GENDER The aim of the research presented in this paper is to
investigate the perceived investment risk of lay investors. Two surveys were
conducted to examine the financial risk perception of German individual investors
(N= 119 in study 1; N= 171 in study 2). Participants were asked to rate the risk
and several aspects of different types of investment products (e.g. shares and bank
savings books). Study 1 analyzed the specificity of risk perception of various
common investment products. Separate regression analyses showed only minor
differences in the composition of the risk perception models between the types of
investment. A factor analysis revealed two dimensions of perceived investment risk,
where one factor consists of aspects of loss and variability (factor risk), while
the other comprises aspects of transparency and liquidity (factor manageability).
The dimensions were used to classify the types of investment with regard to
perceived risk. Study 2 focused on effects of individual characteristics on
financial risk perception. Only financial literacy (measured by means of a
knowledge test) proved to be relevant in a regression analysis where perceived
investment risk was explained by using gender, age, investment experience, and
financial literacy as predictors. Implications for an appropriate investment risk
communication in financial consultancy were derived from the results. (C) 2011
Elsevier B.V. All rights reserved. [Sachse, Katharina; Jungermann, Helmut] Tech
Univ TU Berlin, Dept Psychol & Ergon, D-10587 Berlin, Germany; [Belting, Julia M.]
Swiss Fed Inst Technol, Dept Management Technol & Econ, CH-8032 Zurich, Switzerland
Sachse, K (corresponding author), Tech Univ TU Berlin, Dept Psychol & Ergon,
FR 2-6,Franklinstr 28-29, D-10587 Berlin, Germany. katharina.sachse@tu-
berlin.de; helmut.jungermann@tu-berlin.de; jbelting@ethz.ch
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10.1016/j.joep.2011.12.006 11 Economics; Psychology,
Multidisciplinary Business & Economics; Psychology 921SO WOS:000302498000002
2021-10-06
J Csonto, B Csonto, Balazs Emerging market
sovereign bond spreads and shifts in global market sentiment EMERGING MARKETS
REVIEW English Article
Sovereign bond spreads; Emerging markets; Regime shift The paper
studies how the relationship between emerging market sovereign bond spreads,
economic fundamentals and global financial market conditions differs across three
regimes of global market sentiment. Following the identification of periods
characterized by low, medium and high volatility in financial markets, we analyze
the behavior of spreads from three different angles. First, we demonstrate that the
cross-country correlation of spreads increases in high-volatility regimes, implying
that countries cannot fully decouple from developments in other emerging markets
during periods of distress. Second, using the interactions of several domestic and
global variables with the probabilities of each regime prevailing in a given period
as the explanatory variables of spreads, the fixed effects panel estimation shows
that while country-specific fundamentals are important determinants of spreads in
each regime, the importance of global financial conditions increases in high-
volatility periods. Third, we show that countries can benefit from stronger
fundamentals in the form of lower exposure of their sovereign spreads to
unfavorable regime shifts in global market sentiment. (C) 2014 Elsevier B.V. All
rights reserved. European Investment Bank, L-2950 Luxembourg, Luxembourg
Csonto, B (corresponding author), European Investment Bank, 98-100 Blvd
Konrad Adenauer, L-2950 Luxembourg, Luxembourg. b.csonto@eib.org
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10.1016/j.ememar.2014.05.003 17 Business, Finance; Economics
Business & Economics AO6RO WOS:000341479400004
2021-10-06
J Bucher-Koenen, T; Ziegelmeyer, M Bucher-Koenen, Tabea;
Ziegelmeyer, Michael Once Burned, Twice Shy? Financial Literacy and
Wealth Losses during the Financial Crisis REVIEW OF FINANCE English
Article SAMPLE SELECTION;
CONSUMPTION; DECISIONS; BIASES The recent financial crisis caused a shock to
private wealth. Households with low financial literacy are less likely to own risky
assets directly. Therefore, fewer of them report financial losses. More
importantly, financially illiterate households are more prone to sell assets that
have lost in value. Thereby losses become permanent, and these households do not
participate in markets' resurgence. This flight from risky assets is persistent-the
financial crisis may prove to be a traumatic experience that shapes investment
behavior and gives rise to serious distributional consequences, as households with
lower financial literacy face lower returns in the long run. [Bucher-Koenen,
Tabea; Ziegelmeyer, Michael] Max Planck Inst Social Law & Social Policy, Munich,
Germany; [Bucher-Koenen, Tabea] Netspar, Tilburg, Netherlands; [Ziegelmeyer,
Michael] Banque Cent Luxembourg, Luxembourg, Luxembourg Bucher-Koenen, T
(corresponding author), Max Planck Inst Social Law & Social Policy, Munich,
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REV FINANC Rev. Financ. OCT 2014 18 6
2215 2246 10.1093/rof/rft052 32 Business, Finance;
Economics Business & Economics AR6OE WOS:000343701900006
2021-10-06
J Castillo, MAS; Del Valle, ID Sastre Castillo, Miguel
Angel; Danvila Del Valle, Ignacio Is emotional intelligence the
panacea for a better job performance? A study on low-skilled back office jobs
EMPLOYEE RELATIONS English Article
Emotional intelligence; Affective commitment; Work performance; Low-
skilled back office jobs ORGANIZATIONAL COMMITMENT; TRANSFORMATIONAL
LEADERSHIP; SATISFACTION; IMPACT; TURNOVER; VALIDITY; METAANALYSIS; ANTECEDENTS;
CONTINUANCE; PERSONALITY Purpose - The purpose of this paper is to investigate
the relationship between emotional intelligence (EI), organizational affective
commitment (AC), and performance at low-skilled back office positions.
Design/methodology/approach - In all, 397 participants in low-skilled back office
positions from a service company completed a questionnaire assessing EI, AC, and
performance. The authors used multiple regression models for testing whether higher
levels of EI and AC predicted better performance. Additionally, they tested to see
whether EI and AC were positively related. Findings - The results showed that
workers in low-skilled back office positions with higher EI and AC had better
performance. In this sense, intrapersonal skills and mood management were the
dimensions of EI with the highest predictive power. Also, EI and AC were positively
related, with intrapersonal skills and adaptability being the dimensions of EI most
closely associated with AC. Finally, the predictive power on performance was
increased when EI and AC were considered simultaneously. Originality/value -
Traditionally, the involvement of EI and other personal dimensions in increasing
organizational commitment and better work performance has been studied in high-
skilled and executive positions, as well as in front office low-skilled positions.
However, there is little empirical evidence regarding the simultaneous influence of
EI and AC on performance in low-skilled back office positions. This gap prompted
this research, which suggests that the investment of organizational resources is
mandatory for improving EI and, hence, organizational commitment and work
performance in these employees. [Sastre Castillo, Miguel Angel; Danvila Del
Valle, Ignacio] Univ Complutense Madrid, Fac Econ & Business, Madrid, Spain Del
Valle, ID (corresponding author), Univ Complutense Madrid, Fac Econ & Business,
Madrid, Spain. idanvila@ucm.es Castillo, Miguel Angel Sastre/AAE-3047-2019
Sastre Castillo, Miguel Angel/0000-0003-0163-5692 Ministry of Economy and
Competitiveness [ECO2014-54301-P]; UCM-Cofares Research Chair The authors
acknowledge the financial support from the Ministry of Economy and Competitiveness
(Project ECO2014-54301-P), as well as that of the UCM-Cofares Research Chair.
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10.1108/ER-11-2016-0216 16 Industrial Relations & Labor;
Management Business & Economics FD2VP WOS:000407393200005
2021-10-06
J Schadner, W Schadner, Wolfgang On the
persistence of market sentiment: A multifractal fluctuation analysis PHYSICA A-
STATISTICAL MECHANICS AND ITS APPLICATIONS English Article
Multifractal; MF-DFA; Long-term memory; Investor
sentiment; Financial crisis; Implied volatility STOCK-MARKET; CHINESE STOCK; HURST
EXPONENT; MF-DFA; EFFICIENCY; VOLATILITIES; FORMALISM; BEHAVIOR; CREDIT; MEMORY
This paper applies multifractal detrended fluctuation analysis to study the
multifractal property and temporal persistence of U.S. and European stock market
sentiment, providing deeper insights into investor behavior. The findings indicate
that the average sentiment is anti-persistent, understood as a general tendency for
investors to overreact. The multifractal spectrum has a significant width in both
markets, which comes with a substantial variation in local sentiment persistence.
Analyses show that the current sentiment persistence is positively related to the
level of market mood. Hence, investor fear is related to overreacting, while
optimism is more closely to a random walk. This result is of potential interest for
investment strategies, but is also likely to affect the stability of a financial
market. Conclusions are drawn from financial option and survey data. (C) 2021 The
Author(s). Published by Elsevier B.V. [Schadner, Wolfgang] Univ St Gallen, St
Gallen, Switzerland Schadner, W (corresponding author), Univ St Gallen, St
Gallen, Switzerland. wolfgang.schadner@unisg.ch Schadner, Wolfgang/0000-
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AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0378-4371 1873-
2119 PHYSICA A Physica A NOV 1 2021 581
126242 10.1016/j.physa.2021.126242 14 Physics,
Multidisciplinary Physics UB1QG WOS:000685625100040 hybrid
2021-10-06
J Albaity, M; Rahman, M Albaity, Mohamed; Rahman, Mahfuzur
The intention to use Islamic banking: an exploratory study to measure
Islamic financial literacy INTERNATIONAL JOURNAL OF EMERGING MARKETS
English Article Consumer attitudes;
Islamic banks; PLS; SEM; Intention to use; Islamic financial literacy PURCHASE
INTENTIONS; CONSUMER ATTITUDES; BRAND AWARENESS; RISK-TAKING; DETERMINANTS;
ADOPTION; INVESTMENT; RELIGION; SERVICES; GENDER Purpose Several research
models have been proposed in the existing literature to understand the intention to
use Islamic banking where conventional bank customers are not primarily addressed.
Upon measuring the level of Islamic financial literacy (IFL) among the customers of
conventional banks in the UAE, the purpose of this paper is to examine the direct
and indirect effects of IFL, awareness, cost and benefit, reputation and attitude
towards Islamic banking on the intention of potential customers to use Islamic
banking. Design/methodology/approach Using judgmental sampling techniques,
questionnaires were distributed to working individuals who did not have accounts
with Islamic banks. A total of 350 completed and usable questionnaires were
received and used for further analysis. The SmartPLS 3.0 software was used to
analyse the data. Findings The results revealed that the level of IFL was high
across the respondents and differed significantly as a function of gender, income
level and years of work experience. The findings showed that IFL, awareness,
reputation and attitude towards Islamic banking significantly influenced the
intention to use Islamic banking, while cost and benefit appear not to.
Interestingly, IFL was negatively correlated with the intention to use Islamic
banking, but when the attitude towards Islamic banking mediated the relationship
between IFL and the intention to use Islamic banking it then became positive.
Research limitations/implications Future research should consider looking at non-
Muslim economies, which might be more vulnerable to IFL. In addition, a comparison
between the current customers of Islamic banks and potential customers might be
relevant to see whether the IFL of the current customers differs from the new
customers. Practical implications The implications of the research are twofold.
First the study suggests that IFL is crucial for an Islamic bank's potential new
customers. Islamic bank managers should design and focus their policies toward
enriching the knowledge of the public about Islamic banks and their products.
Second, IFL alone does not lead to a higher level of intention to use Islamic banks
unless there is a positive attitude towards such banks. Originality/value To the
authors' knowledge, this is one of the first studies to consider the IFL measure
used in this paper. Therefore, this study will be the foundation for future
research on IFL. [Albaity, Mohamed] Univ Sharjah, Dept Finance & Econ, Sharjah, U
Arab Emirates; [Rahman, Mahfuzur] Univ Malaya, Dept Finance & Banking, Kuala
Lumpur, Malaysia Albaity, M (corresponding author), Univ Sharjah, Dept Finance &
Econ, Sharjah, U Arab Emirates. malbaity@sharjah.ac.ae ALBAITY, MOHAMED/AAZ-
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Business; Economics; Management Business & Economics JO9CS
WOS:000497872800013 2021-10-06
J Lichtenberg, PA; Hall, L; Gross, E; Campbell, R Lichtenberg,
Peter A.; Hall, Latoya; Gross, Evan; Campbell, Rebecca Providing
Assistance for Older Adult Financial Exploitation Victims: Implications for
Clinical Gerontologists CLINICAL GERONTOLOGIST English Article
Financial exploitation; scams; cognition; mental
health; financial literacy; financial decision-making ELDER ABUSE; RISK-FACTORS;
MISTREATMENT; FRAUD Background and Objective: Despite the growth of financial
exploitation research in the past decade, almost none has focused on older urban
adults, and especially urban African Americans. The Success After Financial
Exploitation (SAFE) program provides individual financial coaching to older urban
adults. Methods: We use community education, delivered separately to older adults
and to the professionals who serve them, to raise awareness about financial
exploitation (FE) and to motivate referrals for financial coaching. This paper
describes the program and methodology, and uses case examples and preliminary
research to investigate the intersection of FE and physical and mental health
functioning. Results: SAFE participants were able to repair their credit scores,
reduce new financial burdens, and even recover monies they had lost due to FE. Case
examples illustrate how financial scams and identity theft impacts urban older
adults. Participants were assessed prior to the provision of services, and SAFE
participants performed poorer on executive functioning tasks than participants in
the control group. They also reported more physical health problems and anxiety and
depressive symptoms. SAFE participants also had significantly higher risk scores on
a financial decision-making scale. Conclusion: Study findings advance our
understanding of the impacts of FE on cognitive functioning, mental health, and
financial decision-making. [Lichtenberg, Peter A.; Hall, Latoya; Gross, Evan;
Campbell, Rebecca] Wayne State Univ, Inst Gerontol, 87 E Ferry St, Detroit, MI
48202 USA; [Gross, Evan; Campbell, Rebecca] Wayne State Univ, Dept Psychol, 71 W
Warren Ave, Detroit, MI 48202 USA Lichtenberg, PA (corresponding author), Wayne
State Univ, Inst Gerontol, 87 E Ferry St, Detroit, MI 48202 USA.
p.lichtenberg@wayne.edu Michigan Department of Health and Human
Services; Michigan Health Endowment Fund; NATIONAL INSTITUTE ON AGINGUnited States
Department of Health & Human ServicesNational Institutes of Health (NIH) - USANIH
National Institute on Aging (NIA) [P30AG053760, P30AG015281] Funding Source: NIH
RePORTER This work was supported by the Michigan Department of Health and Human
Services; Michigan Health Endowment Fund. Acierno R, 2017, J ELDER ABUSE NEGL, V29,
P254, DOI 10.1080/08946566.2017.1365031; Arcierno R., 2010, AM J PUBLIC HEALTH,
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10.1093/geronb/gbv041 23 4 4 1 12 ROUTLEDGE JOURNALS, TAYLOR &
FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON,
ENGLAND 0731-7115 1545-2301 CLIN GERONTOLOGIST Clin. Gerontol.
AUG 8 2019 42 4 435 443
10.1080/07317115.2019.1569190 9 Geriatrics & Gerontology;
Gerontology; Psychiatry Geriatrics & Gerontology; Psychiatry IA4FS
WOS:000469520000008 30693849 Green Accepted 2021-10-06
J Khayamim, A; Mirzazadeh, A; Naderi, B Khayamim, Arash;
Mirzazadeh, Abolfazl; Naderi, Bahman Portfolio rebalancing with
respect to market psychology in a fuzzy environment: A case study in Tehran Stock
Exchange APPLIED SOFT COMPUTING English Article
Portfolio optimization; Market psychology; Fuzzy logic;
Possibility theory; Technical analysis; Behavioral finance EFFICIENT CAPITAL-
MARKETS; TECHNICAL ANALYSIS; INVESTOR PSYCHOLOGY; BEHAVIORAL FINANCE; SELECTION;
MODEL; OPTIMIZATION; RETURNS; NOISE; DIVERSIFICATION While a vast amount of
literature shows that psychological factors are major pricing determinants,
portfolio optimization models ignore the emotional aspects of financial markets.
Accordingly, this paper presents a two-stage portfolio rebalancing method to
integrate mean-variance theory with market psychology. At the first stage, the
psychological state of market participants is translated into a set of criteria to
evaluate stocks, and then, in a fuzzy environment, the process of ratiocination
used by technical analysts is simulated to assess the status of these criteria and
determine under-and overvaluation possibilities of stocks. At the second stage, a
fuzzy programming approach utilizes the calculated possibilities to revise an
existing portfolio considering investor profile, transaction costs, and risk-free
rate of return. An empirical study using the obtained data from Tehran Stock
Exchange is employed to validate the designed method and compare it against several
other investment strategies, including Buy-and-Hold strategy and a conventional
portfolio rebalancing model. The results show that the proposed fuzzy method
responds appropriately to the psychological component of the market. In addition,
for all investor profiles, the recommended strategy completely outperforms the
market and the remaining strategies. (C) 2017 Elsevier B.V. All rights reserved.
[Khayamim, Arash; Mirzazadeh, Abolfazl; Naderi, Bahman] Kharazmi Univ, Fac
Engn, Dept Ind Engn, Mofatteh Ave, Tehran, Iran Khayamim, A (corresponding author),
Kharazmi Univ, Fac Engn, Dept Ind Engn, Mofatteh Ave, Tehran, Iran.
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10.1016/j.asoc.2017.11.044 16 Computer Science, Artificial
Intelligence; Computer Science, Interdisciplinary Applications Computer Science
FX3ZP WOS:000426011800017 2021-10-06
J Corsini, L; Spataro, L Corsini, Lorenzo; Spataro, Luca
OPTIMAL DECISIONS ON PENSION PLANS IN THE PRESENCE OF INFORMATION COSTS
AND FINANCIAL LITERACY JOURNAL OF PUBLIC ECONOMIC THEORY English
Article RETIREMENT; PARTICIPATION;
CHOICE; MODEL Pension reforms are on the political agenda of many countries.
Such reforms imply an increasing responsibility on individuals' side in building an
efficient portfolio for retirement. In this paper, we provide a model describing
workers' choices on the allocation of retirement savings in presence of (1)
mandatory pension contribution; (2) different pension plans; and (3) information
costs and financial literacy investment decisions. In particular, we characterize
the results from both a positive and normative standpoint, by highlighting the
determinants of individuals' choice, with special focus on information costs, on
the role of income and preferences, and by characterizing the optimal contribution
rate to mandatory complementary pension plans. We also introduce endogenous
financial literacy and analyze how its optimal level is determined and how it
affects the decisions on pension plans. [Corsini, Lorenzo] Univ Firenze,
Dipartimento Sci Econ & Impresa, I-50127 Florence, Italy; [Spataro, Luca] Univ
Pisa, Dipartimento Econ & Management, I-56124 Pisa, Italy Corsini, L
(corresponding author), Univ Firenze, Dipartimento Sci Econ & Impresa, Via Pandette
9, I-50127 Florence, Italy. lorenzo.corsini@unifi.it; luca.spataro@unipi.it
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 383 414 10.1111/jpet.12121 32 Economics
Business & Economics CH7CY WOS:000354194400005 Green Submitted
2021-10-06
J Bazley, WJ; Bonaparte, Y; Korniotis, GM Bazley, William
J.; Bonaparte, Yosef; Korniotis, George M. Financial Self-
awareness: Who Knows What They Don't Know? FINANCE RESEARCH LETTERS
English Article Stock market
participation; Financial literacy; Self-awareness We examine the influence
of financial literacy and perceptions of financial knowledge on households'
financial risk-taking. Greater literacy and self-belief in one's literacy
positively relate to equity ownership. However, self-awareness of illiteracy
reduces participation by about 5%. We find that financial self-awareness is
impacted by innate traits and environmental elements. Specifically, it is reduced
by risk-seeking preferences and rising income but increases with income
uncertainty. Overall, we demonstrate that accurate self-assessment has implications
for individuals' portfolio choices, which suggests policy implications for
improving financial decision-making. [Bazley, William J.] Univ Kansas, 1645
Naismith Dr, Lawrence, KS 66045 USA; [Bonaparte, Yosef] Univ Colorado, 1475
Lawrence St, Denver, CO 80202 USA; [Korniotis, George M.] Univ Miami, 5250 Univ Dr,
Coral Gables, FL 33146 USA Bazley, WJ (corresponding author), Univ Kansas, 1645
Naismith Dr, Lawrence, KS 66045 USA. wbazley@ku.edu;
yosef.bonaparte@ucdenver.edu; gkorniotis@miami.edu
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FINANC RES LETT Financ. Res. Lett. JAN 2021 38
101445 10.1016/j.frl.2020.101445 4
Business, Finance Business & Economics QB3XC WOS:000614074100012
2021-10-06
J Ali, A; Abd Rahman, MS; Bakar, A Ali, Azwadi; Abd Rahman,
Mohd Shaari; Bakar, Alif Financial Satisfaction and the Influence
of Financial Literacy in Malaysia SOCIAL INDICATORS RESEARCH
English Article Personal finance;
Financial planning; Satisfaction; Partial least squares COLLEGE-STUDENTS;
CHILDHOOD; ATTITUDES; BEHAVIOR; LIFE Achieving a state of being financially
satisfied is a more feasible aim than becoming debt-free, which requires well
strategized economic behaviors over one's life cycle. Furthermore, financial
satisfaction can describe an individual's perception concerning his/her current
financial situation. In this study, we developed and tested a conceptual model to
predict the level of financial satisfaction among Malaysian working individuals.
Specifically, the model explains how financial planning (FP) directly affects
financial satisfaction and mediates the effects of financial literacy (FL) and
basic money management (BMM). The hypotheses were tested using survey data from
1,957 respondents who attended investment seminars across Malaysia. The results
from partial least squares analyses suggest that FP is an important determinant of
financial satisfaction, whereas BMM does not affect satisfaction directly. In
addition, FL and attitude towards money were found to be significant antecedent
variables of FP. The study also found that the current FL level in Malaysia is
moderately high at 66.7 % based on tier one financial quiz questions. From the
findings, with the increasingly complex financial systems, we conclude that
everyone should manage and plan their financial activities well ahead because
people will face many differing financial commitments at certain points in their
lives. [Ali, Azwadi; Abd Rahman, Mohd Shaari; Bakar, Alif] Univ Malaysia
Terengganu, Sch Maritime Business & Management, Kuala Terengganu 21030, Malaysia
Ali, A (corresponding author), Univ Malaysia Terengganu, Sch Maritime
Business & Management, Kuala Terengganu 21030, Malaysia. azwadi@umt.edu.my;
shaari@umt.edu.my; alif_akhtar@yahoo.com Ali, Azwadi/AAL-8620-2021
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014-0583-0 20 Social Sciences, Interdisciplinary; Sociology Social
Sciences - Other Topics; Sociology AU8GQ WOS:000345835000007 Green
Submitted 2021-10-06
J Bateman, H; Stevens, R; Lai, A Bateman, Hazel; Stevens,
Ralph; Lai, Andy Risk Information and Retirement Investment Choice
Mistakes Under Prospect Theory JOURNAL OF BEHAVIORAL FINANCE
English Article Discrete choice;
Investment risk; Prospect theory; Risk preferences; Risk presentation PERCEPTION;
BEHAVIOR We assess alternative presentations of investment risk using a discrete
choice experiment which asked subjects to rank three investment portfolios for
retirement savings across nine risk presentation formats and four underlying risk
levels. Using Prospect Theory utility specifications, we estimate individual-
specific parameters for risk preferences in gains and losses, loss aversion, and
error propensity variability. Our results support presentations that describe
investment risk using probability tails. Risk preferences and error propensity were
found to vary significantly across sociodemographic groups and levels of financial
literacy. Our findings should assist regulatory efforts to disclose risk
information to the mass market. [Bateman, Hazel; Stevens, Ralph] UNSW
Australia, Sydney, NSW 2052, Australia; [Lai, Andy] Taylor Fry Analyt & Actuarial
Consulting, Melbourne, Vic, Australia Bateman, H (corresponding author), UNSW
Australia, Sch Risk & Actuarial Studies, UNSW Business Sch, Sydney, NSW 2052,
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[DP1093812] The authors acknowledge financial support from ARC DP1093812.
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10.1080/15427560.2015.1095749 18 Business, Finance; Economics
Business & Economics CY4OI WOS:000366387100001
2021-10-06
J Lee, TTH; Yip, TL Lee, Taylor Tae-Hwee; Yip, Tsz Leung
A cause of oversupply and failure in the shipping market: measuring
herding behavior effects MARITIME POLICY & MANAGEMENT English
Article Market failure; herding behavior;
market sentiment; ship investment; oversupply of vessels IRRATIONAL EXUBERANCE;
ASSET MANAGEMENT; CRUDE-OIL; INVESTMENT; INFORMATION; STRATEGIES; INVESTORS;
CAPACITY The shipping market is volatile. In general, the shipping market cycle
shows four stages, through-recovery-peak-collapse, while a upward trend lasts for 7
similar to 8 years and a downward trend for another 7 similar to 8 years. So the
market's bubble is not sustainable but always ends in a recessionary trend. The
economic cycle is common knowledge and an axiom of the shipping industry, but many
ship-owners take no account of it. Previous study stated that ship-owners' fears,
triggered by a violently changeable market, make them mimic the crowd mind or herd
mentality, following market sentiment. This study aims to measure the effects of
herding behavior (HB), triggered by market sentiment, on the shipping market. We
attempt to address two research questions: (1) How does HB arise, and what course
does it follow? (2) How many vessels (or how many tons) were purchased under the
influence of HB? We estimate that 50.5% (227.8 vessels) of the total vessels or
30.4% (3,670.2 tons) of the total tonnage were purchased under the influence of HB.
Looking at international finance, we found that ship investment HB is a very strong
factor of the recent shipping market, at least in Korea. [Lee, Taylor Tae-Hwee]
Gyeongnam Natl Univ Sci & Technol, Dept Distribut, 33 Dongjin Ro, Jinju 52725,
Gyeongnam, South Korea; [Yip, Tsz Leung] Hong Kong Polytech Univ, Dept Logist &
Maritime Studies, Hong Kong, Hong Kong, Peoples R China Lee, TTH (corresponding
author), Gyeongnam Natl Univ Sci & Technol, Dept Distribut, 33 Dongjin Ro, Jinju
52725, Gyeongnam, South Korea. taylor@gntech.ac.kr Yip, T. L./B-4288-2010
Yip, T. L./0000-0002-7277-7666 Hong Kong Polytechnic UniversityHong Kong
Polytechnic University [G-YBEG] This research was partially supported by The
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TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14
4RN, OXON, ENGLAND 0308-8839 1464-5254 MARIT POLICY MANAG Marit.
Policy Manag. NOV 17 2018 45 8 995 1006
10.1080/03088839.2018.1454990 12 Transportation
Transportation GZ3RY WOS:000449304900003 2021-
10-06
J Tomar, S; Baker, HK; Kumar, S; Hoffmann, AOI Tomar,
Sweta; Baker, H. Kent; Kumar, Satish; Hoffmann, Arvid O. I.
Psychological determinants of retirement financial planning behavior
JOURNAL OF BUSINESS RESEARCH English Article
Bottom-of-the-pyramid; Consumer financial decision-making;
Financial literacy; Retirement planning; Psychological characteristics; Women
GENDER-DIFFERENCES; FUTURE ORIENTATION; SELF-DETERMINATION; SAVINGS ADEQUACY;
RISK TOLERANCE; GOAL CLARITY; HONG-KONG; WOMEN; MODEL; NONRESPONSE Various
studies raise concerns over the pervasive poverty among women after retirement.
Although much research is available on retirement planning, the advent of
behavioral finance and the integration of psychological concepts with financial
planning and saving behavior have made the phenomenon more critical. This study
focuses on how the interaction between financial literacy as a cognitive
characteristic and retirement goal clarity, future time perspective, attitude
toward retirement, risk tolerance, and social group support as psychological
characteristics influence women's retirement planning behavior. We use partial
least squares regression through PLS-3 with Multi Group Analysis to test a set of
theory-based hypotheses. Our results reveal a positive association of future time
perspective, retirement goal clarity, and social group support with retirement
planning behavior, which are moderated by financial literacy. Future time
perspective and retirement goal clarity also play mediating roles. Our study has
implications for financial planning professionals, advisors, and consumers.
[Tomar, Sweta; Kumar, Satish] Malaviya Natl Inst Technol, Dept Management
Studies, Jaipur 302017, Rajasthan, India; [Baker, H. Kent] Amer Univ, Finance,
Kogod Sch Business, Dept Finance & Real Estate, 4400 Massachusetts Ave NW,
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Pulteney St, Adelaide, SA 5005, Australia; [Kumar, Satish] Swinburne Univ Technol,
Sch Business, Jalan Simpang Tiga, Sarawak 93350, Malaysia Kumar, S (corresponding
author), Malaviya Natl Inst Technol, Dept Management Studies, Jaipur 302017,
Rajasthan, India.; Kumar, S (corresponding author), Swinburne Univ Technol, Sch
Business, Jalan Simpang Tiga, Sarawak 93350, Malaysia. kbaker@american.edu;
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 18 Business Business & Economics SR9OD WOS:000661372300006
2021-10-06
J Ekanem, I Ekanem, Ignatius Influences on the
behaviour of black and minority ethnic (BME) communities towards debt and
bankruptcy INTERNATIONAL JOURNAL OF CONSUMER STUDIES English
Article Black and minority ethnic;
bankruptcy; debt; financial literacy; attitudes and behaviour FINANCIAL LITERACY
This article sets out to examine the attitudes towards debt, bankruptcy and
the bankruptcy process of black and minority ethnic (BME) entrepreneurs and
individuals who are experiencing bankruptcy; and to assess the extent to which
their attitudes towards debt and bankruptcy have been influenced by various
external factors, including their cultural and religious practices. The paper uses
a qualitative methodology that involves in-depth, semi-structured interviews and
direct observation, where possible. The findings suggest that in many ethnic
minority communities, there are strong cultural and religious imperatives to settle
debts, and this can lead to a strong desire to resist at all costs the bankruptcy
process. The main finding of this study is that there is a high level of ignorance
and a lack of understanding of the actions that can be taken when they find
themselves in financial difficulties. The main implication of this study is that
education, which fosters financial literacy and pre-bankruptcy counselling, can
empower consumers and enhance responsible financial decision making. There is very
little research work in this area, and the paper is based on qualitative research
that captures for the first time why the attitudes and behaviour of BME groups
towards debt and bankruptcy differ from those of the white population. [Ekanem,
Ignatius] Middlesex Univ, Sch Business, London NW4 4BT, England Ekanem, I
(corresponding author), Middlesex Univ, Sch Business, Business & Management Dept,
London NW4 4BT, England. i.ekanem@mdx.ac.uk Adler
N. J, 1991, INT DIMENSIONS ORG B, P63; Al-Tamimi HAH, 2009, J RISK FINANC, V10,
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6 0 18 WILEY HOBOKEN 111 RIVER ST, HOBOKEN 07030-5774, NJ USA
1470-6423 1470-6431 INT J CONSUM STUD Int. J. Consum. Stud. MAR
2013 37 2 199 205 10.1111/j.1470-
6431.2012.01104.x 7 Business Business & Economics 087HE
WOS:000314751300011 Green Accepted 2021-10-06
J Bailey, C; Murphy, R; Porock, D Bailey, Cara; Murphy,
Roger; Porock, Davina Professional tears: developing emotional
intelligence around death and dying in emergency work JOURNAL OF CLINICAL NURSING
 English Article accident and
emergency; emergency department; emotional aspects; end-of-life care; nurse-patient
relationship; nursing care OCCUPATIONAL STRESS; NURSES; BURNOUT; HEALTH Aims
and objectives. This paper explores how emergency nurses manage the emotional
impact of death and dying in emergency work and presents a model for developing
expertise in end-of-life care delivery. Background. Care of the dying, the deceased
and the bereaved is largely conducted by nurses and nowhere is this more demanding
than at the front door of the hospital, the Emergency Department. Whilst some
nurses find end-of-life care a rewarding aspect of their role, others avoid
opportunities to develop a relationship with the dying and bereaved because of the
intense and exhausting nature of the associated emotional labour. Design.
Qualitative study using unstructured observations of practice and semistructured
interviews. Methods. Observation was conducted in a large Emergency Department over
12 months. We also conducted 28 in-depth interviews with emergency staff, patients
with terminal illnesses and their relatives. Results. Emergency nurses develop
expertise in end-of-life care giving by progressing through three stages of
development: (1) investment of the self in the nurse-patient relationship, (2)
management of emotional labour and (3) development of emotional intelligence.
Barriers that prevent the transition to expertise contribute to occupational stress
and can lead to burnout and withdrawal from practice. Conclusions. Despite the
emotional impact of emergency deaths, nurses who invest their therapeutic self into
the nurse-patient relationship are able to manage the emotional labour of caring
for the dying and their relatives through the development of emotional
intelligence. They find reward in end-of-life care that ultimately creates a more
positive experience for patients and their relatives. Relevance to clinical
practice. The emergency nurse caring for the dying patient is placed in a unique
and privileged position to make a considerable impact on the care of the patient
and the experience for their family. This model can build awareness in managing the
emotive aspects involved in care delivery and develop fundamental skills of nursing
patients near the end of life. [Murphy, Roger] Univ Nottingham, Sch Educ,
Nottingham NG7 2RD, England; [Porock, Davina] SUNY Buffalo, Ctr Nursing Res,
Buffalo, NY 14260 USA Bailey, C (corresponding author), Univ Birmingham, Sch Hlth
& Populat Sci, Coll Med & Dent Sci, 52 Pritchatts Rd, Birmingham B15 2TT, W
Midlands, England. C.bailey.2@bham.ac.uk Bailey, Cara/0000-0003-0865-
9240; Porock, Davina/0000-0003-4161-9697 Adeb-Saeedi J., 2002, AUSTR
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10.1111/j.1365-2702.2011.03860.x 9 Nursing Nursing
859GI WOS:000297864500012 22017523 2021-10-06
J Haliassos, M; Jansson, T; Karabulut, Y Haliassos,
Michael; Jansson, Thomas; Karabulut, Yigitcan Financial Literacy
Externalities REVIEW OF FINANCIAL STUDIES English Article
NEIGHBORHOODS; INVESTMENT; DEBT We use
unique administrative data and a quasi-field experiment of exogenous allocation in
Sweden to estimate medium- and longer-run effects of peoples' exposure to
financially literate neighbors on their financial behavior. We contribute evidence
of (1) a causal impact of exposure and of a social multiplier of financial
knowledge and (2) unfavorable distributional aspects of externalities. Exposure
promotes saving in private retirement accounts and stockholding, especially when
neighbors have economics or business education, but only for educated households
and for substantial interaction possibilities. Findings point to a transfer of
knowledge rather than mere imitation or effects through labor, education, or
mobility channels. [Haliassos, Michael] Goethe Univ Frankfurt, IMFS, NETSPAR,
Frankfurt, Germany; [Haliassos, Michael; Karabulut, Yigitcan] CEPR, Washington, DC
20009 USA; [Jansson, Thomas] Sveriges Riksbank, Stockholm, Sweden; [Karabulut,
Yigitcan] Frankfurt Sch Finance & Management, Frankfurt, Germany; [Haliassos,
Michael] Goethe Univ Frankfurt, House Finance, Theodor W Adorno Pl 3,PFH32, D-60323
Frankfurt, Germany Haliassos, M (corresponding author), CEPR, Washington, DC
20009 USA.; Haliassos, M (corresponding author), Goethe Univ Frankfurt, House
Finance, Theodor W Adorno Pl 3,PFH32, D-60323 Frankfurt, Germany.
haliassos@wiwi.uni-frankfurt.de Haliassos, Michael/AAH-3307-2021
Haliassos, Michael/0000-0002-6355-6896 German Research Foundation
(DFG)German Research Foundation (DFG) [HA 5167/2-1] We express our thanks to the
many colleagues who provided comments and suggestions. Special thanks go to the
Editor and two referees for comments that significantly strengthened the paper. We
also thank Dionissi Aliprantis, Tobias Berg, Tabea BucherKoenen, Hector Calvo
Pardo, Dimitris Christelis, Henrik Cronqvist, Erik Hurst, Arthur Kennickell,
Theresa Kuchler, Ekaterini Kyriazidou, Wenlan Qian, and Johannes Stroebel for their
constructive insights. We have greatly benefitted from participants' comments at
the 2016 meetings of the International Association of Applied Econometrics, the
2016 C.R.E.T.E. conference, the 2017 CEPR European Workshop on Household Finance,
the CEPR Second Annual Spring Symposium in Financial Economics, EFA 2017, EEA 2018,
the Second Israel Behavioral Finance Conference, the NETSPAR International Pensions
Workshop, the Eurozone Household Finances and Consumption Network, the Research
Workshop in Financial Economics at the University of Bonn, the DFG SPP Conference,
and the Sheffield Workshop on Household Finance and comments from seminar
participants at the Bank of Spain, Collegio Carlo Alberto, Essex University, ETH
Zurich, Hamburg University, the Joint Research Committee of the European
Commission, Lund University, the National University of Singapore, and the
University of Crete. The views expressed in this paper are the authors' own and do
not necessarily reflect those of the Sveriges Riksbank. This work was supported by
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Business, Finance; Economics Business & Economics KC7XB
WOS:000507385000012 Green Submitted 2021-10-06
J Dong, F; Xu, ZW; Zhang, Y Dong, Feng; Xu, Zhiwei;
Zhang, Yu Bubbly Bitcoin ECONOMIC THEORY English
Article; Early Access Cryptocurrency; Asset
bubbles; Financial frictions; Market sentiment ASSET BUBBLES; GROWTH; MODEL There
has been a burgeoning Fintech literature in the past years, especially on
cryptocurrencies. However, there is lack of research handling cryptocurrencies in a
mainstream macroeconomic model. To bridge the gap, we develop a model for Bitcoin-
like cryptocurrency as risky and costly bubbles in an infinite-horizon production
economy. This model is consistent with the following facts: (1) the surging Bitcoin
market presents enormous volatility, (2) its price dynamics are significantly
sensitive to both market sentiment and policy stances. Entrepreneurial firms choose
to hold Bitcoins as liquid assets to buffer idiosyncratic investment distortions.
The intrinsically worthless Bitcoins can emerge as rational bubbles when the market
sentiment is optimistic enough. On the one hand, bubbly Bitcoins provide market
liquidity to facilitate investment in the real sector, while on the other hand,
they deteriorate the investment efficiency and crowd out aggregate production. Our
quantitative exercise produces various cyclical features of Bitcoin bubbles and
find that the collapse of Bitcoin bubbles can improve social welfare by decreasing
distortion-driven real investment. [Dong, Feng] Tsinghua Univ, Sch Econ &
Management, Beijing, Peoples R China; [Xu, Zhiwei] Peking Univ HSBC Business Sch,
Shenzhen, Peoples R China; [Zhang, Yu] Peking Univ, Guanghua Sch Management,
Beijing, Peoples R China Xu, ZW (corresponding author), Peking Univ HSBC
Business Sch, Shenzhen, Peoples R China. dongfeng@sem.tsinghua.edu.cn;
xuzhiwei09@gmail.com; yuzhang@gsm.pku.edu.cn National Natural Science
Foundation of ChinaNational Natural Science Foundation of China (NSFC) [72122011,
72022011, 71903126]; Guanghua Blockchain Lab; Guanghua Research Fund on FinTech
We would like to thank the Editor, the Associate Editor, three anonymous
referees, Redouane Elkamhi, Laura Xiaolei Liu, Vincenzo Quadrini, Baolian Wang,
Pengfei Wang, Ji Zhang (discussant), Xiaodong Zhu and Yifeng Zhu and the seminar
participants at the First Macro-Finance Workshop at Peking University HSBC Business
School, Central University of Finance and Economics, and Peking University for
their useful discussions and comments. The authors acknowledge the financial
support the National Natural Science Foundation of China (72122011, 72022011,
71903126), and thank the Guanghua Blockchain Lab and the Guanghua Research Fund on
FinTech for their research support. Aoki K, 2015, J MONETARY ECON, V74, P33, DOI
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SPRINGER NEW YORK ONE NEW YORK PLAZA, SUITE 4600, NEW YORK, NY, UNITED
STATES 0938-2259 1432-0479 ECON THEOR Econ. Theory
10.1007/s00199-021-01389-y
SEP 2021 43 Economics Business & Economics UR9YF
WOS:000697094400001 2021-10-06
J Fan, L Fan, Lu Mobile investment
technology adoption among investors INTERNATIONAL JOURNAL OF BANK MARKETING
English Article; Early Access Mobile
investing; Mobile trading; FinTech; Investment knowledge; Risk tolerance;
Investment confidence FINANCIAL LITERACY; INTERNET BANKING; RISK; TRUST;
PERSPECTIVE; INTENTION; CONFIDENCE; GENDER Purpose The purpose of this study
is to examine investors' internal characteristics, including investment literacy,
risk tolerance and familiarity with mobile financial services, as antecedents of
mobile investment technology adoption among American investors.
Design/methodology/approach Using the 2018 National Financial Capability Study and
its supplemental Investor Survey, this study examined antecedents, including
investors' internal characteristics, in relation to mobile investment technology
adoption. Nested logistic regression analyses were performed for adopting mobile
apps for investment decisions and for investment trading. Findings This study found
that objective and subjective investment knowledge, experience using mobile banking
for payments and money transfers, and certain ownerships of investment vehicles
(such as whole-life insurance policies and ETFs) were significant determinants of
mobile investment decision-making. On the other hand, subjective investment
literacy, risk tolerance, familiarity with mobile financial services, and portfolio
value, as well as certain types of investment vehicles were significantly
associated with mobile investment trading. Originality/value This study is among
the first to examine investors' investment literacy, risk tolerance and familiarity
with mobile financial services as investors' internal characteristics in relation
to mobile investment technology adoption. The diffusion of innovations theory and
related concepts provide theoretical support for this study. The findings provide
new insights into mobile investing as an emerging FinTech subject and provide
implications for practitioners and FinTech developers, as well as contribute to the
literature of mobile investment service adoption among retail investors. [Fan,
Lu] Univ Missouri, Personal Financial Planning, Columbia, MO 65201 USA Fan, L
(corresponding author), Univ Missouri, Personal Financial Planning, Columbia, MO
65201 USA. fanlu@missouri.edu Agarwal S, 2020, CHINA
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62 0 0 0 0 EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD
HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937
INT J BANK MARK Int. J. Bank Mark.
10.1108/IJBM-11-2020-0551 SEP 2021 18
Business Business & Economics UO6KO WOS:000694802400001
2021-10-06
J Shin, SH; Kim, KT; Seay, M Shin, Su Hyun; Kim, Kyoung
Tae; Seay, Martin Sources of information and portfolio allocation
JOURNAL OF ECONOMIC PSYCHOLOGY English Article
Information; Diversification; Financial advisor; Financial
literacy; Overconfidence FINANCIAL LITERACY; PROPENSITY SCORE; OVERCONFIDENCE;
STRATIFICATION; GENDER; DIVERSIFICATION; ADJUSTMENT; CONFIDENCE; WOMEN This
research investigates the relationship between how a household receives financial
information and the degree to which investment portfolios are diversified.
Diversification is measured as allocation across asset classes and share of assets
held in each asset class. Propensity score-based techniques incorporating
stratification and weighting are employed to better isolate causal links, while
also controlling for objective and subjective financial literacy and
overconfidence. Results indicate that the use of financial planners and brokers is
associated with an increase in asset class diversification. Households that consult
with financial planners and bankers allocate their wealth systematically different
from those who do not. These results highlight the role that financial
professionals play in helping households make investment decisions. [Shin, Su
Hyun] Univ Utah, Dept Family & Consumer Studies, 225 S 1400 E Room 236 AEB, Salt
Lake City, UT 84112 USA; [Kim, Kyoung Tae] Univ Alabama, Dept Consumer Sci, 312
Adams Hall,Box 870158, Tuscaloosa, AL 35487 USA; [Seay, Martin] Kansas State Univ,
Sch Family Studies & Human Serv, 318 Justin Hall, Manhattan, KS 66506 USA Shin,
SH (corresponding author), Univ Utah, Dept Family & Consumer Studies, 225 S 1400 E
Room 236 AEB, Salt Lake City, UT 84112 USA. su.shin@fcs.utah.edu;
ktkim@ches.ua.edu; mseay@ksu.edu Seay, Martin/0000-0003-1630-9056
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NETHERLANDS 0167-4870 1872-7719 J ECON PSYCHOL J. Econ. Psychol. JAN
2020 76 102212
10.1016/j.joep.2019.102212 21 Economics; Psychology,
Multidisciplinary Business & Economics; Psychology KM2YM WOS:000513988700005
2021-10-06
J Curci, A; Lanciano, T; Soleti, E Curci, Antonietta;
Lanciano, Tiziana; Soleti, Emanuela Emotions in the Classroom: The Role
of Teachers' Emotional Intelligence Ability in Predicting Students' Achievement
AMERICAN JOURNAL OF PSYCHOLOGY English Article
MULTILEVEL ANALYSIS; ACADEMIC-SUCCESS; SELF-EFFICACY;
TEST MSCEIT; HIGH-SCHOOL; MIDDLE SCHOOL; VALIDITY; PERFORMANCE; PERSONALITY;
MOTIVATION School days can be a difficult time, especially when students are faced
with subjects that require motivational investment along with cognitive effort,
such as mathematics and sciences. In the present study, we investigated the effects
of teachers' emotional intelligence (El) ability, self-efficacy, and emotional
states and students' self-esteem, perceptions of ability, and meta-cognitive
beliefs in predicting school achievement. We hypothesized that the level of teacher
El ability would moderate the impact of students' self-perceptions and beliefs
about their achievements in mathematics and sciences. Students from Italian junior
high schools (N = 338) and their math teachers (N = 12) were involved in the study,
and a multilevel approach was used. Findings showed that teachers' El has a
positive role in promoting students' achievement, by enhancing the effects of
students' self-perceptions of ability and self-esteem. These results have
implications for the implementation of intervention programs on the emotional,
motivational, and metacognitive correlates of studying and learning behavior.
[Curci, Antonietta; Lanciano, Tiziana; Soleti, Emanuela] Univ Bari, I-70121
Bari, Italy Curci, A (corresponding author), Univ Bari, A Moro Dept Educ, Piazza
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Am. J. Psychol. WIN 2014 127 4 431 445
15 Psychology, Multidisciplinary Psychology AU7WK
WOS:000345809000003 25603580 2021-10-06
J Kim, HH; Maurer, R; Mitchell, OS Kim, Hugh Hoikwang;
Maurer, Raimond; Mitchell, Olivia S. Time is money: Rational life
cycle inertia and the delegation of investment management JOURNAL OF FINANCIAL
ECONOMICS English Article
Portfolio inertia; Life cycle saving; Household finance; Human capital;
Financial advice PORTFOLIO CHOICE; FINANCIAL LITERACY; STOCK-MARKET; RETIREMENT;
CONSUMPTION; INATTENTION; SAVINGS; WEALTH; COSTS; RISK Many households display
inertia in investment management over their life cycles. Our calibrated dynamic
life cycle portfolio choice model can account for such an apparently 'irrational'
outcome, by incorporating the fact that investors must forgo acquiring job-specific
skills when they spend time managing their money, and their efficiency in financial
decision making varies with age. Resulting inertia patterns mesh well with findings
from prior studies and our own empirical results from Panel Study of Income
Dynamics (PSID) data. We also analyze how people optimally choose between actively
managing their assets versus delegating the task to financial advisors. Delegation
proves valuable to both the young and the old. Our calibrated model quantifies
welfare gains from including investment time and money costs as well as delegation
in a life cycle setting. (C) 2016 Elsevier B.V. All rights reserved. [Kim, Hugh
Hoikwang] Sungkyunkwan SKK Univ, SKK Grad Sch Business, 25-2 Sungkyunkwan Ro, Seoul
03063, South Korea; [Kim, Hugh Hoikwang] Univ South Carolina, Darla Moore Sch
Business, Columbia, SC 29208 USA; [Maurer, Raimond] Goethe Univ, Dept Finance,
Theodor W Adorno Pl 1 Uni PE H 23, D-60629 Frankfurt, Germany; [Mitchell, Olivia
S.] Univ Penn, Wharton Sch, 3620 Locust Walk,3000 SH DH, Philadelphia, PA 19104
USA; [Mitchell, Olivia S.] NBER, 3620 Locust Walk,3000 SH DH, Philadelphia, PA
19104 USA Kim, HH (corresponding author), Sungkyunkwan SKK Univ, SKK Grad Sch
Business, 25-2 Sungkyunkwan Ro, Seoul 03063, South Korea. h.kim@skku.edu;
maurer@finance.uni-frankfurt.de; mitchelo@wharton.upenn.eduKim, Hugh Hoikwang/ABB-
7799-2020 NIH/NIAUnited States Department of Health & Human
ServicesNational Institutes of Health (NIH) - USANIH National Institute on Aging
(NIA) [P30 AG12836]; NIH/NICHD Population Research Infrastructure Program [R24 HD-
044964]; Pension Research Council/Boettner Center for Pensions and Retirement
Security at the University of Pennsylvania; Special Research Fund at the SKK GSB,
SKK University; Metzler Exchange Professor program at the Goethe University of
Frankfurt; German Investment and Asset Management Association; EUNICE KENNEDY
SHRIVER NATIONAL INSTITUTE OF CHILD HEALTH & HUMAN DEVELOPMENTUnited States
Department of Health & Human ServicesNational Institutes of Health (NIH) - USANIH
Eunice Kennedy Shriver National Institute of Child Health & Human Development
(NICHD) [R24HD044964, P2CHD044964] Funding Source: NIH RePORTER; NATIONAL INSTITUTE
ON AGINGUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [P30AG012836] Funding
Source: NIH RePORTER The authors are grateful for research support provided by
NIH/NIA grant no. P30 AG12836 and NIH/NICHD Population Research Infrastructure
Program R24 HD-044964, and the Pension Research Council/Boettner Center for
Pensions and Retirement Security at the University of Pennsylvania. The authors
also received research funding from the Special Research Fund at the SKK GSB, SKK
University, the Metzler Exchange Professor program at the Goethe University of
Frankfurt, and the German Investment and Asset Management Association (BVI). They
are grateful for comments from Santosh Anagol, Alex Gelber, Itay Goldstein, Andreas
Hubener, Dana Kiku, Jialun Li, David Love, David Musto, Stijn Van Nieuwerburgh,,
Greg Nini, Nick Roussanov, Kent Smetters, Robert Stambaugh, Jeremy Tobacman, Steve
Utkus, Jessica Wachter, and Jacqueline Wise. The authors also thank conference and
seminar participants at European Conference on Household Finance 2014, American
Risk and Insurance Association Meeting 2011, Goethe University, KAIST Business
School, Korea University, SKK GSB, Seoul National University, University of
Cincinnati and Wharton School. The Wharton High Performance Computing Platform
provided an excellent setting for the numerical analysis. All opinions, findings,
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21 Business, Finance; Economics Business & Economics DS2QS
WOS:000380629200010 28344380 Green Accepted, Green Published
2021-10-06
J Pikulina, E; Renneboog, L; Tobler, PN Pikulina, Elena;
Renneboog, Luc; Tobler, Philippe N. Overconfidence and investment: An
experimental approach JOURNAL OF CORPORATE FINANCE English
Article Overconfidence; Better-than-
average; Bias; Investment; Risk aversion; Professionals CEO OVERCONFIDENCE;
FINANCIAL LITERACY; BIASES A positive relation between overconfidence and
investment provision has been theoretically justified and practically assumed in
the literature, but has not been thoroughly investigated. We test and confirm this
positive relation between direct measures of overconfidence in one's financial
knowledge and choice of investment. More precisely, strong overconfidence results
in excess investment, underconfidence induces underinvestment, whereas moderate
overconfidence leads to accurate investments. Our experimental results are based on
different subject pools, financial professionals and students, and different media:
computer-, paper-, and web-based. The degree of one's overestimation of one's
individual financial knowledge relative to one's actual knowledge as well as
relative to the knowledge of peers explains investment decisions better than one's
actual knowledge. The relation between overconfidence and investment is robust to
the degree of individual risk aversion, the riskiness of the investment projects,
and to the changes in incentives structure. (C) 2017 Published by Elsevier B.V.
[Pikulina, Elena] Univ British Columbia, Sauder Sch Business, Dept Finance,
2053 Main Mall, Vancouver, BC V6T 1Z2, Canada; [Renneboog, Luc] Tilburg Univ, Dept
Finance, POB 90153, NL-5000 LE Tilburg, Netherlands; [Tobler, Philippe N.] Univ
Zurich, Dept Econ, Blumlisalpstr 10, CH-8006 Zurich, Switzerland Pikulina, E
(corresponding author), Univ British Columbia, Sauder Sch Business, Dept Finance,
2053 Main Mall, Vancouver, BC V6T 1Z2, Canada. elena.pikulina@sauder.ubc.ca;
luc.renneboog@uvt.nl; phil.tobler@econ.uzh.ch Pikulina, Elena/O-2069-2015
Pikulina, Elena/0000-0002-6662-3257 CentER Fund for Experimental Research;
AXA foundation; Inquire Europe; Swiss National Science FoundationSwiss National
Science Foundation (SNSF)European Commission [PP00P1_128574, PP00P1_150739] We are
grateful to Elena Asparouhova, Peter Bossaerts, Fabio Braggion, Evy Bruyland, Colin
Camerer, Eddy Cardinaels, Peter Cziraki, Frank de Jong, Marc Deloof, Joost
Driessen, Rik Frehen, Peter de Goeij, Holger Herz, Jooa Julia Lee, Hao Liang,
Alberto Manconi, Charles Noussair, Andries Pevernage, Charles Plott, Kirill
Pogorelsky, Jan Potters, Anne-Francoise Rutkowski, Oliver Spalt, and Stefan
Trautmann for useful comments and suggestions. We also acknowledge the contribution
of the participants in TIBER XI at Tilburg University (2012), Florence Workshop on
Behavioral and Experimental Economics (2013), Experimental Finance Conference
(Tilburg 2013) and seminar presentations at Caltech and Tilburg University. All
remaining errors are our own. We gratefully acknowledge financial support from the
CentER Fund for Experimental Research, the AXA foundation (Elena Pikulina), Inquire
Europe (Luc Renneboog), and the Swiss National Science Foundation (PP00P1_128574
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Business, Finance Business & Economics ES1DV WOS:000399269000010
Green Accepted, Bronze 2021-10-06
J DeLiema, M; Deevy, M; Lusardi, A; Mitchell, OS DeLiema,
Marguerite; Deevy, Martha; Lusardi, Annamaria; Mitchell, Olivia S.
Financial Fraud Among Older Americans: Evidence and Implications JOURNALS OF
GERONTOLOGY SERIES B-PSYCHOLOGICAL SCIENCES AND SOCIAL SCIENCES
 English Article Financial literacy;
Health and Retirement Study; Investment fraud; Lottery scamVULNERABILITY; ADULTS;
SUSCEPTIBILITY; LITERACY Objectives: The consequences of poor financial
capability at older ages are serious and include making mistakes with credit,
spending retirement assets too quickly, and being defrauded by financial predators.
Because older persons are at or past the peak of their wealth accumulation, they
are often the targets of fraud. Methods: Our project analyzes a module we developed
and fielded on people aged 50 an older years in the 2016 Health and Retirement
Study (HRS). Using this data set, we evaluated the incidence and prospective risk
factors (measured in 2010) for investment fraud and prize/lottery fraud using
logistic regression (N = 1,220). Results: Relatively few HRS respondents mentioned
any single form of fraud over the prior 5 years, but 5.0% reported at least one
form of investment fraud and 4.4% recounted prize/lottery fraud. Greater wealth
(nonhousing) was associated with investment fraud, whereas lower housing wealth and
symptoms of depression were associated with prize/lottery fraud. Hispanics were
significantly less likely to report either type of fraud. Other suspected risk
factors-low social integration and financial literacy-were not significant.
Discussion: Fraud is a complex phenomenon and no single factor uniquely predicts
victimization across different types, even within the category of investment fraud.
Prevention programs should educate consumers about various types of fraud and
increase awareness among financial services professionals. [DeLiema, Marguerite;
Deevy, Martha] Stanford Ctr Longev, 579 Serra Mall, Stanford, CA 94305 USA;
[Lusardi, Annamaria] George Washington Univ, Sch Business, Washington, DC USA;
[Mitchell, Olivia S.] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA
DeLiema, M (corresponding author), Stanford Ctr Longev, 579 Serra Mall,
Stanford, CA 94305 USA. deliema@stanford.edu DeLiema, Marguerite/0000-
0002-9807-5910 U.S. Social Security Administration (SSA) as part of the
Retirement Research Consortium through the University of Michigan Retirement
Research Center [RRC08098401]; TIAA Institute; Pension Research Council/Boettner
Center at the Wharton School of the University of Pennsylvania This work was
supported by a grant from the U.S. Social Security Administration (SSA) funded as
part of the Retirement Research Consortium through the University of Michigan
Retirement Research Center, Award RRC08098401. The authors also received research
support from the TIAA Institute and the Pension Research Council/Boettner Center at
the Wharton School of the University of Pennsylvania. Opinions and conclusions are
solely those of the authors and do not represent the opinions or policy of the TIAA
Institute or TIAA, SSA, or any agency of the Federal Government. Neither the U.S.
Government nor any agency thereof nor any of their employees makes any warranty,
express or implied, or assumes any legal liability or responsibility for the
accuracy, completeness, or usefulness of the contents of this report. Any reference
herein to any specific commercial product, process, or service by trade name,
trademark, manufacturer, or otherwise does not constitute or imply endorsement,
recommendation, or favoring by the U.S. Government or any agency thereof. AARP,
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MAY 2020 75 4 861 868
10.1093/geronb/gby151 8 Geriatrics & Gerontology;
Gerontology; Psychology; Psychology, Multidisciplinary Geriatrics &
Gerontology; Psychology LR7ZC WOS:000535914600014 30561718 Green Published
2021-10-06
J Koh, BSK; Mitchell, OS; Rohwedder, S Koh, Benedict S.
K.; Mitchell, Olivia S.; Rohwedder, Susann Financial knowledge and
portfolio complexity in Singapore JOURNAL OF THE ECONOMICS OF AGEING
English Article Financial literacy;
Investment; Portfolio diversification; Pension; Central Provident Fund; Retirement;
Saving Financial literacy in Singapore has not been analyzed in much
detail, despite the fact that this is one of the world's most rapidly aging
nations. Using the Singapore Life Panel (R), we explore older Singaporeans' levels
of financial knowledge and compare them to those observed in the United States. We
assess portfolio complexity for these older households, to examine how financial
literacy is related to outcomes of interest. We show that older Singaporeans'
levels of financial literacy are comparable overall to those in the United States,
even though older Singaporeans score slightly lower on some dimensions (knowledge
of interest and inflation), and slightly higher on their knowledge of risk
diversification. We document that women are less informed than men about stock
diversification, and educated people tend to be more financially knowledgeable than
their less educated counterparts. We also find that financial literacy is
positively associated with respondents having both more wealth and more diversified
and complex portfolios. [Koh, Benedict S. K.] Singapore Management Univ, 50
Stamford Rd,04-01, Singapore 178899, Singapore; [Mitchell, Olivia S.] Univ Penn
Wharton Sch, 3620 Locust Walk,St 3000 SHDH, Philadelphia, PA 19104 USA; [Rohwedder,
Susann] 1776 Main St,POB 2138, Santa Monica, CA 90407 USA Rohwedder, S
(corresponding author), 1776 Main St,POB 2138, Santa Monica, CA 90407 USA.
skkoh@smu.edu.sg; mitchelo@wharton.upenn.edu; susannr@rand.org
Singapore Ministry of Education (MOE) Academic Research Fund Tier 3
grantMinistry of Education, Singapore; MOE's official grant [MOE2013-T3-1-009];
Singapore Management UniversitySingapore Management University; Pension Research
Council/Boettner Center at The Wharton School of the University of Pennsylvania
The authors acknowledge excellent programming assistance from Yong Yu and the
Singapore Life Panel (SLP (R)) team at Singapore Management University, as well as
the RAND SLP (R) team. The research was supported by the Singapore Ministry of
Education (MOE) Academic Research Fund Tier 3 grant with the MOE's official grant
number MOE2013-T3-1-009, the Singapore Management University, and the Pension
Research Council/Boettner Center at The Wharton School of the University of
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10.1016/j.jeoa.2018.11.004 11 Demography; Economics;
Gerontology Demography; Business & Economics; Geriatrics & Gerontology QB3AI
WOS:000614013200029 Green Published, Green Accepted
2021-10-06
J Newall, PWS; Parker, KN Newall, Philip W. S.; Parker, Katie
N. Improved Mutual Fund Investment Choice Architecture JOURNAL OF
BEHAVIORAL FINANCE English Article
Personal finance; Investing; Disclosure; Financial literacy; Nudging ONE
PRICE; INVESTORS; QUALITY; SCALE; RISK; LAW Two choice architecture
interventions were explored to debias investors' irrational preference for mutual
funds with high past returns rather than funds with low fees. A simple choice task
was used involving a direct trade-off between maximizing past returns and
minimizing fees. In the first intervention, warning investors that "Some people
invest based on past performance, but funds with low fees have the highest future
results" was more effective than 3 other disclosure statements, including the U.S.
financial regulator's, "Past performance does not guarantee future results." The
second intervention involved converting mutual fund annual percentage fees into a
10-year dollar cost equivalent. This intervention also improved investors' fee
sensitivity, and remained effective even as past returns increased. Financially
literate participants were surprisingly more likely to irrationally maximize past
returns in their investment choices. [Newall, Philip W. S.] Univ Warwick,
Coventry, W Midlands, England; [Parker, Katie N.] UCL, London, England Newall, PWS
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1 1 3 11 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON
2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND 1542-7560
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11 Business, Finance; Economics Business & Economics HQ3LY
WOS:000462313800009 Green Submitted, Green Accepted
2021-10-06
J Love, D; Phelan, G Love, David; Phelan, Gregory
Hyperbolic discounting and life-cycle portfolio choice JOURNAL OF PENSION
ECONOMICS & FINANCE English Article
Hyperbolic discounting; Epstein-Zin; portfolio choice; financial literacy
FINANCIAL LITERACY; OPTIMAL CONSUMPTION; INCOME; INVESTMENT; DECISIONS;
RETURNS This paper studies how hyperbolic discounting affects stock market
participation, asset allocation, and saving decisions over the life cycle in an
economy with Epstein-Zin preferences. Hyperbolic discounting affects saving and
portfolio decisions through at least two channels: (1) it lowers desired saving,
which decreases financial wealth relative to future earnings; and (2) it lowers the
incentive to pay a fixed cost to enter the stock market. We find that hyperbolic
discounters accumulate less wealth relative to their geometric counterparts and
that they participate in the stock market at a later age. Because they have lower
levels of financial wealth relative to future earnings, hyperbolic discounters who
do participate in the stock market tend to hold a higher share of equities,
particularly in the retirement years. We find that increasing the elasticity of
intertemporal substitution, holding risk aversion constant, greatly magnifies the
impact of hyperbolic discounting on all of the model's decision rules and simulated
levels of participation, allocation, and wealth. Finally, we introduce endogenous
financial knowledge accumulation and find that hyperbolic discounting leads to
lower financial literacy and inefficient stock market investment. [Love,
David; Phelan, Gregory] Williams Coll, Williamstown, MA 01267 USA Love, D
(corresponding author), Williams Coll, Williamstown, MA 01267 USA.
david.love@williams.edu; gregory.phelan@williams.edu
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10.1017/S1474747215000220 33 Business, Finance; Economics
Business & Economics CT6GN WOS:000362911500007 Green Submitted
2021-10-06
J Fu, XD; Hamilton, J; Lian, Q; Tang, T; Wang, QM Fu, Xudong;
Hamilton, Janet; Lian, Qin; Tang, Tian; Wang, Qiming New institutional
investors in the IPO secondary market: Sentiment or fundamentals? JOURNAL OF
FINANCIAL RESEARCH English Article
INVESTMENT; RETURNS; PERFORMANCE; MOMENTUM; RISK We investigate new
institutional investors that do not receive initial public offering (IPO)
allocations but invest in the newly public firms after IPOs. We find that many
institutions buy the stocks of IPO firms in the post-IPO secondary market over
time. In contrast to retail investors who chase hot IPOs, these new institutions
invest in IPO firms with lower valuations at offerings and better fundamentals.
These results suggest that new institutional investors' post-IPO investment
decisions are driven by publicly available information on firm fundamentals instead
of investor sentiment. Long-term performance tests confirm that this trading
strategy helps institutions identify better quality IPOs. [Fu, Xudong; Tang, Tian]
Univ Louisville, Coll Business, Louisville, KY 40292 USA; [Hamilton, Janet; Lian,
Qin] Portland State Univ, Sch Business Adm, Portland, OR 97207 USA; [Wang, Qiming]
Willamette Univ, Atkinson Grad Sch Management, Salem, OR 97301 USA Wang, QM
(corresponding author), Willamette Univ, Atkinson Grad Sch Management, Salem, OR
97301 USA. qwang2@willamette.edu Cameron Professorship in finance
Qin Lian acknowledges financial support from the Cameron Professorship in
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299 341 10.1111/jfir.12242 JUN 2021
43 Business, Finance Business & Economics TC0HK WOS:000659468700001
2021-10-06
J Cole, S; Paulson, A; Shastry, GK Cole, Shawn; Paulson,
Anna; Shastry, Gauri Kartini High School Curriculum and Financial
Outcomes The Impact of Mandated Personal Finance and Mathematics Courses
JOURNAL OF HUMAN RESOURCES English Article
HOUSEHOLD FINANCE; EDUCATION; LITERACY; DECISIONS; EARNINGS
Financial literacy and cognitive capabilities are convincingly linked to the
quality of financial decision-making. Yet, there is little evidence that education
intended to improve financial decision-making is successful. Using plausibly
exogenous variation in exposure to state-mandated personal finance and mathematics
high school courses, affecting millions of students, this paper answers the
question "Can high school graduation requirements impact financial outcomes?" The
answer is yes, although not via traditional personal finance courses, which we find
have no effect on financial outcomes. Instead, we find additional mathematics
training leads to greater financial market participation, investment income, and
better credit management, including fewer foreclosures. [Cole, Shawn] Harvard
Sch Business, Business Adm, Boston, MA USA; [Paulson, Anna] Fed Reserve Bank
Chicago, Chicago, IL USA; [Shastry, Gauri Kartini] Wellesley Coll, Econ, Wellesley,
MA 02181 USA Shastry, GK (corresponding author), Wellesley Coll, Dept Econ,
106 Cent St, Wellesley, MA 02481 USA. gshastry@wellesley.edu
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5410R1 43 Economics; Industrial Relations & Labor Business &
Economics DU3FX WOS:000382097300005 2021-10-06
J Gaurav, S; Cole, S; Tobacman, J Gaurav, Sarthak; Cole,
Shawn; Tobacman, Jeremy Marketing Complex Financial Products in
Emerging Markets: Evidence from Rainfall Insurance in IndiaJOURNAL OF MARKETING
RESEARCH English Article
financial decision making; insurance; field experiment; emerging markets
LITERACY Recent financial liberalization in emerging economies has led to
the rapid introduction of new financial products. Lack of experience with financial
products, low levels of education, and low financial literacy may slow adoption of
these products. This article reports on a field experiment that offered an
innovative new financial product, rainfall insurance, to 600 small-scale farmers in
India. A customized financial literacy and insurance education module communicating
the need for personal financial management and the usefulness of formal hedging of
agricultural production risks was offered to randomly selected farmers in Gujarat,
India. The authors evaluate the effect of the financial literacy training and three
marketing treatments using a randomized controlled trial. Financial education has a
positive and significant effect on rainfall insurance adoption, increasing take-up
from 8% to 16%. Only one marketing intervention, the money-back guarantee, has a
consistent and large effect on farmers' purchase decisions. This guarantee,
comparable to a price reduction of approximately 40%, increases demand by seven
percentage points. [Gaurav, Sarthak] Indira Gandhi Inst Dev Res, Bombay,
Maharashtra, India; [Cole, Shawn] Harvard Univ, Harvard Business Sch, Cambridge, MA
02138 USA; [Cole, Shawn] Harvard Univ, Poverty Act Lab, Cambridge, MA 02138 USA;
[Cole, Shawn] Harvard Univ, Bur Res & Econ Anal Dev, Cambridge, MA 02138 USA;
[Tobacman, Jeremy] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA; [Tobacman,
Jeremy] Natl Bur Econ Res, Cambridge, MA 02138 USA Gaurav, S (corresponding
author), Indira Gandhi Inst Dev Res, Bombay, Maharashtra, India.
sarthak@igidr.ac.in; scole@hbs.edu; tobacman@wharton.upenn.edu
Gaurav, Sarthak/0000-0002-3075-5899; Tobacman, Jeremy/0000-0003-2905-577X
Angrist JD, 2009, MOSTLY HARMLESS ECONOMETRICS: AN EMPIRICISTS
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Res. 2011 48 SI S150 S162
10.1509/jmkr.48.SPL.S150 13 Business Business &
Economics 838UH WOS:000296317200014 2021-10-06
J Christian, P; Glover, S; Kondylis, F; Mueller, V; Ruzzante, M; Zwager, A
Christian, Paul; Glover, Steven; Kondylis, Florence; Mueller,
Valerie; Ruzzante, Matteo; Zwager, Astrid Do private consultants
promote savings and investments in rural Mozambique? AGRICULTURAL ECONOMICS
English Article; Early Access agriculture;
financial literacy; investment; matching grant; Mozambique; savings FIELD
EXPERIMENTAL-EVIDENCE; SOCIAL NETWORKS; MANAGEMENT; EXTENSION; DEMAND; IMPACT
Advice from managementprofessionals can help small- and medium-sized firms
reach complex financial goals in low- and middle-income countries. We apply lessons
learned in the firm literature to determine the degree in which farmer associations
face constraints to management and planning capacity that can be alleviated by the
provision of advice from external consultants. In particular, we conducted a
randomized control trial in 42 water user associations (WUAs) in Mozambique to
examine whether more intensive attention from financial consultants through
repeated follow-up visits prompts households to save and invest in agricultural
equipment. All WUAs received a financial literacy training and were eligible to
receive a matching grant. Twenty-one WUAs were randomized into the treatment group
that additionally were visited by private consultants quarterly, who tailored their
advice to meet individuals' own savings and investment objectives. We find the
follow-up visits increase 'hidden savings' in the form of new capital investments
on farmers' own account. Thus, the visits may have changed savings' habits by
leading farmers to invest in technologies that were not directly subsidized. Our
ability to detect an additional effect on the type of investments farmers targeted
through the matching grant and, hence, the savings for the respective investments
is limited given the power of our study design. Although the proportion of
households saving increased, the intervention was likely less cost-effective than
other modalities aimed to enhance the proclivity to save. [Christian, Paul;
Glover, Steven; Kondylis, Florence; Zwager, Astrid] World Bank, Dev Impact Evaluat
DIME, 1818 H St NW, Washington, DC 20433 USA; [Mueller, Valerie] Arizona State
Univ, Sch Polit & Global Studies, Dev Impact Evaluat DIME, Tempe, AZ USA; [Mueller,
Valerie] Int Food Policy Res Inst, Washington, DC 20036 USA; [Ruzzante, Matteo]
Northwestern Univ, Evanston, IL USA Mueller, V (corresponding author), Arizona
State Univ, Sch Polit & Global Studies, Coor Hall,POB 873902, Tempe, AZ 85297 USA.
vmuelle1@asu.edu World Bank i2i fund; World Bank Mozambique
Country Office This draft benefited from comments from Chris Boyd Leon, Adriana
Castillo Castillo, and participants of the Department of Agricultural and Consumer
Economics Seminar at the University of Illinois at Urbana-Champaign. We thank the
World Bank i2i fund and the World Bank Mozambique Country Office for generous
research funding. We thank Eugenio Nhone for excellent field assistance. Finally,
we thank Ernst and Young, the National Irrigation Institute (INIR), Pedro Arlindo,
Mark Austin, Aniceto Bila, Mark Lundell, Paiva Munguambe, and Antonio Samuel for
being valuable research partners. The reproducibility package is available on
GitHub. The findings, interpretations, and conclusions expressed in this paper are
entirely those of the authors. They do not necessarily represent the views of the
World Bank and its affiliated organizations, or those of the Executive Directors of
the World Bank or the governments they represent. Anderson JR, 2004, WORLD BANK
RES OBSER, V19, P41, DOI 10.1093/wbro/lkh013; Ashraf N, 2006, Q J ECON, V121, P635,
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[DOI 10.1016/BS.HEFE.2016.10.003, 10.1016/bs.hefe.2016.10.003]; Beaman L, 2021, AM
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BASED MUL 38 0 0 1 1 WILEY HOBOKEN 111 RIVER ST, HOBOKEN
07030-5774, NJ USA 0169-5150 1574-0862 AGR ECON-BLACKWELL Agric.
Econ.
10.1111/agec.12672 AUG 2021 15 Agricultural Economics &
Policy; Economics Agriculture; Business & Economics TZ9RW WOS:000684805900001
2021-10-06
J Palmer, JC; Chung, Y; Park, Y; Wang, G Palmer, Joshua C.;
Chung, Yunhyung; Park, Youngkyun; Wang, Gang Affectivity and
riskiness of retirement investment decisions PERSONNEL REVIEW
English Article Negative affectivity;
Positive affectivity; Retirement investment decisions; Risk-taking; Social networks
FINANCIAL LITERACY; POSITIVE EMOTIONS; LOOKING BACK; BUILD THEORY;
PREVENTION; PROMOTION; RISK; THOUGHTS; MOOD Purpose Drawing on broaden-and-
build theory and promotion- and prevention-focus theory, the authors examined the
role of positive and negative affectivity (PANA) on the riskiness of investment
decisions. The authors also examined the mediating impact of financial knowledge
network intensity (i.e. the level of communication with financially literate others
in employees' social network) on the PANA-riskiness of investment decisions
relationship. Design/methodology/approach Study 1 used a sample of undergraduate
students and operationalized risk using a hypothetical investment scenario. Study 2
replicated and extended the Study 1 findings using employees and operationalized
risk using their real-world investment allocations. Findings Both Studies 1 and 2
provided support for the negative direct relationship between NA and the riskiness
of investment decisions. Study 2 found PA was marginally positively related to the
riskiness of investment decisions. Financial knowledge network intensity mediated
the relationship between NA and the riskiness of investment decisions in Study 2.
Research limitations/implications - The findings suggest that employees who see the
world in a generally negative light tended to have weaker financial knowledge
networks, and this may be one mechanism that explains why they make low-risk
investments. Practical implications - Financial knowledge networks can provide
access to critical information regarding investment opportunities. Socialization
training or social mixers can be used to help employees build and improve their
financial knowledge networks. Originality/value The authors integrate the research
on PANA, social networks, and investment decisions to illuminate the social network
processes that explain how affectivity impacts the riskiness of retirement
investment decisions. [Palmer, Joshua C.; Wang, Gang] Florida State Univ, Dept
Management, Tallahassee, FL 32306 USA; [Chung, Yunhyung; Park, Youngkyun] Univ
Idaho, Dept Business, Moscow, ID 83843 USA Palmer, JC (corresponding author),
Florida State Univ, Dept Management, Tallahassee, FL 32306 USA. jcp12@my.fsu.edu
Palmer, Joshua C./A-2929-2017; Palmer, Joshua C./K-6326-2015 Palmer,
Joshua C./0000-0002-8080-6711; Palmer, Joshua C./0000-0002-8080-6711
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GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W
YORKSHIRE, ENGLAND 0048-3486 1758-6933 PERS REV Pers. Rev. DEC 7
2020 49 9 2093 2110 10.1108/PR-05-
2019-0244 APR 2020 18 Industrial Relations & Labor; Psychology,
Applied; Management Business & Economics; Psychology OG1MO
WOS:000525380000001 2021-10-06
J Bateman, H; Eckert, C; Geweke, J; Louviere, J; Satchell, S; Thorp, S
Bateman, Hazel; Eckert, Christine; Geweke, John; Louviere, Jordan;
Satchell, Stephen; Thorp, Susan Financial competence, risk
presentation and retirement portfolio preferences* JOURNAL OF PENSION ECONOMICS
& FINANCE English Article G23;
G28; D14; Discrete choice; risk preference; disclosure; financial literacy
CHOICE; INFORMATION; PERCEPTION; AVERSION; DISPLAYS; ABILITY; HEALTH
Financial regulators are weighing up the effectiveness of different templates
for communicating investment risk to retirement savers since welfare depends on
comprehension of risk information. We compare nine standard risk presentations
using a discrete choice experiment where subjects choose between three retirement
accounts. Switching between graphical or textual presentations, or between formats
that emphasize benchmarks rather than return ranges or values at risk, affects
predicted choices more than large changes in underlying risk. Innumerate
individuals are more susceptible to presentation, and those with weak basic
financial literacy are insensitive to increasing risk levels, regardless of
presentation. Presentation effects are moderated but not eliminated as financial
literacy improves. [Bateman, Hazel] Univ New S Wales, Sch Risk & Actuarial
Studies, Sydney, NSW 2052, Australia; [Eckert, Christine] Univ Technol Sydney, Mkt
Discipline Grp, Sydney, NSW 2007, Australia; [Eckert, Christine] Univ Technol
Sydney, Ctr Study Choice, Sydney, NSW 2007, Australia; [Geweke, John; Louviere,
Jordan; Thorp, Susan] Univ Technol Sydney, Ctr Study Choice, Broadway, NSW 2007,
Australia; [Satchell, Stephen] Univ Cambridge Trinity Coll, Cambridge CB2 1TQ,
England; [Thorp, Susan] Univ Technol Sydney, Finance Discipline Grp, Broadway, NSW
2007, Australia Bateman, H (corresponding author), Univ New S Wales, Sch Risk &
Actuarial Studies, Sydney, NSW 2052, Australia. h.bateman@unsw.edu.au;
christine.eckert@uts.edu.au; john.geweke@uts.edu.au; jordan.louviere@uts.edu.au;
ses11@cam.ac.uk; susan.thorp@uts.edu.au Eckert, Christine/AAE-9676-2019
Eckert, Christine/0000-0002-8573-6978; Thorp, Susan/0000-0003-3462-0876;
Louviere, Jordan/0000-0001-7688-164X Agarwal S., 2011, 2 BOULD C
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2014 13 1 27 61
10.1017/S1474747213000188 35 Business, Finance; Economics
Business & Economics AC1YM WOS:000332294000002
2021-10-06
J Anamika; Chakraborty, M; Subramaniam, S Anamika;
Chakraborty, Madhumita; Subramaniam, Sowmya Does Sentiment Impact
Cryptocurrency? JOURNAL OF BEHAVIORAL FINANCE English Article;
Early Access Investor sentiment; Bitcoin
sentiment; Sentix; Equity market sentiment; Bitcoin; Cryptocurrency INVESTOR
SENTIMENT; BITCOIN; CONNECTEDNESS; INEFFICIENCY; MARKET; HEDGE This study
examines the impact of investor sentiment on cryptocurrency returns. We use a
direct survey-based measure that captures the investors' sentiment on Bitcoins.
This direct measure of Bitcoin investor sentiment is obtained from the Sentix
database. The results of the study found that the Bitcoin prices experience
appreciation when investors are optimistic about Bitcoin. Bitcoin sentiment has
significant power in predicting the Bitcoin prices after controlling for the
relevant factors. There is also evidence that the sentiment of the dominant
cryptocurrency, i.e., Bitcoin, influences the price of other cryptocurrencies.
Further, we extend our analysis by investigating the impact of equity market
sentiment on cryptocurrency returns. We proxy equity market sentiment using two
measures viz: Baker-Wurgler sentiment Index and the VIX Index. When the equity
market investors' sentiment is bearish, cryptocurrency prices rise, indicating that
cryptocurrency can act as an alternative avenue for investment. Our results remain
unaffected after controlling for potential factors that could impact cryptocurrency
prices. [Anamika; Chakraborty, Madhumita; Subramaniam, Sowmya] Indian Inst
Management Lucknow, Lucknow, Uttar Pradesh, India Anamika (corresponding
author), Indian Inst Management Lucknow, Finance & Accounting Area, Prabandh Nagar
Off Sitapur Rd, Lucknow 226013, Uttar Pradesh, India. anamika@iiml.ac.in
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TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14
4RN, OXON, ENGLAND 1542-7560 1542-7579 J BEHAV FINANC J. Behav.
Financ.
10.1080/15427560.2021.1950723 JUL 2021 17 Business, Finance;
Economics Business & Economics TU7IX WOS:000681207200001
2021-10-06
J Gerrans, P; Yap, G Gerrans, Paul; Yap, Ghialy
Retirement savings investment choices: Sophisticated or naive? PACIFIC-
BASIN FINANCE JOURNAL English Article
Investment choice; Naive diversification; Sophistication; Household finance;
Retirement; Superannuation; Learning FINANCIAL LITERACY; PORTFOLIO CHOICE;
401(K) PLANS; GENDER; WILL We assess investment sophistication in a large sample
of auto-enrolled, retirement plan member choices. A strong preference for using a
small number of investment options is provided with little evidence, overall, to
support equally weighted allocations. However, when multiple options are selected,
one-third are equally weighted allocations and this is more prevalent when an
easily divisible number of options are used. Positive learning is suggested in
patterns of choices with sophisticated choice more likely in later choices.
Possible consequences of menu framing, specifically menu size, do not support
influence on effective asset allocations. (C) 2014 Elsevier B.V. All rights
reserved. [Gerrans, Paul] Univ Western Australia, UWA Business Sch, Crawley, WA
6009, Australia; [Yap, Ghialy] Edith Cowan Univ, Fac Business & Law, Joondalup, WA
6027, Australia Gerrans, P (corresponding author), Univ Western Australia, UWA
Business Sch, 35 Stirling Highway, Crawley, WA 6009, Australia.
paul.gerrans@uwa.edu.au Yap, Ghialy/AAA-5178-2019 Gerrans, Paul/0000-0002-
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10.1016/j.pacfin.2014.10.005 18 Business, Finance Business &
Economics AY5HP WOS:000347603700013 2021-10-06
J Lei, S Lei, Shan Single women and stock
investment in individual retirement accounts JOURNAL OF WOMEN & AGING
English Article Individual retirement
accounts; retirement; single women; stock investment FINANCIAL LITERACY; PORTFOLIO
CHOICE; RISKY ASSETS; WEALTH; DETERMINANTS; GENDER This study uses data from the
2013 Survey of Consumer Finances to investigate factors related to stock investment
in individual retirement accounts and focuses on the role of gender and marital
status in particular. This study finds that single women are less likely to own
stocks and invest in fewer stocks in their IRAs. Personal characteristics, such as
stock ownership in other financial assets, education level, and risk tolerance may
play a key role in shaping individuals' decisions regarding stock investment in
IRAs. However, these determinants are different for single women than for other
demographic groups. [Lei, Shan] West Texas A&M Univ, Dept Accounting Econ &
Finance, Canyon, TX USA Lei, S (corresponding author), West Texas A&M Univ, Dept
Accounting Econ & Finance, Finance & Financial Econ, Box 60809, Canyon, TX 79016
USA. slei@wtamu.edu Agnew J, 2003, AM ECON REV, V93,
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10.1007/s10663-015-9295-1 40 1 1 1 11 ROUTLEDGE JOURNALS,
TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14
4RN, OXON, ENGLAND 0895-2841 1540-7322 J WOMEN AGING J. Women
Aging JUL 4 2019 31 4 304 318
10.1080/08952841.2018.1510241 15 Gerontology; Women's Studies
Geriatrics & Gerontology; Women's Studies IN7EW WOS:000478845600003
30148423 2021-10-06
J Gerrans, P; Moulang, C; Feng, J; Strydom, M Gerrans,
Paul; Moulang, Carly; Feng, Jun; Strydom, Maria Individual and peer
effects in retirement savings investment choices PACIFIC-BASIN FINANCE JOURNAL
English Article Investment choice;
Peer effects; Consumer finance; Retirement savings; Pensions DESCRIPTIVE SOCIAL
NORMS; FINANCIAL LITERACY; GENDER-DIFFERENCES; GROUP POLARIZATION; PORTFOLIO
CHOICE; DECISIONS; PARTICIPATION; LIFE; PLAN; UNCERTAINTY This paper explores the
role of a member's peers in the member's propensity to make a change to their
retirement savings investment strategy. Given that evidence indicates that the
majority of individuals do not seek professional financial advice, we investigate
whether workplace peers may be influential in member retirement savings investment
strategy behaviour. We explore three ways a peer influence may manifest. First, we
examine whether the likelihood that an individual makes an investment strategy
change is related to what their work place peers do. Second, we explore whether the
workplace gender composition (critical mass) is associated with the individual
member's likelihood of changing investment strategy. Building on the second, our
third interest is in the role of gender critical mass as a moderator of a member's
gender on choice. The results suggest that member investment decisions are
influenced by their peers' behaviour, especially the behaviour of workplace peers
of the same gender. Workplace gender composition, on the other hand, does not alter
member decisions. [Gerrans, Paul] Univ Western Australia, UWA Business Sch,
Crawley, WA, Australia; [Moulang, Carly] Monash Univ, Monash Business Sch, Dept
Accounting, POB 197, Caulfield, Vic 3145, Australia; [Feng, Jun; Strydom, Maria]
Monash Univ, Monash Business Sch, Dept Banking & Finance, POB 197, Caulfield, Vic
3145, Australia Gerrans, P (corresponding author), UWA Business Sch, 35 Stirling
Highway, Crawley, WA 6009, Australia. paul.gerrans@uwa.edu.au;
Carly.Moulang@monash.edu; Jimmy.Feng@monash.edu Gerrans, Paul/0000-0002-5690-
7141 CSIRO-Monash Superannuation Research Cluster Research for the paper was
supported by the CSIRO-Monash Superannuation Research Cluster, a collaborative
project between the Commonwealth Scientific and Industrial Research Organization
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Economics FX9GX WOS:000426407700009 2021-10-06
J Chalmers, J; Reuter, J Chalmers, John; Reuter, Jonathan
Is conflicted investment advice better than no advice? JOURNAL OF
FINANCIAL ECONOMICS English Article
Investment advice; Broker; Counterfactual; Default; Retirement plan; Target
date fund FINANCIAL LITERACY; BROKERS; CHOICES; COSTS The benefit of
investment advice depends on the quality of advice and the investor's
counterfactual portfolio. We use changes in the Oregon University System Optional
Retirement Plan to highlight the impact of plan design on the counterfactual
portfolios of advice seekers. When brokers are available and target date funds
(TDFs) are not, brokers help participants with high predicted demand for advice
bear market risk, but they recommend higher-commission options. When brokers are
removed and TDFs are added, new highpredicted-demand participants primarily invest
in TDFs, which offer similar market risk but higher Sharpe ratios than the broker-
advised portfolios within our sample. (C) 2020 Elsevier B.V. All rights reserved.
[Chalmers, John] Univ Oregon, Lundquist Coll Business, Eugene, OR 97403 USA;
[Reuter, Jonathan] Boston Coll, Carroll Sch Management, Chestnut Hill, MA 02467
USA; [Reuter, Jonathan] NBER, Cambridge, MA 02138 USA Reuter, J (corresponding
author), Boston Coll, Carroll Sch Management, Chestnut Hill, MA 02467 USA.
jchalmer@uoregon.edu; reuterj@bc.edu Chalmers, John/G-4557-2013
US Social Security Administration (SSA) [10-M-98363-1-02]; Cameron Center for
Finance and Securities Analysis at the University of OregonWe thank the Oregon
University System for providing de-identified data on the Optional Retirement Plan.
We thank Juhani Linnainmaa (referee) for numerous helpful comments. We also thank
JeffBrown, John Campbell, Daniel Cooper, Javier Gil-Bazo (discussant), Edie
Hotchkiss, Nathan Klinkhammer, David Laibson, Colleen Flaherty Manchester (dis-
cussant), Olivia Mitchell (discussant), Sendhil Mullainathan, Markus Noth
(discussant), Ali Ozdagli, JeffPontiff, Andrei Shleifer, Tyler Shumway, Larry
Singell, Paolo Sodini (discussant), Denis Sosyura, Neal Stoughton (discus-sant),
Phil Strahan, Jerome Taillard, Annette Vissing-Jorgensen (discus-sant), Scott
Weisbenner (discussant), Hanjiang Zhang (discussant), and seminar participants at
Aalto University, BI Norwegian Business School, Boston College, Federal Reserve
Bank of Boston, Hong Kong University of Science and Technology, MIT Sloan School of
Management, Pennsylvania State University, University of Florida, University of
Michigan, Universitat Pompeu Fabra, Thammasat Business School, 2011 Society for
Financial Studies (SFS) Finance Cavalcade, 2011 Netspar Pension Workshop, 2012
Financial Intermediation Research Society (FIRS) conference, 2013 European Retail
Investment Conference, 2013 NBER Behavioral Finance Working Group meeting, 2014
American Finance Association meeting, 2017 WU Gutmann Center Symposium on Financial
Advice and Asset Management, and 2019 Western Economic Association International
conferencefor helpful questions and comments. This research was supported by the US
Social Security Administration (SSA) through grant #10-M-98363-1-02 to the NBER as
part of the SSA Retirement Research Consortium. Research funding was also provided
by the Cameron Center for Finance and Securities Analysis at the University of
Oregon. The findings and conclusions expressed are solely ours and do not represent
the views of SSA, any agency of the federal government, or the NBER. This paper was
previously circulated under the title "What is the Impact of Financial Advisors on
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10.1016/j.jfineco.2020.05.005 22 Business, Finance; Economics
Business & Economics OU3LU WOS:000591434000004 Green Published
2021-10-06
J Wang, GYN; Hanna, SD Wang, Guangyi N.; Hanna, Sherman D.
Racial/Ethnic disparities in high return investment ownership: a
Heckman selection model APPLIED ECONOMICS LETTERS English
Article Racial/ethnic differences; high
return investments; Heckman selection model; survey of consumer finances
This study investigates racial/ethnic differences in high return investment
ownership in the U.S. Households with low levels of financial assets might not be
able to meaningfully make investment choices, so a Heckman two-stage selection
model was used to separate the minimum asset level status from the allocation
decision, specifically in whether households owned at least one high return
investment. We found that households with White respondents were more likely than
households with Black and Hispanic respondents to have adequate financial assets
for investment. Conditional on having adequate financial assets, and controlling
for household characteristics and financial literacy, White households were more
likely to own high return investments than Black, Hispanic and Asian/other
households. Policies to nudge households to invest some wealth in high return
investment assets would benefit minority households. [Wang, Guangyi N.; Hanna,
Sherman D.] Ohio State Univ, Dept Human Sci, Coll Educ & Human Ecol, Columbus, OH
43210 USA Wang, GYN (corresponding author), 231 Campbell Hall,1787 Neil Ave,
Columbus, OH 43210 USA. wang.7884@osu.edu Wang, Guangyi/0000-0003-2770-0149
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12 0 0 0 8 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
1350-4851 1466-4291 APPL ECON LETT Appl. Econ. Lett. JAN 19
2019 26 2 111 115
10.1080/13504851.2018.1441497 5 Economics Business &
Economics HC2CJ WOS:000451609500006 2021-10-06
J Lee, T; Yun, T; Haley, E Lee, Taejun (David); Yun,
TaiWoong; Haley, Eric Effects of mutual fund advertising disclosures
on investor information processing and decision-making JOURNAL OF SERVICES
MARKETING English Article
Advertising disclosure; Mutual fund advertising; Financial decision-making;
Consumer welfare; Disclosure; Unit trusts; Advertising CORPORATE SOCIAL-
RESPONSIBILITY; CONSUMER RESPONSES; FINANCIAL LITERACY; PRINT ADS; COMMUNICATION;
RELIABILITY; ECONOMICS; WELFARE; CHOICE; CLAIMS Purpose - This research aims to
examine the effects of financial services advertising disclosures by pairing a
content analysis documenting how mandatory financial disclosures are presented in
mutual fund advertisements with a between-subjects experiment assessing whether
inclusion of the disclosures influences consumer responses to advertisement, brand
and company evaluations. Design/methodology/approach - This research examines the
effects of financial services advertising disclosures by pairing a content analysis
documenting how mandatory financial disclosures are presented in mutual fund
advertisements with a between-subjects experiment assessing whether the inclusion
of the disclosures influences consumer responses to the ad, brand and company.
Findings - The findings show more positive consumer responses for perceived
advertising responsibility, recall, and cognitive response as well as higher risk
perception when consumers are exposed to the financial disclosures in mutual fund
advertisements. Also, the results indicate a mediating role of positive cognitive
responses on attitude toward the mutual fund company only when consumers are
exposed to advertising disclosures. Originality/value - The paper extends knowledge
of whether and how required information disclosures pertaining to mutual funds
influence investors' psychological responses in mutual fund advertising contexts.
From a managerial perspective, it has implications for financial services
advertising and other social marketing campaigns by uncovering the effects of
advertising-as-information in financial decision-making. From a public policy
standpoint, the paper is among the first to make explicit claims regarding the role
of advertising disclosure in retail investment circumstances. [Lee, Taejun
(David)] Kooknnin Univ, Sch Commun, Dept Advertising, Seoul, South Korea; [Yun,
TaiWoong] Hongik Univ, Sch Advertising & Publ Relat, Chungnam, South Africa;
[Haley, Eric] Univ Tennessee, Sch Advertising & Publ Relat, Knoxville, TN USA
Yun, T (corresponding author), Hongik Univ, Sch Advertising & Publ Relat,
Chungnam, South Africa. taiwoongyun@gmail.com Adkins NR,
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30 EMERALD GROUP PUBLISHING LIMITED BINGLEY HOWARD HOUSE, WAGON
LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0887-6045 J SERV MARK
J. Serv. Mark. 2013 27 2 104 117
10.1108/08876041311309234 14 Business Business &
Economics 133GZ WOS:000318128200002 2021-10-06
J Roa, MJ; Garron, I; Barboza, J Roa, Maria Jose; Garron,
Ignacio; Barboza, Jonathan Financial Decisions and Financial
Capabilities in the Andean Region JOURNAL OF CONSUMER AFFAIRS
English Article LITERACY;
CONSCIENTIOUSNESS; PSYCHOLOGY; BEHAVIOR This paper analyzes the importance of
numerical abilities, conscientiousness, and financial literacy for individuals'
financial decision making and participation in formal financial markets. Our
analysis is based on the Financial Capabilities Survey, which was applied in four
countries of the Andean Region: Bolivia, Colombia, Ecuador, and Peru. The empirical
analysis underlines the centrality of numerical abilities, different subfacets of
conscientiousness (propensity to plan, perseverance, and scrupulosity), and
financial literacy in developing a propensity to save and borrow, and in
participating in the formal financial sector. [Roa, Maria Jose] CEMLA, Ctr Latin
Amer Monetary Studies, Mexico City, DF, Mexico; [Garron, Ignacio] Cent Bank
Bolivia, La Paz, Bolivia; [Barboza, Jonathan] CEMLA, Mexico City, DF, Mexico Roa,
MJ (corresponding author), CEMLA, Ctr Latin Amer Monetary Studies, Mexico City, DF,
Mexico. roa@cemla.org; igarron@bcb.gob.bo; jbarboza@cemla.org Barboza,
Jonathan/0000-0001-8964-8855 Instituto de Investigaciones Economicas y Sociales
Francisco de Vitoria (IIES), Madrid, Spain Maria Jose Roa (roa@cemla.org) is
Senior Researcher at the Center for Latin American Monetary Studies, CEMLA. Ignacio
Garron (igarron@bcb.gob.bo) is Senior Financial Analyst at the Central Bank of
Bolivia. Jonathan Barboza is Economist (jbarboza@cemla.org) at CEMLA. The authors
thank two anonymous referees for many valuable comments, which greatly improved the
quality and the exposition of the paper. This paper was undertaken as part of the
joint research project on Households' Financial Decision Making, coordinated by
CEMLA and CAF-The Development Bank of Latin America. The authors especially
appreciate the valuable support of Diana Mejia from CAF. An earlier draft of this
paper was presented at the XXI Meeting of the Central Bank Researchers Network,
Brasilia, November 7-8, 2016, and at the third Cherry Blossom Financial Education
Institute, Washington, April 6-7, 2017. The authors thank the participants for
their very useful comments. We are especially grateful to Annamaria Lusardi, Rob
Alessie, Gabriel Garber, Carolina Rodriguez, and Oscar Carvallo for their valuable
comments and suggestions. We thank Juliana Gamboa for her research assistance. We
also acknowledge financial support from the Instituto de Investigaciones Economicas
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28 Business; Economics Business & Economics IC4LP
WOS:000470937500002 2021-10-06
J Charron-Chenier, R; Seamster, L Charron-Chenier,
Raphael; Seamster, Louise Racialized Debts: Racial Exclusion From
Credit Tools and Information Networks CRITICAL SOCIOLOGY
English Article debt; financial
literacy; financial exclusion; predatory inclusion; credit; racial inequality;
structural racism; sociology FINANCIAL LITERACY; PAYDAY LOANS; RACE; WEALTH;
ACCESS; RED; DISCRIMINATION; ASSOCIATION; YOUNG; BLACK Research on debt
highlights its use as a tool for investment and a substitute for public welfare
programs. Use of debt, however, is not equal across social groups. Black households
in particular have lower debt levels than white households. In this paper, we
explore the context behind massive racial disparities in household debt.
Conceptually, we propose that personal debt is an indicator of integration in the
financial system. As such, we argue that black households' lower debt levels can be
understood as financial isolation rather than financial health. We support this
argument by using data from the Survey of Consumer Finances to estimate racial
differences in access to financial tools net of racial differences in socioeconomic
status, asset levels, and financial literacy. We also show that black households'
financial information networks are different from white households' in ways that
suggest restricted access to formal financial institutions.[Charron-Chenier,
Raphael] Arizona State Univ, Tempe, AZ 85287 USA; [Seamster, Louise] Univ Iowa,
Iowa City, IA 52242 USA Charron-Chenier, R (corresponding author), Arizona State
Univ, Sch Social Transformat, 240 E Orange Mall,POB 876403, Tempe, AZ 85287 USA.
rcharron@asu.edu Charron-Chenier, Raphael/0000-0002-5254-9332
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INC THOUSAND OAKS 2455 TELLER RD, THOUSAND OAKS, CA 91320 USA 0896-9205
1569-1632 CRIT SOCIOL Crit. Sociol. SEP 2021 47 6
977 992 0896920519894635 10.1177/0896920519894635
FEB 2020 16 Sociology Sociology UK7TZ WOS:000512268000001
2021-10-06
J Lei, S; Salazar, LR Lei, Shan; Salazar, Leslie Ramos
Use of social networks in stock investment INTERNATIONAL JOURNAL OF
BANK MARKETING English Article; Early Access
Social network; Social capital theory; Social influence theory; Social
networking contagion theory; Stock investment decision WORD-OF-MOUTH; FINANCIAL
LITERACY; RISK TOLERANCE; MARKET PARTICIPATION; WEALTH-ACCUMULATION; GENDER-
DIFFERENCES; DECISION-MAKING; CONTAGION; BEHAVIOR; INEQUALITY Purpose Drawing on
the literature regarding the social network and stock investment, this paper aims
to focus on the use of the social network on stock ownership decisions at
individual levels. This paper also attempts to shed light on potential mediators of
the relationship between the social network and stock ownership.
Design/methodology/approach To determine the relationship between stock ownership
and using the social network, logistic regression was used. In order to isolate the
effect of using hs on stock ownership, a decomposing method was adopted. Findings
The findings provide evidence of the positive contribution of the use of social
networks in stock ownership. Personal characteristics, such as household net worth,
homeownership, education level and risk tolerance, may play a vital role in
influencing individuals' decisions regarding stock investment. In addition, this
study contributes to our understanding of income's mediating role in stock
investment decisions. Originality/value First, the authors contribute theoretically
by drawing from the assumptions of social networking contagion theory, social
influence theory, and social capital theory. Second, we explored potential
mediators of the relationship between the social network and stock ownership.
Third, this study complements the literature in incorporating the social network in
business, financial professionals to be exact. [Lei, Shan] Salisbury Univ, Perdue
Sch Business, Salisbury, MD 21801 USA; [Salazar, Leslie Ramos] West Texas A&M Univ,
Paul & Virginia Engler Coll Business, Canyon, TX USA Lei, S (corresponding
author), Salisbury Univ, Perdue Sch Business, Salisbury, MD 21801 USA.
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0 0 EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON
LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937 INT J
BANK MARK Int. J. Bank Mark.
10.1108/IJBM-04-2021-0158 SEP 2021 18 Business
Business & Economics US1NE WOS:000697202000001
2021-10-06
J Koh, BSK; Mitchell, OS; Fong, JH Koh, Benedict S. K.;
Mitchell, Olivia S.; Fong, Joelle H. Trust and retirement
preparedness: Evidence from Singapore JOURNAL OF THE ECONOMICS OF AGEING
English Article Financial literacy;
Trust; Investment; Saving; Household portfolios; Retirement; Pension; Central
provident fund Trust is an essential component of any financial system,
and distrust can undermine savings and economic growth. Our study draws on the
Singapore Life Panel to assess how trust ties to older respondents' (1) pension
plan participation and withdrawals; (2) life, health, and long-term care insurance
holdings; and (3) stock market engagement. We show that the widely-used 'trust in
people' question is uncorrelated with household behaviours related to retirement
preparedness. Instead, trust in private and public financial representatives is
positively associated with pension savings, investments, and insurance holdings.
Financial literacy also plays an important and consistent role in retirement
decision-making. [Koh, Benedict S. K.] Singapore Management Univ, 50 Stamford
Rd,04-01, Singapore 178899, Singapore; [Mitchell, Olivia S.] Pens Res Council, 3620
Locust Walk,St 3000 SHDH, Philadelphia, PA 19104 USA; [Mitchell, Olivia S.] Univ
Penn Wharton Sch, Boettner Ctr Pens & Retirement Res, 3620 Locust Walk,St 3000
SHDH, Philadelphia, PA 19104 USA; [Fong, Joelle H.] Natl Univ Singapore, Lee Kuan
Yew Sch Publ Policy, 469C Bukit Timah Rd,Oei Tiong Ham Bldg, Singapore 259772,
Singapore Koh, BSK (corresponding author), Singapore Management Univ, Lee Kong
Chian Sch Business, 50 Stamford Rd,04-01, Singapore 178899, Singapore.
skkoh@smu.edu.sg; mitchelo@wharton.upenn.edu; j.fong@nus.edu.sg
Singapore Ministry of Education Academic Research Fund Tier 3 grant at the
Singapore Management University [MOE2013-T3-1-009]; MOE Start-up Grant at the
National University of Singapore; Pension Research Council/Boettner Center at The
Wharton School of the University of Pennsylvania The authors acknowledge
excellent programming assistance from Yong Yu and the Singapore Life Panel (SLP
(R)) team at Singapore Management University, as well as the RAND SLP (R) team. The
research was supported by the Singapore Ministry of Education Academic Research
Fund Tier 3 grant (MOE2013-T3-1-009) at the Singapore Management University, the
MOE Start-up Grant at the National University of Singapore, and the Pension
Research Council/Boettner Center at The Wharton School of the University of
Pennsylvania. All opinions are solely those of the authors. (c) 2019 Koh, Mitchell
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6 9 ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM,
NETHERLANDS 2212-828X 2212-8298 J ECON AGEING J. Econ. Ageing FEB
2021 18 100283
10.1016/j.jeoa.2020.100283 10 Demography; Economics;
Gerontology Demography; Business & Economics; Geriatrics & Gerontology QH5WA
WOS:000618344900006 Green Published, Green Submitted
2021-10-06
J Rubaltelli, E; Agnoli, S; Franchin, L Rubaltelli,
Enrico; Agnoli, Sergio; Franchin, Laura Sensitivity to Affective
Information and Investors' Evaluation of Past Performance: An Eye-tracking Study
JOURNAL OF BEHAVIORAL DECISION MAKING English Article
affect; individual differences; investment; pupil
dilation TRAIT EMOTIONAL INTELLIGENCE; PROSPECT-THEORY; PUPIL-DILATION; FUND
FLOWS; DECISION; RISK; DISPOSITION; PERSONALITY; ATTENTION; AROUSAL In the
present work, we used the eye-tracking methodology to investigate how affective
reactions influence investment decision making. In addition, we looked at
individual differences in terms of people's sensitivity to affective information
and how efficiently they regulate it, that is, trait emotional intelligence. We
demonstrated that people who are more sensitive to affective information have
larger pupil dilation when looking at the past performance of a stock fund. In
addition, we also found that participants' larger pupil dilation had an impact on
their investment decisions (whether people were more likely to sell their shares,
hold on to the investment, or buy more shares). A larger pupil dilation led people
to be more consistent and willing to invest more money on a fund regardless from
its past performance (positive or negative). We also tested the hypothesis that
individuals with a larger pupil dilation should be more influenced by a fund's past
performance (e.g., selling their shares more often when the past performance of the
fund was negative and buying additional shares more often when the past performance
was positive). However, results did not support this explanation. Finally, our data
revealed that the effect of individual differences in trait emotional intelligence
on investment decisions was significantly mediated by pupil dilation. In the
discussion, we explored the relationship between our results and previous evidence
on the role of pupil dilation in processing information under uncertainty and the
role of affect in decision making. Copyright (c) 2015 John Wiley & Sons, Ltd.
[Rubaltelli, Enrico] Univ Padua, Padua, Italy; [Rubaltelli, Enrico] Univ
Padua, Cognit Neurosci Ctr, Padua, Italy; [Rubaltelli, Enrico] Univ Modena & Reggio
Emilia, Ctr Res Banking & Finance, Modena, Italy; [Agnoli, Sergio] Univ Bologna,
Marconi Inst Creat, Bologna, Italy; [Franchin, Laura] Univ Trent, Trento, Italy
Rubaltelli, E (corresponding author), Univ Padua, Dept Dev & Socializat
Psychol, Via Venezia 8, I-35131 Padua, Italy. enrico.rubaltelli@unipd.it
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MAKING J. Behav. Decis. Mak. APR-JUL 2016 29 2-3
295 306 10.1002/bdm.1885 12 Psychology, Applied
Psychology DI2EY WOS:000373309700015 2021-10-06
J Brown, JR; Kapteyn, A; Luttmer, EFP; Mitchell, OS Brown,
Jeffrey R.; Kapteyn, Arie; Luttmer, Erzo F. P.; Mitchell, Olivia S.
COGNITIVE CONSTRAINTS ON VALUING ANNUITIES JOURNAL OF THE EUROPEAN
ECONOMIC ASSOCIATION English Article
FINANCIAL LITERACY; MARKET PARTICIPATION; PORTFOLIO CHOICE; ASSET
ALLOCATION; LIFE ANNUITIES; ANNUITIZATION; RETIREMENT; MORTALITY; DECISION; GENDER
This paper documents consumers' difficulty valuing life annuities. Using a
purpose-built experiment in the American Life Panel, we show that the prices at
which people are willing to buy annuities are substantially below the prices at
which they are willing to sell them. We also find that buy values are negatively
correlated with sell values and that the sell-buy valuation spread is negatively
correlated with cognition. This spread is larger for those with less education,
weaker numerical abilities, and lower levels of financial literacy. Our evidence
contributes to the emerging literature on heterogeneity in financial decision-
making abilities, particularly regarding retirement payouts. [Brown, Jeffrey
R.] Univ Illinois, Chicago, IL 60680 USA; [Kapteyn, Arie] Univ Southern Calif, Los
Angeles, CA USA; [Luttmer, Erzo F. P.] Dartmouth Coll, Hanover, NH 03755 USA;
[Mitchell, Olivia S.] Univ Penn, Philadelphia, PA 19104 USABrown, JR (corresponding
author), Univ Illinois, Chicago, IL 60680 USA. brownjr@illinois.edu;
kapteyn@usc.edu; Erzo.FP.Luttmer@Dartmouth.edu; mitchelo@wharton.upenn.edu
US Social Security Administration (SSA); Pension Research Council/Boettner
Center at the Wharton School of the University of Pennsylvania; RAND Corporation;
TIAA-CREF The research reported herein was performed pursuant to a grant from the
US Social Security Administration (SSA) funded as part of the Financial Literacy
Consortium. The authors also acknowledge support provided by the Pension Research
Council/Boettner Center at the Wharton School of the University of Pennsylvania,
and the RAND Corporation. The authors thank Jonathan Li, Caroline Tassot, Myles
Wagner, and Yong Yu for superb research assistance, and Tim Colvin, Tania Gutsche,
Bas Weerman, and participants of the Netspar Paris conference and the NBER PE
program meetings for their invaluable comments and assistance on the project. Brown
is a trustee of TIAA and has served as a speaker, author, or consultant for a
number of financial services organizations, some of which sell annuities and other
retirement income products. Mitchell is a trustee of the Wells Fargo Advantage
Funds and has received research support from TIAA-CREF. Brown, Luttmer and Mitchell
are Research Associates at NBER. The opinions and conclusions expressed herein are
solely those of the authors and do not represent the opinions or policy of SSA, any
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10.1093/jeea/jvw009 34 Economics Business & Economics
ES6QI WOS:000399673600005 Green Published, Green Submitted, hybrid
2021-10-06
J Collins, JM; Urban, C Collins, J. Michael; Urban, Carly
Measuring financial well-being over the lifecourse EUROPEAN JOURNAL
OF FINANCE English Article
Financial well-being; financial market participation; life cycle model;
financial literacy ITEM RESPONSE THEORY; POVERTY; HEALTH; CAPABILITY;
LITERACY; INCOME Financial well-being is a relatively new construct that attempts
to measure subjective financial status and perceived future financial trajectory.
Using a large public cross-sectional dataset, we find that a standardized financial
well-being score generally tracks income, wealth, and participation in investment
markets, as well as markers of positive and negative financial behavior. However,
financial well-being measures attributes that are distinct from general subjective
well-being and financial literacy measures, especially over the life course.
Financial well-being can be a useful construct to include in new surveys but can
also be proxied in existing public datasets, as we demonstrate using separate
survey data. [Collins, J. Michael] Univ Wisconsin, Consumer Finance & Publ
Affairs, Madison, WI USA; [Urban, Carly] Montana State Univ, Econ, Bozeman, MT
59717 USA Urban, C (corresponding author), Montana State Univ, Econ, Bozeman, MT
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TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14
4RN, OXON, ENGLAND 1351-847X 1466-4364 EUR J FINANC Eur. J.
Financ. MAR 23 2020 26 4-5 SI 341 359
10.1080/1351847X.2019.1682631 19 Business, Finance Business &
Economics KK3MV WOS:000512651300004 2021-10-06
J Kocyigit, ZE; Aslanbay, Y; Durmus, B Kocyigit, Zekeriya
Eren; Aslanbay, Yonca; Durmus, Beril Critical role of relationship
for unfamiliar banking products IKTISAT ISLETME VE FINANS
English Article Capital Protected Funds;
Structured Products; Service Quality; Brand Trust; Risk Tolerance; Financial
Literacy SERVICE QUALITY; INDEX CERTIFICATES; TRUST; SCALE; MODEL; MARKET This
paper aims to explore factors affecting the decision making of consumers for
investing in unfamiliar banking products. Capital protected funds are the subject
of this study. The study analyses the consumers' investment in capital protected
funds and its preceding factors among 160 bank consumers in Turkey selected
judgmentally. The data of this descriptive study is collected by a structured
questionnaire. Revisiting the relevant literature, four constructs (consumer's
perceived service quality of customer relationship manager; consumer's perceived
brand trust, consumer's risk tolerance and consumer's financial literacy) were
analyzed to be the main factors affecting capital protected fund investment. The
results show that perceived service quality of customer relationship managers is
the only significant factor affecting the investment in capital protected funds. As
an implication, banks should invest on customer relationship management policies
emphasizing the optimization of customer relationship managers' service quality
levels. [Aslanbay, Yonca] Istanbul Bilgi Univ, Eyup Istanbul, Turkey; [Durmus,
Beril] Marmara Univ, Kuyubasi Istanbul, Turkey; [Kocyigit, Zekeriya Eren]
Bahcesehir Univ, Besiktas, Turkey Kocyigit, ZE (corresponding author), Bahcesehir
Univ, Besiktas, Turkey. z.eren.kocyigit@gmail.com; yonca.aslanbay@bilgi.edu.tr;
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73 0 0 0 15 BILGESEL YAYINCILIK SAN & TIC LTD CANKAYA
MUSTAFA KEMAL MAH NO 6-1, ATA APT, CANKAYA, ANKARA 06550, TURKEY 1300-610X
IKTISAT ISLET FINANS Iktisat Islet. Finans JUN 2013 28 327
105 122 10.3848/iif.2013.327.3641
18 Business, Finance; Economics Business & Economics 163NL
WOS:000320344100004 hybrid 2021-10-06
J Yao, R; Xu, YL Yao, Rui; Xu, Yilan
Chinese Urban Households' Security Market Participation: Does Investment
Knowledge and Having a Long-Term Plan Help? JOURNAL OF FAMILY AND ECONOMIC
ISSUES English Article China;
Financial capability; Financial planning; Investment decisions PORTFOLIO CHOICE;
FINANCIAL LITERACY; GENDER-DIFFERENCES; SAVING RATES; LIFE-CYCLE; BEHAVIOR;
CONSUMPTION; WEALTH Investment in the securities markets is vital to
households' wealth accumulation and financial security. Using data from the 2008
Survey of Chinese Consumer Finance and Investor Education, we found that self-
assessed investment knowledge and having a long-term financial plan were positively
associated with Chinese households' participation in the securities markets. The
findings provide insight into the long-term financial security of Chinese
households. Given the growing middle class and the rapid development of the
financial markets in China, the Chinese financial planning industry is likely to
grow substantially in the coming years. [Yao, Rui] Univ Missouri, Dept Personal
Financial Planning, 239A Stanley Hall, Columbia, MO 65211 USA; [Xu, Yilan] Univ
Illinois, Dept Agr & Consumer Econ, Urbana, IL 61801 USA Yao, R (corresponding
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Family Studies V64ZL WOS:000211138800004 Green Submitted
2021-10-06
J Bajo, E; Barbi, M Bajo, Emanuele; Barbi, Massimiliano
Financial illiteracy and mortgage refinancing decisions JOURNAL OF BANKING
& FINANCE English Article
Mortgage refinancing; Financial literacy; Household financeLITERACY;
INVESTMENT; MISTAKES; SOPHISTICATION; PROPENSITY; HOUSEHOLDS; BORROWERS; MARKET;
WEALTH We analyze the effect of an exogenous shock to the Italian mortgage
market, where a reform has abolished prepayment fees and simplified mortgage
refinancing, making it a virtually cost-free decision for households. This law,
along with the considerable drop in market interest rates, has generated important
gains for fixed-rate borrowers, which we quantify at up to 15% of the principal
balance. Nevertheless, only about 13% of borrowers have locked in this opportunity.
We study the relationship between this sluggish behavior and their level of
financial literacy. (C) 2018 Elsevier B.V. All rights reserved. [Bajo, Emanuele]
Univ Bologna, Dept Econ, Piazza Scaravilli 2, I-40126 Bologna, Italy; [Barbi,
Massimiliano] Univ Bologna, Dept Management, Via Capo Lucca 34, I-40126 Bologna,
Italy Bajo, E (corresponding author), Univ Bologna, Dept Econ, Piazza Scaravilli 2,
I-40126 Bologna, Italy. emanuele.bajo@unibo.it; massimiliano.barbi@unibo.it Barbi,
Massimiliano/AAB-6239-2019; Bajo, Emanuele/J-9962-2017 Barbi,
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ELSEVIER SCIENCE BV AMSTERDAM PO BOX 211, 1000 AE AMSTERDAM,
NETHERLANDS 0378-4266 1872-6372 J BANK FINANC J. Bank Financ. SEP
2018 94 279 296
10.1016/j.jbankfin.2018.08.001 18 Business, Finance;
Economics Business & Economics GV7EU WOS:000446285600018
2021-10-06
J Pan, WF Pan, Wei-Fong Sentiment and
asset price bubble in the precious metals markets FINANCE RESEARCH LETTERS
English Article Asset price
bubbles; Market sentiment; Supremum Augmented Dickey-Fuller; Gold COMMODITY
PRICES; EXUBERANCE This study investigates the relationship between asset
bubbles for precious metals and market sentiment from January 1990 to October 2017
using a newly developed recursive right-tailed unit root test. There is strong
evidence of explosive behaviour towards gold and silver prices in 2008 and 2011
which corresponds to the last financial and European debt crises. After controlling
other variables, the logistic regression model is used to find evidence to suggest
that price bubbles tend to occur when the volatility index (VIX) level increases
(decreasing confidence, and increasing fear). Thus, this study provides valuable
insights for both policymakers and investors. [Pan, Wei-Fong] First Capital Secur
Co LTD, Res Inst, 18-F,Investment Bank Bldg,115,FuHua 1st Rd, Shenzhen, Peoples R
China Pan, WF (corresponding author), First Capital Secur Co LTD, Res Inst, 18-
F,Investment Bank Bldg,115,FuHua 1st Rd, Shenzhen, Peoples R China.
panweifeng@fcsc.com Pan, Wei-Fong/0000-0002-6977-3701
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RES LETT Financ. Res. Lett. SEP 2018 26
106 111 10.1016/j.frl.2017.12.012 6 Business,
Finance Business & Economics GT6XH WOS:000444663700014
2021-10-06
J Marfatia, HA; Andre, C; Gupta, R Marfatia, Hardik A.;
Andre, Christophe; Gupta, Rangan Predicting Housing Market
Sentiment: The Role of Financial, Macroeconomic and Real Estate Uncertainties
JOURNAL OF BEHAVIORAL FINANCE English Article; Early Access
Housing sentiment; Uncertainty; DMA; DMS
Sentiment indicators have long been closely monitored by economic
forecasters, notably to predict short-term moves in consumption and investment.
Recently, housing sentiment indices have been developed to forecast housing market
developments. Sentiment indices partly reflect economic determinants, but also more
subjective factors, thereby adding information, particularly in periods of
uncertainty, when economic relations are less stable than usual. While many studies
have investigated the relevance of sentiment indicators for forecasting, few have
looked at the factors which shape sentiment. In this paper, we investigate the role
of different types of uncertainty in predicting housing sentiment, controlling for
a wide set of economic and financial factors. We use a dynamic model
averaging/selection (DMA/DMS) approach to assess the relevance of uncertainty and
other factors in forecasting housing sentiment at different points in time. We find
that housing sentiment forecast errors from models incorporating uncertainty
measures are up to 40% lower at a two-year horizon, compared with models ignoring
uncertainty. We also show, by examining DMS posterior inclusion probabilities, that
uncertainty has become more relevant since the 2008 global financial crisis,
especially at longer forecast horizons. [Marfatia, Hardik A.] Northern Illinois
Univ, De Kalb, IL 60115 USA; [Andre, Christophe] Org Econ Cooperat & Dev OECD,
Paris, France; [Gupta, Rangan] Univ Pretoria, Pretoria, South Africa Gupta, R
(corresponding author), Univ Pretoria, Dept Econ, Private Bag X 20,Hatfield 0028,
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0 0 5 9 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON
2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND 1542-7560
1542-7579 J BEHAV FINANC J. Behav. Financ.
10.1080/15427560.2020.1865354 DEC
2020 21 Business, Finance; Economics Business & Economics PM6KD
WOS:000603904500001 Green Submitted 2021-10-06
J Zhu, AYF Zhu, Alex Yue Feng Links
Between Family Poverty and the Financial Behaviors of Adolescents: Parental Roles
CHILD INDICATORS RESEARCH English Article
Adolescents; Financial behaviors; Financial literacy; Material
hardship; Parental financial socialization; Parental poverty MATERIAL HARDSHIP;
INVESTMENT MODEL; SOCIALIZATION; CONSUMER; INSIGHTS; STRESS; INCOME; MONEY;
CHILDHOOD; LITERACY The financial behaviors of adolescents, especially those
from economically disadvantaged families, is critical and has long-term effects.
This study tested and compared two conceptual models that connect a family's
material hardship to adolescents' financial behaviors by using a convenience sample
of adolescents in Hong Kong. The main purpose of this study was to offer effective
entry points for parents and family practitioners to implement interventions for
improving the financial behaviors of adolescents, particularly those from
economically disadvantaged families. The model of financial socialization
demonstrates that material hardship was associated with financial behaviors through
financial self-beliefs, direct parental instruction, and the adoption of parental
financial role models. The model of general poverty links material hardship to
financial behaviors through parental investment, parental stress, financial
literacy, and financial self-beliefs. Of the two models, the model of parental
financial socialization offers more effective entry points for family practitioners
to implement interventions. [Zhu, Alex Yue Feng] Hong Kong Polytech Univ, Ctr
Innovat Programmes Adolescents & Families, Hung Hom, Jockey Club Innovat Tower,
Hong Kong, Peoples R China Zhu, AYF (corresponding author), Hong Kong Polytech
Univ, Ctr Innovat Programmes Adolescents & Families, Hung Hom, Jockey Club Innovat
Tower, Hong Kong, Peoples R China. yfzhu@polyu.edu.hk Research
Grant Council Strategic Public Policy Research [HKIEd 7001-SPPR-11] This study
was funded by grants from the Research Grant Council Strategic Public Policy
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10.1007/s12187-018-9588-6 15 Social Sciences,
Interdisciplinary Social Sciences - Other Topics IK3UO WOS:000476514100007
2021-10-06
J Dholakia, U; Tam, L; Yoon, S; Wong, N Dholakia, Utpal;
Tam, Leona; Yoon, Sunyee; Wong, Nancy The Ant and the Grasshopper:
Understanding Personal Saving Orientation of Consumers JOURNAL OF CONSUMER
RESEARCH English Article
saving; financial decision making; personal finance; action control theory;
habits; consumer trait; sustainable consumption; saving lifestyle SELF-
CONTROL; INDIVIDUAL-DIFFERENCES; FINANCIAL LITERACY; BEHAVIOR; TIME; FUTURE; GOAL;
PREFERENCES; VALIDATION; CONSTRUCTS A low savings rate is a persistent social issue
with significant present and future ramifications. As an alternative to
conceptualizing saving money as goal-directed behavior, the present research
examines the chronic tendencies of people to save money in a consistent and
sustained manner through a personal saving orientation (PSO). Drawing upon
theorizing on action control and research on forming and maintaining habits, the
PSO emphasizes consistent, sustainable saving activities and incorporating them
into one's lifestyle. In a set of nine studies, the PSO scale is developed and its
nomological, test-retest, discriminant, and predictive validities are established.
The results also show that the PSO moderates the relationship between consumers'
financial knowledge and their accumulated savings. Additionally, low-PSO consumers
are responsive to an intervention to help them save money. The PSO offers an
effective method for understanding differences between consumers in their financial
decision making and behaviors, and it can be used as a guide to encourage
consistent and sustained saving practices. [Dholakia, Utpal] Rice Univ, Mkt,
Jones Grad Sch Business, 6100 Main St,MS 531, Houston, TX 77005 USA; [Tam, Leona]
Univ Wollongong, Sch Management Operat & Mkt, Mkt, Wollongong, NSW 2500, Australia;
[Yoon, Sunyee; Wong, Nancy] Univ Wisconsin Madison, Sch Human Ecol, Consumer Sci,
1300 Linden Dr, Madison, WI 53706 USA Dholakia, U (corresponding author), Rice
Univ, Mkt, Jones Grad Sch Business, 6100 Main St,MS 531, Houston, TX 77005 USA.
dholakia@rice.edu; ltam@uo-w.edu.au; syoon38@wisc.edu; nywong@wisc.edu
Tam, Leona/0000-0003-1116-998X Jones Graduate School of Business at Rice
University The first author would like to thank the Jones Graduate School of
Business at Rice University for financial support in conducting this research. The
authors would like to thank the three JCR reviewers and the associate editor
Olivier Toubia for their insightful comments and suggestions in greatly improving
the quality of this article. Supplemental materials describing some procedures and
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Business & Economics EQ2XR WOS:000397935600008
2021-10-06
J Beggs, M; Bryan, D; Rafferty, M Beggs, Mike; Bryan,
Dick; Rafferty, Michael SHOPLIFTERS OF THE WORLD UNITE! LAW AND CULTURE
IN FINANCIALIZED TIMES CULTURAL STUDIES English Article
financialization; financial literacy; risk; financial
crisis; derivatives; labour; households CREDIT; CAPITALISM; WELFARE; FINANCE;
STATES The last two decades have seen significant growth and change in the
character of the interactions between working-class households and financial
markets. Individuals and households are bearing more and more of the risks that
were once managed by governments and employers, and financial markets have
developed a vast range of products to facilitate that risk transfer. This has put
households at the centre of financial innovation, requiring the extension of
regulation and consumer protection into a whole new suite of financial products and
a project of financial literacy and advice. Along with this financial development
and its associated regulatory demands has come a new cultural project of capital
seeking to normalize the expanded integration of individuals and households into
capital's frontiers of accumulation. The project invites and invokes new forms of
subjectivity ( and subjugation) on the part of households. The developmental
project required of state regulatory regimes is increasingly articulating not just
a discourse of financial literacy but subordination to the individualism and
discipline implicit in financial calculation. Contrary to its conception as
spontaneous and individualist, this is an intentional and universalizing project of
producing and managing labour's financial risks. In the collective self-management
of these risks, the household is now not just a site of risk absorption; it is a
major source of investment products ( and, therefore, at the frontier of
accumulation). Increasingly also, in the name of financial stability, households -
not just those reliant on state support - are becoming subjects of surveillance and
administration in their internal financial functioning. It is these dual aspects of
households as both consumers and producers of financial claims that give
materiality to conceptual and historical claims about the financialization of
everyday life. [Beggs, Mike; Bryan, Dick] Univ Sydney, Sydney, NSW 2006,
Australia; [Rafferty, Michael] Univ Sydney, Sch Business, Sydney, NSW 2006,
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Anthropology; Cultural Studies Anthropology; Cultural Studies AO8WZ
WOS:000341637600008 2021-10-06
J Cardak, BA; Wilkins, R Cardak, Buly A.; Wilkins, Roger
The determinants of household risky asset holdings: Australian evidence
on background risk and other factors JOURNAL OF BANKING & FINANCE
 English Article Household portfolios;
Risky asset holdings; Background risk; Credit constraints; Financial literacy
PORTFOLIO CHOICE; HOMEOWNERSHIP We study the portfolio allocation
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risky financial assets. Our empirical analysis considers a range of hypothesised
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income uncertainty and health risk are important. Credit constraints and observed
risk preferences play the expected role. A positive age gradient is identified for
risky asset holdings and home-ownership is associated with greater risky asset
holdings. A unifying theme for many of our empirical findings is the important role
played by financial awareness and knowledge in determining risky asset holdings.
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literacy that might enable them to benefit from direct investment in stocks. (C)
2008 Elsevier B.V. All rights reserved. [Cardak, Buly A.] La Trobe Univ, Dept
Econ & Finance, Bundoora, Vic 3086, Australia; [Wilkins, Roger] Univ Melbourne,
Melbourne Inst Appl Econ & Social Res, Melbourne, Vic 3010, Australia Cardak, BA
(corresponding author), La Trobe Univ, Dept Econ & Finance, Kingsbury Dr, Bundoora,
Vic 3086, Australia. b.cardak@latrobe.edu.au; r.wilkins@unimelb.edu.au
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Business, Finance; Economics Business & Economics 425CN
WOS:000264614700008 Green Submitted 2021-10-06
J Lu, XM; Guo, JJ; Zhou, HL Lu, Xiaomeng; Guo, Jiaojiao;
Zhou, Hailing Digital financial inclusion development, investment
diversification, and household extreme portfolio risk ACCOUNTING AND FINANCE
English Article; Early Access Extreme
portfolio risk; Digital inclusion; Diversification; Traditional financial
development LITERACY; TRANSFORMATION; FINTECH; CONSUMPTION; INNOVATION; ADOPTION;
BIAS Most Chinese households are exposed to extreme portfolio risks; the findings
show that digital financial inclusion significantly mitigates this phenomenon.
Using a panel of nation-wide data from the China Household Finance Survey, we find
digital financial inclusion significantly reduces the probability of households
taking extreme portfolio risks by promoting diversification. It also plays a
greater role among households with low levels of wealth and financial literacy,
located in areas where traditional finance has been slow to develop. These findings
suggest that Internet-based financial products are needed that are better suited to
households with low levels of wealth and financial literacy. [Lu, Xiaomeng]
Southwestern Univ Finance & Econ, Survey & Res Ctr China Household Finance,
Chengdu, Peoples R China; [Guo, Jiaojiao] Guotai Junan Secur, Shanghai, Peoples R
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10.1111/acfi.12863 SEP 2021 37
Business, Finance Business & Economics UX6MT WOS:000700957700001
 2021-10-06
J Brounen, D; Koedijk, KG; Pownall, RAJ Brounen, Dirk;
Koedijk, Kees G.; Pownall, Rachel A. J. Household financial planning
and savings behavior JOURNAL OF INTERNATIONAL MONEY AND FINANCE
English Article Household finance;
Financial literacy; Personality FUTURE ORIENTATION Greater personal
responsibility toward financial decision-making is being advocated on a global
basis. Individuals and households are encouraged to take a more active approach to
personal finance. In this paper, we examine behavioral factors, which lead
households toward savings and financial planning across a panel of 1253 Dutch
households. In line with the available literature, we find that an individual's
propensity to save decreases with age and is higher among the financial literate.
Moreover, we find that saving behavior varies across generations, and is
significantly dominant among baby boomers. This generation effect, however, weakens
once we account for more individual specifics. Our results offer evidence for
parental influence, and for the effects of the psychological and behavioral metrics
of numeracy, self-efficacy, locus of control and future orientation. A good
understanding of these personality variables helps to explain why some take
financial responsibility while others do not. (C) 2016 Elsevier Ltd. All rights
reserved. [Brounen, Dirk; Koedijk, Kees G.; Pownall, Rachel A. J.] Tilburg Univ,
TIAS, NL-5000 LE Tilburg, Netherlands Pownall, RAJ (corresponding author),
Tilburg Univ, TIAS, NL-5000 LE Tilburg, Netherlands.
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10.1016/j.jimonfin.2016.06.011 13 Business, Finance
Business & Economics EC4NR WOS:000388109500006
2021-10-06
J Brar, G; Giamouridis, D; Liodakis, M Brar, Gurvinder;
Giamouridis, Daniel; Liodakis, Manolis Predicting European Takeover
Targets EUROPEAN FINANCIAL MANAGEMENT English Article;
Proceedings Paper Symposium on Risk and Asset Management APR 17-19, 2008 Nice,
FRANCE EDHEC Business Sch, European Financial Management Journal
takeovers; prediction; investment decisions; G11; G34; C21 OWNERSHIP This
article extends the Palepu (1986) acquisition likelihood model by incorporating
measures of a technical nature, e.g. momentum, trading volume as well as a measure
of market sentiment. We use the proposed model to predict takeover targets in a
large sample of European and cross-border merger and acquisition deals and validate
its performance on an in- and out-of-sample basis. The robustness of the proposed
model is investigated across several dimensions. In addition we explore the ability
of the model to form the basis of successful takeover timing investment strategies.
The results of our empirical analysis suggest that the proposed model predicts
European takeover targets with relatively high accuracy and is able to determine
portfolios that earn significant returns which are not explained by conventional
risk factors. [Brar, Gurvinder; Liodakis, Manolis] Citigrp Investment Res,
European Quantitat Equ Res, London, England; [Giamouridis, Daniel] Athens Univ Econ
& Business, Dept Accounting & Finance, Athens, Greece; [Giamouridis, Daniel] City
Univ London, Sir John Cass Business Sch, Fac Finance, London, England Brar, G
(corresponding author), Citigrp Investment Res, European Quantitat Equ Res, London,
England. gurvinder.brar@citigroup.com; dgiamour@aueb.gr;
Manolis.Liodakis@citigroup.com Giamouridis, Daniel/0000-0003-3745-1844
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Business, Finance Business & Economics 414IO WOS:000263857300008
2021-10-06
J Bruneckiene, J; Jucevicius, R; Zykiene, I; Rapsikevicius, J; Lukauskas, M
Bruneckiene, Jurgita; Jucevicius, Robertas; Zykiene, Ineta;
Rapsikevicius, Jonas; Lukauskas, Mantas Assessment of Investment
Attractiveness in European Countries by Artificial Neural Networks: What
Competences are Needed to Make a Decision on Collective Well-Being?
SUSTAINABILITY English Article
investment attractiveness; artificial intelligence; neural networks;
smartness; competences; comprehensive decision on collective well-being
FOREIGN DIRECT-INVESTMENT; TRAIT EMOTIONAL INTELLIGENCE; DYNAMIC
CAPABILITIES; LOCATION DECISIONS; SMART; IMPACT; INNOVATION; CITIES; FDI;
DETERMINANTS A rich volume of literature has analysed country investment
attractiveness in a wide range of contexts. The research has mostly focused on
traditional economic concepts-economic, social, managerial, governmental, and
geopolitical determinants-with a lack of focus on the smartness approach. Smartness
is a social construct, which means that it has no objective presence but is
"defined into existence". It cannot be touched or measured based on uniform
criteria but, rather, on the ones that are collectively agreed upon and stem from
the nature of definition. Key determinants of smartness learning-intelligence,
agility, networking, digital, sustainability, innovativeness and knowledgeability-
serve as a platform for the deeper analysis of the research problem. In this
article, we assessed country investment attractiveness through the economic
subjects' competences and environment empowering them to attract and maintain
investments in the country. The country investment attractiveness was assessed by
artificial intelligence (in particular, neural networks), which has found
widespread application in the sciences and engineering but has remained rather
limited in economics and confined to specific areas like counties' investment
attractiveness. The empirical research relies on the case of assessing investment
attractiveness of 29 European countries by the use of 58 indicators and 31,958
observations of annual data of the 2000-2018 time period. The advantages and
limitations of the use of artificial intelligence in assessing countries'
investment attractiveness proved the need for soft competences for work with
artificial intelligence and decision-making based on the information gathered by
such research. The creativity, intelligence, agility, networking, sustainability,
social responsibility, innovativeness, digitality, learning, curiosity and being
knowledge-driven are the competences that, together, are needed in all stages of
economic analysis. [Bruneckiene, Jurgita; Jucevicius, Robertas; Zykiene,
Ineta; Rapsikevicius, Jonas] Kaunas Univ Technol, Sch Econ & Business, LT-44239
Kaunas, Lithuania; [Lukauskas, Mantas] Kaunas Univ Technol, Fac Math & Nat Sci, LT-
44239 Kaunas, Lithuania Bruneckiene, J (corresponding author), Kaunas Univ Technol,
Sch Econ & Business, LT-44239 Kaunas, Lithuania. jurgita.bruneckiene@ktu.lt;
robertas.jucevicius@ktu.lt; ineta.zykiene@ktu.lt; jonas.rapsikevicius@ktu.lt;
mantas.lukauskas@ktu.lt Lukauskas, Mantas/AAT-1697-2021; Bruneckiene, Jurgita/AAE-
4948-2020; Rapsikevicius, Jonas/AAQ-6215-2020 Bruneckiene, Jurgita/0000-0002-
8281-1813; Research, Development and Innovation Fund of Kaunas University of
Technology [PP-91R/19] This research was funded by the Research, Development and
Innovation Fund of Kaunas University of Technology, grant number PP-91R/19.
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BASEL Sustainability DEC 2 2019 11 24
6892 10.3390/su11246892 23 Green & Sustainable Science &
Technology; Environmental Sciences; Environmental Studies Science & Technology -
Other Topics; Environmental Sciences & Ecology KC0SU WOS:000506899000010
gold 2021-10-06
J Sharma, E; Tully, S; Cryder, C Sharma, Eesha; Tully,
Stephanie; Cryder, Cynthia Psychological Ownership of (Borrowed)
Money JOURNAL OF MARKETING RESEARCH English Article
consumer finances; debt; financial decision making; mental
accounting; psychological ownership CONSUMER-CREDIT; DEBT; WILLINGNESS;
CONSTRAINTS; POSSESSIONS; OBLIGATION; DECISIONS; BEHAVIOR; FAVORS; ROLES The
current research introduces the concept of psychological ownership of borrowed
money, a construct that represents how much consumers feel that borrowed money is
their own. The authors observe both individual-level and contextual-level variation
in the degree to which consumers feel psychological ownership of borrowed money,
and variation on this dimension predicts willingness to borrow money for
discretionary purchases. At an individual level, psychological ownership of
borrowed money is distinct from other individual factors such as debt aversion,
financial literacy, income, intertemporal discounting, materialism, propensity to
plan, self-control, spare money, and tightwad-spendthrift tendencies, and it
predicts willingness to borrow above and beyond these factors. At a contextual
level, the authors document systematic differences in psychological ownership
between different debt types. They show that these differences in psychological
ownership manifest in consumers' online search behavior and explain consumers'
differential interest in borrowing across debt types. Finally, the authors
demonstrate that psychological ownership of borrowed money is malleable, such that
framing debt using language lower in psychological ownership can reduce consumers'
propensity to borrow. [Sharma, Eesha] Dartmouth Coll, Tuck Sch Business, Business
Adm, Hanover, NH 03755 USA; [Tully, Stephanie] Stanford Univ, Grad Sch Business,
Mkt, Stanford, CA 94305 USA; [Tully, Stephanie] Stanford Univ, Grad Sch Business,
Business Sch Trust Fac Scholar, Stanford, CA 94305 USA; [Cryder, Cynthia]
Washington Univ, Olin Business Sch, Mkt, St Louis, MO 14263 USA Sharma, E
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18 Business Business & Economics SA6RB
WOS:000649428100005 2021-10-06
J James, BD; Boyle, PA; Yu, L; Bennett, DA James, Bryan D.;
Boyle, Patricia A.; Yu, Lei; Bennett, David A. Internet use and
decision making in community-based older adults FRONTIERS IN PSYCHOLOGY
English Article internet; decision
making; older adults; aging; cohort study LIFE COGNITIVE ACTIVITY; MULTIDIMENSIONAL
SCALE; ALZHEIMERS-DISEASE; DIGITAL DIVIDE; COMPUTER USE; HEALTH; RISK; IMPACT;
INFORMATION; COMPETENCE Use of the internet may provide tools and resources for
better decision making, yet little is known about the association of internet use
with decision making in older persons. We examined this relationship in 661
community-dwelling older persons without dementia from the Rush Memory and Aging
Project, an ongoing longitudinal study of aging. Participants were asked to report
if they had access to the internet and how frequently they used the internet and
email. A 12-item instrument was used to assess financial and healthcare decision
making using materials designed to approximate those used in real world settings.
Items were summed to yield a total decision making score. Associations were tested
via linear regression models adjusted for age, sex, race, education, and a measure
of global cognitive function. Secondary models further adjusted for income,
depression, loneliness, social networks, social support, chronic medical
conditions, instrumental activities of daily living (IADLs), life space size, and
health and financial literacy. Interaction terms were used to test for effect
modification. Almost 70% of participants had access to the Internet, and of those
with access, 55% used the internet at least several times a week. Higher frequency
of internet use was associated with better financial and healthcare decision making
(beta = 0.11, p = 0.002). The association persisted in a fully adjusted model (beta
= 0.08, p = 0.024). Interaction models indicated that higher frequency of internet
use attenuated the relationships of older age, poorer cognitive function, and lower
levels of health and financial literacy with poorer healthcare and financial
decision making. These findings indicate that internet use is associated with
better health and financial decision making in older persons. Future research is
required to understand whether promoting the use of the internet can produce
improvements in healthcare and financial decision making. [James, Bryan D.] Rush
Univ, Med Ctr, Dept Internal Med, Rush Alzheimers Dis Ctr, Chicago, IL 60612 USA;
[Boyle, Patricia A.] Rush Univ, Med Ctr, Rush Alzheimers Dis Ctr, Dept Behav Sci,
Chicago, IL 60612 USA; [Yu, Lei; Bennett, David A.] Rush Univ, Med Ctr, Rush
Alzheimers Dis Ctr, Dept Neurol Sci, Chicago, IL 60612 USA James, BD (corresponding
author), Rush Univ, Med Ctr, Dept Internal Med, Rush Alzheimers Dis Ctr, 600 S
Paulina,Suite 1038, Chicago, IL 60612 USA. bryan_james@rush.edu Yu, Lei/AAT-
3685-2020 James, Bryan/0000-0003-1932-151X NIA NIH HHSUnited States Department
of Health & Human ServicesNational Institutes of Health (NIH) - USANIH National
Institute on Aging (NIA) [R01 AG033678] Funding Source: Medline; NATIONAL INSTITUTE
ON AGINGUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [R01AG033678] Funding
Source: NIH RePORTER AARP, 1996, TEL FRAUD VICT OLD A; BEISECKER AE, 1988,
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FRONTIERS MEDIA SA LAUSANNE AVENUE DU TRIBUNAL FEDERAL 34, LAUSANNE,
CH-1015, SWITZERLAND 1664-1078 FRONT PSYCHOL Front. Psychol.
SEP 17 2013 4 605
 10.3389/fpsyg.2013.00605 10 Psychology, Multidisciplinary
Psychology AB1RT WOS:000331572000001 24578696 gold, Green Published
2021-10-06
J Fisch, JE; Lusardi, A; Hasler, A Fisch, Jill E.; Lusardi,
Annamaria; Hasler, Andrea DEFINED CONTRIBUTION PLANS AND THE
CHALLENGE OF FINANCIAL ILLITERACY CORNELL LAW REVIEW English
Article LITERACY; EDUCATION;
KNOWLEDGE; BEHAVIOR; CHOICE; DEBT Retirement investing in the United States has
changed dramatically. The classic defined benefit (DB) plan has largely been
replaced by the defined contribution (DC) plan. With the latter, individual
employees' decisions about how much to save for retirement and how to invest those
savings determine the benefits available upon retirement. We analyze data from the
2015 National Financial Capability Study to show that people whose only exposure to
investment decisions is by virtue of their participation in an employer-sponsored
401(k) plan are poorly equipped to make sound investment decisions. Specifically,
they suffer from higher levels of financial illiteracy than other investors. This
lack of financial literacy is critical because of both the financial consequences
of poor financial decisions and a legal structure that relies on participant choice
to limit the fiduciary obligations of the employer with respect to the structure
and options provided by the retirement plan. In response to this concern, we
propose mandated employer-provided financial education to address limited employee
financial literacy. We identify and discuss three requirements that a financial
education program should incorporate-a self-assessment, minimum substantive
components, and timing. Formalizing the employer role in evaluating and increasing
financial literacy among plan participants is a key step in providing retirement
plan participants with the resources necessary to manage important decisions
regarding retirement planning and, ultimately, for enhancing the financial security
of American workers. [Fisch, Jill E.] Univ Penn, Law Sch, Business Law,
Philadelphia, PA 19104 USA; [Fisch, Jill E.] Inst Law & Econ, Philadelphia, PA
19104 USA; [Lusardi, Annamaria] George Washington Univ, Econ & Accountancy,
Washington, DC 20052 USA; [Lusardi, Annamaria] Global Financial Literacy Excellence
Ctr, Washington, DC USA; [Hasler, Andrea] George Washington Univ, Sch Business,
Financial Literacy, Global Financial Literacy Excellence Ctr, Washington, DC 20052
USA Fisch, JE (corresponding author), Univ Penn, Law Sch, Business Law,
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109 0 0 1 3 CORNELL LAW REVIEW ITHACA CORNELL LAW
SCHOOL, ITHACA, NY 14853-4901 USA 0010-8847 CORNELL LAW REV
Cornell Law Rev. 2020 105 3 741 796
56 Law Government & Law NO1QA WOS:000569260100004
2021-10-06
J Botsari, A; Meeks, G Botsari, Antonia; Meeks, Geoff
Acquirers' earnings management ahead of stock-for-stock bids in 'hot'
and 'cold' markets JOURNAL OF ACCOUNTING AND PUBLIC POLICY
English Article Earnings management;
M&A; Market sentiment; Abnormal returns FULLY REFLECT; CROSS-BORDER; INFORMATION;
PERFORMANCE; FIRMS; ACCRUALS; PAYMENT; PERSPECTIVES; ACQUISITIONS; VALUATION The
accounting literature has found evidence that acquirers in stock-for-stock M&A have
typically managed earnings upwards ahead of a bid. Other literatures have concluded
that, when stock prices are high and rising, M&A is higher, more M&A is financed
with stock, market sentiment and stockholders' perceptions of information appear to
change, and in these circumstances new (arbitrage) motivations for M&A emerge. This
paper revisits earnings management ahead of M&A in the light of these findings,
comparing experience in 'hot' and 'cold' markets. It finds that such earnings
management is more pronounced in hot markets; that only in such markets are
positive discretionary accruals commonly associated with positive abnormal returns
on the announcement of earnings; and that in such markets against the expectations
from signalling theory - these positive returns are not reversed on announcement of
a stock-for-stock bid. The results suggest that the economic benefits achieved by
engaging in earnings management during hot markets are indeed significant: in hot
markets, we estimate that on average share acquirers engage in working capital
accrual management equivalent to over a third of the average acquirer's return on
total assets in that year; and that this earnings management is associated with
increases in market value which are statistically and economically significant,
enabling the bidder to secure control of the target with fewer shares. [Botsari,
Antonia] Univ Piraeus, Dept Banking & Financial Management, 80 Karaoli & Dimitriou
Str, Piraeus 18534, Greece; [Meeks, Geoff] Univ Cambridge, Cambridge Judge Business
Sch, Trumpington Str, Cambridge CB2 1AG, England Botsari, A (corresponding
author), European Investment Fund Res & Market Anal, 37B Ave JF, L-2968 Kennedy,
Luxembourg. a.botsari@eif.org; g.meeks@jbs.cam.ac.uk
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ELSEVIER SCIENCE INC NEW YORK STE 800, 230 PARK AVE, NEW YORK, NY 10169
USA 0278-4254 1873-2070 J ACCOUNT PUBLIC POL J. Account. Public
Policy SEP-OCT 2018 37 5 355 375
10.1016/j.jaccpubpol.2018.09.007 21 Business, Finance;
Public Administration Business & Economics; Public Administration GZ6QS
WOS:000449566800001 Green Submitted 2021-10-06
J Willows, GD; Burgers, T; West, D Willows, Gizelle D.;
Burgers, Thomas; West, Darron A comparison of retirement saving using
discretionary investment and Regulation 28 SOUTH AFRICAN JOURNAL OF ECONOMIC
AND MANAGEMENT SCIENCES English Article
FINANCIAL LITERACY; ASSET ALLOCATION Background: There is growing
uncertainty in global society with regard to how retirement savings should be
approached. The primary reason for this is that most societies do not save enough
and their citizens run out of money during retirement. Aim: This study investigates
whether the limitations imposed by Regulation 28 of the Pension Funds Act of South
Africa encourage optimal asset allocation and reduce investment risk for retirement
savings when contrasted with discretionary investment. Setting: The study looks at
hypothetical individuals who are subject to tax and retirement consequences as
administered by South African legislation. Methods: A quantitative risk and return
analysis was performed while considering two hypothetical investors who are
identical in all aspects other than their choice of investments. Results: The
findings indicate that Regulation 28 is effective in reducing the investment risk
of retirement savings; however, it may also force the investor to sacrifice wealth.
Conclusion: Depending on the tax bracket in which the investor sits, discretionary
investment may be preferential to investing in a retirement fund under the mandate
of Regulation 28. [Willows, Gizelle D.; Burgers, Thomas] Univ Cape Town, Coll
Accounting, Rondebosch, South Africa; [West, Darron] Univ Cape Town, Dept Finance &
Tax, Rondebosch, South Africa Willows, GD (corresponding author), Univ Cape Town,
Coll Accounting, Rondebosch, South Africa. gizelle.willows@uct.ac.za
Willows, Gizelle/0000-0002-6922-1966 Attanasio O. P., 2004, I
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a1995 10.4102/sajems.v21i1.1995 11 Economics;
Management Business & Economics HQ8GD WOS:000462661300001 gold, Green
Submitted 2021-10-06
J Fisch, JE; Wilkinson-Ryan, T; Firth, K Fisch, Jill E.;
Wilkinson-Ryan, Tess; Firth, Kristin THE KNOWLEDGE GAP IN
WORKPLACE RETIREMENT INVESTING AND THE ROLE OF PROFESSIONAL ADVISORS DUKE LAW
JOURNAL English Article
FINANCIAL-LITERACY The dramatic shift from traditional pension plans to
participant directed 401(k) plans has increased the obligation of individual
investors to take responsibility for their own retirement planning. With this shift
comes increasing evidence that investors are making poor investment decisions. This
Article seeks to uncover the reasons for poor investment decisions. We use a
simulated retirement investing task and a new financial literacy index to evaluate
the role of financial literacy in retirement investment decisionmaking in a group
of nonexpert participants. Our results suggest that individual employees often lack
the skills necessary to support the current model of participant-directed
investing. We show that less knowledgeable participants allocate too little money
to equity, engage in naive diversification, fail to identify dominated funds, and
are inattentive to fees. Over the duration of a retirement account, these mistakes
can cost investors hundreds of thousands of dollars. We then explore the capacity
of professional advisors to mitigate this problem. Using the same study with a
group of professional advisors, we document a predictable but nonetheless dramatic
knowledge gap between professionals and ordinary investors. The professional
advisors were far more financially literate and made better choices among
investment alternatives. Our results highlight the potential value of professional
advice in mitigating the effects of financial illiteracy in retirement planning.
Our findings suggest that, in weighing the costs of heightened regulation against
the value of reducing possible conflicts of interest, regulators need to be
sensitive to the knowledge gap. [Fisch, Jill E.; Wilkinson-Ryan, Tess] Univ
Penn, Law Sch, Law, Philadelphia, PA 19104 USA; [Firth, Kristin] Univ Penn, Law
Sch, Philadelphia, PA 19104 USA Fisch, JE (corresponding author), Univ Penn,
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9 DUKE UNIV DURHAM SCHOOL LAW BOX 90364, DURHAM, NC 27708-0364 USA
0012-7086 1939-9111 DUKE LAW J Duke Law J. DEC 2016 66 3
633 672 40 Law Government &
Law EF8XI WOS:000390614900007 2021-10-06
J Rocciolo, F; Gheno, A; Brooks, C Rocciolo, Francesco;
Gheno, Andrea; Brooks, Chris Optimism, volatility and decision-making
in stock markets INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
English Article Optimism; Decision-
making; Financial markets PARAMETER-FREE ELICITATION; BORROWERS CURSE;
PROSPECT-THEORY; RISK; CHOICE; RETURNS; UTILITY; CONSUMPTION; BEHAVIOR; STATES
In this paper we introduce a new, analytically tractable framework for
decision-making under risk in which psychological characteristics related to the
degree of optimism or pessimism of the decision-maker are considered. The framework
we propose, which is based on a two-parameter optimism weighting function, is
applicable to a wide range of decision-making models and renders even the simplest,
such as expected utility theory, able to describe the behavior of decision-makers
within a more parsimonious framework. In particular, the optimism weighting
function that we introduce is formalized as a function of the volatility of the
lotteries faced. This simplifies applications of the framework to financial
decision-making problems. For the purpose of demonstrating this applicability, we
also derive an extension to a well-known asset pricing model to elicit a measure of
market sentiment in the U.S. stock market. The results lend support to the
relevance of the degree of optimism, both in financial decision-making problems and
in the expectations that agents have of excess returns in the market. [Rocciolo,
Francesco; Brooks, Chris] Univ Reading, ICMA Ctr, Henley Business Sch, Reading,
Berks, England; [Rocciolo, Francesco; Gheno, Andrea] Univ Rome II, Dept Business
Studies, Rome, Italy Brooks, C (corresponding author), Univ Reading, ICMA Ctr,
Henley Business Sch, Reading, Berks, England. C.Brooks@icmacentre.ac.uk
Brooks, Chris/C-9033-2016 Brooks, Chris/0000-0002-2668-1153
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SCIENCE INC NEW YORK STE 800, 230 PARK AVE, NEW YORK, NY 10169 USA 1057-5219
1873-8079 INT REV FINANC ANAL Int. Rev. Financ. Anal. NOV 2019
66 101356
10.1016/j.irfa.2019.05.007 11 Business, Finance Business &
Economics JL7IL WOS:000495701900003 Green Accepted 2021-
10-06
J Brounen, D; Kok, N; Quigley, JM Brounen, Dirk; Kok,
Nils; Quigley, John M. Energy literacy, awareness, and conservation
behavior of residential households ENERGY ECONOMICS English
Article Energy efficiency; Financial
literacy; Consumer behavior FINANCIAL LITERACY; ECONOMICS The residential sector
accounts for one-fifth of global energy consumption, resulting from the
requirements to heat, cool, and light residential dwellings. It is therefore not
surprising that energy efficiency in the residential market has gained importance
in recent years. In this paper, we examine awareness, literacy and behavior of
households with respect to their residential energy expenditures. Using a detailed
survey of 1721 Dutch households, we measure the extent to which consumers are aware
of their energy consumption and whether they have taken measures to reduce their
energy costs. Our results show that "energy literacy" and awareness among
respondents is low: just 56% of the respondents are aware of their monthly charges
for energy consumption, and 40% do not appropriately evaluate investment decisions
in energy efficient equipment. We document that demographics and consumer attitudes
towards energy conservation, but not energy literacy and awareness, have direct
effects on behavior regarding heating and cooling of the home. The impact of a
moderating factor, measured by thermostat settings, ultimately results in strong
variation in the energy consumption of private consumers. (C) 2013 Published by
Elsevier B.V. [Brounen, Dirk] Tilburg Univ, Tilburg, Netherlands; [Kok, Nils]
Maastricht Univ, Maastricht, Netherlands; [Quigley, John M.] Univ Calif Berkeley,
Berkeley, CA 94720 USA Kok, N (corresponding author), Maastricht Univ, Maastricht,
Netherlands. d.brounen@uvt.nl; n.kok@maastrichtuniversity.nl Kok,
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ENERG ECON Energy Econ. JUL 2013 38
42 50 10.1016/j.eneco.2013.02.008 9 Economics
Business & Economics 153XS WOS:000319636700006
2021-10-06
J Robson, J; Peetz, J Robson, Jennifer; Peetz, Johanna
Gender differences in financial knowledge, attitudes, and behaviors:
Accounting for socioeconomic disparities and psychological traits JOURNAL OF
CONSUMER AFFAIRS English Article
financial behavior; financial knowledge; gender differences5 PERSONALITY-
TRAITS; WAGE GAP; LITERACY; LOCUS; DECOMPOSITION A large body of international
research finds a persistent gender gap in the financial literacy of women compared
to men, but explanations for this gap remain a topic of active debate. In this
observational study, we explore the explanatory value of psychological
characteristics, in addition to demographic variables and roles in household
financial decision making. We begin by documenting the expected gender differences
in financial knowledge, attitudes, and behaviors, using a national survey of adult
Canadians (n= 21,789) that provides population-level estimates. Next, we contrast
these results against a second Canadian survey data set (n= 3,502) where we are
able to control for individual differences in psychological traits. Results of OLS
regressions suggest that gender is not a significant predictor on three scales of
financial capability. Decomposition analysis finds underlying differences in
individual characteristics (endowments) explain the majority of the observed gender
gap in financial literacy when psychological traits are included in the model.
[Robson, Jennifer] Carleton Univ, Clayton H Riddell Grad Sch Polit
Management, Ottawa, ON, Canada; [Peetz, Johanna] Carleton Univ, Dept Psychol,
Ottawa, ON, Canada Robson, J (corresponding author), Carleton Univ, Clayton H
Riddell Grad Sch Polit Management, Ottawa, ON, Canada.
jennifer.robson@carleton.ca Chartered Professional Accountants
Canada; Social Sciences and Humanities Research Council of CanadaSocial Sciences
and Humanities Research Council of Canada (SSHRC) Chartered Professional
Accountants Canada; Social Sciences and Humanities Research Council of Canada
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HOBOKEN 111 RIVER ST, HOBOKEN 07030-5774, NJ USA 0022-0078 1745-6606
J CONSUM AFF J. Consum. Aff. SEP 2020 54 3
813 835 10.1111/joca.12304 JUN 2020 23 Business;
Economics Business & Economics NS0TM WOS:000544185900001
2021-10-06
J Kapitan, S; Ross, SM; Silvera, DH Kapitan, Sommer; Ross,
Spencer M.; Silvera, David H. Small-Dollar Credit Lending: The Effect
of Financial Burden on Personal Asset Misvaluation JOURNAL OF CONSUMER AFFAIRS
English Article CONSTRUAL
LEVEL; CONSUMER; POVERTY; PRICE; POSSESSIONS; INDULGENCE; OWNERSHIP; HYPEROPIA;
USAGE; LOAN Small-dollar credit lenders offer consumers quick access to cash in the
form of products, such as pawn loans. The consumers who tend to use these small-
dollar credit products are more likely to face financial burden and potential for
default-particularly when loan-to-value ratios are high. However, the cognitive
effects of financial burden can impair financial decision making. If financial
literacy educators are to empower consumers, more consumer-centric evidence is
necessary to determine how small-dollar credit consumers make decisions when
purchasing loans. One critical decision consumers make is accepting how lenders
value their assets in exchange for credit. Three lab studies assess how consumers
facing financial burden value their own assets. We find that, due to cognitive
constraints of financial burden, consumers can undervalue functional assets and
overvalue symbolic assets. Importantly for financial literacy efforts, however, we
show that framing a symbolic asset in terms of other-benefit construal helps
attenuate asset overvaluation. [Kapitan, Sommer] Auckland Univ Technol, Mkt,
Auckland, New Zealand; [Ross, Spencer M.] Univ Massachusetts, Mkt, Lowell, MA USA;
[Silvera, David H.] Univ Texas San Antonio, Coll Business, Mkt, San Antonio, TX USA
Kapitan, S (corresponding author), Auckland Univ Technol, Mkt, Auckland, New
Zealand. skapitan@aut.ac.nz; spencer_ross@uml.edu; david.silvera@utsa.edu Ross,
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10.1086/659755 71 2 2 0 6 WILEY HOBOKEN 111 RIVER ST,
HOBOKEN 07030-5774, NJ USA 0022-0078 1745-6606 J CONSUM AFF J.
Consum. Aff. SEP 2019 53 3 SI 946 974
10.1111/joca.12209 29 Business; Economics Business &
Economics IY2HG WOS:000486210700012 2021-10-06
J Santos, DB; Netto, HG Santos, Danilo Braun; Netto,
Humberto Gallucci Financial Illiteracy and customer credit history
RBGN-REVISTA BRASILEIRA DE GESTAO DE NEGOCIOS English Review
Derogatory mark; financial illiteracy;
financial literacy; capitalization bond; investment SELF-CONTROL; LITERACY; DEBT
Purpose - We study how financial illiteracy affects the probability of a
derogatory mark on the customer's credit history. Design/methodology/approach - We
use the National Survey on Financial Inclusion in Brazil together with information
on financial instrument usage and spending provided by the head of the household.
To estimate the impact of financial illiteracy on the probability of a derogatory
mark we use a logistic model to compute the odds ratio. Findings - Our main result
is that financially illiterate individuals have between 57% and 143% more chance of
having a derogatory mark. We find that age, income, expenses, and retirement
positively affect the probability of a derogatory mark, while marriage has a
negative impact. Gender does not have any impact over the probability of derogatory
mark. Originality/value - The study uses a new proxy for financial illiteracy and
correlates it to the investment and debt decisions of a family using a unique
dataset. [Santos, Danilo Braun; Netto, Humberto Gallucci] Univ Fed Sao Paulo,
Actuarial Sci Dept, Osasco, Brazil Santos, DB (corresponding author), Univ Fed Sao
Paulo, Actuarial Sci Dept, Osasco, Brazil. danilo.braun@unifesp.br;
humberto.gallucci@unifesp.br Achtziger A, 2015, J ECON
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COMERCIO ALVARES PENTEADO-FECAP SAO PAULO SP AV DA LIBERDADE 532, SAO
PAULO SP, CEP01502-001, BRAZIL 1806-4892 1983-0807 RBGN-REV BRAS GEST
N RBGN-Rev. Bras. Gest. Negocios 2020 22 SI
421 436 10.7819/rbgn.v22i0.4058 16 Business;
Management Business & Economics OW1ZG WOS:000592693300002 gold
2021-10-06
J Chung, Y; Park, Y Chung, Yunhyung; Park, Youngkyun
What I Know, What I Think I Know, and Whom I Know JOURNAL OF CONSUMER
AFFAIRS English Article
FINANCIAL LITERACY; SELF-EFFICACY; SUBJECTIVE KNOWLEDGE; SOCIAL-INTERACTION;
EDUCATION; INVESTMENT; ABILITY; CHOICE; RISK; CONFIDENCE Drawing on social
cognitive theory and social network literature, this study examines how objective
financial knowledge (OFK) and financial knowledge network intensity (FKNI)
influence retirement investment decisions through the mediation of subjective
financial knowledge (SFK). Using survey data, we find that OFK and FKNI enhance
401(k) account holders' risk-taking and investment quality. We also find a unique
role of SFK in retirement investment decisions: SFK mediates the effect of OFK on
risk-taking, not on investment decision quality. While the interaction between OFK
and FKNI does not influence investment decision quality through SFK, it does
positively influence risk-taking through the mediation of SFK, which implies that
OFK and FKNI serve as complements to each other in risk-taking through the
mediation of SFK. We suggest that individuals may reap benefits from financial
literacy and financial network-building programs for improving retirement
investment decision-making. [Chung, Yunhyung; Park, Youngkyun] Univ Idaho, Coll
Business & Econ, Moscow, ID 83843 USA Chung, Y (corresponding author), Univ
Idaho, Coll Business & Econ, Moscow, ID 83843 USA. yunchung@uidaho.edu;
youngpark@uidaho.edu College of Business and Economics at the
University of Idaho Yunhyung Chung (yunchung@uidaho.edu) and Youngkyun Park
(youngpark@uidaho.edu) are both Associate Professors at the College of Business and
Economics, University of Idaho, Moscow. The authors appreciate financial support
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SI 1312 1349 10.1111/joca.12231 38
Business; Economics Business & Economics IY2HG WOS:000486210700027
2021-10-06
J Lokanan, M; Liu, SS Lokanan, Mark; Liu, Susan
Predicting Fraud Victimization Using Classical Machine Learning ENTROPY
English Article investment fraud;
consumers; victims; self-regulation; machine learning; fraud prediction
Protecting financial consumers from investment fraud has been a recurring
problem in Canada. The purpose of this paper is to predict the demographic
characteristics of investors who are likely to be victims of investment fraud. Data
for this paper came from the Investment Industry Regulatory Organization of
Canada's (IIROC) database between January of 2009 and December of 2019. In total,
4575 investors were coded as victims of investment fraud. The study employed a
machine-learning algorithm to predict the probability of fraud victimization. The
machine learning model deployed in this paper predicted the typical demographic
profile of fraud victims as investors who classify as female, have poor financial
knowledge, know the advisor from the past, and are retired. Investors who are
characterized as having limited financial literacy but a long-time relationship
with their advisor have reduced probabilities of being victimized. However, male
investors with low or moderate-level investment knowledge were more likely to be
preyed upon by their investment advisors. While not statistically significant,
older adults, in general, are at greater risk of being victimized. The findings
from this paper can be used by Canadian self-regulatory organizations and
securities commissions to inform their investors' protection mandates. [Lokanan,
Mark; Liu, Susan] Royal Rd Univ, Fac Management, Victoria, BC V9B 5Y2, Canada
Lokanan, M (corresponding author), Royal Rd Univ, Fac Management, Victoria,
BC V9B 5Y2, Canada. mark.lokanan@royalroads.ca; vivid_susan@outlook.com
Social Science and Humanities Research Council of CanadaSocial Sciences and
Humanities Research Council of Canada (SSHRC) This research was funded by the
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ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND 1099-4300 ENTROPY-
SWITZ Entropy MAR 2021 23 3 300
10.3390/e23030300 19 Physics, Multidisciplinary Physics
RD6EO WOS:000633568900001 33802314 Green Published, gold
2021-10-06
J Chan, KF; Marsden, A Chan, Kam Fong; Marsden, Alastair
Macro risk factors of credit default swap indices in a regime-switching
framework JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY
English Article Credit default swap
indices; Investment-grade; High-yield; Regime-switching EQUITY VOLATILITY; TERM
STRUCTURE; YIELD SPREADS; DETERMINANTS; ARBITRAGE; RETURNS; BONDS Using the
Markov regime-switching model, this paper examines factor loadings on
macroeconomic, market sentiment and other variables that may explain North American
investment-grade and high-yield credit default swap indices (CDX) over the period
2003-2011. In both crisis and tranquil market states, spreads are positively
related to the market-wide default premium and VIX, and negatively related to
changes in Treasury bond yields, the underlying stock index returns and the Fama-
French's High-Minus-Low factor. The magnitude of the factor loadings is higher
during crisis periods. The results suggest the need to consider regime dependent
hedge ratios to manage credit risk exposure. (C) 2014 Elsevier B. V. All rights
reserved. [Chan, Kam Fong] Univ Queensland, UQ Business Sch, Brisbane, Qld 4072,
Australia; [Marsden, Alastair] Univ Auckland, Sch Business, Auckland 1, New Zealand
Chan, KF (corresponding author), Univ Queensland, UQ Business Sch, Brisbane,
Qld 4072, Australia. k.chan@business.uq.edu.au ; Marsden, Alastair/G-5283-
2019 Chan, Kam Fong/0000-0002-3868-3842; Marsden, Alastair/0000-0002-8997-3444
Acharya V., 2009, FINANC MARKETS I INS, V18, P89, DOI [DOI
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AMSTERDAM PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS 1042-4431
J INT FINANC MARK I J. Int. Financ. Mark. Inst. Money MAR 2014 29
285 308 10.1016/j.intfin.2014.01.002
24 Business, Finance; Economics Business & Economics AB1PI
WOS:000331564400015 2021-10-06
J Best, R; Saba, N Best, Rohan; Saba, Noura
Quantifying Australia's Gender Superannuation Gap* ECONOMIC RECORD
English Article FINANCIAL
LITERACY; WEALTH GAP; WAGE GAP; WOMEN This paper quantifies the factors
contributing to Australia's gender gap in superannuation balances. Around 60 per
cent of the gap can be attributed to the prior stock of superannuation, for
respondents who had superannuation balances in both 2014 and 2018 in the Household
Income and Labour Dynamics in Australia Survey. This is partly due to the
accumulation of the prior gap with investment returns. Financial literacy and risk
aversion explain around 7 per cent of the gap in total, such as through impacts on
subsequent investment returns. Work patterns and wage rates affect contributions
and explain approximately 30 per cent of the superannuation gap in total. [Best,
Rohan; Saba, Noura] Macquarie Univ, Dept Econ, Macquarie Pk, NSW 2109, Australia
Best, R (corresponding author), Macquarie Univ, Dept Econ, Macquarie Pk, NSW
2109, Australia. rohan.best@mq.edu.au ABS, 2019, GEND
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SCAR FACTS GEND PENS 45 1 1 4 4 WILEY HOBOKEN 111 RIVER
ST, HOBOKEN 07030-5774, NJ USA 0013-0249 1475-4932 ECON REC Econ.
Rec. SEP 2021 97 318 410 423
10.1111/1475-4932.12608 MAY 2021 14 Economics Business &
Economics UM2JV WOS:000649260400001 2021-10-06
J Eugster, M Eugster, Marco Participation in
risky asset markets and propensity for financial planning: a missing link?
ACCOUNTING AND FINANCE English Article
Portfolio choice; Investment decisions; Knowledge of economics and
finance; Planning IMPLEMENTATION INTENTIONS; LITERACY; PERSONALITY; PERFORMANCE;
MOTIVATION This study examines whether the association between financial literacy
and participation in risky asset markets is robust to variation on a more innate
level: the propensity for financial planning. I find that individuals' propensity
for financial planning is strongly positively related to stock market participation
as well as membership in a voluntary workplace retirement savings scheme. This
result holds when controlling for financial literacy and a range of demographic and
control variables in a multivariate regression setting. Importantly, the positive
association between financial literacy and risky asset market participation also
persists, suggesting that these two variables operate through separate channels.
[Eugster, Marco] Univ Auckland, Business Sch, Dept Accounting & Finance,
Auckland, New Zealand Eugster, M (corresponding author), Univ Auckland, Business
Sch, Dept Accounting & Finance, Auckland, New Zealand.
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ACCOUNT FINANC Account . Financ. APR 2019 59 1 SI
511 562 10.1111/acfi.12297 52 Business, Finance
Business & Economics NR7MV WOS:000571745800007
2021-10-06
J Skimmyhorn, WL; Davies, ER; Mun, D; Mitchell, B Skimmyhorn,
William L.; Davies, Evan R.; Mun, David; Mitchell, Brian Assessing
financial education methods: Principles vs. rules-of-thumb approaches JOURNAL OF
ECONOMIC EDUCATION English Article
Financial education; financial learning assessment; financial literacy;
heuristics; teaching methodologies; A22; D14; H52; J24 LITERACY Despite
thousands of programs and tremendous public and private interest in improving
financial decision-making, little is known about how best to teach financial
education. Using an experimental approach, the authors estimated the effects of two
different education methodologies (principles-based and rules-of-thumb) on the
knowledge, self-assessed knowledge, financial self-efficacy, motivation to learn,
willingness to seek advice, risk preferences, and time preferences of high-
performing undergraduate students. They found both methods increased cognitive
measures of knowledge and noncognitive measures of self-efficacy, motivation to
learn, and willingness to take financial risks. They found few differences in the
relative effectiveness of each method, although the principles methodology appears
to generate larger gains in self-efficacy, while the rules-of-thumb method appears
to reduce individuals' willingness to seek advice. [Skimmyhorn, William L.;
Davies, Evan R.; Mun, David; Mitchell, Brian] US Mil Acad, Dept Social Sci, 607
Cullum Rd, West Point, NY 10950 USA Skimmyhorn, WL (corresponding author), US Mil
Acad, Dept Social Sci, 607 Cullum Rd, West Point, NY 10950 USA.
william.skimmyhorn@usma.edu Skimmyhorn, William/0000-0002-0753-6065
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JOURNALS, TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK,
ABINGDON OX14 4RN, OXON, ENGLAND 0022-0485 2152-4068 J ECON EDUC J.
Econ. Educ. 2016 47 3 193 210
10.1080/00220485.2016.1179145 18 Economics; Education &
Educational Research Business & Economics; Education & Educational Research
DR9WU WOS:000380247600001 2021-10-06
J Bucher-Koenen, T; Lusardi, A; Alessie, R; van Rooij, M
Bucher-Koenen, Tabea; Lusardi, Annamaria; Alessie, Rob; van Rooij, Maarten
How Financially Literate Are Women? An Overview and New Insights
JOURNAL OF CONSUMER AFFAIRS English Article
GENDER We document strikingly similar gender
differences in financial literacy across countries. When asked to answer questions
that measure knowledge of basic financial concepts, women are less likely than men
to answer correctly and more likely to indicate that they do not know the answer.
Both young and old women show low levels of financial literacy. Moreover, women for
whom financial knowledge is likely to be very importantfor example widows or single
womenalso know little about concepts relevant for day-to-day financial decisions.
The gender differences are present for very basic as well as more advanced measures
of financial literacy. This is important because financial literacy has been linked
to economic behavior, including retirement planning and wealth accumulation. Women
live longer than men and are likely to spend time in widowhood. Thus, improving
women's financial literacy is key to helping them prepare for retirement and
promoting their financial security. [Bucher-Koenen, Tabea] Max Planck Inst Social
Law & Social Policy, Munich Ctr Econ Aging, Munich, Germany; [Lusardi, Annamaria]
George Washington Univ, Econ & Accountancy, Washington, DC 20052 USA; [Alessie,
Rob] Univ Groningen, Microeconometr, Groningen, Netherlands; [van Rooij, Maarten]
Nederlandsche Bank, Econ & Res Div, Amsterdam, Netherlands Bucher-Koenen, T
(corresponding author), Max Planck Inst Social Law & Social Policy, Munich Ctr Econ
Aging, Munich, Germany. bucher-koenen@mea.mpisoc.mpg.de; alusardi@gwu.edu;
R.J.M.Alessie@rug.nl; M.C.J.van.Rooij@dnb.nl Alessie, Rob/0000-0002-5128-
6753 Netspar; European Investment Bank Institute through EIBURS initiative
 Financial support from Netspar is gratefully acknowledged. Moreover, the
authors gratefully acknowledge financial support from the European Investment Bank
Institute through its EIBURS initiative. The findings, interpretations, and
conclusions presented in this article are entirely those of the authors and should
not be attributed in any manner to the European Investment Bank or its Institute,
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10.1111/joca.12121 29 Business; Economics Business &
Economics EZ8IA WOS:000404967000001 Green Submitted, Green Published
2021-10-06
J Gomes, F; Haliassos, M; Ramadorai, T Gomes, Francisco;
Haliassos, Michael; Ramadorai, Tarun Household Finance JOURNAL OF
ECONOMIC LITERATURE English Article
OPTIMAL PORTFOLIO CHOICE; CYCLE ASSET ALLOCATION; STOCK-MARKET
EVIDENCE; INTEREST-RATE RISK; LONG-TERM-CARE; LIFE-CYCLE; MORTGAGE-MARKET; LOSS
AVERSION; RETIREMENT SAVINGS; HABIT FORMATION Household financial decisions are
complex, interdependent, and heterogeneous, and central to the functioning of the
financial system. We present an overview of the rapidly expanding literature on
household finance (with some important exceptions) and suggest directions for
future research. We begin with the theory and empirics of asset market
participation and asset allocation over the life cycle. We then discuss household
choices in insurance markets, trading behavior, decisions on retirement saving, and
financial choices by retirees. We survey research on liabilities, including
mortgage choice, refinancing, and default, and household behavior in unsecured
credit markets, including credit cards and payday lending. We then connect the
household to its social environment, including peer effects, cultural and
hereditary factors, intra-household financial decision-making, financial literacy,
cognition, and educational interventions. We also discuss literature on the
provision and consumption of financial advice. [Gomes, Francisco] London Business
Sch, London, England; [Gomes, Francisco; Haliassos, Michael; Ramadorai, Tarun]
CEPR, London, England; [Haliassos, Michael] Goethe Univ Frankfurt, Frankfurt,
Germany; [Ramadorai, Tarun] Imperial Business Sch, London, England Gomes, F
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ASSOC NASHVILLE 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 USA 0022-0515 2328-
8175 J ECON LIT J. Econ. Lit. SEP 2021 59 3
919 1000 10.1257/jel.20201461 82 Economics
Business & Economics UP0ZE WOS:000695113700003
2021-10-06
J Muralidhar, A Muralidhar, Arun Can
(Financial) Ignorance Be Bliss? FINANCIAL ANALYSTS JOURNAL
English Article LITERACY
Financial illiteracy is widespread and leads to bad financial decisions.
Individuals cannot answer basic questions about inflation, compounding, and
diversification. This article argues that financial literacy programs should be
complemented with a new class of financial instruments that embed goal-specific
compounding and inflation protection. These income-only real bonds, with a forward
start date, would pay investors for the period required for the respective goal.
Further, there is ample potential supply from natural issuers. This innovation
trivializes the investment problem to just simple multiplication or division,
thereby addressing the challenge of financial illiteracy with financial innovation
across a range of saving/investment goals. [Muralidhar, Arun] AlphaEngine
Global Investment Solut LLC, Great Falls, VA 22066 USA Muralidhar, A
(corresponding author), AlphaEngine Global Investment Solut LLC, Great Falls, VA
22066 USA. Muralidhar, Arun/0000-0001-9387-1822 Blake
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IND GL 25 3 3 0 5 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
0015-198X 1938-3312 FINANC ANAL J Financ. Anal. J. 2019
75 1 8 15
10.1080/0015198X.2018.1547053 8 Business, Finance Business &
Economics HW8KI WOS:000466937900002 2021-10-06
J Croce, A; Ughetto, E; Cowling, M Croce, Annalisa;
Ughetto, Elisa; Cowling, Marc Investment Motivations and UK Business
Angels' Appetite for Risk Taking: The Moderating Role of Experience BRITISH
JOURNAL OF MANAGEMENT English Article
ENTREPRENEURIAL PASSION; INFORMAL INVESTORS; FINANCIAL LITERACY; GUT
FEEL; DECISION; STRATEGIES; CATEGORIZATION; UNCERTAINTY; RETURN In this paper we
use a large UK survey of business angels (BAs) investing in two different publicly
supported schemes to directly question the role that investment motivations play in
shaping investors' appetite for risk. We dive deeper into the relationship between
investment reasons and risk taking, by exploring the potential for a moderating
effect derived from BAs' past experience (i.e. financial and entrepreneurial
experience). Our analysis reveals that both investment reasons (for return and for
passion) have substantial explanatory power in shaping angels' risk attitude, but
their effect is moderated by the investors' prior experience. This key finding
represents important empirical support for what has so far been anecdotal evidence
concerning BAs' appetite for risk when investing. [Croce, Annalisa] Politecn
Milan, DIG, Piazza Leonardo da Vinci 32, I-20133 Milan, Italy; [Ughetto, Elisa]
Politecn Torino, Dept Management & Prod Engn, I-10129 Turin, Italy; [Ughetto,
Elisa] Coll Carlo Alberto, Bur Res Innovat Complex & Knowledge BRICK, I-10122
Turin, Italy; [Cowling, Marc] Univ Derby, Coll Business Law & Social Sci, Kedleston
Rd, Derby DE22 1GB, England Croce, A (corresponding author), Politecn Milan, DIG,
Piazza Leonardo da Vinci 32, I-20133 Milan, Italy.; Ughetto, E (corresponding
author), Politecn Torino, Dept Management & Prod Engn, I-10129 Turin, Italy.;
Ughetto, E (corresponding author), Coll Carlo Alberto, Bur Res Innovat Complex &
Knowledge BRICK, I-10122 Turin, Italy.; Cowling, M (corresponding author), Univ
Derby, Coll Business Law & Social Sci, Kedleston Rd, Derby DE22 1GB, England.
annalisa.croce@polimi.it; elisa.ughetto@polito.it; m.cowling@derby.ac.uk
Ughetto, Elisa/C-9313-2018 Ughetto, Elisa/0000-0002-6019-1051
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21 WILEY HOBOKEN 111 RIVER ST, HOBOKEN 07030-5774, NJ USA 1045-3172
1467-8551 BRIT J MANAGE BRIT. J. MANAGE. OCT 2020 31 4
728 751 10.1111/1467-8551.12380 AUG 2019
24 Business; Management Business & Economics NW3MK
WOS:000480925100001 2021-10-06
J Lim, S; Donkers, B; van Dijl, P; Dellaert, BGC Lim, Sesil;
Donkers, Bas; van Dijl, Patrick; Dellaert, Benedict G. C. Digital
customization of consumer investments in multiple funds: virtual integration
improves risk-return decisions JOURNAL OF THE ACADEMY OF MARKETING SCIENCE
English Article Customization;
Consumer decision making; Risk-return decisions; Digital marketing; Financial
services; Online decision tools CORRELATION NEGLECT; FINANCIAL LITERACY; ASSET;
ALLOCATION; PRODUCTS; PREVENTION; PROMOTION; UTILITY; LESS Digital technology in
financial services is helping consumers gain wider access to investment funds,
acquire these funds at lower costs, and customize their own investments. However,
direct digital access also creates new challenges because consumers may make
suboptimal investment decisions. We address the challenge that consumers often face
complex investment decisions involving multiple funds. Normative optimal asset
allocation theory prescribes that investors should simultaneously optimize risk-
returns over their entire portfolio. We propose two behavioral effects (mental
separation and correlation neglect) that prevent consumers from doing so and a new
choice architecture of virtually integrating investment funds that can help
overcome these effects. Results from three experiments, using general population
samples, provide support for the predicted behavioral effects and the beneficial
impact of virtual integration. We find that consumers' behavioral biases are not
overcome by financial literacy, which further underlines the marketing relevance of
this research. [Lim, Sesil; Donkers, Bas; van Dijl, Patrick; Dellaert, Benedict
G. C.] Erasmus Univ, Erasmus Sch Econ, Dept Business Econ, POB 1738, NL-3000 DR
Rotterdam, Netherlands; [Dellaert, Benedict G. C.] Monash Univ, Monash Business
Sch, Dept Mkt, POB 197, Caulfieldfast, Vic 3145, Australia Dellaert, BGC
(corresponding author), Erasmus Univ, Erasmus Sch Econ, Dept Business Econ, POB
1738, NL-3000 DR Rotterdam, Netherlands.; Dellaert, BGC (corresponding author),
Monash Univ, Monash Business Sch, Dept Mkt, POB 197, Caulfieldfast, Vic 3145,
Australia. lim@ese.eur.nl; donkers@ese.eur.nl; pvandijl@gmail.com;
dellaert@ese.eur.nl dellaert, benedict g.c./D-1020-2010 dellaert, benedict
g.c./0000-0003-4637-1192; Lim, Sesil/0000-0002-2227-8906 Netspar (Network for
Studies on Pension, Aging, and Retirement); ERIM (Erasmus Research Institute in
Management) This research has received financial support from Netspar (Network for
Studies on Pension, Aging, and Retirement) and ERIM (Erasmus Research Institute in
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PLAZA, SUITE 4600, NEW YORK, NY, UNITED STATES 0092-0703 1552-7824 J ACAD
MARKET SCI J. Acad. Mark. Sci. JUL 2021 49 4 SI
723 742 10.1007/s11747-020-00740-4 AUG 2020 20
Business Business & Economics TE8NU WOS:000559633700001 Green
Published, hybrid 2021-10-06
J Bhutoria, A; Vignoles, A Bhutoria, Aditi; Vignoles,
Anna Do Financial Education Interventions for Women from Poor
Households Impact Their Financial Behaviors? Experimental Evidence from India
JOURNAL OF RESEARCH ON EDUCATIONAL EFFECTIVENESS English
Article financial education; rules of
thumb; savings; randomized controlled trial; India Policymakers have
invested significant resources in financial education to improve financial literacy
of the poor, reduce bad financial decision-making, and increase take-up of
financial services and products. Yet, there is limited evidence on the
effectiveness of such interventions, especially in developing countries. This paper
provides evidence from a clustered randomized controlled trial (RCT) where a
relatively light financial education program (one day of training) was offered to a
large sample of women (n = 1,281) from poor households in informal community
settings. The educational intervention was a significant departure from the more
costly traditional classroom-style adult education interventions. It was based on
simple rules of thumb and used a goal-oriented and action-focused approach,
targeted at changing behaviors. We find evidence of modest, positive treatment
effects for some outcomes including an increase in personal savings, achieved at a
relatively low cost of training per participant. [Bhutoria, Aditi; Vignoles,
Anna] Univ Cambridge, Educ, Darwin Coll, Cambridge, England; [Bhutoria, Aditi]
Harvard Univ, John F Kennedy Sch Govt, Cambridge, MA 02138 USA; [Vignoles, Anna]
Univ Cambridge, Educ, Jesus Coll, Cambridge, England Bhutoria, A (corresponding
author), 19 Banks St,Flat 19-2, Cambridge, MA 02138 USA.
aditi_bhutoria@hks.harvard.edu [Anonymous], 2011,
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MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND 1934-5747 1934-5739 J RES
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409 432 10.1080/19345747.2018.1465317 24 Education &
Educational Research Education & Educational Research GI4JW
WOS:000434338600004 Green Submitted 2021-10-06
J Safford, A; Sundali, J; Guerrero, F Safford, Amanda;
Sundali, James; Guerrero, Federico Does Experiencing a Crash Make All
the Difference? An Experiment on the Depression Babies Hypothesis SAGE OPEN
English Article laboratory
experiments; investment decisions; behavioral finance; asset allocation; depression
babies; myopic loss aversion RISK-TAKING; PROBABILITY NEGLECT; RARE EVENTS;
IMPACT; INFORMATION; BEHAVIOR; AVERSION; HABIT Do people who lived through the
depression take fewer financial risks because of the negative returns experienced?
More generally, what is the importance of historical return streams on current
investment decisions? This experiment tests this experience hypothesis and finds
that subjects who experience a great crash hold, on average, 6% less of their
assets in stocks than subjects who did not experience the crash, after controlling
for gender, employment status, and financial literacy. Our results suggest that
subjects who experience a significant market crash have lower and more volatile
beliefs regarding future stock returns. Furthermore, we find that experiencing a
crash causes a significant difference in the overall belief distributions between
the two groups, with the crash cohort holding more realistic beliefs about future
stock market returns. [Safford, Amanda] Univ Nevada, Reno, NV 89557 USA;
[Sundali, James] Univ Nevada, Management Dept, Reno, NV 89557 USA; [Guerrero,
Federico] Univ Nevada, Econ Dept, Reno, NV 89557 USA Safford, A (corresponding
author), Univ Nevada, Dept Econ 0030, Reno, NV 89557 USA. amandasafford@gmail.com
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OAKS 2455 TELLER RD, THOUSAND OAKS, CA 91320 USA 2158-2440 SAGE
OPEN SAGE Open MAY 25 2018 8 2
2158244018778734 10.1177/2158244018778734 16 Social
Sciences, Interdisciplinary Social Sciences - Other Topics GH3HV
WOS:000433294100001 gold 2021-10-06
J Neumuller, S; Rothschild, C Neumuller, Seth; Rothschild,
Casey Financial sophistication and portfolio choice over the life cycle
REVIEW OF ECONOMIC DYNAMICS English Article
Financial literacy; Life cycle model; Portfolio choice
DIVERSIFICATION; WEALTH; CONSUMPTION; ALLOCATION; HOUSEHOLDS; LITERACY;
RETURNS; UTILITY We develop a novel model of rational choice in the presence of
information frictions frictions which we interpret as arising from imperfect
financial sophistication. In our framework, investors with smaller information
frictions are better able to distinguish between potential investment vehicles,
which both allows them to identify higher-quality assets and reduces the subjective
uncertainty about returns to investment for any given asset. We embed our framework
into an otherwise-standard quantitative model of saving and investment over the
life cycle. Our calibrated model generates substantial financial income inequality
across investors and is fully consistent with the empirical evidence that
financially unsophisticated investors save at lower rates, participate less in the
stock market, obtain less well-diversified portfolios when they do, and as a
result, accumulate less wealth by retirement than their financially sophisticated
peers. (C) 2017 Elsevier Inc. All rights reserved. [Neumuller, Seth; Rothschild,
Casey] Wellesley Coll, Dept Econ, Pendleton East,106 Cent St, Wellesley, MA 02481
USA Neumuller, S (corresponding author), Wellesley Coll, Dept Econ, Pendleton
East,106 Cent St, Wellesley, MA 02481 USA. seth.neumuller@wellesley.edu;
crothsch@weliesley.edu Rothschild, Casey/0000-0002-8960-7997 Radcliffe
Institute for Advanced Study, Harvard University Casey gratefully acknowledges
generous support from the Radcliffe Institute for Advanced Study, Harvard
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10.1016/j.red.2017.06.005 20 Economics Business &
Economics FQ6HP WOS:000418464900012 2021-10-06
J Kristjanpoller, WD; Olson, JE Kristjanpoller, Werner D.;
Olson, Josephine E. The effect of financial knowledge and
demographic variables on passive and active investment in Chile's pension plan
JOURNAL OF PENSION ECONOMICS & FINANCE English Article
DC Pension Plans; Financial Literacy; Portfolio
Choice; Retirement; Chilean Multi-fund Systeme GENDER-DIFFERENCES; RISK ATTITUDES;
LITERACY; SAVINGS; CHOICE; PARTICIPATION; SECURITY This paper contributes to
research on defined contribution (DC) retirement plans by examining how financial
knowledge and demographic factors influenced Chile's pension holders' choice
between a default life-cycle retirement plan and active management. About one third
of Chileans held default funds in 2009; younger people, men, people with lower
incomes, and people with low financial knowledge were more likely to choose the
default. For active investors, we examined what variables influenced their choice.
Nearly three quarters of active investors chose more risky funds that the defaults
for their age group. However, risk taking tended to decrease with age and to
increase with income, financial knowledge and risk tolerance. [Kristjanpoller,
Werner D.] Univ Tecn Federico Santa Maria, Dept Ind, Valparaiso, Chile; [Olson,
Josephine E.] Univ Pittsburgh, Joseph M Katz Grad Sch Business, Pittsburgh, PA
15260 USA Kristjanpoller, WD (corresponding author), Univ Tecn Federico Santa
Maria, Dept Ind, Ave Espana 1680, Valparaiso, Chile. werner.kristjanpoller@usm.cl;
jolson@katz.pitt.edu Kristjanpoller, Werner/V-1239-2019 Kristjanpoller,
Werner/0000-0002-5878-072X Universidad Tecnica Federico Santa Maria,
Departamento de Industrias The authors would like to thank the editors and
several anonymous reviewers for their very helpful comments on earlier versions of
this paper. We would also like to thank Universidad Tecnica Federico Santa Maria
and its Departamento de Industrias for funding Dr. Kristjanpoller's visit to the
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10.1017/S1474747214000213 22 Business, Finance; Economics
Business & Economics CK3XA WOS:000356148700004
2021-10-06
J Desmoulins-Lebeault, F; Meunier, L Desmoulins-Lebeault,
Francois; Meunier, Luc Moment Risks: Investment for Self and for a
Firm DECISION ANALYSIS English Article
risk; higher-order moments; principal agent; standard deviation aversion;
skewness seeking; kurtosis seeking; risk-as-feelings hypothesis HIGHER-ORDER;
FINANCIAL LITERACY; DECISION-MAKING; PROSPECT-THEORY; PREFERENCES; AVERSION;
OTHERS; ATTITUDES; PRUDENCE; PERCEPTIONS Extreme risk taking by agents has been
the subject of intense scrutiny since the 2007 financial crisis. Many have alleged
that investing for a firm led to preferences for more risk taking. To test this
claim, we submitted a questionnaire to a sample of 715 business school students,
testing for investment preferences when investing for self and for a firm over the
first four moments of the distribution of returns. We find evidence of standard
deviation aversion, skewness seeking, and kurtosis seeking when investing for self.
The overall kurtosis seeking of our sample as a whole is mainly driven by standard
deviation lovers, skewness seekers, and males. When investing for a firm, we do not
see more risk taking but rather a shift toward neutrality of preferences for
standard deviation and kurtosis, which is congruent with the risk-as-feelings
hypothesis. Our study also underlines the impact of financial expertise in the
reduction of risk taking, both when investing for self and for the firm.
[Desmoulins-Lebeault, Francois; Meunier, Luc] Grenoble Ecole Management, F-
38000 Grenoble, France; [Meunier, Luc] Univ Savoie, IREGE, F-74944 Annecy Le Vieux,
France Meunier, L (corresponding author), Grenoble Ecole Management, F-38000
Grenoble, France.; Meunier, L (corresponding author), Univ Savoie, IREGE, F-74944
Annecy Le Vieux, France. francois.desmoulins-lebeault@grenoble-em.com;
luc.meunier@grenoble-em.com Meunier, Luc/0000-0002-9139-8530
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2 2 0 2 INFORMS CATONSVILLE 5521 RESEARCH PARK DR, SUITE
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Anal. DEC 2018 15 4 242 266
10.1287/deca.2018.0372 25 Management Business & Economics
HM0FP WOS:000459122400004 2021-10-06
J Donleavy, GD; Poli, PM; Conover, TL; Albu, CN; Dahawy, K; Iatridis, G;
Kiaptikulwattana, P; Budsaratragoon, P; Klammer, T; Lai, SC; Trepat, JN; Zuelch, H
Donleavy, G. D.; Poli, P. M.; Conover, T. L.; Albu, C. N.;
Dahawy, K.; Iatridis, G.; Kiaptikulwattana, P.; Budsaratragoon, P.; Klammer, T.;
Lai, S. C.; Trepat, J. N.; Zuelch, H. How numeracy mediates cash
flow format preferences: A worldwide study INTERNATIONAL JOURNAL OF MANAGEMENT
EDUCATION English Article Cash
flow statement formats; Framing effects; Loan decisions; Numeracy; Financial
literacy DECISION-MAKING; QUALITY INFORMATION; STUDENT SAMPLES; RISK; LITERACY;
COMMUNICATION; PSYCHOLOGY; CHOICE; COMPREHENSION; PERFORMANCE 688 students from
9 countries on 5 continents participated in this research. The objective was to
ascertain what effects, if any, using the direct or indirect format for the
operating activities section of the cash flow statement has, if any, on a loan
decision and on the ratings of various attributes of the cash flow statement.
Students were pretested on their accounting skills with a few simple calculations,
then asked to make the loan decision and finally requested to give their opinion of
the financial statements in general and of the statement of cash flows in
particular. Format had only a minor effect on the loan decision itself but
significantly more favorable comments on user friendliness were received on the
direct format than on the indirect. Significant differences were found, however, as
regards the loan decisions between the students who had correctly done the
calculations and those who had not, to such a degree that the effects of in-
numeracy became the main contribution to knowledge of this research. We find that
the ability to perform accurate calculations, a fundamental foundation of financial
numeracy, has an effect on financial decision making that has been ignored in
previous studies of financial statement users and uses. This has significant
implications for accounting and investing practice, and opens up an important field
of research in accounting which can learn from what has already been studied on the
effects of innumeracy in the health management field. [Donleavy, G. D.] Univ New
England, Armidale, NSW 2351, Australia; [Poli, P. M.] Fairfield Univ, Fairfield, CT
06430 USA; [Conover, T. L.; Klammer, T.] Univ North Texas, Denton, TX 76203 USA;
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Bucharest, Romania; [Dahawy, K.] Amer Univ Cairo, Cairo, Egypt; [Iatridis, G.] Univ
Thessaly, Volos, Greece; [Kiaptikulwattana, P.; Budsaratragoon, P.] Chulalongkorn
Univ, Bangkok, Thailand; [Lai, S. C.] Natl Cheng Kung Univ, Tainan, Taiwan;
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Sch Management, Leipzig, Germany Donleavy, GD (corresponding author), Univ New
England, Armidale, NSW 2351, Australia. g.don@une.edu.au; ppoli@fairfield.edu;
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OXFORD OX5 1GB, OXON, ENGLAND 1472-8117 2352-3565 INT J MANAG EDUC-OXF
 Int. J. Manag. Educ. JUL 2018 16 2 180
192 10.1016/j.ijme.2018.01.004 13 Business;
Education & Educational Research; Management Business & Economics; Education &
Educational Research GL7LS WOS:000437383800004 2021-
10-06
J Aharon, DY Aharon, David Y. Uncertainty, Fear
and Herding Behavior: Evidence from Size-Ranked Portfolios JOURNAL OF BEHAVIORAL
FINANCE English Article
Investor sentiment; Herding; Size ranked portfolios; Market efficiency;
Behavioral finance; Uncertainty INVESTOR SENTIMENT; TIME-SERIES; FUND MANAGERS;
STOCK MARKETS; UNIT-ROOT; EXCHANGE; IMPACT; FIT This study is aimed at testing the
relationship between investors' uncertainty reflected by market sentiment and
herding behavior phenomenon. Using data for 1990-2019 for size-ranked portfolios,
the evidence documented here indicates that herding is strongly related to market
sentiment as captured by the CBOE's Volatility Index, the VIX. The results indicate
that the VIX, which is also recognized as the fear index, has a substantial impact
on herding across all groups and subgroups of size-ranked portfolios. Overall, the
effect of VIX exists in most of the quantiles of the cross-sectional absolute
deviation distribution. In this context, the scale and magnitude of the fear index
impact rises toward the highest parts of the herding distribution. We also show
that herding behavior is more pronounced when the market is overwhelmed by
sentiment. The findings have several practical implications for investment
professionals such as portfolio managers, investment officers, analysts, and other
market participants. They also provide academic insights for researchers dealing
with market efficiency and investors' behavior. [Aharon, David Y.] Ono Acad Coll,
Kiryat Ono, Israel Aharon, DY (corresponding author), Ono Acad Coll, Dept
Business Adm, Zahal 101, IL-5545173 Kiryat Ono, Israel. dudi.ah@ono.ac.il
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TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14
4RN, OXON, ENGLAND 1542-7560 1542-7579 J BEHAV FINANC J. Behav.
Financ. JUL 16 2021 22 3 320 337
10.1080/15427560.2020.1774887 JUN 2020 18 Business, Finance;
Economics Business & Economics TK9MX WOS:000542819600001
2021-10-06
J Sjoberg, L; Engelberg, E Sjoberg, Lennart; Engelberg,
Elisabeth Attitudes to Economic Risk Taking, Sensation Seeking and
Values of Business Students Specializing in Finance JOURNAL OF BEHAVIORAL FINANCE
English Article Decision making;
Finance; Risk attitude; Financial advice DECISION-MAKING; WORK MOTIVATION; MONEY;
BELIEFS; COOPERATION; PSYCHOLOGY; OPTIMISM; GENDER; SCHOOL Financial decision
making rarely follows models derived from economic theory, which postulate that
people are rational economic actors. Psychological alternatives abound. The
Tversky-Kahneman heuristics approach is dominating, but it needs to be complemented
with emotional and personality factors, since cognitive limitations do not provide
exhaustive explanations of the psychology of decision making. In this paper,
attitudes to financial risk taking and gambling are related to sensation seeking,
emotional intelligence, the perceived importance of money ( money concern), and
overarching values in groups of students of financial economics (N = 93).
Comparative data were collected for a group of nonstudents. Data on values were
also available from a random sample of the population. It was found that the
students of finance had a positive attitude to economic risk taking and gambling
behavior, a high level of sensation seeking, a low level of money concern, and gave
low priority to altruistic values about peace and the environment. The subgroup of
participants planning a career in finance showed an even more pronounced interest
in gambling. [Sjoberg, Lennart; Engelberg, Elisabeth] Stockholm Sch Econ, Ctr
Risk Res, S-11383 Stockholm, Sweden Sjoberg, L (corresponding author), Stockholm
Sch Econ, Ctr Risk Res, Box 6501, S-11383 Stockholm, Sweden.
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BEHAV EXPRESSIONS BI 76 28 28 2 31 ROUTLEDGE JOURNALS, TAYLOR &
FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON,
ENGLAND 1542-7560 1542-7579 J BEHAV FINANC J. Behav. Financ.
2009 10 1 33 43
10.1080/15427560902728712 11 Business, Finance; Economics
Business & Economics 618RS WOS:000279374000004 Green Submitted
2021-10-06
J Escudero, C; Ruiz, JL Escudero, Cristian; Ruiz, Jose L.
Choosing the highest annuity payout: the role of intermediation and
firm reputation GENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE
English Article; Early Access Annuities;
Intermediation; Risk rating; Decision-making; Financial literacy FINANCIAL
LITERACY; INSURANCE; ADVICE; INVESTMENT; ADVISERS; SAVINGS; DEMAND In this
paper, we analyse retirees' decision-making from the different bids made available
by life insurance companies in the Chilean annuity market. We find that choosing
the highest annuity payout was positively (negatively) correlated with the advice
given by independent brokers (sales agents and average years of education in the
municipality) for a January 2008-May 2018 sample. We also found that retirees were
willing to pay for firm reputation. In addition, people who are more likely to take
a pension payout without consulting intermediaries are older, married, have a
higher pension balance and purchase an immediate annuity. These findings are of
interest to those seeking to improve the efficiency and effectiveness of the
annuity system. [Escudero, Cristian; Ruiz, Jose L.] Univ Chile, Fac Econ &
Business, Diagonal Paraguay 257, Santiago 8330015, Chile Ruiz, JL (corresponding
author), Univ Chile, Fac Econ & Business, Diagonal Paraguay 257, Santiago 8330015,
Chile. cescudero@fen.uchile.cl; jlruiz@fen.uchile.cl Ruiz, Jose/0000-
0002-1574-8738 Agnew JR, 2008, AM ECON REV, V98, P418, DOI
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Pract.
10.1057/s41288-021-00236-4 MAY 2021 32 Business, Finance
Business & Economics RZ7WZ WOS:000648813300002
2021-10-06
J Goda, GS; Manchester, CF; Sojourner, AJ Goda, Gopi Shah;
Manchester, Colleen Flaherty; Sojourner, Aaron J. What will my
account really be worth? Experimental evidence on how retirement income projections
affect saving JOURNAL OF PUBLIC ECONOMICS English Article
Defined contribution plans; Financial literacy;
Lifetime income disclosures PARTICIPATION; DECISIONS; PLAN Many investment
companies have begun providing their defined-contribution pension participants with
individualized, retirement income projections. The U.S. Congress is currently
considering whether to require them all to do so. Evidence on the potential impact
is scant, though a large body of economic research suggests that individuals are
not currently making optimal retirement-saving decisions. Through a field
experiment, we measure how provision of retirement income projections along with
enrollment information affects individuals' contributions to employer-sponsored
retirement accounts. We find that the intervention boosted annual contributions to
employer retirement accounts by $85, equivalent to 3.6% of the average contribution
level or 0.15% of average salary, relative to those who received no intervention.
In addition, randomly-assigned assumptions regarding retirement age, investment
returns, and hypothetical contribution amounts were used to generate the
projections and were found to have significant impacts on saving behavior. This
finding suggests that care is warranted in the design and communication of
projections. (C) 2014 Elsevier B.V. All rights reserved. [Goda, Gopi Shah]
Stanford Univ, Stanford Inst Econ Policy Res, Stanford, CA 94305 USA; [Goda, Gopi
Shah] NBER, Cambridge, MA 02138 USA; [Manchester, Colleen Flaherty; Sojourner,
Aaron J.] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA;
[Sojourner, Aaron J.] Inst Study Labor IZA, Bonn, Germany Goda, GS (corresponding
author), Stanford Univ, Stanford Inst Econ Policy Res, 366 Galvez St, Stanford, CA
94305 USA. gopi@stanford.edu Sojourner, Aaron/0000-0001-6839-2512
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SWITZERLAND 0047-2727 J PUBLIC ECON J. Public Econ. NOV 2014
119 80 92
10.1016/j.jpubeco.2014.08.005 13 Economics Business &
Economics AX4HD WOS:000346893200008 2021-10-06
J Pan, WF Pan, Wei-Fong HOW DOES THE
MACROECONOMY RESPOND TO STOCK MARKET FLUCTUATIONS? THE ROLE OF SENTIMENT
 MACROECONOMIC DYNAMICS English Article
Asset Bubbles; Crashes; Impulse Response; Macroeconomy ANIMAL
SPIRITS; CONSUMER CONFIDENCE; ENDOGENOUS GROWTH; ASSET BUBBLES; INVESTOR SENTIMENT;
BUSINESS CYCLES; ECONOMIC-GROWTH; HOUSE PRICES; AGENCY COSTS; NET WORTH This
study estimates the response of macroeconomic variables to stock market
fluctuations in Japan and the United States. It emphasizes the economy's reaction
to stock market bubbles and crashes. To do this, I propose a new way to identify
bubbles and crashes by testing price-to-fundamental ratios using the newly
developed trend-filtering approach. Regardless of the measures used, both
countries' macroeconomy tends to respond positively to the positive shock of stock
price. Asymmetric effects of the stock market are observed. Japan's macroeconomic
variables, especially investment and industrial production, are more sensitive to
market crashes, while those of the United States are more sensitive to stock
bubbles. Finally, I provide evidence that market sentiment can affect the economy
either directly or indirectly through the stock market. [Pan, Wei-Fong] First
Capital Secur Co Ltd, 18-F,Investment Bank Bldg,115 Fuhua 1st Rd, Shenzhen, Peoples
R China Pan, WF (corresponding author), First Capital Secur Co Ltd, 18-
F,Investment Bank Bldg,115 Fuhua 1st Rd, Shenzhen, Peoples R China.
weifongpan@gmail.com Pan, Wei-Fong/0000-0002-6977-3701
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CAMBRIDGE UNIV PRESS NEW YORK 32 AVENUE OF THE AMERICAS, NEW YORK, NY
10013-2473 USA 1365-1005 1469-8056 MACROECON DYN Macroecon. Dyn.
MAR 2020 24 2 421 446 PII
S1365100518000287 10.1017/S1365100518000287 26 Economics
Business & Economics LB9HX WOS:000524940900007
2021-10-06
J Schicks, J Schicks, Jessica Over-Indebtedness
in Microfinance An Empirical Analysis of Related Factors on the Borrower Level
WORLD DEVELOPMENT English Article
microfinance; over-indebtedness; customer protection; sacrifices; Africa;
Ghana RURAL CREDIT PROGRAMS; REPAYMENT PERFORMANCE; WOMENS EMPOWERMENT; FINANCIAL
LITERACY; NATURAL DISASTERS; COPING STRATEGIES; CONSUMER-CREDIT; DEBT; POVERTY;
LOANS This paper analyzes the over-indebtedness of microborrowers in Ghana from a
customer protection perspective. It measures over-indebtedness as a subjective
indicator based on loan-related sacrifices that borrowers report. It finds that
male microborrowers are more likely to be over-indebted. So are borrowers with
adverse economic shocks, low returns on investment, and non-productive loan use.
Over-indebtedness is lower for borrowers with good debt-literacy. General financial
literacy and numeracy seem insufficient to reduce over-indebtedness. The paper
details the relationship of the above factors to the specific sacrifices borrowers
make and suggests that policy measures address the full complexity of the over-
indebtedness phenomenon. (C) 2013 Elsevier Ltd. All rights reserved. Univ Libre
Bruxelles, Ctr European Res Microfinance CERMi, Brussels, Belgium Schicks, J
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24 Development Studies; Economics Development Studies; Business &
Economics 276BU WOS:000328723900021 Green Submitted 2021-
10-06
J Cross, R; Grinfeld, M; Lamba, H; Seaman, T Cross, R;
Grinfeld, M; Lamba, H; Seaman, T A threshold model of investor
psychology PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS
 English Article investor psychology;
volatility clustering; kurtosis; herding STOCK MARKETS; HERD BEHAVIOR; SPIN MODEL;
VOLATILITY; BUBBLES; CRASHES; INTERMITTENCY We introduce a class of agent-based
market models founded upon simple descriptions of investor psychology. Agents are
subject to various psychological tensions induced by market conditions and endowed
with a minimal 'personality'. This personality consists of a threshold level for
each of the tensions being modeled, and the agent reacts whenever a tension
threshold is reached. This paper considers an elementary model including just two
such tensions. The first is 'cowardice', which is the stress caused by remaining in
a minority position with respect to overall market sentiment and leads to herding-
type behavior. The second is 'inaction', which is the increasing desire to act or
re-evaluate one's investment position. There is no inductive learning by agents and
they are only coupled via the global market price and overall market sentiment.
Even incorporating just these two psychological tensions, important stylized facts
of real market data, including fat-tails, excess kurtosis, uncorrelated price
returns and clustered volatility over the timescale of a few days are reproduced.
By then introducing an additional parameter that amplifies the effect of externally
generated market noise during times of extreme market sentiment, long-time
volatility correlations can also be recovered. (c) 2005 Elsevier B.V. All rights
reserved. George Mason Univ, Dept Math Sci, Fairfax, VA 22030 USA; Univ
Strathclyde, Dept Econ, Glasgow G4 0GE, Lanark, Scotland; Univ Strathclyde, Dept
Math, Glasgow G1 1XH, Lanark, Scotland Lamba, H (corresponding author), George
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2021-10-06
J Bao, HXH; Li, SH Bao, Helen X. H.; Li, Steven Haotong
OVERCONFIDENCE AND REAL ESTATE RESEARCH: A SURVEY OF THE LITERATURE
SINGAPORE ECONOMIC REVIEW English Article
Judgmental bias; behavioral finance; investment decision;
overconfidence; real estate investment COMMON-STOCK INVESTMENT; SELF-ATTRIBUTION
BIAS; CEO OVERCONFIDENCE; JUDGMENTAL OVERCONFIDENCE; MARKET SENTIMENT; TRADING
ACTIVITY; INVESTORS TRADE; SECURITY MARKET; HOUSING-MARKET; RISK-TAKING Real
estate investment has recently been advancing rapidly in both volume and
complexity. A sound understanding of behavioral issues in this sector benefits all
stakeholders, such as investors, regulators and local residents. We focus on one of
the most robust behavioral anomalies in business and finance research:
overconfidence. Overconfidence significantly influences financial decision and
investment performance. However, theoretical and empirical studies are lacking in
real estate sector. We conduct a critical review of the overconfidence literature
to bridge this gap, identify future research directions for the study of
overconfidence in real estate markets, and suggest strategies to handle technical
issues, such as the robustness of overconfidence measurement and data availability.
Findings provide useful guidelines for researchers and practitioners to design and
implement overconfidence studies in real estate research. [Bao, Helen X. H.; Li,
Steven Haotong] Univ Cambridge, Dept Land Econ, Cambridge CB3 9EP, England Bao,
HXH (corresponding author), Univ Cambridge, Dept Land Econ, Cambridge CB3 9EP,
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PTE LTD SINGAPORE 5 TOH TUCK LINK, SINGAPORE 596224, SINGAPORE 0217-5908
1793-6837 SINGAP ECON REV Singap. Econ. Rev. SEP 2016 61
4 1650015
10.1142/S0217590816500156 24 Economics Business &
Economics DX8VG WOS:000384667700013 Green Submitted 2021-
10-06
J Murphy, A; Fu, L Murphy, Austin; Fu, Liang
 An Empirical Analysis of Investor Confidence Incorporated in Market Prices
JOURNAL OF BEHAVIORAL FINANCE English Article
Behavioral finance; Mispricings; Sentiment; Anomalies;
Institutional investors CROSS-SECTION; SENTIMENT; RISK; PSYCHOLOGY; RETURN; MONEY
Using market prices for an equity index, this research empirically estimates
the complex interrelationship between the confidence of informed investors,
aggregate market sentiment, and many other variables. The empirical results uncover
new insights on investment behavior, including novel evidence on the root causes of
various financial phenomena like the momentum and calendar month effects, which
themselves appear to be caused by the incentive systems existing among
institutional investors. Investor confidence is found to fall (rise) with moderate
(large) deviations between market prices and intrinsic values, but only true
knowledge of that variable is discovered to enhance investment returns.
[Murphy, Austin; Fu, Liang] Oakland Univ, 275 Varner Hall,SBA, Rochester, MI
48309 USA Murphy, A (corresponding author), Oakland Univ, 275 Varner Hall,SBA,
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ANOMALIES A 87 1 1 2 10 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
1542-7560 1542-7579 J BEHAV FINANC J. Behav. Financ. JUL 3 2019
20 3 267 293
10.1080/15427560.2018.1511564 27 Business, Finance; Economics
Business & Economics IT5YO WOS:000482945600002
2021-10-06
J Thakerngkiat, N; Nguyen, HT; Nguyen, NH; Visaltanachoti, N
Thakerngkiat, Narongdech; Nguyen, Hung T.; Nguyen, Nhut H.; Visaltanachoti,
Nuttawat Do accounting information and market environment matter for
cross-asset predictability? ACCOUNTING AND FINANCE English
Article Limits to arbitrage; Information
diffusion; Cross&#8208; asset predictability This paper examines whether
the differences in accounting information between stocks affect cross-asset return
predictability. We use a comprehensive set of accounting variables and find that
abnormal accruals, earnings smoothness, book-to-market, firm age, leverage,
abnormal capital investment and investment growth, among others, explain the
variation in return predictability across pairing stocks. Moreover, our results
show that cross-asset predictability varies over time and is associated with
funding liquidity and market sentiment. A simple trading strategy based on our
findings yields a higher mean return, lower standard deviation and higher Sharpe
ratio compared to a buy-and-hold strategy. [Thakerngkiat, Narongdech; Nguyen,
Hung T.; Visaltanachoti, Nuttawat] Massey Univ, Sch Econ & Finance, Auckland, New
Zealand; [Nguyen, Nhut H.] Auckland Univ Technol, Finance Dept, Auckland, New
Zealand Visaltanachoti, N (corresponding author), Massey Univ, Sch Econ &
Finance, Auckland, New Zealand. N.Visaltanachoti@massey.ac.nz ; Nguyen, Hung
T./J-3354-2018 Thakerngkiat, Narongdech/0000-0001-8454-0781; Nguyen, Hung
T./0000-0002-8564-7529; Visaltanachoti, Nuttawat/0000-0002-4351-3637; Nguyen H.,
Nhut/0000-0001-5201-9430 Massey University We appreciate helpful comments from
Stephen Dimmock, Howard Shyu, Janbo Wang and seminar participants at Massey
University, workshop leader and conference participants at the 2019 FMA
Asia/Pacific Conference Doctoral Student Consortium, the 31st Asian Finance
Association Conference, the 32nd Australasian Finance and Banking Conference, and
the 2019 New Zealand Finance Meeting. We are grateful to the Massey University
Travel Grant that supports this project. All errors are our own. Avramov D, 2013, J
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CHARACTERISTICS 93 0 0 0 1 WILEY HOBOKEN 111 RIVER ST,
HOBOKEN 07030-5774, NJ USA 0810-5391 1467-629X ACCOUNT FINANC
Account . Financ. SEP 2021 61 3 4389 4434
10.1111/acfi.12736 FEB 2021 46 Business, Finance Business &
Economics UK5GY WOS:000620268800001 2021-10-06
J Barcellos, SH; Carvalho, LS; Smith, JP; Yoong, J
Barcellos, Silvia Helena; Carvalho, Leandro S.; Smith, James P.; Yoong,
Joanne Financial Education Interventions Targeting Immigrants and
Children of Immigrants: Results from a Randomized Control Trial JOURNAL OF
CONSUMER AFFAIRS English Article
LITERACY We document that immigrants in the United States differ from
natives in several aspects relevant for their financial decision making. Based on
these differences, we designed novel financial education materials targeted at US
immigrants and their children and evaluated their effectiveness using a randomized
control trial. To the best of our knowledge, this is the first rigorous evaluation
of financial education programs targeted at this population. Compared to a control
group, the groups that received the one-time educational intervention were more
likely to correctly answer financial knowledge questions immediately after the
intervention. The estimated effects of this one-time intervention on knowledge were
large, but most of them faded away after six months. Moreover, we find little
effect of the treatments on intended financial behavior measures, both immediately
and six months later. Our results point to the efficacy of this type of educational
material in informing immigrants and their children about important financial
information that they are unfamiliar with, including information related to their
immigrant status. However, they also suggest that a priority for future research
should be to test whether repeated opportunities for learning can increase
financial knowledge retention and lead to behavior change. [Barcellos, Silvia
Helena; Carvalho, Leandro S.] Univ Southern Calif, Los Angeles, CA 90089 USA;
[Smith, James P.] RAND Corp, Santa Monica, CA USA; [Yoong, Joanne] Natl Univ
Singapore, Singapore, Singapore Barcellos, SH (corresponding author), Univ
Southern Calif, Los Angeles, CA 90089 USA. sbarcell@usc.edu; lcarvalh@usc.edu;
smith@rand.org; joanne_yoong@nuhs.edu.sg Yoong, Joanne/0000-0002-0162-9885
Social Security Administration Financial Literacy Research Consortium [5
FLR09010202]; NATIONAL INSTITUTE ON AGINGUnited States Department of Health & Human
ServicesNational Institutes of Health (NIH) - USANIH National Institute on Aging
(NIA) [K01AG050811] Funding Source: NIH RePORTER The authors thankfully
acknowledge funding from the Social Security Administration Financial Literacy
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10.1111/joca.12097 23 Business; Economics Business &
Economics DR7AV WOS:000380053300001 31802782 Green Accepted
2021-10-06
J Barcellos, SH; Zamarro, G Barcellos, Silvia Helena;
Zamarro, Gema Unbanked status and use of alternative financial
services among minority populations JOURNAL OF PENSION ECONOMICS & FINANCE
English Article Alternative financial
services; minorities; unbanked; underbanked LITERACY; IMPACT A large number of
Americans do not have bank accounts (the 'unbanked') or rely on costly alternative
financial services (AFS) such as payday loans (the 'underbanked'), with
implications for wealth accumulation and retirement preparedness. Using primary
data, we document large racial/ethnic differences in unbanked and in frequent AFS
usage rates. We study the role of socio-economic status (SES), financial literacy,
trust in financial institutions, networks, and time preferences in explaining these
gaps. While these variables explain a large fraction of the white-minority gaps in
unbanked status the same is not true for gaps in AFS use. A Blinder-Oaxaca
decomposition confirms these patterns: gaps in unbanked status are mostly explained
by differences in endowments across groups, for AFS gaps differences in returns to
endowments have the largest explanatory power. Our findings suggest that, while
related, unbanked and underbanked are distinct concepts with different underlying
causes that may require different policy responses. [Barcellos, Silvia Helena;
Zamarro, Gema] Univ Southern Calif, Dana & David Dornsife Coll Letters Arts & Sci,
CESR, 635 Downey Way, Los Angeles, CA 90089 USA; [Zamarro, Gema] Univ Arkansas,
Coll Educ & Hlth Profess, Dept Educ Reform, 219B Grad Educ Bldg, Fayetteville, AR
72701 USA Barcellos, SH (corresponding author), Univ Southern Calif, Dana & David
Dornsife Coll Letters Arts & Sci, CESR, 635 Downey Way, Los Angeles, CA 90089 USA.
sbarcell@usc.edu NIA funded through the Roybal Center for
Financial Decision Making [5P30AG024962]; NIAUnited States Department of Health &
Human ServicesNational Institutes of Health (NIH) - USANIH National Institute on
Aging (NIA) [K01AG050811] The research reported herein was pursuant to a seed
grant from the NIA funded through the Roybal Center for Financial Decision Making,
Grant No. 5P30AG024962. Barcellos thankfully acknowledges funding from NIA grant
K01AG050811. We also thank conference participants at the JPEF workshop and an
anonymous referee for all their comments. All errors are our own. Augenblick
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PII S1474747219000052 10.1017/S1474747219000052 14
Business, Finance; Economics Business & Economics UL6YT
WOS:000692795100005 2021-10-06
J Bruhn, A Bruhn, Aaron Relying on the
heuristic of trust: a case study ACCOUNTING AND FINANCE English
Article Behavioural finance; Financial
planning; Heuristics; Personal finance; Trust FINANCIAL LITERACY; DETERMINANTS
This study examines the reliance on trust as a heuristic by individuals when
making personal financial decisions, using a qualitative case study. We show that
in the face of complexity and choice, individual investors predominantly resorted
to the heuristic of trust to make financial decisions. This demonstrates the need
for industry and public policy-makers to be aware that individuals can and will
resort to simplified heuristics as a basis for financial decision-making,
particularly within an environment where substantial complexity and choice exist.
[Bruhn, Aaron] Australian Natl Univ, Coll Business & Econ, Res Sch Finance
Actuarial Studies & Stat, Canberra, ACT 2601, Australia Bruhn, A (corresponding
author), Australian Natl Univ, Coll Business & Econ, Res Sch Finance Actuarial
Studies & Stat, Canberra, ACT 2601, Australia. aaron.bruhn@anu.edu.au
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NJ USA 0810-5391 1467-629X ACCOUNT FINANC Account . Financ. APR
2019 59 1 SI 333 357 10.1111/acfi.12346
25 Business, Finance Business & Economics NR7MV
WOS:000571745800001 2021-10-06
J Monti, M; Pelligra, V; Martignon, L; Berg, N Monti,
Marco; Pelligra, Vittorio; Martignon, Laura; Berg, Nathan Retail
investors and financial advisors: New evidence on trust and advice taking
heuristics JOURNAL OF BUSINESS RESEARCH English Article
Trust; Delegation; Advice-taking; Heuristic; Non-expert;
Financial literacy This paper investigates factors that influence trust
and advice taking among retail investors when consulting with financial advisors
and making real-world portfolio decisions. The data reveal that non-expert retail
investors trust their advisors a lot. Trust formation appears to be well described
by a simple heuristic that relies substantially on the advisor's communication
style when deciding how much to trust and delegate investment decisions. Portfolio
decisions appear to depend more on investors' perceptions about the investor-
advisor relationship than on the risk and return characteristics of investments
comprising the portfolio choice set. This evidence supports Pentland's (2008)
"honest signals" as a more powerful mechanism underlying investor trust than
standard metrics based on past performance. Trust and advice-taking heuristics can
be interpreted as well adapted to the environment of the non-profit bank
cooperatives in which they are observed, implying that trusting based on simple
honest signals, although vulnerable to exploitation, can be interpreted as
ecologically rational. Features of the investor's environment typical of non-profit
cooperative banks imply that the heuristics investors use can perform rather well
without requiring investment experience or financial sophistication, which most
investors in our sample are well aware they lack. (C) 2014 Elsevier Inc. All rights
reserved. [Monti, Marco] IBM Corp, Rome, Italy; [Monti, Marco] Univ Vita Salute
San Raffaele, Milan, Italy; [Monti, Marco; Martignon, Laura] Max Planck Inst Human
Dev, Ctr Adapt Behav & Cognit, D-14195 Berlin, Germany; [Pelligra, Vittorio] Univ
Cagliari, Dept Econ & Business, I-09100 Cagliari, Italy; [Pelligra, Vittorio]
CRENoS, Cagliari, Italy; [Martignon, Laura] Ludwigsburg Univ Educ, Inst Math, D-
71634 Ludwigsburg, Germany; [Berg, Nathan] Univ Otago, Dunedin, New Zealand Monti,
M (corresponding author), Max Planck Inst Human Dev, Ctr Adapt Behav & Cognit,
Lentzeallee 94D, D-14195 Berlin, Germany. monti@mpib-berlin.mpg.de;
pelligra@unica.it; martignon@ph-ludwigsburg.de; nathan.berg@otago.ac.nz
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NEW YORK, NY 10169 USA 0148-2963 1873-7978 J BUS RES J. Bus. Res.
AUG 2014 67 8 1749 1757
10.1016/j.jbusres.2014.02.022 9 Business Business &
Economics AJ7DC WOS:000337856400020 2021-10-06
J Gyamfi-Yeboah, F; Ling, DC; Naranjo, A Gyamfi-Yeboah,
Frank; Ling, David C.; Naranjo, Andy Information, uncertainty, and
behavioral effects: Evidence from abnormal returns around real estate investment
trust earnings announcements JOURNAL OF INTERNATIONAL MONEY AND FINANCE
English Article Earnings announcements;
Real estate; REITs; International; Behavioral effects; Uncertainty; Information
processing CROSS-SECTION; SENTIMENT; MARKET; TRANSPARENCY; PSYCHOLOGY; ANOMALIES;
RISK; FIRM In this study, we examine the influence of real estate market
sentiment, market-level uncertainty, and REIT-level uncertainty on cumulative
abnormal earnings announcement returns over the 1995-2009 time period. We first
document the relative coverage of analysts' earnings forecasts on U.S. REITs, as
well as REITs from several countries (i.e., Australia, Belgium, Canada, France,
Hong Kong, Japan, the Netherlands, and UK). We show that coverage outside of the
U.S. is limited, and we consequently focus our analysis on U.S. REITs. We find
strong evidence that earnings announcements contain pricing relevant information,
with positive (negative) earnings surprises relative to analysts' forecasts
resulting in significantly positive (negative) abnormal returns around the
announcement date. Consistent with the findings from the broader equity market
literature, we find limited evidence of a pre-announcement drift in the cumulative
abnormal returns. However, in sharp contrast to the existing equity literature, we
find no evidence of a post-earnings announcement drift in our aggregate sample or
when the sample is restricted to the largest negative surprises. We find evidence
of a post-earnings announcement drift for only the largest positive earnings
surprises. These results are consistent with REIT returns more quickly impounding
information relative to the broader equity market, in part because of the parallel
private real estate market and because of the U.S. REIT structure and information
environment. Finally, in our conditional regression analysis of cumulative abnormal
returns, we find that real estate investor sentiment, market-wide uncertainty, and
firm-level uncertainty significantly affect the magnitude of abnormal announcement
returns and also influence the effect of unexpected earnings on abnormal returns.
(C) 2012 Elsevier Ltd. All rights reserved. [Ling, David C.; Naranjo, Andy]
Univ Florida, Warrington Coll Business Adm, Dept Finance Insurance & Real Estate,
Gainesville, FL 32611 USA; [Gyamfi-Yeboah, Frank] Kwame Nkrumah Univ Sci & Technol,
Dept Land Econ, Kumasi, Ghana Naranjo, A (corresponding author), Univ Florida,
Warrington Coll Business Adm, Dept Finance Insurance & Real Estate, POB 117168,
Gainesville, FL 32611 USA. frank.gyamfi-yeboah@warrington.ufl.edu; ling@ufl.edu;
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Business, Finance Business & Economics 054OQ WOS:000312353500007
2021-10-06
J Kaplanski, G; Levy, H Kaplanski, Guy; Levy, Haim
Sentiment and stock prices: The case of aviation disasters JOURNAL OF
FINANCIAL ECONOMICS English Article
Event effect; Reversal effect; Market sentiment; Behavioral finance;
Disasters POSTTRAUMATIC-STRESS-DISORDER; 2 LINEAR REGRESSIONS; INVESTOR
SENTIMENT; RISK-TAKING; TELEVISION IMAGES; TERRORIST ATTACKS; MEDIA COVERAGE;
MARKET FORCES; CROSS-SECTION; SEPTEMBER 11 Behavioral economic studies reveal
that negative sentiment driven by bad mood and anxiety affects investment decisions
and may hence affect asset pricing. In this study we examine the effect of aviation
disasters on stock prices. We find evidence of a significant negative event effect
with an average market loss of more than $60 billion per aviation disaster, whereas
the estimated actual loss is no more than $1 billion. In two days a price reversal
occurs. We find the effect to be greater in small and riskier stocks and in firms
belonging to less stable industries. This event effect is also accompanied by an
increase in the perceived risk: implied volatility increases after aviation
disasters without an increase in actual volatility. (C) 2009 Elsevier B.V. All
rights reserved. [Kaplanski, Guy] Bar Ilan Univ, Ramat Gan, Israel; [Levy, Haim]
Hebrew Univ Jerusalem, Ramat Gan, Israel; [Levy, Haim] Ctr Law & Business, Ramat
Gan, Israel Kaplanski, G (corresponding author), Bar Ilan Univ, Ramat Gan, Israel.
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10.1016/j.jfineco.2009.10.002 28 Business, Finance; Economics
Business & Economics 541QY WOS:000273435100003
2021-10-06
J van Ooijen, R; van Rooij, MCJ van Ooijen, Raun; van Rooij,
Maarten C. J. Mortgage risks, debt literacy and financial advice
JOURNAL OF BANKING & FINANCE English Article
Mortgage choice; Risk-taking; Financial literacy; Financial
advice DEFAULT A limited understanding of mortgage contracts and the risks
involved may have contributed to the outbreak of the 2007-2008 financial crisis. We
developed a special questionnaire relating mortgage loan decisions to financial
knowledge and financial advice. Our results demonstrate that homeowners appear to
be well aware of mortgage risks. Large loans relative to home value are perceived
as riskier, as are loans with large mortgage payments relative to income and loans
linked to investment vehicles. Homeowners with riskier mortgages indicated that
they could encounter financial problems should house prices or their income
decline. Homeowners with relatively low debt literacy are more likely to take out
traditional mortgages with principal repayments over the maturity of the loan.
Riskier mortgages are more prevalent among homeowners with a better understanding
of loan contracts. Financially less sophisticated homeowners consulting mortgage
brokers, too, hold riskier mortgages. 2016 Elsevier B.V. All rights reserved.
[van Ooijen, Raun] Univ Groningen, Dept Econ Econometr & Finance, POB 800,
NL-9700 AV Groningen, Netherlands; [van Rooij, Maarten C. J.] De Nederlandsche
Bank, POB 98, NL-1000 AB Amsterdam, Netherlands; [van Ooijen, Raun; van Rooij,
Maarten C. J.] Netspar, POB 90153, NL-5000 LE Tilburg, Netherlands van Ooijen,
R (corresponding author), Univ Groningen, Dept Econ Econometr & Finance, POB 800,
NL-9700 AV Groningen, Netherlands. R.van.Ooijen@rug.nl; M.C.J.van.Rooij@dnb.nl
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45 15 15 4 31 ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX
AMSTERDAM, NETHERLANDS 0378-4266 1872-6372 J BANK FINANC J. Bank
Financ. NOV 2016 72 201 217
10.1016/j.jbankfin.2016.05.001 17 Business, Finance;
Economics Business & Economics ED8EQ WOS:000389105200013 Green
Published 2021-10-06
J Jia, DK; Li, RH; Bian, SB; Gan, C Jia, Dekui; Li, Ruihai;
Bian, Shibo; Gan, Christopher Financial Planning Ability, Risk
Perception and Household Portfolio Choice EMERGING MARKETS FINANCE AND TRADE
English Article financial market
participation; financial planning ability; household portfolio choice; risk
perception; risky assets holding STOCK-MARKET PARTICIPATION; LITERACY;
EDUCATION; BEHAVIOR; DIVERSIFICATION; WEALTH Using data from the 2014 China
Family Panel Studies survey (CFPS), we investigate the effects of financial
planning ability and risk perception on household portfolio choice. Our findings
show that households with greater financial planning ability are more likely to
invest in financial markets and hold a larger proportion of risky financial assets.
The empirical results suggest that a higher level of risk perception leads to more
market participation and risky assets holding. Compared with the insignificant
effect of financial literacy, we find that financial planning ability significantly
affects household investment earnings, and high financial planning ability tends to
contribute to a positive investment return. [Jia, Dekui] Changzhou Univ, Coll
Business, Changzhou, Peoples R China; [Li, Ruihai] Shanghai Lixin Univ Accounting &
Finance, Sch Management, Shanghai 201620, Peoples R China; [Bian, Shibo] Shanghai
Univ Finance & Econ, Sch Stat & Management, Shanghai, Peoples R China; [Gan,
Christopher] Lincoln Univ, Fac Agribusiness & Commerce, Canterbury, New Zealand
Li, RH (corresponding author), Shanghai Lixin Univ Accounting & Finance, Sch
Management, Shanghai 201620, Peoples R China. liruihai@lixin.edu.cn Jia,
Dekui/AAD-5728-2019 Jia, Dekui/0000-0001-7420-811X National Social Science
Foundation of China [17BJL036] This work was supported by the National Social
Science Foundation of China, grant 17BJL036. Agarwal S, 2015, J HOUS ECON, V27,
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MANAG, V4, P37 51 3 3 5 22 ROUTLEDGE JOURNALS, TAYLOR &
FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON,
ENGLAND 1540-496X 1558-0938 EMERG MARK FINANC TR Emerg. Mark.
Financ. Trade JUN 21 2021 57 8 2153 2175
10.1080/1540496X.2019.1643319 SEP 2019 23 Business; Economics;
International Relations Business & Economics; International Relations SL7UV
WOS:000487135800001 2021-10-06
J Kaplanski, G; Levy, H Kaplanski, Guy; Levy, Haim
Real estate prices: An international study of seasonality's sentiment effect
JOURNAL OF EMPIRICAL FINANCE English Article
Market sentiment; Real estate prices; Prices' seasonality;
Behavioral economics AFFECTIVE-DISORDER; INVESTOR SENTIMENT; MARKET; PREVALENCE;
RETURNS; LATITUDE; WEATHER The current study shows that real estate prices in
several countries reveal a significant and persistent seasonality, where the
highest rates of return are obtained in the spring and early summer, and the lowest
rates of return are obtained in the fall. This seasonality is explained by a joint
effect of the change in the number of daylight hours and the latitude of the area
zone under consideration. Notably, latitude affects real estate prices above and
beyond the effect of the change in the number of daylight hours, which by itself is
a function of latitude. This joint effect is robust to the two explanations for
seasonality given in the literature: the Matching Theory and the Bargaining Power
Hypothesis, as well as to several macroeconomic variables. The effect also conforms
to the well-known Seasonal Affective Disorder (SAD), which has been found in other
studies to affect people's health, their risk attitude, and consequently their risk
perception and investment decisions which, in turn, affect asset prices. (C) 2011
Elsevier B.V. All rights reserved. [Levy, Haim] Hebrew Univ Jerusalem, IL-91905
Jerusalem, Israel; [Kaplanski, Guy] Bar Ilan Univ, IL-52100 Ramat Gan, Israel;
[Levy, Haim] Acad Ctr Law & Business, Ramat Gan, Israel Levy, H (corresponding
author), Hebrew Univ Jerusalem, IL-91905 Jerusalem, Israel.guykap@biu.ac.il;
mshlevy@mscc.huji.ac.il Kaplanski, Guy/J-2890-2013 Kaplanski, Guy/0000-0002-
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10.1016/j.jempfin.2011.11.004 24 Business, Finance; Economics
Business & Economics 889KV WOS:000300073500008
2021-10-06
J Menkhoff, L; Schmeling, M; Schmidt, U Menkhoff, Lukas;
Schmeling, Maik; Schmidt, Ulrich Overconfidence, experience, and
professionalism: An experimental study JOURNAL OF ECONOMIC BEHAVIOR &
ORGANIZATION English Article
Market behavior; Overconfidence; Experience; Professionalism AGE-
DIFFERENCES; CONFIDENCE JUDGMENTS; FUND MANAGERS; KNOWLEDGE; TRADERS; PERFORMANCE;
INFORMATION; ACCURACY; MARKETS; REALISM This paper presents an online-experiment
on overconfidence in the context of financial markets. Our subject pool consists of
institutional investors, investment advisors and individual investors, all of them
being registered users of a large online platform for market sentiment data. Due to
their registration, several socioeconomic characteristics of participants can be
controlled for in our analysis. It turns out that there are stable differences in
overconfidence between the three investor groups. Moreover, investment experience
and age have a significant impact on the degree of overconfidence which goes
surprisingly in opposite direction. We argue that these results have important
implications for studies analyzing the impact of experience on behavior in
(financial) markets. (C) 2012 Elsevier B.V. All rights reserved. [Menkhoff, Lukas;
Schmeling, Maik] Leibniz Univ Hannover, Hannover, Germany; [Schmidt, Ulrich] Univ
Kiel, D-24098 Kiel, Germany; [Schmidt, Ulrich] Kiel Inst World Econ, Kiel, Germany
Schmidt, U (corresponding author), Univ Kiel, Lehrstuhl Finanzwissensch
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Economics Business & Economics 096ST WOS:000315425300008 Green
Submitted 2021-10-06
J Pillay, N; Muller, C; Ward, M Pillay, N.; Muller, C.; Ward,
M. Fund size and returns on the JSE INVESTMENT ANALYSTS JOURNAL
English Article FUNDAMENTAL
LAW Market sentiment, the popular press and academia are divided on the question
of whether the size of a fund affects its performance. This study examines the
issue by constructing hypothetical portfolios of varying sizes, using historical
data for each of the years 1991 to 2008. Each portfolio consisted of 40 randomly
selected stocks, chosen from an investment universe of the top 160 JSE listed
shares in terms of market capitalisation. Rules were applied to limit the
concentration of any particular share and to ensure that trading volumes were
practical. Simulation was then used to explore the boundaries of possible returns
for each portfolio. The results of the simulation indicate that a fund's size is a
contributing factor to its performance; liquidity being the underlying reason for
this relationship. Performance was found to be affected for fund sizes greater than
about R5bn. Large funds are increasingly forced towards market-cap weightings with
a resulting concentration in resource stocks. The relevance of these findings to
the South African fund management industry is that large funds should switch to
passive investment strategies. Small to medium sized portfolio managers must be
aware of the size effect and ensure that their funds are 'capped'. [Pillay, N.]
Univ Witwatersrand, ZA-2050 Johannesburg, South Africa; [Muller, C.; Ward, M.] Univ
Pretoria, Gordon Inst Business Sci, ZA-2196 Johannesburg, South Africa Pillay, N
(corresponding author), Univ Witwatersrand, ZA-2050 Johannesburg, South Africa.
mchlwrd@gmail.com Annaert J, 2003, EUR J OPER RES,
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11 Business, Finance Business & Economics 694LE
WOS:000285298700001 2021-10-06
J Lavin, JF; Valle, MA; Magner, NS Lavin, Jaime F.; Valle,
Mauricio A.; Magner, Nicolas S. Heuristics in Mutual Fund
Consumers' Willingness-to-Invest: An Experimental Approach JOURNAL OF CONSUMER
AFFAIRS English Article
FINANCIAL LITERACY; CONTEXTUAL INFORMATION; BEHAVIORAL ECONOMICS; PRODUCT
EVALUATIONS; REFERENCE PRICES; REAL-ESTATE; QUALITY; MODEL; PERCEPTIONS;
PERSPECTIVE This paper improves the understanding of heuristics in the choice of
mutual funds. We analyze the effect of price-quality relationship and anchors as
heuristics on the evaluation of the willingness-to-invest. We perform two studies
with graduate students who possess a medium-high level of financial literacy in
Chile. In the first study, we find that willingness-to-invest increases (decreases)
when subjects observe (do not observe) in the market a positive relationship
between expense ratios (price) and service quality. In the second study, in the
presence of an anchor, the reference price obtained by individuals from the market
information loses relevance and the anchor effect predominates. Our results confirm
that participants, as consumers of financial services, apply heuristics as
groundwork for their investment decisions. These heuristics as a decision making
process are useful but do not always lead to the choice of the lowest cost
alternative with the highest possible service quality. [Lavin, Jaime F.] Adolfo
Ibanez Univ, Sch Business, Santiago, Chile; [Valle, Mauricio A.; Magner, Nicolas
S.] Univ Finis Terrae, Fac Econ & Business, Santiago, ChileLavin, JF (corresponding
author), Adolfo Ibanez Univ, Sch Business, Santiago, Chile.jaime.lavin@uai.cl;
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WIN 2019 53 4 1970 2002
10.1111/joca.12279 SEP 2019 33 Business; Economics
Business & Economics KV4VF WOS:000489472800001
2021-10-06
J Jimenez, I; Chiesa, R; Topa, G Jimenez, Irene; Chiesa,
Rita; Topa, Gabriela Financial Planning for Retirement: Age-Related
Differences Among Spanish Workers JOURNAL OF CAREER DEVELOPMENT
English Article financial planning;
retirement; financial literacy; goal clarity; investment advice; financial
resources DETERMINANTS; SATISFACTION; EXPECTATIONS; ATTITUDES; HEALTHThis article
tests an integrated model of financial planning for retirement (FPR), with 948
Spanish workers aged between 30 and 63. Overall, the three model dimensions-
capacity, willingness, and opportunities to plan and save-show a significant
association with financial planning for retirement. The moderator role of age in
the relationships between antecedents and financial planning was tested. Consistent
with our hypothesis, younger participants showed a greater level of FPR if they
were characterized by a high level of education. The interaction between both age
and psychological preparation for retirement and retirement goals clarity failed to
reach statistical significance. We discuss how financial planning effectiveness
could be increased based on the results of importance-performance map analyses.
[Jimenez, Irene; Topa, Gabriela] Natl Distance Educ Univ UNED, Dept Social &
Org Psychol, Madrid, Spain; [Chiesa, Rita] Univ Bologna, Fac Psychol, Bologna,
Italy Topa, G (corresponding author), UNED, Fac Psychol, C Juan del Rosal 10,
Madrid 28040, Spain. gtopa@psi.uned.es Topa, Gabriela/L-9061-2014; CHIESA,
Rita/F-5632-2016 Topa, Gabriela/0000-0002-9181-8603; CHIESA, Rita/0000-0001-6308-
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10.3389/fpsyg.2015.01493 57 0 0 0 26 SAGE PUBLICATIONS INC
THOUSAND OAKS 2455 TELLER RD, THOUSAND OAKS, CA 91320 USA 0894-8453
1556-0856 J CAREER DEV J. Career Dev. OCT 2019 46 5
550 566 10.1177/0894845318802093
17 Psychology, Applied Psychology IT5ZY WOS:000482950400005
2021-10-06
J Marinelli, N; Mazzoli, C; Palmucci, F Marinelli,
Nicoletta; Mazzoli, Camilla; Palmucci, Fabrizio Mind the Gap:
Inconsistencies Between Subjective and Objective Financial Risk Tolerance
JOURNAL OF BEHAVIORAL FINANCE English Article
Financial risk tolerance; Risk tolerance gap; Suitable investment
portfolios; Risk profile ALLOCATION; AVERSION; AGE Investors' financial
risk tolerance is crucial in the formulation of suitable financial advice; in the
past, assessment efforts relied on multiple approaches and techniques, but their
consistency is still an issue. The authors focus on 2 metrics traditionally
proposed (self-assessment and portfolio composition) and test their mutual
consistency on a sample of 2,374 investors. The approach allows them to
discriminate between inconsistencies due to wrong portfolio compositions and those
arising from wrong self-assessments. The authors show that low financial literacy,
high income, no children, and incautious economic behavior are commonly associated
with such inconsistencies. [Marinelli, Nicoletta] Univ Macerata, Macerata,
Italy; [Mazzoli, Camilla] Univ Politecn Marche, Ancona, Italy; [Palmucci, Fabrizio]
Univ Bologna, Bologna, Italy Mazzoli, C (corresponding author), Univ Politecn
Marche, Dept Management, Ple Martelli 8, I-60121 Ancona, Italy.
c.mazzoli@univpm.it Palmucci, Fabrizio/A-6297-2009 Palmucci,
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50 6 6 1 8 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
1542-7560 1542-7579 J BEHAV FINANC J. Behav. Financ. 2017
18 2 219 230
10.1080/15427560.2017.1308944 12 Business, Finance; Economics
Business & Economics EV0RY WOS:000401453600008
2021-10-06
J Croy, G; Gerrans, P; Speelman, C Croy, Gerry; Gerrans,
Paul; Speelman, Craig The role and relevance of domain knowledge,
perceptions of planning importance, and risk tolerance in predicting savings
intentions JOURNAL OF ECONOMIC PSYCHOLOGY English Article
Savings; Planning; Knowledge; Risk tolerance;
Intention BEHAVIOR; DETERMINANTS The need for individuals to increase retirement
savings has been widely promoted yet our understanding of the motivations of
individuals to save at a higher rate remains sparse This paper reports the findings
of a survey of 2300 retirement savings fund members and their motivations to
contribute more to savings and to actively manage their investment strategy
Utilising the theory of planned behavior the study reveals respondent s self
reported attitudes subjective norms and perceptions of behavioral control account
for a high proportion of the variance in behavioral intention Contrary to
expectations the study finds that respondent s risk tolerance adds little to the
prediction of behavioral intention By contrast perceptions of planning importance
and self assessed planning preparedness (domain knowledge) are found to exert
powerful indirect influences on behavioral intentions via the perceived behavioral
control construct This novel finding confirms the relevance of planning constructs
and financial literacy to an understanding of retirement savings behavior and
establishes a need to improve levels of financial literacy in society (C) 2010
Elsevier BV All rights reserved [Croy, Gerry] Edith Cowan Univ, Sch Accounting
Finance & Econ, Joondalup, WA 6027, Australia; [Speelman, Craig] Edith Cowan Univ,
Sch Psychol & Social Sci, Joondalup, WA 6027, Australia Croy, G (corresponding
author), Edith Cowan Univ, Sch Accounting Finance & Econ, 270 Joondalup Dr,
Joondalup, WA 6027, Australia. Speelman, Craig/P-8866-2019 Speelman,
Craig/0000-0001-8629-174X; Gerrans, Paul/0000-0002-5690-7141 Access
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860 871 10.1016/j.joep.2010.06.002 12 Economics;
Psychology, Multidisciplinary Business & Economics; Psychology 697CF
WOS:000285489500004 Green Submitted 2021-10-06
J Chen, XN; Song, JF Chen, Xiaonan; Song, Jianfeng
Influence Path Analysis of Rural Household Portfolio Selection: A Empirical
Study Using Structural Equation Modelling Method JOURNAL OF REAL ESTATE
FINANCE AND ECONOMICS English Article; Early Access
Rural household; Portfolio selection; Risky financial assets;
Structural equation modelling (SEM) FINANCIAL LITERACY; RISK-AVERSION; PLS-SEM;
CHOICE; ASSETS; WEALTH; DEBT The frequency of incomplete portfolios consisting of
a few risk-free assets is an important issue in household portfolio selection, and
its cause has not yet been satisfactorily identified. Using data from the Shaanxi
Province survey of rural residents' financial assets in China, this paper validates
the influence path model of household portfolios to understand the determinants of
rural household's ownership of risky financial assets. The structural equation
modelling method is used to illustrate the complex relationship between household
portfolio allocation and influencing factors. The results show that holding risky
financial assets is directly determined by total financial assets, risky investment
intentions and financial market knowledge. Ability, desire and awareness are all
indispensable for holding risky financial assets, which can explain most of the
incomplete participant problem. Household wealth, financial literacy, age and
education have indirect influences along different paths through these three
mediation variables. In addition, a second house is separated from real estate that
only includes the residential house and defined investments. A path analysis also
shows that real estate (residential house, home appliances and vehicles) does not
have a significant effect on holding risky financial assets, while an investment
house will crowd out and substitute financial assets and have a negative influence
on holding risky financial assets. The findings could help explain the fairly
simple and safe structure of the typical household portfolio in rural China and
other undeveloped regions and may also have important policy implications for
developing risky financial markets in similar regions. [Chen, Xiaonan; Song,
Jianfeng] Northwest A&F Univ, Coll Econ & Management, Yangling 712100, Shaanxi,
Peoples R China Song, JF (corresponding author), Northwest A&F Univ, Coll Econ &
Management, Yangling 712100, Shaanxi, Peoples R China. s_jf@nwafu.edu.cn
Social Science Foundation of Shaanxi Province of China [2015R027]; China
Postdoctoral Science FoundationChina Postdoctoral Science Foundation [2017M613232];
Humanities and Social Sciences Project of the Fundamental Research Funds for the
Northwest Agricultural and Forestry University [2015RWYB02]This work is supported
by the Social Science Foundation of Shaanxi Province of China (2015R027), China
Postdoctoral Science Foundation funded project (2017M613232), and the Humanities
and Social Sciences Project of the Fundamental Research Funds for the Northwest
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SPRINGER DORDRECHT VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT,
NETHERLANDS 0895-5638 1573-045X J REAL ESTATE FINANC J. Real Estate
Financ. Econ.
10.1007/s11146-020-09805-1 JAN 2021 25 Business, Finance;
Economics; Urban Studies Business & Economics; Urban Studies PN4OL
WOS:000604460000001 2021-10-06
J Chang, EC; Lin, TC; Luo, Y; Ren, JJ Chang, Eric C.; Lin,
Tse-Chun; Luo, Yan; Ren, Jinjuan Ex-Day Returns of Stock
Distributions: An Anchoring Explanation MANAGEMENT SCIENCE
English Article economics; behavior and
behavioral decision making; finance; asset pricing; anchoring; splits; stock
dividends INVESTMENT PERFORMANCE; REVERSE SPLITS; REAL-ESTATE; DIVIDEND;
MICROSTRUCTURE; ADJUSTMENT; DATE; BIAS; DISCRETENESS; PERSPECTIVE We offer a
new anchoring explanation for the ex-day abnormal returns of stock distributions,
including stock dividend distributions, splits, and reverse splits. We propose that
investors tend to anchor on cum-day prices in valuating ex-distribution stocks,
resulting in a positive association between ex-day returns and adjustment factors.
We find that this positive return-factor relation exists for all three types of
stock distributions and in both the pre- and post-decimalization periods.
Furthermore, we find that this positive return-factor relation is more pronounced
among events that are more subject to investors' anchoring propensity, featured by
less investor attention, greater arbitrage difficulty, greater valuation
uncertainty, less investor sophistication, and higher market sentiment. Last, using
brokerage account data, we show that stocks that are traded by investors with more
investment experience demonstrate a weaker return-factor relation. [Chang, Eric
C.; Lin, Tse-Chun] Univ Hong Kong, Fac Business & Econ, Hong Kong, Peoples R China;
[Luo, Yan] Fudan Univ, Sch Management, Shanghai 200433, Peoples R China; [Ren,
Jinjuan] Univ Macau, Fac Business Adm, Taipa, Macau, Peoples R China Ren, JJ
(corresponding author), Univ Macau, Fac Business Adm, Taipa, Macau, Peoples R
China. ecchang@hku.hk; tsechunlin@hku.hk; caroline.y.luo@gmail.com;
jinjuanren@umac.mo Lin, Tse-Chun/AAM-2147-2020; LI, DONGLIN/AAS-1210-2020;
Ren, Jinjuan/I-5217-2014 Lin, Tse-Chun/0000-0002-3266-9898; Ren, Jinjuan/0000-
0001-9827-4031 Chung Hon-Dak Endowed Professorship in Finance; National Natural
Science Foundation of China [NSFC]National Natural Science Foundation of China
(NSFC) [71772049, 71402032]; University of Macau [MYRG071(Y1-L2)-FBA11-RJJ,
MYRG2015-00158-FBA] E. C. Chang acknowledges the funding of Chung Hon-Dak
Endowed Professorship in Finance. Y. Luo acknowledges the financial support from
National Natural Science Foundation of China [NSFC Projects 71772049 and 71402032].
J. Ren acknowledges the financial support from the University of Macau [MYRG071(Y1-
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3 7 41 INFORMS CATONSVILLE 5521 RESEARCH PARK DR, SUITE 200,
CATONSVILLE, MD 21228 USA 0025-1909 1526-5501 MANAGE SCI Manage. Sci.
MAR 2019 65 3 1076 1095
10.1287/mnsc.2017.2843 20 Management; Operations Research &
Management Science Business & Economics; Operations Research & Management
Science HP8GY WOS:000461928600007 Green Submitted 2021-
10-06
J Horneff, V; Maurer, R; Mitchell, OS; Rogalla, R Horneff,
Vanya; Maurer, Raimond; Mitchell, Olivia S.; Rogalla, Ralph Optimal life
cycle portfolio choice with variable annuities offering liquidity and investment
downside protection INSURANCE MATHEMATICS & ECONOMICS English
Article Dynamic portfolio choice; Longevity
risk; Variable annuity; Money-back guarantee; Liquidity; Retirement income ASSET
ALLOCATION; FINANCIAL LITERACY; RISK; CONSUMPTION; BENEFITS; INSURANCE; FRAMEWORK;
SECURITY; AVERSION; SAVINGS This paper assesses optimal life cycle consumption
and portfolio allocations when households have access to Guaranteed Minimum
Withdrawal Benefit (GMWB) variable annuities over their adult lifetimes. Our
contribution is to evaluate demand for these products which provide access to
equity investments with money-back guarantees, longevity risk hedging, and
partially-refundable premiums, in a realistic world with uncertain labor and
capital market income as well as mortality risk. Others have predicted that
consumers will only purchase such annuities late in life, but we show that they
will optimally purchase GMWBs prior to retirement, consistent with their recent
rapid uptick in sales. Additionally, many individuals optimally adjust their
portfolios and consumption streams along the way by taking cash withdrawals from
the products. These products can substantially enhance consumption, by up to 10%
for those who experience highly unfavorable experiences in the stock market. (C)
2015 Elsevier B.V. All rights reserved. [Horneff, Vanya; Maurer, Raimond;
Rogalla, Ralph] Goethe Univ Frankfurt, Dept Finance, D-60054 Frankfurt, Germany;
[Mitchell, Olivia S.] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA
Maurer, R (corresponding author), Goethe Univ Frankfurt, Dept Finance,
Grueneburgpl 1 Uni PF H 23, D-60054 Frankfurt, Germany. vhorneff@finance.uni-
frankfurt.de; maurer@finance.uni-frankfurt.de; mitchelo@wharton.upenn.edu;
rogalla@finance.uni-frankfurt.de US Social Security Administration
(SSA) [5 RRC08098401-05-00]; TIAA-CREF Research Institute; German Investment and
Asset Management Association (BVI); SAFE Research Center - State of Hessen
initiative for research excellence, LOEWE; Pension Research Council at The Wharton
School of the University of Pennsylvania; Metzler Exchange Professor program The
research reported herein was performed pursuant to a grant from the US Social
Security Administration (SSA) to the Michigan Retirement Research Center (MRRC) as
part of the Retirement Research Consortium (Grant # 5 RRC08098401-05-00).
Additional research support was provided by the TIAA-CREF Research Institute; the
German Investment and Asset Management Association (BVI); the SAFE Research Center
funded by the State of Hessen initiative for research excellence, LOEWE; the
Pension Research Council at The Wharton School of the University of Pennsylvania;
and the Metzler Exchange Professor program. Helpful input was provided Andrew
Simonelli and Yannick Dillschneider. This research is part of the NBER programs on
Aging, Public Economics, and Labor Studies. Opinions and errors are solely those of
the authors and not of the institutions with whom the authors are affiliated. (c)
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ELSEVIER SCIENCE BV AMSTERDAM PO BOX 211, 1000 AE AMSTERDAM,
NETHERLANDS 0167-6687 1873-5959 INSUR MATH ECON Insur. Math. Econ.
JUL 2015 63 SI 91 107
10.1016/j.insmatheco.2015.03.031 17 Economics; Mathematics,
Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics &
Probability Business & Economics; Mathematics; Mathematical Methods In Social
Sciences CO9OI WOS:000359504700008 Green Published 2021-
10-06
J Cox, R; de Goeij, P Cox, Ruben; de Goeij, Peter
Regulatory Certification, Risk Factor Disclosure, and Investor Behavior
REVIEW OF FINANCE English Article
Salience; Investment behavior; Advertising; Statutory disclosure INFORMATION-
CONTENT; FINANCIAL LITERACY; CONSUMER; ATTENTION; RETURNS; SEARCH This article
examines the question: Does regulatory approval of prospectuses act as a
"certification" of securities offerings? Rational investors should generally ignore
prospectus approval due to its being uninformative regarding either the quality of,
or motives for, the underlying offering. Our survey experiment demonstrates that
salient references to regulatory oversight in investment advertisements can lead to
significant increases in willingness to invest and concomitant decreases in
perceived risks. Conversely, salient disclosure of risk factor information
increases risk perceptions and reduces the intention to search for additional
information. Various robustness tests confirm that investors can perceive
regulatory oversight of securities offerings as an endorsement. Our results provide
insight regarding the design of the disclosure and the effective regulation of
financial marketing. [Cox, Ruben] Erasmus Sch Econ, Rotterdam, Netherlands; [de
Goeij, Peter] Tilburg Univ, Tilburg, Netherlands Cox, R (corresponding
author), Erasmus Sch Econ, Rotterdam, Netherlands.
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ST, OXFORD OX2 6DP, ENGLAND 1572-3097 1573-692X REV FINANC Rev. Financ.
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10.1093/rof/rfaa003 28 Business, Finance; Economics
Business & Economics OW8YA WOS:000593164000004 Green Published
2021-10-06
J Armantier, O; de Bruin, WB; Topa, G; van der Klaauw, W; Zafar, B
Armantier, Olivier; de Bruin, Waendi Bruine; Topa, Giorgio; van der Klaauw,
Wilbert; Zafar, Basit INFLATION EXPECTATIONS AND BEHAVIOR: DO SURVEY
RESPONDENTS ACT ON THEIR BELIEFS? INTERNATIONAL ECONOMIC REVIEW
English Article RISK ATTITUDES;
ELICITATION; AVERSION; CHOICE We compare the inflation expectations reported by
consumers in a survey with their behavior in a financially incentivized investment
experiment. The survey is found to be informative in the sense that the beliefs
reported by the respondents are correlated with their choices in the experiment.
More importantly, we find evidence that most respondents act on their inflation
expectations showing patterns consistent with economic theory. Respondents whose
behavior cannot be rationalized tend to have lower education and lower numeracy and
financial literacy. These findings help confirm the relevance of inflation
expectations surveys and provide support to the microfoundations of modern
macroeconomic models. [Armantier, Olivier] Fed Reserve Bank New York, New York,
NY 10013 USA; Univ Leeds, Sch Business, Leeds LS2 9JT, W Yorkshire, England;
Carnegie Mellon Univ, Pittsburgh, PA 15213 USA Armantier, O (corresponding
author), Fed Reserve Bank New York, 33 Liberty St, New York, NY 10013 USA.
olivier.armantier@ny.frb.org de Bruin, Wandi Bruine/N-8588-2018 de Bruin,
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2015 56 2 SI 505 536 10.1111/iere.12113
32 Economics Business & Economics CH3XA
WOS:000353963100007 Green Submitted, Green Accepted
2021-10-06
J Thorp, S; Bird, R; Foster, FD; Gray, J; Raftery, A; Yeung, DCS
Thorp, Susan; Bird, Ron; Foster, F. Douglas; Gray, Jack; Raftery, Adrian;
Yeung, Danny C. S. Experiences of current and former members of
self-managed superannuation funds AUSTRALIAN JOURNAL OF MANAGEMENT
English Article Financial advisors;
financial literacy; household finance; pensions; self-managed superannuation funds
We surveyed 854 current and 147 former members of self-managed superannuation
funds (SMSFs) in 2016. The results of our survey document their aspirations,
operational practices and experiences. Both current and former members expressed
high general interest in superannuation, but 'detractors' of SMSFs outnumbered
'promoters'. SMSF members said they enjoy 'control' of investment, but a majority
delegated tasks to financial professionals. Three times as many members rated the
performance of their fund as above the SMSF average as below, although most did not
measure the performance of their fund adequately. The probability of closing a SMSF
is significantly higher if members use net returns, rather than other indicators
such as account balance, to judge performance. JEL Classification:H55, H75, J32
[Thorp, Susan; Foster, F. Douglas] Univ Sydney, Business Sch, Discipline
Finance, Sydney, NSW, Australia; [Bird, Ron; Gray, Jack; Yeung, Danny C. S.] Univ
Technol Sydney, UTS Business Sch, Finance Discipline Grp, Sydney, NSW, Australia;
[Raftery, Adrian] Deakin Univ, Deakin Business Sch, Melbourne, Vic, Australia
Thorp, S (corresponding author), Univ Sydney, Abercrombie Bldg, Sydney, NSW
2006, Australia. susan.thorp@sydney.edu.au Thorp, Susan/0000-0003-3462-
0876 Centre for International Finance and Regulation; University of Technology
Sydney; University of Sydney under CIFR Project [E220]; Commonwealth Government;
NSW Government This research was jointly funded by the Centre for International
Finance and Regulation, the University of Technology Sydney and The University of
Sydney under CIFR Project E220. The Centre for International Finance and Regulation
is funded by the Commonwealth and NSW Governments, and supported by other
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0 1 1 SAGE PUBLICATIONS LTD LONDON 1 OLIVERS YARD, 55 CITY
ROAD, LONDON EC1Y 1SP, ENGLAND 0312-8962 1327-2020 AUST J MANAGE
Aust. J. Manag. MAY 2021 46 2 304 325
0312896220936338 10.1177/0312896220936338 JUL 2020 22
Business; Management Business & Economics RZ5GB WOS:000548276000001
2021-10-06
J Morrin, M; Broniarczyk, SM; Inman, JJ Morrin, Maureen;
Broniarczyk, Susan M.; Inman, J. Jeffrey Plan Format and Participation
in 401(k) Plans: The Moderating Role of Investor Knowledge JOURNAL OF PUBLIC POLICY
& MARKETING English Article
investor knowledge; financial literacy; information format; decision
simulation; defined contribution plans; 401(k) plans RETIREMENT; ALLOCATION;
MEDIATION; CHOICE There is continuing concern that many people are not saving
enough for retirement. The authors conduct three studies to determine whether
simple alterations to the format of 401(k) plans can increase plan participation
rates, especially among people with low levels of financial knowledge. In Study 1,
offering a larger number of funds for investment reduces plan participation among
low-knowledge investors, unless the plan also offers a target retirement date
(i.e., life-cycle fund) option. In Study 2, the authors find those with low
knowledge are more likely to participate if the funds offered for investment are
grouped by asset class rather than listed alphabetically. In Study 3, the authors
find that participation increases when fund descriptions include star ratings (but
not fund style boxes). They also find that star ratings increase decision
satisfaction among low-knowledge investors because of a reduction in perceived task
difficulty. Limitations, implications, and further research are discussed.
[Morrin, Maureen] Rutgers State Univ, Sch Business, Piscataway, NJ 08855 USA;
[Broniarczyk, Susan M.] Univ Texas Austin, McCombs Sch Business, Austin, TX 78712
USA; [Inman, J. Jeffrey] Univ Pittsburgh, Joseph M Katz Grad Sch Business,
Pittsburgh, PA 15260 USA Morrin, M (corresponding author), Rutgers State Univ,
Sch Business, Piscataway, NJ 08855 USA. mmorrin@rutgers.edu;
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INC THOUSAND OAKS 2455 TELLER RD, THOUSAND OAKS, CA 91320 USA 0743-9156
1547-7207 J PUBLIC POLICY MARK J. Public Policy Mark. FAL 2012
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15 Business Business & Economics 036DA WOS:000311005400009
2021-10-06
J Xie, HB; Wang, SY Xie, Haibin; Wang, Shouyang
Timing the market: the economic value of price extremes FINANCIAL
INNOVATION English Article Price
extremes; Return decomposition; Asymmetry; Return predictability BAD-NEWS; STOCK
RETURNS; RISK PREMIA; VOLATILITY; OVERREACTION; CONSUMPTION; SENTIMENT; VARIANCE;
SAMPLE By decomposing asset returns into potential maximum gain (PMG) and
potential maximum loss (PML) with price extremes, this study empirically
investigated the relationships between PMG and PML. We found significant asymmetry
between PMG and PML. PML significantly contributed to forecasting PMG but not vice
versa. We further explored the power of this asymmetry for predicting asset returns
and found it could significantly improve asset return predictability in both in-
sample and out-of-sample forecasting. Investors who incorporate this asymmetry into
their investment decisions can get substantial utility gains. This asymmetry
remains significant even when controlling for macroeconomic variables, technical
indicators, market sentiment, and skewness. Moreover, this asymmetry was found to
be quite general across different countries. [Xie, Haibin] Univ Int Business &
Econ, Sch Banking & Finance, Beijing 100029, Peoples R China; [Wang, Shouyang]
Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China Wang,
SY (corresponding author), Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190,
Peoples R China. hbxie@amss.ac.cn; sywang@amss.ac.cn Wang, Shouyang/0000-
0001-5773-998X; Xie, Haibin/0000-0001-5727-1897 National Natural Science Foundation
of ChinaNational Natural Science Foundation of China (NSFC) [71401033]; Program for
Young Excellent Talents, UIBE [15YQ08] This research is supported by National
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SPRINGER NEW YORK ONE NEW YORK PLAZA, SUITE 4600, NEW YORK, NY, UNITED
STATES 2199-4730 FINANC INNOV Financ. Innov. DEC 2018
4 1 30 10.1186/s40854-018-0110-
4 24 Business, Finance; Social Sciences, Mathematical Methods
Business & Economics; Mathematical Methods In Social Sciences HA6VE
WOS:000450417900001 Green Submitted, gold 2021-10-06
J Fairfax, LM Fairfax, Lisa M. THE SECURITIES LAW
IMPLICATIONS OF FINANCIAL ILLITERACY VIRGINIA LAW REVIEW
English Article DISCLOSURE
PARADIGM; LITERACY; INFORMATION; MARKETS; SEC Every financial literacy study
conducted over the last few decades concurs: Americans, including American
investors, are financially illiterate. This Article argues that America's financial
illiteracy poses a significant, widespread, and long-term challenge for our federal
securities regime because that regime is premised almost entirely on disclosure as
the best form of investor protection and, by extension, on investors ' ability to
understand disclosure. By advancing a typology of investors and their disclosure
needs, this Article further argues that we may have significantly underestimated
the extent of the financial illiteracy problem based on at least two flawed
assumptions. First, we have presumed that the financial illiteracy problem is
limited to retail investors individuals (as opposed to institutions) who invest
directly in the securities markets and who represent a small segment of the overall
investor population. However, such a presumption fails to sufficiently account for
the literacy concerns of individuals who invest indirectly in the market in the
form of holdings in mutual funds, pension funds, and other institutions, and who
comprise a substantial segment of the market. The second flawed presumption relates
to the notion that disclosure is not intended for the individual retail investor.
Many insist that disclosure is intended for sophisticated institutional investors
and financial intermediaries who provide signals to less sophisticated investors
about suitable investment choices. However, the anecdotal and empirical evidence
suggests not only that our presumptions about the sophistication of institutional
investors and intermediaries are debatable, but also that such actors do not
perform their signaling function as effectively or as consistently as we presumed.
Thus, the effort to minimize the financial literacy problem through reliance on
these other investors is misguided. Finally, this Article contends that the very
fact that regulators have sought to combat financial illiteracy for more than two
decades without appreciable changes in financial literacy rates suggests that the
problem may be long-term and that the reform of choice investor education may
require supplementation. Based on these conclusions, this Article insists that we
must grapple much more seriously with the financial literacy problem and offers
suggestions about the best path forward. [Fairfax, Lisa M.] George Washington
Univ, Law Sch, Law, Washington, DC 20052 USA; [Fairfax, Lisa M.] George Washington
Univ, Corp Law & Governance Initiat, Law Sch, Washington, DC 20052 USA Fairfax, LM
(corresponding author), George Washington Univ, Law Sch, Law, Washington, DC 20052
USA.; Fairfax, LM (corresponding author), George Washington Univ, Corp Law &
Governance Initiat, Law Sch, Washington, DC 20052 USA.
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LAW REV VA. Law Rev. OCT 2018 104 6 1065
1122 58 Law Government & Law GY0HO
WOS:000448196700001 2021-10-06
J Nanda, AP; Banerjee, R Nanda, Ambika Prasad; Banerjee,
Ranjan Consumer's subjective financial well-being: A systematic
review and research agenda INTERNATIONAL JOURNAL OF CONSUMER STUDIES
English Review conceptual article;
financial happiness; financial satisfaction; financial well-being; review;
systematic literature review Subjective Financial Well-being (FWB) research
has gained considerable interest from both academics and practitioners recently.
This research area focuses on the consumer's self-assessment of his/her
disposition, belief, attitude, and behavior concerning money management, spending,
savings, and investment. The authors used a systematic literature review (SLR)
process, which is a step-by-step process-driven methodology, to find 128 articles
published between 1978 and 2020 in marketing and related consumer studies fields.
By critically examining the published studies, the paper proposes an organizing
framework to identify important research gaps and suggest future research
directions. The existing studies highlight (a) macro-level factors determining the
consumer's FWB, (b) bank information transparency and ethical selling, (c) consumer
co-production behavior, (d) consumer financial literacy and how it relates to FWB,
(e) financial inclusion, (f) materialism, personality, spending self-control, and
FWB, (g) multicountry research, and (h) the outcomes or consequences of FWB.
Further research directions emphasize the need for research on (a) young consumers
and their FWB and (b) role of marketers in maintaining FWB of consumers. The
organizing framework offers actionable insights for banks, other financial
institutions (FIs), businesses, third-party organizations (i.e., financial literacy
service providers), and public policy makers to increase the subjective FWB of
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 INT J CONSUM STUD Int. J. Consum. Stud. JUL 2021 45 4
750 776 10.1111/ijcs.12668 MAR 2021 27
Business Business & Economics TA6OX WOS:000629337900001
2021-10-06
J Renneboog, L; Spaenjers, C Renneboog, Luc; Spaenjers,
Christophe Buying Beauty: On Prices and Returns in the Art Market
MANAGEMENT SCIENCE English Article
art; auctions; hedonic regressions; investments; repeat-sales
regressions; sentiment MONETARY APPRECIATION; HEDONIC-REGRESSION; INVESTOR
SENTIMENT; INDEXES; DETERMINANTS; INVESTMENTS; PAINTINGS This paper investigates
the price determinants and investment performance of art. We apply a hedonic
regression analysis to a new data set of more than one million auction transactions
of paintings and works on paper. Based on the resulting price index, we conclude
that art has appreciated in value by a moderate 3.97% per year, in real U. S.
dollar terms, between 1957 and 2007. This is a performance similar to that of
corporate bonds-at much higher risk. A repeat-sales regression on a subset of the
data demonstrates the robustness of our index. Next, quantile regressions document
larger average price appreciations (and higher volatilities) in more expensive
price brackets. We also find variation in historical returns across mediums and
movements. Finally, we show that measures of high-income consumer confidence and
art market sentiment predict art price trends. [Renneboog, Luc] Tilburg Univ, NL-
5000 LE Tilburg, Netherlands; [Spaenjers, Christophe] HEC Paris, F-78351 Jouy En
Josas, France Renneboog, L (corresponding author), Tilburg Univ, NL-5000 LE
Tilburg, Netherlands. luc.renneboog@uvt.nl; spaenjers@hec.fr Spaenjers,
Christophe/K-9105-2015 Spaenjers, Christophe/0000-0003-0087-9564 Netherlands
Organisation for Scientific ResearchNetherlands Organization for Scientific
Research (NWO) For valuable comments and suggestions, the authors thank
department editor Wei Xiong, an anonymous associate editor, two anonymous referees,
Richard Agnello, David Bellingham, Fabio Braggion, Michael Brennan, Geraldo
Cerqueiro, Gilles Chemla, Peter de Goeij, Neil De Marchi, Alberta Di Giuli, Elroy
Dimson, Julian Franks, Rik Frehen, Victor Ginsburgh, Marc Goergen, William
Goetzmann, Tom Gretton, Duncan Hislop, Noah Horowitz, Jonathan Ingersoll, Martin
Kemp, Marius Kwint, Geraldine Johnson, Benjamin Mandel, William Megginson, Allison
Morehead, Thierry Morel, Michael Moses, Kim Oosterlinck, Liang Peng, Rachel
Pownall, Frans de Roon, Geert Rouwenhorst, Marie Sushka, Mick Silver, Myron Slovin,
Cindy Soo, Matthew Spiegel, Darius Spieth, Laura Starks, Peter Szilagyi, Radomir
Todorov, Hans Van Miegroet, Joost Vander Auwera, Roberto Zanola, and participants
at seminars and workshops at Aalto University, Antwerp University, Cambridge Judge
Business School, Cardiff Business School, Duke University, ISCTE Business School,
London Business School, Manchester Business School, Tilburg University, Universite
Catholique de Louvain-Center for Operations Research and Econometrics, Universidad
Pablo de Olavide of Seville, Universidade Catolica Portuguesa, Universidade Nova de
Lisboa, Universite Paris-Dauphine, Yale University, the 2009 Financial Management
Association Meetings, the 2009 London Business School Annual Art Investment
Conference, and the 2009 Multinational Finance Conference. Christophe Spaenjers
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CATONSVILLE 5521 RESEARCH PARK DR, SUITE 200, CATONSVILLE, MD 21228 USA0025-
1909 1526-5501 MANAGE SCI Manage. Sci. JAN 2013 59 1
36 53 10.1287/mnsc.1120.1580 18
Management; Operations Research & Management Science Business & Economics;
Operations Research & Management Science 075MB WOS:000313889500003 Green
Submitted, Green Published 2021-10-06
J Skogsvik, S; Skogsvik, K Skogsvik, Stina; Skogsvik,
Kenth Accounting-Based Probabilistic Prediction of ROE, the Residual
Income Valuation Model and the Assessment of Mispricing in the Swedish Stock Market
ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES
English Article Financial analysis;
Fundamental valuation; Market mispricing; Residual income valuation; ROE prediction
Using Swedish stock market data, this study investigates whether an
investment strategy based on publicly available accounting information can generate
abnormal investment returns. The strategy involves two steps. First, an accounting-
based probabilistic prediction model of changes in the medium-term book return on
owners' equity (ROE) is estimated. Second, market expectations of changes in
medium-term ROE are assessed through observed stock prices and the residual income
valuation model. Stock market positions over 36-month holding periods are taken
when the accounting-based predictions of ROE and the market expectations differ.
Over the period 1983-2003, the investment strategy generated values of Jensen's
alpha corresponding to an average monthly excess return for a hedge position of up
to 0.8% for a sample of manufacturing companies. In the main this hedge return was
caused by strong positive returns to the long positions, and additional analyses
show that the returns appear to have been affected by a positive market sentiment
bias (i.e., positive ROE surprises being associated with stronger price reactions
than negative ROE surprises) making out-of-sample inferences somewhat dubious.
Furthermore, most of the investment returns accrued over holding periods up to
around 1995, with no indications of market mispricing over the last third (1995-
2003) of the investment period. The empirical results are consistent with market
investors having become more sophisticated in their use of publicly available
accounting information over time. [Skogsvik, Stina; Skogsvik, Kenth] Stockholm
Sch Econ, Ctr Financial Anal & Managerial Econ Accounting, Stockholm, Sweden
Skogsvik, S (corresponding author), Stockholm Sch Econ, Ctr Financial Anal &
Managerial Econ Accounting, Stockholm, Sweden. stina.skogsvik@hhs.se;
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ABACUS Abacus DEC 2010 46 4 387
418 10.1111/j.1467-6281.2010.00325.x 32 Business,
Finance Business & Economics 685FD WOS:000284613600002
2021-10-06
J Almenberg, J; Lusardi, A; Save-Soderbergh, J; Vestman, R
Almenberg, Johan; Lusardi, Annamaria; Save-Soderbergh, Jenny; Vestman, Roine
Attitudes towards Debt and Debt Behavior* SCANDINAVIAN JOURNAL OF
ECONOMICS English Article
Attitude survey; household borrowing decisions; intergenerational
transmission; personal finance; spending HOUSEHOLD; COUNTRIES; CHILDREN; NORMS
We introduce a novel survey measure of attitude towards debt. Matching our
survey results with panel data on Swedish household balance sheets from registry
data, we show that our measure of debt attitude helps to explain individual
variation in indebtedness as well as debt build-up and spending behavior in the
period 2004-2007. As an explanatory variable, debt attitude compares well with a
number of other determinants of debt, including education, risk-taking, and
financial literacy. We also provide evidence that suggests that debt attitude is
passed down along family lines and has a cultural element. [Almenberg, Johan]
Swedish Financial Supervisory Author, SE-10397 Stockholm, Sweden; [Lusardi,
Annamaria] George Washington Univ, Washington, DC 20052 USA; [Save-Soderbergh,
Jenny; Vestman, Roine] Stockholm Univ, SE-10691 Stockholm, Sweden Almenberg, J
(corresponding author), Swedish Financial Supervisory Author, SE-10397 Stockholm,
Sweden. johan.almenberg@fi.se; alusardi@gwu.edu; jenny.save-
soderbergh@sofi.su.se; roine.vestman@ne.su.se Swedish Research
CouncilSwedish Research CouncilEuropean Commission; Swedish Financial Supervisory
Agency; European Investment Bank (EIBURS initiative); Handelsbanken Research
foundation The authors gratefully acknowledge financial support from the Swedish
Research Council, the Swedish Financial Supervisory Agency, the European Investment
Bank (EIBURS initiative), and the Handelsbanken Research foundation. The findings,
interpretations, and conclusions are entirely those of the authors and should not
be attributed to the European Investment Bank or its Institute, or the other
funders. Alan S, 2017, J ECON BEHAV ORGAN, V134, P60, DOI
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HOBOKEN 111 RIVER ST, HOBOKEN 07030-5774, NJ USA 0347-0520 1467-9442
SCAND J ECON Scand. J. Econ. JUL 2021 123 3
780 809 10.1111/sjoe.12419 MAY 2021 30 Economics
Business & Economics TF2IK WOS:000647983600001
2021-10-06
J Heng, P; Niblock, SJ; Harrison, JL Panha Heng; Niblock,
Scott J.; Harrison, Jennifer L. Retirement policy: a review of the
role, characteristics, and contribution of the Australian superannuation system
ASIAN-PACIFIC ECONOMIC LITERATURE English Article
CHOICE With a market capitalisation of over
$1.84 trillion dollars and large annual flows, the Superannuation Guarantee has
been regarded as the backbone of Australia's retirement policy scheme and a primary
driver of economic growth. However, losses encountered in the aftermath of the
global financial crisis led to a major review of superannuation, mainly in response
to the lack of accountability, comparability, and transparency discovered within
default' investment options. An outcome of this review was the MySuper initiative,
which imposes obligations on fund providers to reconfigure their default investment
strategies in accordance with new regulatory requirements. Despite these policy
reforms, other challenges remain, such as gender inequality, excessive
superannuation fees, low financial literacy, and lack of member participation in
growing retirement savings. The paper provides a review of literature pertaining to
the background, significant policy changes, and ongoing development of the
Australian superannuation system. We emphasise the role of superannuation in the
economy; characteristics of the industry, plans, and funds on offer; recent policy
initiatives; and perceived inadequacies of the system. The paper concludes with
possibilities for further empirical research. [Panha Heng] So Cross Univ, Sch
Business & Tourism, Gold Coast, Australia; [Niblock, Scott J.; Harrison, Jennifer
L.] So Cross Univ, Sch Business & Tourism, Finance, Gold Coast, Australia Heng,
P (corresponding author), So Cross Univ, Sch Business & Tourism, Gold Coast,
Australia. scott.niblock@scu.edu.au Niblock, Scott J/P-1397-2017 Niblock,
Scott J/0000-0001-9840-238X Capital Market Cooperative Research Centre, Sydney,
AustraliaAustralian GovernmentDepartment of Industry, Innovation and
ScienceCooperative Research Centres (CRC) Programme Mr Panha Heng, PhD Candidate,
Dr Scott J. Niblock, Lecturer of Finance, and Dr Jennifer L. Harrison, Senior
Lecturer of Finance, School of Business and Tourism, Southern Cross University,
Gold Coast, Australia. Email: scott.niblock@scu.edu.au (Scott J. Niblock). The
authors would like to acknowledge Dr. Elisabeth Sinnewe, Lecturer of Accounting,
Queensland University of Technology, for her helpful comments. This research was
funded by the Capital Market Cooperative Research Centre, Sydney, Australia. We
would also like to thank Prof. Martin Hayden for his assistance with this paper.
ABS, 2013, MAN FUNDS AUSTR; Agnew JulieR., 2013, NUMERACY, V6, P1, DOI
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NOV 2015 29 2 1 17
10.1111/apel.12113 17 Economics Business & Economics
CU3LW WOS:000363427900001 2021-10-06
J de Zwaan, L; Brimble, M; Stewart, J de Zwaan, Laura;
Brimble, Mark; Stewart, Jenny Member perceptions of ESG investing
through superannuation SUSTAINABILITY ACCOUNTING MANAGEMENT AND POLICY JOURNAL
English Article Responsible
investing; ESG investing; Institutional investing; Members; Pension funds;
Superannuation SOCIALLY RESPONSIBLE INVESTMENT; FINANCIAL PERFORMANCE;
PERSPECTIVE; ATTITUDES; BEHAVIOR Purpose - Environmental, social and governance
(ESG) risks have the potential to negatively impact financial returns, yet few
superannuation funds integrate these considerations into their investment
selection. The Cooper Review (2010) identified a lack of member demand as a key
impediment to ESG investing by superannuation funds. Given this problem, the aim of
this study is to explore superannuation fund members' perceptions of ESG investing
by their funds in order to identify reasons for the lack of demand.
Design/methodology/approach - An on-line survey was developed and distributed to
assess possible reasons why members do not select ESG investment options. In total,
549 Australian superannuation fund members responded to the survey. Findings -
Results indicate that the majority of superannuation fund members are interested in
ESG investing. Members lack awareness of their fund's approach to ESG investing,
and they do not perceive there to be a financial penalty from ESG investing.
Finally, members show a preference for consideration of governance issues over both
social and environmental issues. Research limitations/implications - Respondents
are well educated and the majority did not choose their superannuation fund. There
was no measure of financial literacy included in the research instrument. There is
also a general limitation in surveying superannuation fund members when they lack
knowledge about superannuation. Practical implications - The results indicate that
superannuation members are interested in both superannuation and ESG investing.
Given the low take-up of ESG investment options, this finding raises the question
of how effectively funds are engaging their members. Social implications - The
results should be of interest to superannuation funds and may lead to renewed
interest in promoting ESG products. Originality/value - This is the first study to
examine superannuation members' attitudes and behaviours towards ESG investing in
the context of superannuation. The study also adds to our understanding of member
decision-making in the $1.8 trillion superannuation industry. [de Zwaan, Laura]
Queensland Univ Technol, Sch Accountancy, Brisbane, Qld 4001, Australia; [Brimble,
Mark; Stewart, Jenny] Griffith Univ, Dept Accounting Finance & Econ, Meadowbrook,
Qld 4131, Australia de Zwaan, L (corresponding author), Queensland Univ
Technol, Sch Accountancy, Brisbane, Qld 4001, Australia. laura.dezwaan@qut.edu.au
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LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND
2040-8021 2040-803X SUSTAIN ACCOUNT MANA Sustain. Account. Manag.
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Sustainable Science & Technology; Environmental Studies; Management Business &
Economics; Science & Technology - Other Topics; Environmental Sciences & Ecology
CP3NI WOS:000359786200005 2021-10-06
J Huang, J; Nam, Y; Sherraden, M; Clancy, M Huang, Jin; Nam,
Yunju; Sherraden, Michael; Clancy, Margaret Financial Capability and
Asset Accumulation for Children's Education: Evidence from an Experiment of Child
Development Accounts JOURNAL OF CONSUMER AFFAIRS English
Article Asset Building; Child Development
Accounts; College Savings; Financial Access; Financial Capability; Financial
Literacy; Wealth KNOWLEDGE; ACCESS; POLICY On the basis of theoretical
framework of financial capability, this study investigates the roles of financial
access and financial knowledge in savings and asset accumulation for children's
postsecondary education. We use data from SEED for Oklahoma Kids (N =2,704), a
statewide policy experiment offering Child Development Accounts (CDAs) to treatment
participants. This study employs quantile regressions with two dependent variables:
savings amount (net deposits made by caregivers of children) and total asset amount
(the sum of savings, financial incentives offered by the experiment, and investment
earnings). Results identify positive and statistically significant interactions
between treatment status and financial knowledge, suggesting that access to CDAs
moderates the association between financial knowledge and asset accumulation.
Providing empirical support for the theory of financial capability, the findings
call for interventions that enhance financial knowledge, expand financial access,
and improve asset accumulation for all children. [Huang, Jin] St Louis Univ,
Coll Publ Hlth & Social Justice, St Louis, MO 63103 USA; [Nam, Yunju] SUNY Buffalo,
Sch Social Work, Buffalo, NY 14260 USA; [Sherraden, Michael] Washington Univ,
George Warren Brown Sch Social Work, Ctr Social Dev, St Louis, MO 63130 USA;
[Clancy, Margaret] Washington Univ, George Warren Brown Sch Social Work, Ctr Social
Dev, St Louis, MO 63130 USA Huang, J (corresponding author), St Louis Univ, Coll
Publ Hlth & Social Justice, St Louis, MO 63103 USA. jhuang5@slu.edu;
yunjunam@buffalo.edu; sherrad@wustl.edu; mclancy@wustl.edu Ford
Foundation; Charles Stewart Mott Foundation Support for the SEED for Oklahoma
Kids experiment comes from the Ford Foundation and Charles Stewart Mott Foundation.
We especially value our partnership with the State of Oklahoma: Ken Miller, State
Treasurer; Scott Meacham, former State Treasurer; Tins Allen, Deputy Treasurer for
Communications and Program Administration; and James Wilbanks, former Director of
Revenue and Fiscal Policy, We appreciate the contributions of staff at RTI
International, especially those of Ellen Marks and Bryan Rhodos, The Oklahoma 529
College Savings Plan Program Manager, TIAA-CREF, has also been a valuable partner.
We are grateful to Mark Schreiner, Sandy Beverly, and Youngmi Kim for their careful
review and insightful comments; to Mark Schreiner and Nora Wikoff for their
assistance in managing the survey data; to Chris leiker for providing editorial
assistance; and to staff on the SEED OK team over several years. Baum S., 2010,
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SPR 2015 49 1 SI 127 155
10.1111/joca.12054 29 Business; Economics Business &
Economics CD6SI WOS:000351219200006 2021-10-06
J Zhang, L; Liang, BM; Bi, DT; Zhou, Y; Yu, XH Zhang, Lan;
Liang, Biming; Bi, Datian; Zhou, Yuan; Yu, Xiaohan Relationships
Among CEO Narcissism, Debt Financing and Firm Innovation Performance: Emotion
Recognition Using Advanced Artificial Intelligence FRONTIERS IN PSYCHOLOGY
English Article advanced artificial
intelligence; emotion recognition; CEO narcissism; debt financing; innovation
performance RESEARCH-AND-DEVELOPMENT; SELF-SERVING BIASES; UPPER ECHELONS; RISK-
TAKING; OVERCONFIDENCE; SIZE; INVESTMENT; OWNERSHIP Psychological research shows
that as the main component of enterprise decision-making, CEOs are not completely
rational, cognitive and psychological biases often influence their decision-making
process. CEO narcissism has gradually attracted academic attention. Based on upper
echelon theory and subconscious theory, this paper uses advanced artificial
intelligence technology to quantify CEO narcissism as a kind of emotional
intelligence. Taking A-share listed companies in China from 2010 to 2019 as
research objects, this paper empirically tests the impact of CEO narcissism on debt
financing and innovation performance. The results show that CEO narcissism has a
significant positive impact on firm innovation performance. Debt financing plays a
mediating role in the relationship between CEO narcissism and firm innovation
performance. CEO narcissism can have a positive impact on firm innovation
performance through debt financing. Compared with non-SOEs, SOEs' CEO narcissism
has a more significant positive effect on debt financing and enterprise innovation
performance. The research in this paper enriches psychology and organizational
management and provides a reference for an enterprise's management decisions and
for investors' investment decisions.</p> [Zhang, Lan; Liang, Biming; Zhou, Yuan;
Yu, Xiaohan] Jilin Univ Finance & Econ, Sch Accounting, Changchun, Jilin, Peoples R
China; [Bi, Datian] Jilin Univ, Sch Management, Changchun, Jilin, Peoples R China
Bi, DT (corresponding author), Jilin Univ, Sch Management, Changchun, Jilin,
Peoples R China. bdt@jlu.edu.cn Science and Technology Development
Program of Jilin Province(China): Research on Problems and Countermeasures of Jilin
Province's Economic Development Driven by Innovation of Science and Technology
Service System; Doctoral Foundation of Jilin University of Finance and Economics:
Research on the relationship between CEO power and firm growth of Gem listed
companies in China This work was supported by Science and Technology
Development Program of Jilin Province(China): Research on Problems and
Countermeasures of Jilin Province's Economic Development Driven by Innovation of
Science and Technology Service System; Doctoral Foundation of Jilin University of
Finance and Economics: Research on the relationship between CEO power and firm
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CH-1015, SWITZERLAND 1664-1078 FRONT PSYCHOL Front. Psychol.
SEP 13 2021 12 734777
10.3389/fpsyg.2021.734777 12 Psychology, Multidisciplinary
Psychology UV9NJ WOS:000699795800001 34589031 Green Published, gold
2021-10-06
J Caporin, M; Corazzini, L; Costola, M Caporin,
Massimiliano; Corazzini, Luca; Costola, Michele Measuring the
Behavioural Component of the S&P 500 and its Relationship to Financial Stress and
Aggregated Earnings Surprises BRITISH JOURNAL OF MANAGEMENT English
Article PORTFOLIO PERFORMANCE
EVALUATION; INVESTOR SENTIMENT; PROSPECT-THEORY; INFORMATION ASYMMETRY; MARKET-
EFFICIENCY; RISK; DECISION; RETURNS; MODEL; DIVERSIFICATIONScholars in management
and economics have shown increasing interest in isolating the behavioural dimension
of market evolution. Indeed, by improving forecast accuracy and precision, this
exercise would certainly help firms to anticipate economic fluctuations, thus
leading to more profitable business and investment strategies. Yet, how to extract
the behavioural component from real market data remains an open question. By using
monthly data on the returns of the constituents of the S&P 500 index, we propose a
Bayesian methodology to measure the extent to which market data conform to what is
predicted by prospect theory (the behavioural perspective), relative to the
(standard) subjective expected utility theory baseline. We document a significant
behavioural component that reaches its peaks during recession periods and is
correlated to measures of financial volatility, market sentiment and financial
stress with expected sign. Moreover, the behavioural component decreases around
macroeconomic corporate earnings news, while it reacts positively to the number of
surprising announcements. [Caporin, Massimiliano] Univ Padua, Dept Stat Sci,
Via Cesare Battisti 241, I-35121 Padua, Italy; [Corazzini, Luca] Univ Venice Ca
Foscari, Dept Econ, Cannaregio 821, I-30121 Venice, Italy; [Corazzini, Luca]
Bocconi Univ, ISLA, Via RLontgen 1, I-20136 Milan, Italy; [Costola, Michele] Goethe
Univ Frankfurt, SAFE, Theodor W Adorno Pl 3, D-60323 Frankfurt, Germany
Costola, M (corresponding author), Goethe Univ Frankfurt, SAFE, Theodor W
Adorno Pl 3, D-60323 Frankfurt, Germany. costola@safe.uni-frankfurt.de Caporin,
Massimiliano/AAM-5958-2020 Caporin, Massimiliano/0000-0001-5014-5951; Costola,
Michele/0000-0002-1109-2698 MIUR PRIN project MISURA (Multivariate Statistical
Models for Risk Assessment); Marie Sklodowska-Curie Actions, European Union,
Seventh Framework Programme HORIZON 2020 under REA grant [707070]; Research Centre
SAFE - State of Hessen initiative for research LOEWE; CREATES - Centre for Research
in Econometric Analysis of Time Series - Danish National Research Foundation
[DNRF78] We thank three anonymous Reviewers and the Editor, Geoffrey Wood, for
their insightful comments and suggestions. Massimiliano Caporin acknowledges
financial support from MIUR PRIN project MISURA (Multivariate Statistical Models
for Risk Assessment). Michele Costola acknowledges financial support from the Marie
Sklodowska-Curie Actions, European Union, Seventh Framework Programme HORIZON 2020
under REA grant agreement n. 707070, research support from the Research Centre
SAFE, funded by the State of Hessen initiative for research LOEWE and support from
CREATES - Centre for Research in Econometric Analysis of Time Series (DNRF78),
funded by the Danish National Research Foundation. This paper benefited from
comments received from Michele Fabrizi, Niels Haldrup, Harrison Hong, Siem Jan
Koopman, Andrea Menini, Antonio Parbonetti, Bruno Maria Parigi, Angelo Ranaldo,
Paola Valbonesi, Dmitri Vinogradov and participants at the iCare 2016 Conference in
Colchester, the World Finance Conference 2014 in Venice, the Mathematical and
Statistical Methods for Actuarial Sciences and Finance (MAF) 2014 Conference in
Vietri sul Mare, the ASSET 2013 conference in Bilbao, the IFABS 2013 conference in
Nottingham and the CREATES seminar. The usual disclaimers apply. Andreou PC, 2015,
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18 Business; Management Business & Economics IJ1FE
WOS:000475643400011 Green Submitted 2021-10-06
J Corredor, P; Ferrer, E; Santamaria, R Corredor, Pilar;
Ferrer, Elena; Santamaria, Rafael The role role of sentiment and
stock characteristics in the translation of analysts' forecasts into
recommendations NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
 English Article Investor sentiment;
Financial analyst; Analysts coverage; Recommendation; Earning forecast;
Translational effectiveness INVESTOR SENTIMENT; EARNINGS FORECASTS; OF-INTEREST;
VALUATION; ACCURACY; OPTIMISM; RETURNS; DETERMINANTS; ABILITY; BIAS The purpose
of this paper is to further understanding of the determinants of analysts'
translational effectiveness and, specifically, the role of stock characteristics in
the impact of sentiment in the translation of analysts' forecasts into
recommendations. We construct a proxy of intrinsic value of a stock based on that
of Ohlson (1995), which incorporates all the information contained in the analysts'
earnings forecasts. Our results show that, although analysts do translate their
earnings forecast valuations into recommendations, the effectiveness of this
process is reduced by investor sentiment only in highly sentiment-sensitive stocks.
This suggests the degree of analyst coverage as a potential conditioner of the
observable results in a market. While not totally eliminating this observed effect,
the Market Abuse Directive regulation does contribute to reduce the skew between
analysts' earnings forecasts and their recommendations. Finally, analysis of this
effect reveals that this kind of skew enables investment strategies yielding
positive risk-adjusted returns in highly sentiment-sensitive stocks, during periods
of high market sentiment. Univ Publ Navarra, Dept Business Adm, Fac Econ,
Navarra, Spain; Univ Publ Navarra, Inst Adv Res Business & Econ INARBE, Navarra,
Spain Ferrer, E (corresponding author), Fac Econ, Dept Business Adm, Campus
Arrosadia S-N, Navarra 31006, Spain.; Ferrer, E (corresponding author), Inst Adv
Res Business & Econ INARBE, Campus Arrosadia S-N, Navarra 31006, Spain.
elena.ferrer@unavarra.es Ferrer, Elena/H-1239-2015; Corredor, Pilar/G-
7800-2015; Santamaria, Rafael/G-5755-2015 Ferrer, Elena/0000-0002-1761-9120;
Corredor, Pilar/0000-0003-1739-0095; Santamaria, Rafael/0000-0001-7656-6412
Spanish Ministry of Economy and Competitiveness [ECO2012-35946-0O2-01,
ECO2016-77631-R]; Fundacion Banco Herrero The authors gratefully acknowledge the
helpful comments and suggestions of the referee. This paper has received financial
support from the Spanish Ministry of Economy and Competitiveness (ECO2012-35946-
0O2-01 and ECO2016-77631-R (AEI/FEDER, UE). Elena Ferrer would also like to
acknowledge a Scientific Research Grant from the Fundacion Banco Herrero 2012.
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ELSEVIER SCIENCE INC NEW YORK STE 800, 230 PARK AVE, NEW YORK, NY 10169
USA 1062-9408 1879-0860 N AM J ECON FINANC N. Am. Econ. Financ.
JUL 2019 49 252 272
10.1016/j.najef.2019.04.008 21 Business, Finance; Economics
Business & Economics IL0DL WOS:000476966200015 Green Accepted
2021-10-06
J Buehler, P; Maas, P Buehler, Pascal; Maas, Peter
Consumer empowerment in insurance Effects on performance risk perceptions in
decision making INTERNATIONAL JOURNAL OF BANK MARKETING English
Article Perceived risk; Consumer
empowerment; Purchase decision involvement; Consumer relationship marketing;
Decision delegation preference; Financial decision making; Perceived performance
risk DOMINANT LOGIC; SELF-EFFICACY; CUSTOMER EMPOWERMENT; FINANCIAL LITERACY;
SERVICE LOGIC; POWER; MODEL; PERSPECTIVES; INFORMATION; INCREASES Purpose -
The purpose of this paper is to enhance the understanding of consumer empowerment
in the relationship between consumers and service providers. It draws on self-
efficacy theory to conceptualize consumer empowerment and explain the impact on
perceived performance risk in insurance decision making.
Design/methodology/approach - This study employs data collected from an online
survey involving 487 consumers in Switzerland, who recently decided on an insurance
service. A structural equation model quantifies both the psychological effects on
consumers' perception of insurance services and behavioral effects on their
decision-making process. Findings - Perceived consumer empowerment is
conceptualized by perceived self-efficacy and perceived controllability. Both have
a significant impact on perceived performance risk, while the former is partially
mediated by the preference to delegate the decision to a surrogate. Moreover,
customers' involvement in the purchase process moderates both the direct and
indirect effect of perceived self-efficacy on perceived performance risk. Research
limitations/implications - The results are based on consumers' perceptions from a
single country. Furthermore, consumers' perceptions were surveyed with a time lag
after the decision-making process. To increase rigor, perceptions should be
collected during decision making. Practical implications - Results show that
consumer empowerment can be employed as a risk reduction strategy. Consumers with
self-efficacy and controllability beliefs perceive significantly less performance
risk; however, practitioners should consider that consumers are also motivated to
make decisions independently rather than delegating their decisions. Furthermore,
consumer empowerment depends on consumer will. For largely indifferent consumers,
empowerment does not affect risk or decision delegation preference.
Originality/value - The study is among the few empirical works to examine the
effects of consumer empowerment on the consumer-service provider relationship on an
individual level. Furthermore, applying consumer empowerment in relationship
marketing implies a shift in research focus to the question of how consumers
construe decision-making situations rather than objectively measuring the state of
consumer relationship. [Buehler, Pascal] Inst Insurance Econ, St Gallen,
Switzerland; [Maas, Peter] Univ St Gallen, Sch Management, St Gallen, Switzerland
Buehler, P (corresponding author), Inst Insurance Econ, St Gallen,
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0 14 EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON
LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937 INT J
BANK MARK Int. J. Bank Mark. 2018 36 6 SI
1073 1097 10.1108/IJBM-12-2016-0182 25 Business
Business & Economics HJ0WI WOS:000456883500005
2021-10-06
J Davis, K Davis, Kevin Financial Product
Design, Retail Investor Sophistication and Issuer Incentives: A Case Study
AUSTRALIAN ACCOUNTING REVIEW English Article
Many financial products and securities marketed to
retail investors involve design features that can make it difficult to understand
the risk and return characteristics involved. This paper examines one such
security, Convertible Preference Step Up Units (CPUs), issued in Australia by the
US Masters Residential Property Fund (URF) at the end of 2017. It argues that an
apparently relatively simple design masks significant complexity which would make
risk assessment and fair pricing well beyond the capabilities of retail investors.
Despite that, analysis of the security design and disclosure documents suggests
that it would not fall foul of the financial product banning powers recommended for
the Australian Securities and Investment Commission by the 2014 Australian
Financial System Inquiry and in draft legislation as at mid 2018. This highlights
the difficulties for effective financial consumer protection resulting from the
mismatch between financial literacy levels and financial product design.
[Davis, Kevin] Univ Melbourne, Dept Finance, Melbourne, Vic, Australia;
[Davis, Kevin] Monash Univ, Australian Ctr Financial Studies, Level 46,Rialto,South
Tower,525 Collins St, Melbourne, Vic 3000, Australia Davis, K (corresponding
author), Monash Univ, Australian Ctr Financial Studies, Level 46,Rialto,South
Tower,525 Collins St, Melbourne, Vic 3000, Australia. kevin.davis@unimelb.edu.au
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HOBOKEN 111 RIVER ST, HOBOKEN 07030-5774, NJ USA 1035-6908 1835-2561
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206 211 10.1111/auar.12266 6 Business,
Finance Business & Economics NL5PK WOS:000567467300005
2021-10-06
J Akter, S; Krupnik, TJ; Rossi, F; Khanam, F Akter,
Sonia; Krupnik, Timothy J.; Rossi, Frederick; Khanam, Fahmida The
influence of gender and product design on farmers' preferences for weather-indexed
crop insurance GLOBAL ENVIRONMENTAL CHANGE-HUMAN AND POLICY DIMENSIONS
English Article MICROINSURANCE;
CHALLENGES; MANAGEMENT; RISKS Theoretically, weather-index insurance is an
effective risk reduction option for small-scale farmers in low income countries.
Renewed policy and donor emphasis on bridging gender gaps in development also
emphasizes the potential social safety net benefits that weather-index insurance
could bring to women farmers who are disproportionately vulnerable to climate
change risk and have low adaptive capacity. To date, no quantitative studies have
experimentally explored weather-index insurance preferences through a gender lens,
and little information exists regarding gender-specific preferences for (and
constraints to) smallholder investment in agricultural weather-index insurance.
This study responds to this gap, and advances the understanding of preference
heterogeneity for weather-index insurance by analysing data collected from 433 male
and female farmers living on a climate change vulnerable coastal island in
Bangladesh, where an increasing number of farmers are adopting maize as a
potentially remunerative, but high-risk cash crop. We implemented a choice
experiment designed to investigate farmers' valuations for, and trade-offs among,
the key attributes of a hypothetical maize crop weather-index insurance program
that offered different options for bundling insurance with financial saving
mechanisms. Our results reveal significant insurance aversion among female farmers,
irrespective of the attributes of the insurance scheme. Heterogeneity in insurance
choices could however not be explained by differences in men's and women's risk and
time preferences, or agency in making agriculturally related decisions. Rather,
gendered differences in farmers' level of trust in insurance institutions and
financial literacy were the key factors driving the heterogeneous preferences
observed between men and women. Efforts to fulfill gender equity mandates in
climate-smart agricultural development programs that rely on weather-index
insurance as a risk-abatement tool are therefore likely to require a strengthening
of institutional credibility, while coupling such interventions with financial
literacy programs for female farmers. (C) 2016 The Authors. Published by Elsevier
Ltd. [Akter, Sonia] Natl Univ Singapore, Lee Kuan Yew Sch Publ Policy, 469C Bukit
Timah Rd, Singapore 259772, Singapore; [Akter, Sonia; Khanam, Fahmida] Int Rice Res
Inst, Social Sci Div, Los Banos 4031, Laguna, Philippines; [Krupnik, Timothy J.;
Rossi, Frederick] Int Maize & Wheat Improvement Ctr CIMMYT, House 10-B,Rd
53,Gulshan 2, Dhaka 1213, Bangladesh Akter, S (corresponding author), Natl
Univ Singapore, Lee Kuan Yew Sch Publ Policy, 469C Bukit Timah Rd, Singapore
259772, Singapore. sonia.akter@nus.edu.sg Krupnik, Timothy J./J-6363-2019;
Akter, Sonia/J-2208-2014 Krupnik, Timothy J./0000-0001-6973-0106; Akter,
Sonia/0000-0001-5644-9403 Yale Savings and Payments Research Fund at
Innovations for Poverty Action (IPA); Bill & Melinda Gates Foundation (BMGF)Bill &
Melinda Gates Foundation; USAID Mission in Bangladesh through the Cereal Systems
Initiative for South Asia in Bangladesh (CSISA-BD) projectUnited States Agency for
International Development (USAID); Global Rice Science Partnership (GRiSP) program
under the Consultative Group on International Agricultural Research (CGIAR); Phase
II of the Cereal Systems Initiative for South Asia; USAIDUnited States Agency for
International Development (USAID); BMGF This paper is dedicated to the memory of
Dr. Paula Kantor who worked widely in Bangladesh and Afghanistan researching the
intersection of agricultural development and gender. Dr. Kantor's life was
tragically lost in a terrorist attack in Afghanistan in 2015 and represents a
significant loss to scientists working in these fields. We gratefully acknowledge
the financial support of the Yale Savings and Payments Research Fund at Innovations
for Poverty Action (IPA), sponsored by a grant from the Bill & Melinda Gates
Foundation (BMGF). We thank Dr. Sommarat Chantarat for her contribution during the
preliminary stage of this research, and Dr. Samina Yasmin for assistance in
coordinating fieldwork. We also thank Mohammad Ruhul Amin for his support in GIS,
and the three anonymous reviewers for their comments that improved the manuscript.
Part of this research was made possible by support from the USAID Mission in
Bangladesh through the Cereal Systems Initiative for South Asia in Bangladesh
(CSISA-BD) project, as well as support from the Global Rice Science Partnership
(GRiSP) program under the Consultative Group on International Agricultural Research
(CGIAR), and Phase II of the Cereal Systems Initiative for South Asia, funded by
USAID and the BMGF. The content and opinions resulting from this research are those
of the authors and do not necessarily reflect the views of IPA, BMGF, USAID, or the
United States Government, and shall not be used for advertising or product
endorsement purposes; nor do they reflect positions or policies of the
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THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND
0959-3780 1872-9495 GLOBAL ENVIRON CHANG Glob. Environ. Change-
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10.1016/j.gloenvcha.2016.03.010 13 Environmental Sciences;
Environmental Studies; Geography Environmental Sciences & Ecology; Geography
DL8IS WOS:000375886300020 Green Published, hybrid 2021-
10-06
J Tan, GKS Tan, Gordon Kuo Siong Robo-
advisors and the financialization of lay investors GEOFORUM
English Article Fintech; Robo-advisors;
Financialization; Investing; Financial ecologies; Algorithms ARTIFICIAL-
INTELLIGENCE; FINANCIALISATION; ECOLOGIES; GEOGRAPHIES; EXCLUSION; PROMISES; CREDIT
The burgeoning financial technology scene in Singapore has seen the emergence
of robo-advisors, which aim to disrupt traditional financial advisories by using
algorithms to automate client advising and investment recommendations. Using an
ecologies concept to explore how lay investors are articulated into global
financial networks through robo advisors, this paper contributes to studies on the
"financialization of everyday life". It argues that investors are rendered passive
by the disciplinary tools of algorithms, contemporary finance theories and elements
of robo-advisor platforms that feed into these sociotechnological assemblages. The
state's role in embedding citizen investors in these human-machine relationships is
considered. The fragmented landscape of free, nonprofessional online financial
advice and the opaque qualities of investing algorithms make investor subject
formation incomplete and uncertain, especially when markets are highly volatile.
This paper explores how both financial inclusion and exclusion operate
simultaneously in robo-advisors and argues that robo-advisors may weaken efforts to
promote financial literacy and education. [Tan, Gordon Kuo Siong] Singapore Univ
Technol & Design, Humanities & Social Sci, 8 Somapah Rd,Bldg 1 Level 4, Singapore
487372, Singapore Tan, GKS (corresponding author), Singapore Univ Technol & Design,
Humanities & Social Sci, 8 Somapah Rd,Bldg 1 Level 4, Singapore 487372, Singapore.
kuosiong_tan@sutd.edu.sg Tan, Gordon Kuo Siong/AAI-9826-2020 Tan, Gordon
Kuo Siong/0000-0002-7046-0278 Aitken R., 2007, PERFORMING CAPITAL C;
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SCIENCE LTD OXFORD THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB,
ENGLAND 0016-7185 1872-9398 GEOFORUM Geoforum DEC 2020 117
 46 60 10.1016/j.geoforum.2020.09.004
15 Geography Geography OW5FL WOS:000592912200006 32981950
Green Published 2021-10-06
J Rant, V; Cok, M; Rozman, G; Verbic, M Rant, Vasja; Cok,
Mitja; Rozman, Gregor; Verbic, Miroslav Local Government Borrowing
Capacity: Legislative versus Market Approach in Slovenia, Croatia, and Serbia
LEX LOCALIS-JOURNAL OF LOCAL SELF-GOVERNMENT English
Article local government; borrowing
capacity; legislative approach; market approach FINANCIAL DISTRESS; CREDIT RISK;
DETERMINANTS; DRIVERS; STATE; DEBT In this article, we develop a new conceptual
model for estimating local government borrowing capacity that combines a
legislative and market approach. The model has wider applicability and is relevant
for several stakeholders: for the local governments to determine their development
financing potential, for the central government to balance local development needs
with macroeconomic stability objectives, and for financial institutions and project
developers to tailor their products to the local financing and investment
opportunities. We apply the model on selected local government units in Slovenia,
Croatia and Serbia and test the hypothesis that their relative (per capita)
borrowing capacities differ. We find that the legislative borrowing capacity is
more restrictive in Slovenia, while market limitations cap the borrowing capacity
in Croatia and Serbia. Overall, Slovenian local government units have the highest
relative (per capita) market borrowing capacity, followed by local government units
in Croatia and Serbia. We also find evidence that market sentiment may be
prohibitive for the borrowing of some units. Our results additionally indicate
substantial unused local borrowing capacities in the analysed local government
units. [Rant, Vasja; Cok, Mitja; Verbic, Miroslav] Univ Ljubljana, Sch
Business & Econ, Kardeljeva Ploscad 17, Ljubljana 1000, Slovenia; [Rozman, Gregor]
Petr Dd, Dunajska Cesta 50, Ljubljana 1000, Slovenia Rant, V (corresponding
author), Univ Ljubljana, Sch Business & Econ, Kardeljeva Ploscad 17, Ljubljana
1000, Slovenia. vasja.rant@ef.uni-lj.si; mitja.cok@ef.uni-lj.si;
gregor.rozman@petrol.si; mirosla.verbic@ef.uni-lj.si Arora
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363X LEX LOCALIS Lex Localis-J. Local Self-Gov. JAN 2020 18 1
185 209 10.4335/18.1.185-209(2020)
25 Political Science; Public Administration Government & Law; Public
Administration LQ8UN WOS:000535273800009 2021-10-06
J Li, JC; Yang, SL Li, Jiangchao; Yang, Shilei
Analysis of a Multiparticipant Game under a Subsidy and Punishment Mechanism:
An Evolutionary Theory Perspective MATHEMATICAL PROBLEMS IN ENGINEERING
English Article CONSUMER
SUBSIDIES; SUPPLY CHAIN; DIFFUSION; IMPACT; INTERVENTION; COOPERATION; COMPETITION;
STRATEGIES; DEMAND In a market with intense competition, cost pressures tempt
enterprises to seek profits in ways that infringe on the interests of consumers.
This is especially true when market sentiment is weak. In such situations,
governments play a vital role in protecting consumers' interests and helping
struggling enterprises. We construct a tripartite game model that includes the
government, enterprises, and consumers under a subsidy and punishment mechanism. We
use this model to investigate the strategic choices made by the participants in an
evolutionary game theory (EGT) framework. We present four stable equilibrium points
as pure strategy solutions with the aid of a replicator dynamic system. Three main
findings are presented in this paper. First, not all equilibrium points can be
evolutionary stable strategies (ESSs) when considering the potential motivations of
the participants to change strategies. Second, there is an equilibrium point that
satisfies the stability condition but changes periodically in its strategy space;
strategy changes between participants are not synchronized. Third, the government
prefers to subsidize enterprises when enterprise speculation is serious or when
enterprise investment in improving production technology is high. [Li,
Jiangchao] Southwestern Univ Finance & Econ, Fac Business Adm, Sch Business Adm,
Chengdu 610074, Sichuan, Peoples R China; [Yang, Shilei] Southwestern Univ Finance
& Econ, Fac Business Adm, Sch Business Adm, SWUFE UD Inst Data Sci, Chengdu 610074,
Sichuan, Peoples R China Yang, SL (corresponding author), Southwestern Univ
Finance & Econ, Fac Business Adm, Sch Business Adm, SWUFE UD Inst Data Sci, Chengdu
610074, Sichuan, Peoples R China. syang@swufe.edu.cn Fundamental
Research Funds for the Central UniversitiesFundamental Research Funds for the
Central Universities [JBK2107075] This work was supported by Fundamental Research
Funds for the Central Universities (Grant no. JBK2107075). Alizamir S, 2019, MANAGE
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LONDON, W1T 5HF, ENGLAND 1024-123X 1563-5147 MATH PROBL ENG Math.
Probl. Eng. JUL 29 2021 2021
1984676 10.1155/2021/1984676 20 Engineering,
Multidisciplinary; Mathematics, Interdisciplinary Applications Engineering;
Mathematics UA0ID WOS:000684848300008 gold 2021-10-06
J Phillips, SD; Johnson, B Phillips, Susan D.; Johnson,
Bernadette Inching to Impact: The Demand Side of Social Impact
Investing JOURNAL OF BUSINESS ETHICS English Article
Social impact investing; Nonprofits; Social enterprise;
Barriers to impact investing Social impact investing (SII) is transforming
the availability of private capital for nonprofits and social enterprises, but
demand is not yet meeting supply. This paper analyzes the perceived barriers faced
by nonprofits in engaging with SII, arguing the need to assess differences using a
policy field framework. Four parameters of a subsector are conceptualized as
shaping participation in SII: the scale of investment required, embeddedness in
place, the need for radical innovation, and the configuration of intermediaries
(such as loan funds and market brokers). Based on 25 interviews with leaders of
nonprofits and intermediaries in affordable housing and community economic
development in Canada, the study finds that significant barriers are a lack of
knowledge of the market, inadequate financial literacy, and the challenges of
measuring and valuing social impacts. In addition, nonprofits report that, in spite
of the inherent importance of social impact in this form of investing, they
currently make limited use of evaluation and impact metrics, and perceive that
intermediaries and investors, particularly in affordable housing, still put a
greater emphasis on financial over social returns. [Phillips, Susan D.] Carleton
Univ, Sch Publ Policy & Adm, Room 5213 Richcraft Hall,125 Colonel By Dr, Ottawa, ON
K1S 6B6, Canada; [Johnson, Bernadette] Imagine Canada, Publ Policy, 65 St Clair Ave
East,Suite 700, Toronto, ON M4T 2Y3, Canada Phillips, SD (corresponding
author), Carleton Univ, Sch Publ Policy & Adm, Room 5213 Richcraft Hall,125 Colonel
By Dr, Ottawa, ON K1S 6B6, Canada. Susan.phillips@carleton.ca;
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WOS:000614449200009 2021-10-06
J Dimovski, W; Brooks, R Dimovski, W; Brooks, R
The pricing of property trust IPOs in Australia JOURNAL OF REAL ESTATE
FINANCE AND ECONOMICS English Article
Initial Public Offerings (IPOs); property trusts; REITs; REIT pricing
INITIAL PUBLIC OFFERINGS; INVESTMENT BANKING; PERFORMANCE; REPUTATION;
AUDITOR; ISSUES; COMPENSATION; CHOICE; COSTS; MODEL Following Brounen and
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underpricing of REIT initial public offerings (IPOs), with a study into Australian
property trusts. This study finds that initial day returns can in part be explained
by forecast profit distributions (or dividends) and the market sentiment towards
property trusts from the date of the prospectus to the date of listing. There is
some support for the "winners curse" explanation of underpricing with evidence that
large investor or institutional involvement at the outset of the IPO also has some
explanatory power. Monash Univ, Dept Econometr & Business Stat, Clayton, Vic
3168, Australia; Deakin Univ, Sch Accounting Econ & Finance, Geelong, Vic 3217,
Australia Brooks, R (corresponding author), Monash Univ, Dept Econometr &
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15 Business, Finance; Economics; Urban Studies Business & Economics;
Urban Studies 017PZ WOS:000235706800005 2021-10-06
J Butt, A; Donald, MS; Foster, FD; Thorp, S; Warren, GJ Butt,
Adam; Donald, M. Scott; Foster, F. Douglas; Thorp, Susan; Warren, Geoffrey J.
One size fits all? Tailoring retirement plan defaults JOURNAL OF
ECONOMIC BEHAVIOR & ORGANIZATION English Article
Pensions; Default; Financial services; Regulation LIFETIME
PORTFOLIO SELECTION; FINANCIAL LITERACY; INVESTMENT OPTIONS; ASSET ALLOCATION;
CHOICE; CYCLE; FUND; DETERMINANTS; ATTITUDES; INVESTORS Default investment
options in retirement plans are a potent influence on member choice, however little
is known about how plans set them. We investigate how retirement plan providers
choose default investment strategies for passive members. We interview plan
executives and survey members during a review of default settings in 2013-14
prompted by a change in the regulation of the Australian retirement system. Passive
plan members are different from active members in ways that matter for investment
strategy. Passive members are less willing to take financial risks; they are also
younger, less wealthy and more often female. Executives say they design defaults
with passive members in mind, but they seem to overlook some key factors. For
example, plan executives set high risk exposure in default investment strategies.
Executives also assume motivations for defaulting that do not match those reported
by members. Most plan executives think of passive members as uninterested in their
retirement savings but passive members say they trust their plans, and lack skill
rather than interest. The heterogeneity, trust and low skill of passive members
make opting out of the default less likely and smart defaults more appealing. (C)
2017 Elsevier B.V. All rights reserved. [Butt, Adam; Warren, Geoffrey J.]
Australian Natl Univ, Coll Business & Econ, Canberra, ACT 2601, Australia; [Donald,
M. Scott] UNSW Australia, Fac Law, Ctr Law Markets & Regulat, Kensington, NSW 2052,
Australia; [Foster, F. Douglas; Thorp, Susan] Univ Sydney, Rm 539,Level
5,Codrington Bldg H69, Sydney, NSW 2006, Australia Thorp, S (corresponding
author), Univ Sydney, Rm 539,Level 5,Codrington Bldg H69, Sydney, NSW 2006,
Australia. Adam.Butt@anu.edu.au; S.Donald@unsw.edu.au;
douglas.foster@sydney.edu.au; susan.thorp@sydney.edu.au; Geoff.Warren@anu.edu.au
Butt, Adam/X-3443-2019 Butt, Adam/0000-0002-6709-3446; Thorp, Susan/0000-
0003-3462-0876 Centre for International Finance and Regulation; Australian
National UniversityAustralian National University; University of Technology Sydney;
UNSW Australia under CIFR [T004]; Commonwealth Government; NSW Government This
research was jointly funded by the Centre for International Finance and Regulation,
the Australian National University, the University of Technology Sydney and UNSW
Australia under CIFR Project T004. The Centre for International Finance and
Regulation is funded by the Commonwealth and NSW Governments, and supported by
other Consortium members. We thank the interview participants who shared their
valuable time and insights and the staff at the Institute for Choice, University of
South Australia, for assistance in implementation of the survey. We would also like
to thank Warren Chant, Joanna Davison, David Haynes, Jordan Louviere and Jeremy
Cooper for their assistance; and participants at the 2015 Accounting and Finance
Research Forum at the University of Queensland, the RMIT Finance Day, the 2016
Boulder Summer Conference on Consumer Financial Decision Making, University of
Colorado, the CIFR Superannuation Showcase, the 2015 Superannuation Colloquium,
UNSW and Victoria University of Wellington for helpful comments. Ethics approval
was attained at The Australian National University under Protocol 2013/572, which
was accepted by UNSW Australia, The University of Sydney, and endorsed by
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10.1016/j.jebo.2017.11.022 21 Economics Business &
Economics FU2AF WOS:000423649900033 Green Accepted 2021-
10-06
J Brown, M; Grigsby, J; van der Klaauw, W; Wen, JY; Zafar, B
Brown, Meta; Grigsby, John; van der Klaauw, Wilbert; Wen, Jaya; Zafar, Basit
Financial Education and the Debt Behavior of the Young REVIEW OF
FINANCIAL STUDIES English Article
COGNITIVE FUNCTION; NUMERICAL ABILITY; LITERACY; INVESTMENT; DECISIONS Young
Americans are heavily reliant on debt and have clear financial literacy
shortcomings. In this paper, we study the effects of exposure to financial training
on debt outcomes in early adulthood among a large and representative sample of
young Americans. Variation in exposure to financial training comes from statewide
changes in high school graduation requirements. Using a flexible event study
approach, we find that both mathematics and financial education, by and large,
decrease reliance on nonstudent debt and improve repayment behavior. Economics
training, on the other hand, increases both the likelihood of holding outstanding
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Wilbert; Zafar, Basit] Fed Reserve Bank New York, New York, NY 10045 USA; [Grigsby,
John] Univ Chicago, Dept Econ, Chicago, IL 60637 USA; [Wen, Jaya] Yale Univ, Dept
Econ, New Haven, CT 06520 USA Zafar, B (corresponding author), Fed Reserve Bank New
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WOS:000384228900007 Green Submitted 2021-10-06
J Clark, GL Clark, Gordon L. Pensions or
property? ENVIRONMENT AND PLANNING A-ECONOMY AND SPACE English
 Article saving; media; investment; risk;
pensions; property FINANCIAL LITERACY; BEHAVIOR; MEDIA; INVESTMENT;
PSYCHOLOGY; GEOGRAPHY; DECISION; HOME Saving for retirement is fraught with
risk and uncertainty. For those not privileged by participation in a defined
benefit pension plan, the issue is made complex by problematic decision rules: the
options available are variable in terms of their costs and possible consequences,
there is considerable uncertainty surrounding the anticipated outcomes of different
options, and it is quite unclear whether conventional savings instruments are
better or worse than simply relying upon housing and property. In this paper the
problem of saving for the future is conceptualised and interrogated against
respondents' views and opinions as reported in the Money section of The Sunday
Times. Those interviewed are representative of a distinctive segment of the UK
working population and face, more than most, the prospect of being largely
responsible for their retirement income. Due regard is paid to the age and reported
incomes of respondents in relation to their professed intentions just as
consideration is given to their apparent risk predispositions. It is noted that
many respondents preferred property over pensions across the four years considered
from the peak of the bubble through to the onset of the age of austerity. An
interpretation of this preference is offered, emphasising the control of risk
apparent in many people's perceptions of the value of property. [Clark, Gordon L.]
Univ Oxford, Sch Geog & Environm, Oxford OX1 3QY, England; [Clark, Gordon L.]
Monash Univ, Fac Business & Econ, Caulfield, Vic 3145, Australia Clark, GL
(corresponding author), Univ Oxford, Sch Geog & Environm, Hinshelwood Rd, Oxford
OX1 3QY, England. gordon.clark@ouce.ox.ac.uk Ainslie G.
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15 Environmental Studies; Geography Environmental Sciences & Ecology;
Geography 966ZO WOS:000305876100013 2021-10-06
J Liu, LX Liu, Laura Xiaolei Historical
market-to-book in a partial adjustment model of leverage JOURNAL OF CORPORATE
FINANCE English Article
Capital structure; Trade-off theory; Market timing; Partial adjustment;
Target capital structure INVESTMENT OPPORTUNITY SET; CAPITAL STRUCTURE; CROSS-
SECTION; FIRMS; DECISIONS; DIVIDEND; COSTS Historical market-to-book has been
shown to explain current leverage. Prior studies attribute the evidence to market
timing. This study shows that with the presence of time-varying targets and
adjustment costs, historical market-to-book has a significant impact on leverage
even when firms do not time the market. The historical values of alternative market
timing proxies, such as insider sales and the market sentiment index, are shown to
have no effects on leverage while the historical values of alternative growth-
option proxies do have effects. Overall, the evidence is largely consistent with a
partial adjustment model of leverage. (C) 2009 Elsevier B.V. All rights reserved.
Hong Kong Univ Sci & Technol, Dept Finance, Sch Business & Management,
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10.1016/j.jcorpfin.2009.07.003 11 Business, Finance
 Business & Economics 518YA WOS:000271730800006
2021-10-06
J Lizieri, C; Marcato, G; Ogden, P; Baum, A Lizieri, Colin;
Marcato, Gianluca; Ogden, Paul; Baum, Andrew Pricing Inefficiencies
in Private Real Estate Markets Using Total Return Swaps JOURNAL OF REAL ESTATE
FINANCE AND ECONOMICS English Article
Total return swaps; Asset pricing; Real estate market inefficiencies RISK;
DERIVATIVES; INVESTMENT Efficient markets should guarantee the existence of zero
spreads for total return swaps. However, real estate markets have recorded values
that are significantly different from zero in both directions. Possible
explanations might suggest non-rational behaviour by inexperienced market players
or unusual features of the underlying asset market. We find that institutional
characteristics in the underlying market lead to market inefficiencies and, hence,
to the creation of a rational trading window with upper and lower bounds within
which transactions do not offer arbitrage opportunities. Given the existence of
this rational trading window, we also argue that the observed spreads can
substantially be explained by trading imbalances due to the limited liquidity of a
newly formed market and/or to the effect of market sentiment, complementing
explanations based on the lag between underlying market returns and index returns.
[Marcato, Gianluca; Baum, Andrew] Univ Reading, Henley Business Sch, Sch Real
Estate & Planning, Reading RG6 6UD, Berks, England; [Lizieri, Colin] Univ
Cambridge, Dept Land Econ, Cambridge CB3 9EP, England; [Ogden, Paul] InProp Capital
LLP, London EC2M 1RX, England Marcato, G (corresponding author), Univ Reading,
Henley Business Sch, Sch Real Estate & Planning, Reading RG6 6UD, Berks, England.
cml49@cam.ac.uk; g.marcato@reading.ac.uk; paul.ogden@inpropcapital.com;
a.e.baum@reading.ac.uk Alvarez L. H. R., 2009, ANN FINANCE
IN PRESS; Baum A., 2006, PRICING PROPERTY DER; Bjork T., 2002, SSE EFI WORKING
PAPE, V492; Bond S., 2008, MIT MAASTR PROP SEM; Bond S., 2006, LIQUICITY
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36 9 9 0 23 SPRINGER DORDRECHT VAN GODEWIJCKSTRAAT 30,
3311 GZ DORDRECHT, NETHERLANDS 0895-5638 J REAL ESTATE FINANC
J. Real Estate Financ. Econ. OCT 2012 45 3
774 803 10.1007/s11146-010-9268-x 30 Business,
Finance; Economics; Urban Studies Business & Economics; Urban Studies 001EG
WOS:000308442500011 2021-10-06
J Tuarob, S; Wettayakorn, P; Phetchai, P; Traivijitkhun, S; Lim, S; Noraset, T;
Thaipisutikul, T Tuarob, Suppawong; Wettayakorn, Poom; Phetchai,
Ponpat; Traivijitkhun, Siripong; Lim, Sunghoon; Noraset, Thanapon; Thaipisutikul,
Tipajin DAViS: a unified solution for data collection, analyzation,
and visualization in real-time stock market prediction FINANCIAL INNOVATION
English Article Investment support
system; Stock data visualization; Time series analysis; Ensemble machine learning;
Text mining SENTIMENT; SVM The explosion of online information with the recent
advent of digital technology in information processing, information storing,
information sharing, natural language processing, and text mining techniques has
enabled stock investors to uncover market movement and volatility from
heterogeneous content. For example, a typical stock market investor reads the news,
explores market sentiment, and analyzes technical details in order to make a sound
decision prior to purchasing or selling a particular company's stock. However,
capturing a dynamic stock market trend is challenging owing to high fluctuation and
the non-stationary nature of the stock market. Although existing studies have
attempted to enhance stock prediction, few have provided a complete decision-
support system for investors to retrieve real-time data from multiple sources and
extract insightful information for sound decision-making. To address the above
challenge, we propose a unified solution for data collection, analysis, and
visualization in real-time stock market prediction to retrieve and process relevant
financial data from news articles, social media, and company technical information.
We aim to provide not only useful information for stock investors but also
meaningful visualization that enables investors to effectively interpret storyline
events affecting stock prices. Specifically, we utilize an ensemble stacking of
diversified machine-learning-based estimators and innovative contextual feature
engineering to predict the next day's stock prices. Experiment results show that
our proposed stock forecasting method outperforms a traditional baseline with an
average mean absolute percentage error of 0.93. Our findings confirm that
leveraging an ensemble scheme of machine learning methods with contextual
information improves stock prediction performance. Finally, our study could be
further extended to a wide variety of innovative financial applications that seek
to incorporate external insight from contextual information such as large-scale
online news articles and social media data. [Tuarob, Suppawong; Wettayakorn,
Poom; Phetchai, Ponpat; Traivijitkhun, Siripong; Noraset, Thanapon; Thaipisutikul,
Tipajin] Mahidol Univ, Fac Informat & Commun Technol, Salaya 73170, Nakhon Pathom,
Thailand; [Lim, Sunghoon] Ulsan Natl Inst Sci & Technol, Dept Ind Engn, Ulsan
44919, South Korea; [Lim, Sunghoon] Ulsan Natl Inst Sci & Technol, Inst Ind Revolut
4, Ulsan 44919, South Korea Thaipisutikul, T (corresponding author), Mahidol
Univ, Fac Informat & Commun Technol, Salaya 73170, Nakhon Pathom, Thailand.
tipajin.tha@mahidol.ac.th Thaipisutikul, Tipajin/0000-0002-2538-
1108 Mahidol University This research project is supported by Mahidol
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10.1186/s40854-021-00269-7 32 Business, Finance; Social
Sciences, Mathematical Methods Business & Economics; Mathematical Methods In
Social Sciences TI3EJ WOS:000672676500001 gold 2021-10-06
J Wu, J; Zhang, JZ Wu, Juan (Julie); Zhang, Jianzhong
(Andrew) Short selling and market anomalies JOURNAL OF FINANCIAL
MARKETS English Article
Financial information; Market anomalies; Short selling CROSS-SECTION;
SHORT-SELLERS; ASSET GROWTH; INVESTMENT FRICTIONS; STOCK; INFORMATION; RISK;
INVESTORS; RETURN; PERSISTENCE We assess the importance of well-known market
anomalies for shorting strategies and how it changes over the 1988-2014 period. We
find that anomalies contribute to both relative short interest (RSI) and RSI's
negative information content about future earnings surprises and analyst actions.
Anomalies explain more than half of the RSI-return relation. These results neither
attenuate over time nor vary with market sentiment. RSI on least-shorted firms
contains unique return-predictive information, which becomes increasingly important
over time while RSI on most-shorted firms does not. Our findings suggest that a
significant portion of short sellers' informational advantage comes from exploiting
market anomalies. (C) 2019 Elsevier B.V. All rights reserved. [Wu, Juan (Julie)]
Univ Nebraska, Coll Business, Lincoln, NE USA; [Zhang, Jianzhong (Andrew)] Univ
Nevada, Lee Business Sch, Las Vegas, NV 89154 USA Wu, J (corresponding author),
Univ Nebraska, 730 N 14th St, Lincoln, NE 68588 USA. juliewu@unl.edu;
andrew.zhang@unlv.edu Lee School of Business Summer Faculty Research
Grant Award at the University of Nevada, Las Vegas We greatly appreciate the
comments from Tarun Chordia (the editor), an anonymous referee, Philipp Krueger,
Adam Reed, Tong Yao, George Jiang, Ankur Pareek, and Xiaoyan Zhang and participants
at the Financial Management Association meetings. Andrew Zhang is grateful for
financial support from the Lee School of Business Summer Faculty Research Grant
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Business, Finance Business & Economics JN4UO WOS:000496894500003
2021-10-06
J Eckbo, BE; Norli, O Eckbo, BE; Norli, O
Liquidity risk, leverage and long-run IPO returns JOURNAL OF CORPORATE
FINANCE English Article
liquidity risk; leverage; IPO TRANSACTION COSTS; PUBLIC OFFERINGS; TRADING
VOLUME; CROSS-SECTION; STOCK; MARKET; UNDERPERFORMANCE; EQUILIBRIUM; PRICES; TESTS
We examine the risk-return characteristics of a rolling portfolio investment
strategy where more than 6000 Nasdaq initial public offering (IPO) stocks are
bought and held for up to 5 years. The average long-run portfolio return is low,
but IPO stocks appear as "longshots", as 5-year buy-and-hold returns of 1000% or
more are somewhat more frequent than for non-issuing Nasdaq firms matched on size
and book-to-market ratio. The typical IPO firm is of average Nasdaq market
capitalization but has relatively low book-to-market ratio. We also show that IPO
firms exhibit relatively high stock turnover and low leverage, which may lower
systematic risk exposures. To examine this possibility, we launch an easily
constructed "low-minus-high" (LMH) stock turnover portfolio as a liquidity risk
factor. The LMH factor produces significant betas for broad-based stock portfolios,
as well as for our IPO portfolio and a comparison portfolio of seasoned equity
offerings. The factor-model estimation also includes standard characteristic-based
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macroeconomic risks. Because they track macroeconomic aggregates, these mimicking
portfolios are relatively immune to market sentiment effects. Overall, we cannot
reject the hypothesis that the realized return on the IPO portfolio is
commensurable with the portfolio's risk exposures, as defined here. (C) 2005
Elsevier B.V. All rights reserved. Dartmouth Coll, Amos Tuck Sch Business Adm,
Hanover, NH 03755 USA Eckbo, BE (corresponding author), Dartmouth Coll, Amos Tuck
Sch Business Adm, Hanover, NH 03755 USA. b.espen.eckbo@dartmouth.edu Norli,
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Business, Finance Business & Economics 897RA WOS:000227021300001
Green Submitted 2021-10-06
J Asriyan, V; Fornaro, L; Martin, A; Ventura, J Asriyan,
Vladimir; Fornaro, Luca; Martin, Alberto; Ventura, Jaume Monetary
Policy for a Bubbly World REVIEW OF ECONOMIC STUDIES English
Article Bubbles; Financial frictions;
Optimal monetary policy; Liquidity trap ASSET BUBBLES; LIQUIDITY What is the
role of monetary policy in a bubbly world? To address this question, we study an
economy in which financial frictions limit the supply of assets. The ensuing
scarcity generates a demand for "unbacked" assets, i.e., assets that are backed
only by the expectation of their future value. We consider two types of unbacked
assets: bubbles, which are created by the private sector, and money, which is
created by the central bank. Bubbles and money share many features, but they also
differ in two crucial respects. First, while the rents from the creation of bubbles
accrue to entrepreneurs and foster investment, the rents from money creation accrue
to the central bank. Second, while bubbles are driven by market psychology, and can
rise and fall according to the whims of the market, money is under the control of
the central bank. We characterize the optimal monetary policy and show that,
through its ability to supply assets, monetary policy plays a key role in the
bubbly world. The model sheds light on the recent expansion of central bank
liabilities in response to the bursting of bubbles. [Asriyan, Vladimir; Fornaro,
Luca; Ventura, Jaume] Univ Pompeu Fabra, CREI, Barcelona, Spain; [Asriyan,
Vladimir; Fornaro, Luca; Martin, Alberto; Ventura, Jaume] Barcelona GSE, Barcelona,
Spain; [Martin, Alberto] CREI, ECB, Barcelona, Spain Asriyan, V (corresponding
author), Univ Pompeu Fabra, CREI, Barcelona, Spain.; Asriyan, V (corresponding
author), Barcelona GSE, Barcelona, Spain. Debt in Emerging
Markets; Spanish Ministry of Economy and Competitiveness [ECO2014-54430-P];
Generalitat de CatalunyaGeneralitat de Catalunya [2014SGR-830 AGAUR]; Spanish
Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for
Centres of Excellence in RD [SEV-2015-0563]; ERCEuropean Research Council
(ERC)European Commission [FP7-615651-MacroColl, FP7-249588-ABEP]; IMF Research
Fellowship We thank Philippe Bacchetta, Wenxin Du, Jordi Gali, Marcus Hagedorn,
Philippe Weil, Gregory Thwaites, and seminar/conference participants at Bank of
Portugal, IMF, Humboldt Universitat, Nova Business School, Richmond Fed, Santa
Clara University, Stanford University, Barcelona GSE Summer Forum, Conference on
Banking, Monetary Policy and Macroeconomic Performance at Goethe Universitat
Frankfurt, Research Forum on Macro-Finance at Bank of England, Annual Research
Conference at Sciences Po, NBER Conference on Capital Flows and Debt in Emerging
Markets, Transpyrenean Macro Workshop, SED Meetings in Warsaw, Conference on
Monetary Policy and Financial Instability at Banque de France, and joint BoE, ECB,
CEPR, CFM Conference on Credit Dynamics and the Macroeconomy. We acknowledge
support from the Spanish Ministry of Economy and Competitiveness (grant ECO2014-
54430-P), Generalitat de Catalunya (grant 2014SGR-830 AGAUR), and Spanish Ministry
of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of
Excellence in R&D(SEV-2015-0563). In addition, Martin and Ventura acknowledge
support from the ERC(Consolidator Grant FP7-615651-MacroColl and Advanced Grant
FP7-249588-ABEP), and Martin thanks the IMF Research Fellowship. Janko Heineken and
Doruk Gokalp provided excellent research assistance. The views reflected here are
those of the authors and not of the European Central Bank. BACCHETTA P., 2019, J
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UNIV PRESS OXFORD GREAT CLARENDON ST, OXFORD OX2 6DP, ENGLAND 0034-6527
1467-937X REV ECON STUD Rev. Econ. Stud. MAY 2021 88 3
1418 1456 10.1093/restud/rdaa045 39
Economics Business & Economics TS3YW WOS:000679589900013 Green
Published, Green Submitted, hybrid 2021-10-06
J Bekaert, G; Hoyem, K; Hu, WY; Ravina, E Bekaert, Geert;
Hoyem, Kenton; Hu, Wei-Yin; Ravina, Enrichetta Who is internationally
diversified? Evidence from the 401(k) plans of 296 firms JOURNAL OF FINANCIAL
ECONOMICS English Article
International diversification; Micro data; 401(k) portfolios HOME BIAS;
INFORMATION IMMOBILITY; INVESTMENT; GOVERNANCE; MARKETS; COSTS Drawing on a novel
database of the 401(k) plans of 296 firms, we examine the international equity
allocations of 3.8 million individuals over the 2005-2011 period. We find enormous
cross-individual variation, ranging from zero to more than 75%, and strong cohort
effects, with younger cohorts investing more internationally than older ones and
each cohort investing more internationally over time. Access to financial advice,
lower fees, and more international fund choices are associated with higher
international allocations, suggesting a role for plan design and policy. Education,
financial literacy, and the fraction of foreign-born population in the ZIP code
also have positive effects on international diversification, consistent with
explanations based on familiarity bias and information barriers. (C) 2017 Elsevier
B.V. All rights reserved. [Bekaert, Geert; Ravina, Enrichetta] Columbia
Business Sch, 3022 Broadway, New York, NY 10024 USA; [Bekaert, Geert] NBER, 1050
Massachusetts Ave, Cambridge, MA 02138 USA; [Hoyem, Kenton; Hu, Wei-Yin] Financial
Engines Inc, 1050 Enterprise Way, Sunnyvale, CA 94089 USA Ravina, E (corresponding
author), Columbia Business Sch, 3022 Broadway, New York, NY 10024 USA.
er2463@gsb.columbia.edu Chazen Global Research Fund; Boston
College Center for Retirement Research; Social Security Administration We thank Dan
Amiram, James Choi, Jonathan Reuter, Frank Warnock, an anonymous referee and
seminar participants at the American Economic Association annual meeting, the
Annual Conference in International Finance at Imperial College, the Federal Reserve
Board, the University of Texas at Dallas, the 27th Australasian Finance and Banking
Conference, the Norwegian Financial Research Conference, the 2014 Retirement
Research Consortium, the Einaudi Institute for Economics and Finance, the World
Bank, and the 2015 Western Finance Association annual conference for their helpful
comments. Nicolas Crouzet, Katrina Evtimova, Jia Guo, Yihua Lin, and especially
Andrea Kiguel provided excellent research assistance. This paper reflects our
findings and opinions and not necessarily those of Financial Engines. Inc.
Financial support from the Chazen Global Research Fund, and the Sandell Grant from
the Boston College Center for Retirement Research and the Social Security
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86 112 10.1016/j.jfineco.2016.12.010 27 Business,
Finance; Economics Business & Economics ER5UT WOS:000398869900005
2021-10-06
J Hazarika, B Hazarika, Bhabesh Gender income gap
in rural informal micro-enterprises: an unconditional quantile decomposition
approach in the handloom industry EURASIAN BUSINESS REVIEW
English Article Micro-entrepreneurs;
Handloom; Gender; Income gap; Unconditional quantile regression WAGE GAP;
EARNINGS; DISCRIMINATION; EMPLOYMENT; DIFFERENTIALS; DETERMINANTS; INEQUALITY;
INVESTMENT; SELECTION; CASTE Based on primary data, the present study analyzes the
gender income gap and its compositions throughout the income distribution of the
handloom micro-entrepreneurs in Assam. The unconditional quantile decomposition
reveals the existence of substantial gender income gaps along the income
distribution. The differences in the productive characteristics explain much of the
gap at the median and beyond. The endowment effects of education, financial
literacy, risk attitude, SHGs membership, and technology adoption are found in
favor of the male micro-entrepreneurs. The results suggest that the extent of risk
aversion towards producing high-valued dress materials and poor management of
entrepreneurial activities of the females have widened gender gap, particularly at
the upper quantiles of the income distribution. [Hazarika, Bhabesh] Govt India,
Autonomous Inst, Minist Finance, NIPFP, 18-2 Satsang Vihar Marg,Near JNU East Gate,
New Delhi 110067, India Hazarika, B (corresponding author), Govt India, Autonomous
Inst, Minist Finance, NIPFP, 18-2 Satsang Vihar Marg,Near JNU East Gate, New Delhi
110067, India. hazbhabesh@gmail.com Hazarika, Bhabesh/E-6610-2015 Hazarika,
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OCT 2019 33 Business; Economics; Management Business & Economics
ML6UF WOS:000490032300001 2021-10-06
J Oehler, A; Horn, M Oehler, Andreas; Horn, Matthias
Behavioural portfolio theory revisited: lessons learned from the field
ACCOUNTING AND FINANCE English Article
Household finance; Relative risk aversion; Behavioural portfolio
theory; Consumption and portfolio choice model; Risk-takingRELATIVE RISK-AVERSION;
WEALTH FLUCTUATIONS; GENDER-DIFFERENCES; MICRO-EVIDENCE; DETERMINANTS; INVESTMENT;
HOUSEHOLDS; CHOICE; ATTITUDES; ASSETS We examine the relation between
households' wealth and relative risk aversion (RRA) in two different frameworks:
the Behavioural Portfolio Theory (BPT) and Merton's consumption and portfolio
choice model (CPCM). We apply the BPT to field data for the first time and show
that the BPT provides a better fit than the CPCM to explain the financial risk-
taking of the households in Deutsche Bundesbank's Panel on Household Finances
survey. However, both models indicate decreasing RRA. While households' education
and financial literacy hardly improve the fit of either model, households show
different risk-taking behaviour in accordance with their self-assessed risk
attitude. [Oehler, Andreas] Bamberg Univ, Finance, Bamberg, Germany; [Horn,
Matthias] Bamberg Univ, Dept Finance, Bamberg, Germany Oehler, A (corresponding
author), Bamberg Univ, Finance, Bamberg, Germany. andreas.oehler@uni-bamberg.de
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Business, Finance Business & Economics RP2TP WOS:000534650400001
hybrid 2021-10-06
J Farrell, L; Fry, TRL; Risse, L Farrell, Lisa; Fry, Tim
R. L.; Risse, Leonora The significance of financial self-efficacy in
explaining women's personal finance behaviour JOURNAL OF ECONOMIC PSYCHOLOGY
English Article Financial self-
efficacy; Personal finance GENDER-DIFFERENCES; RISK-TAKING; PSYCHOLOGY;
ATTAINMENT; KNOWLEDGE; LITERACY Much policy attention has been placed on
enhancing individuals' financial knowledge and literacy, chiefly through financial
education programs. However, managing one's personal finances takes more than
financial knowledge and literacy: an individual also needs a sense of self-
assuredness, or 'self-belief, in their own capabilities. This personal attribute is
known within the psychology literature as 'self-efficacy'. This paper examines the
significance of an individual's financial self-efficacy in explaining their
personal finance behaviour, through the application of a psychometric instrument.
Using a 2013 survey of Australian women, financial self-efficacy emerges as one of
the strongest predictors of the type and number of financial products that a woman
holds. Specifically, our analysis reveals that women with higher financial self-
efficacy that is, with greater self-assuredness in their financial management
capacities are more likely to hold investment and savings products, and less likely
to hold debt-related products. Even alongside other important factors such as
education, financial risk preferences, age and household income the explanatory
power of financial self-efficacy is found to be significant at the 1% critical
level. Moreover, the significance of financial self-efficacy is independently
identified from that of financial literacy factors, which bears important
implications for the development of policies aiming to improve financial outcomes.
(C) 2015 The Authors. Published by Elsevier B.V. [Farrell, Lisa; Fry, Tim R.
L.; Risse, Leonora] RMIT Univ, Sch Econ Finance & Mkt, GPO Box 2476, Melbourne, Vic
3001, Australia Risse, L (corresponding author), RMIT Univ, Sch Econ Finance &
Mkt, GPO Box 2476, Melbourne, Vic 3001, Australia. leonora.risse@rmit.edu.au
Fry, Tim R.L./J-2438-2014; Farrell, Lisa/AAF-7338-2020 Fry, Tim
R.L./0000-0002-3763-5152; Farrell, Lisa/0000-0002-6378-1858Australian Research
CouncilAustralian Research Council [DP110103808] This research was supported
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NETHERLANDS 0167-4870 1872-7719 J ECON PSYCHOL J. Econ. Psychol. JUN
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10.1016/j.joep.2015.07.001 15 Economics; Psychology,
Multidisciplinary Business & Economics; Psychology DN1AB WOS:000376797100007
hybrid, Green Published 2021-10-06
J Cooke, P Cooke, Philip 'Digital tech' and
the public sector: what new role after public funding? EUROPEAN PLANNING
STUDIES English Article
Innovation systems; entrepreneurial ecosystems; digital technology;
cybersecurity; electronic trading Innovation scholars have long recognized
entrepreneurship is imitative', whereas the commercialization of novelty is
innovative'. Thus they are highly distinctive skill-sets. Entrepreneurship, first,
involves optimizing market sentiment for pure profit sometimes to the point of
catastrophe and even fraudulence in many markets. These include: payment protection
insurance (PPI) to flash crashes', automotive emission defeat devices', corporate
bribery settlements, social media hacking', fake news' and a litany of other
infractions and catastrophes. Innovation, by contrast, is more explorative and
team-reliant. Even if patenting betrays the hope for commercialization on markets,
patented innovation frequently fails. Some academic innovators even profess a
preference for prizes over profits. Second, this means that collective bonding'
among entrepreneurs, in the form of claimed entrepreneurial ecosystems', is often
based on a single customer platform or as a supplier of a highly specialist type of
imitative' service from identikit pizza chains to me-too' smartphone apps. Through
the latter, fused with artificial intelligence some interactive machine-learning
services have long-existed as postsocial' algorithms serving customers of, for
example, investment banks in stock and currency markets. Finally, entrepreneurship
is fundamentally competitive, individualistic and non-solidaristic, whereas open
innovation' was born from the practices of open science' and the collegiate
tradition of research. Accordingly, entrepreneurial ecosystems' can display more
closure than RIS set-ups. This special issue explores aspects of these ecosystem
platforms and their implications for emergent forms of urban and regional evolution
in the near and nearly present future. [Cooke, Philip] Univ Coll, Ctr Innovat,
Bergen, Norway Cooke, P (corresponding author), Univ Coll, Ctr Innovat, Bergen,
Norway. cookepn@cardiff.ac.uk Cooke P., 2017, EUROPEAN
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SEL COMM SCI TECHN M; UK Government Science & Technology Committee, 2016, BIG DAT
THE DIL 21 7 7 3 97 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
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10.1080/09654313.2017.1282067 16 Environmental Studies;
Geography; Regional & Urban Planning; Urban Studies Environmental Sciences &
Ecology; Geography; Public Administration; Urban Studies EQ7CP
WOS:000398240500002 2021-10-06
J Varkey, P; Peloquin, J; Reed, D; Lindor, K; Harris, I
Varkey, Prathibha; Peloquin, Joanna; Reed, Darcy; Lindor, Keith; Harris,
Ilene Leadership curriculum in undergraduate medical education: A study
of student and faculty perspectives MEDICAL TEACHER English
Article TRAINING CURRICULUM;
RESIDENTS; PROGRAM; RETREAT; SKILLS Background: Leaders in medicine have called for
transformative changes in healthcare to address systems challenges and improve the
health of the public. The purpose of this study was to elicit the perspectives of
students, faculty physicians and administrators regarding the knowledge and
competencies necessary in an undergraduate leadership curriculum. Methods: A mixed-
methods study was conducted using focus group discussions and semi-structured
interviews with faculty physicians and administrative leaders, as well as a written
survey of medical student leaders. Results: Twenty-two faculties participated in
focus groups and interviews; 21 medical students responded to the written survey.
participants identified emotional intelligence, confidence, humility and creativity
as necessary qualities of leaders; and teamwork, communication, management and
quality improvement as necessary knowledge and skills. Students perceived
themselves as somewhat or fully competent in communication (90%), conflict
resolution (70%) and time management (65%), but reported minimal or no knowledge or
competence in coding and billing (100%), writing proposals (90%), managed care
(85%) and investment principles (85%). Both faculty and students believed that
experiential training was the most effective for teaching leadership skills.
Conclusions: Study participants identified the necessary qualities, knowledge and
skills to serve as goals for an undergraduate leadership curriculum. Future studies
should address optimal methods of teaching and assessing leadership skills among
medical students. [Varkey, Prathibha] Mayo Clin, Dept Prevent Med, Div Prevent
Occupat & Aerosp Med, Rochester, MN 55905 USA; [Reed, Darcy] Mayo Clin, Div Gen
Internal Med, Rochester, MN 55905 USA; [Lindor, Keith] Mayo Clin, Div Gastroenterol
& Hepatol, Rochester, MN 55905 USA; [Peloquin, Joanna] Johns Hopkins, Dept Internal
Med, Baltimore, MD USA; [Harris, Ilene] Univ Illinois, Chicago, IL USA Varkey, P
(corresponding author), Mayo Clin, Dept Prevent Med, Div Prevent Occupat & Aerosp
Med, 200 1st SW, Rochester, MN 55905 USA. varkey.prathibha@mayo.edu
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Education, Scientific Disciplines; Health Care Sciences & Services
Education & Educational Research; Health Care Sciences & Services 478GW
WOS:000268576800011 18825566 2021-10-06
J Clark, RL; Mitchell, OS Clark, Robert L.; Mitchell, Olivia
S. Target Date Defaults in a Public Sector Retirement Saving Plan
SOUTHERN ECONOMIC JOURNAL English Article
FINANCIAL LITERACY Little is known about whether
employee retirement saving patterns change when public sector employers implement
Target Date Funds (TDFs) as the default plan investment. We use administrative and
survey data from a large government entity to track participation, contributions,
and asset allocation impacts of TDF introduction. We show that those mapped into
TDFs did not alter their holdings so that the reform resulted in higher equity
shares, especially for women, younger workers, and low-seniority employees. The
least risk-tolerant and financially literate employees held 12 percentage points
more equity than previously. Moreover, defaulting public employees into TDF had a
profoundly sticky effect on their subsequent investment behavior. [Clark,
Robert L.] NC State Univ, Poole Coll Management, Box 7229, Raleigh, NC 27696 USA;
[Mitchell, Olivia S.] Univ Penn, Wharton Sch, 3620 Locust Walk,3000 SH-DH,
Philadelphia, PA 19104 USA Mitchell, OS (corresponding author), Univ Penn,
Wharton Sch, 3620 Locust Walk,3000 SH-DH, Philadelphia, PA 19104 USA.
mitchelo@wharton.upenn.edu Pension Research Council/Boettner
Center at the Wharton School of the University of Pennsylvania Research support
for the work reported herein was provided by the Pension Research Council/Boettner
Center at the Wharton School of the University of Pennsylvania. Without implicating
them, we are grateful for useful comments provided by William Clark and Jonathan
Levatino. We are also appreciative of excellent programming assistance from Yong
Yu. Opinions and conclusions expressed herein are solely those of the authors and
do not represent the opinions or policy of the funders or any other institutions
with which the authors are affiliated. (c) 2019 Clark and Mitchell. All rights
reserved. Beshears John, 2018, POTENTIAL VS REALIZE; Brainard Keith, 2018,
SPOTLIGHT SIGNIFICAN; Butt A, 2018, J ECON BEHAV ORGAN, V145, P546, DOI
10.1016/j.jebo.2017.11.022; Carroll GD, 2009, Q J ECON, V124, P1639, DOI
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JJ, 2004, NATL TAX J, V57, P275, DOI 10.17310/ntj.2004.2.07; Choi JJ, 2004, NBER
CONF R, P81; Clark R, 2017, J PENSION ECON FINAN, V16, P324, DOI
10.1017/S1474747215000384; Clark R, 2017, ECON INQ, V55, P248, DOI
10.1111/ecin.12389; Clark RL, 2014, SOUTH ECON J, V80, P677, DOI 10.4284/0038-4038-
2012.199; Clark Robert L., 2019, 26234 NBER; Clark Robert L., 2017, RISK TOLERANCE
FINAN; Gibson William, 2017, MORE CO AUTOMATICALL; Goda Gopi Shah, 2018, MECH
RETIREMENT SAVI; Keim DB, 2018, J PENSION ECON FINAN, V17, P363, DOI
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Paula, 2014, USING AUTOMATIC ENRO; Sialm C, 2015, J FINANC, V70, P805, DOI
10.1111/jofi.12232; Vanguard, 2018, TDF AD 2018; Vanguard, 2018, AM SAV 2018; Wise
J, 2009, SOCIAL SECURITY POLI, P167, DOI DOI 10.7208/CHICAGO/9780226076508.003.0006
23 0 0 2 5 WILEY HOBOKEN 111 RIVER ST, HOBOKEN 07030-
5774, NJ USA 0038-4038 2325-8012 SOUTH ECON J South. Econ. J.
JAN 2020 86 3 1133 1149
10.1002/soej.12415 NOV 2019 17 Economics Business &
Economics KD7CB WOS:000499466800001 2021-10-06
J Tang, LY; Thompson, CB; Clark, JH; Ceh, KM; Yeagle, JD; Francis, HW
Tang, Liyang; Thompson, Carol B.; Clark, James H.; Ceh, Kristin M.;
Yeagle, Jennifer D.; Francis, Howard W. Rehabilitation and
Psychosocial Determinants of Cochlear Implant Outcomes in Older Adults EAR AND
HEARING English Article
Cochlear implant; Older adults; Quality of life; Technology use QUALITY-OF-
LIFE; TRAIT EMOTIONAL INTELLIGENCE; HEARING-LOSS; SPEECH-PERCEPTION; ELDERLY-
PATIENTS; RISK-FACTORS; PERFORMANCE; AGE; VALIDATION; RECOGNITION Objective:
The cochlear implant (CI) has been shown to be associated with better hearing,
cognitive abilities, and functional independence. There is variability however in
how much benefit each recipient derives from his or her CI. This study's primary
objective is to determine the effects of individual and environmental
characteristics on CI outcomes. Design: Seventy-six adults who developed
postlingual severe to profound hearing loss and received their first unilateral CI
at 65 years and older were eligible for the study. Fifty-five patients were asked
to participate and the 33 (60%) with complete data were classified as "group 1."
The remaining patients were placed in "group 2." Primary outcomes included changes
in quality of life and open-set speech perception scores. Independent variables
included age, health status, trait emotional intelligence (EI), comfort with
technology, and living arrangements. Survey outcomes and audiological measurements
were collected prospectively at 12 months after surgery, whereas preoperative data
were collected retrospectively. Comparisons between groups 1 and 2 were made.
Wilcoxon signed rank test, Spearman correlations, Mann-Whitney tests, Chi-square
tests, and linear regressions were performed only on group 1 data. Results: Having
a CI was associated with improved quality of life and speech perception.
Familiarity with electronic tablets was associated with increased 12-month
postoperative AzBio gains when adjusted for preoperative AzBio scores (adjusted p =
0.019), but only marginally significant when a family-wise error correction was
applied (p = 0.057). Furthermore, patients who lived with other people scored at
least 20 points higher on the AzBio sentences than those who lived alone (adjusted
p = 0.046). Finally, consultation with an auditory rehabilitation therapist was
associated with higher self-reported quality of life (p = 0.035). Conclusion: This
study suggests that in a cohort of older patients cochlear implantation is
associated with a meaningful increase in both quality of life and speech
perception. Furthermore, it suggests the potential importance of adjunct support
and services, including the tailoring of CI rehabilitation sessions depending on
the patient's familiarity with technology and living situation. Investment in
rehabilitation and other services is associated with improvements in quality of
life and may mitigate clinical, individual and social risk factors for poor
communication outcome. [Tang, Liyang; Clark, James H.; Ceh, Kristin M.; Yeagle,
Jennifer D.; Francis, Howard W.] Johns Hopkins Sch Med, Dept Otolaryngol Head &
Neck Surg, Baltimore, MD USA; [Thompson, Carol B.] Johns Hopkins Bloomberg Sch Publ
Hlth, Johns Hopkins Biostat Ctr, Baltimore, MD USA Francis, HW (corresponding
author), Duke Univ, Med Ctr, DUMC Box 3805, Durham, NC 27710 USA.
howard.francis@duke.edu Clark, James/AAB-5996-2021; Clark, James/C-2064-2012
Clark, James/0000-0002-5860-2480 David M Rubenstein Fund for Hearing
Research; American Federation for Aging Research; National Institute on AgingUnited
States Department of Health & Human ServicesNational Institutes of Health (NIH) -
USANIH National Institute on Aging (NIA); NIH through the Johns Hopkins ICTR (CTSA
grant) [5UL1TR001079]; NATIONAL CENTER FOR ADVANCING TRANSLATIONAL SCIENCESUnited
States Department of Health & Human ServicesNational Institutes of Health (NIH) -
USANIH National Center for Advancing Translational Sciences (NCATS) [KL2TR000425,
UL1TR001079] Funding Source: NIH RePORTER; NATIONAL CENTER FOR RESEARCH
RESOURCESUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Center for Research Resources (NCRR) [KL2RR025006]
Funding Source: NIH RePORTER The authors thank Patrick Semesky, Dr. Salem
Noureldine, and members of the Johns Hopkins Listening Center for their
contributions to this work. The authors acknowledge support from the David M
Rubenstein Fund for Hearing Research, American Federation for Aging Research and
National Institute on Aging.; Medical Student Training in Aging Research, funded by
the American Federation for Aging Research and National Institute on Aging. NIH
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WILLIAMS & WILKINS PHILADELPHIA TWO COMMERCE SQ, 2001 MARKET ST,
PHILADELPHIA, PA 19103 USA 0196-0202 1538-4667 EAR HEARING Ear Hear.
NOV-DEC 2017 38 6 663 671
10.1097/AUD.0000000000000445 9 Audiology & Speech-Language
Pathology; Otorhinolaryngology Audiology & Speech-Language Pathology;
Otorhinolaryngology FT3WA WOS:000423077800013 28542018
2021-10-06
J Auret, C; Sayed, A Auret, Christo; Sayed, Ayesha
The effects of uncertainty on investor expectations and volatility in the
South African white maize futures market INVESTMENT ANALYSTS JOURNAL
English Article maize futures; technical
indicators; SAVI; time-varying VAR; financialization; momentum investing; investor
expectations RETURNS Given the rapidly changing nature of financial
markets, volatility indices often influence the trading behaviour of market
participants, as they identify market patterns, predict market risk and gauge
market sentiment. This paper examines the effects of uncertainty on the
expectations of South African white maize futures traders and on volatility at a
daily level. Uncertainty effects are measured using three volatility indices: The
SAVI Top 40, the SAVI Dollar and the SAVI White Maize. Investor expectations in the
South African white maize futures market are proxied by three momentum indicators,
the moving average convergence divergence (MACD), the relative strength index (RSI)
and the rate of change (ROC). Volatility is estimated using a fitted GARCH (1,1)
model of South African white maize futures closing prices. A time-varying vector
autoregressive (VAR) framework is used to examine the reactions of each of the
three momentum indicators to shocks from each of the three volatility indices. The
results confirm that changes in uncertainty influence the expectations of South
African white maize futures momentum traders; and that these resulting trades
influence price movements, resulting in increased volatility. [Auret, Christo;
Sayed, Ayesha] Univ Witwatersrand, Sch Econ & Finance, Johannesburg, South Africa
Sayed, A (corresponding author), Univ Witwatersrand, Sch Econ & Finance,
Johannesburg, South Africa. ayesha.sayed@wits.ac.za Sayed, Ayesha/0000-0002-
0962-4640; Auret, Christo/0000-0002-7357-852X Alexander C., 2015,
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INVESTMENT ANALYSTS SOC SOUTHERN AFRICA FERNDALE PO BOX 131, FERNDALE,
2160, SOUTH AFRICA 1029-3523 2077-0227 INVEST ANAL J Invest.
Anal. J. JUL 2 2020 49 3 SI 165 179
10.1080/10293523.2020.1776503 JUN 2020 15 Business, Finance
Business & Economics OI6BK WOS:000549614000001
2021-10-06
J Lee, T; Huhmann, BA; Yun, T Lee, Taejun (David); Huhmann,
Bruce A.; Yun, TaiWoong Readability of Korean-Language advertising
disclosures moderates knowledge effects INTERNATIONAL JOURNAL OF BANK MARKETING
English Article South Korea;
Financial education; Financial services; Readability; Advertising disclosures;
Prior knowledge CREDIT CARD MISUSE; FINANCIAL LITERACY; SUBJECTIVE KNOWLEDGE;
INFORMATION; CONSUMERS; EDUCATION; IMPACT; STYLE; DETERMINANTS; PERFORMANCE
Purpose Government policy mandates information disclosure in financial
communications to protect consumer welfare. Unfortunately, low readability can
hamper information disclosures' meaningful benefits to financial decision making.
Thus, this experiment tests the product evaluation and decision satisfaction of
Korean consumers with less or more subjective knowledge and with or without
personal finance education. Design/methodology/approach A between-subjects
experiment examined responses of a nationally representative sample of 400 Korean
consumers toward a Korean-language credit card advertisement. Findings Financial
knowledge improves financial product evaluation and decision satisfaction. More
readable disclosures improved evaluation and satisfaction among less knowledgeable
consumers. Less readable disclosures did not. Consumers without financial education
exhibited lower evaluations and decision satisfaction regardless of readability.
More knowledgeable consumers and those with financial education performed equally
well regardless of disclosure readability. Practical implications Financial service
providers seeking more accurate evaluations and better decision satisfaction among
their customers should use easier-to-read disclosures when targeting consumers with
less prior financial knowledge. Social implications One-size-fits-all financial
communications are unlikely to achieve public policy or consumer well-being goals.
Government-mandated information should be complemented by augmenting financial
knowledge and providing personal finance training. Originality/value Although
almost a quarter of the world's population lives in East Asia, this is the first
examination of readability in disclosures written in East Asian characters rather
than a Western alphabet. Previous readability research on Asian-originating
financial disclosures has been conducted on English-language texts. This study
extends knowledge of readability effects to growing East Asian markets. [Lee,
Taejun (David)] KDI Sch Publ Policy & Management, Sejong, South Korea; [Huhmann,
Bruce A.] Virginia Commonwealth Univ, Dept Mkt, Richmond, VA 23284 USA; [Yun,
TaiWoong] Incheon Natl Univ, Dept Business Adm, Incheon, South Korea Huhmann, BA
(corresponding author), Virginia Commonwealth Univ, Dept Mkt, Richmond, VA 23284
USA. davidtjlee@gmail.com; bhuhmann@nmsu.edu; twyun@inu.ac.kr Huhmann, Bruce
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87 0 0 4 7 EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD
HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0265-2323 1758-5937
INT J BANK MARK Int. J. Bank Mark. OCT 5 2020 38 7
1421 1440 10.1108/IJBM-03-2020-0090 20
Business Business & Economics OI9GM WOS:000583577700001
2021-10-06
J Peng, XW; Alpert, K; Hsu, GCM Peng, Xiaowen; Alpert, Karen;
Hsu, Grace Chia-Man Switching between superannuation funds: Does
performance and marketing matter? PACIFIC-BASIN FINANCE JOURNAL
English Article Superannuation;
Retirement; Pension; Investment choice; Fund flow-performance; Individual investors
SAVINGS INVESTMENT CHOICES; RETIREMENT SAVINGS; FINANCIAL LITERACY; SECURITY;
FLOWS This study examines the roles of fund performance and marketing in
superannuation members' fund switching activity in Australia. Using member-
nominated transfers from a unique data set of Australian Prudential Regulation
Authority (APRA)-regulated superannuation funds from 2005 to 2014, our results
indicate that members who switched funds do not chase after superior short-term
returns but they do punish bad performers by withdrawing investments. We find a
consistent positive relation between marketing effort and investor choice for
retail funds, which engage in extensive marketing. However, marketing does not
appear to be an effective strategy for industry-based funds to attract investments.
[Peng, Xiaowen; Alpert, Karen; Hsu, Grace Chia-Man] Univ Queensland, UQ
Business Sch, 39 Blair Dr, St Lucia, Qld 4067, Australia Peng, XW (corresponding
author), Univ Queensland, UQ Business Sch, 39 Blair Dr, St Lucia, Qld 4067,
Australia. x.peng@business.uq.edu.au; k.alpert@business.uq.edu.au;
g.hsu@business.uq.edu.au Peng, Natalie Xiaowen/0000-0001-7106-8086
Australian Prudential Regulation Authority; Reserve Bank of Australia We
appreciate the comments of Robert Faff, Peter Clarkson, Susan Thorp, Jacquelyn
Humphrey, Irene Tutticci and Wen He, as well as seminar participants at the
Australian Prudential Regulation Authority; the Centre for International Finance
and Regulation; the 8th International Accounting and Finance Doctoral Symposium;
the 27th Asian-Pacific Conference on International Accounting, and the 7th
Conference on Financial Markets and Corporate Governance. We also thank the
Australian Prudential Regulation Authority for providing us with proprietary
superannuation data. Peng is grateful to the Australian Prudential Regulation
Authority and the Reserve Bank of Australia for financial support. APRA, 2010,
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ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0927-
538X 1879-0585 PAC-BASIN FINANC J Pac.-Basin Financ. J. OCT 2020
63 101431
10.1016/j.pacfin.2020.101431 15 Business, Finance Business &
Economics NX0GV WOS:000575398400010 2021-10-06
J Zhong, HQ; Yan, RY; Li, S; Chen, M Zhong, Huaqian; Yan,
Runyu; Li, Shuai; Chen, Min The Psychological Expectation of New
Project Income Under the Influence of the Entrepreneur's Sentiment From the
Perspective of Information Asymmetry FRONTIERS IN PSYCHOLOGY
English Article information asymmetry;
entrepreneur sentiment; psychological expectation of returns; initial public
offering initial return; initial public offering pricing mechanism
INSTITUTIONAL INVESTORS; INVESTMENT; PERFORMANCE; RETURNS The phenomenon of
high first-day income and high break-up rate in China's capital market has long
attracted the attention of investors. Based on the disagreement model, in
combination with the information asymmetry theory and behavioral finance, a
mathematical model was put forward to analyze the reasons and mechanisms for the
excess return of the initial public offering (IPO) on the first-day under the
influence of investors' sentiments. The analysis shows that the IPO first-day
income is a function of the disagreement between investors, which generally
presents an asymmetric U shape. Information asymmetry affects the degree of
valuation deviation. The sentiment of investors reflects the psychological state of
the investor at the time, which makes the income increase or decrease under the
influence of investor sentiment and market sentiment. In turn, it leads to the
emergence of excess returns or break-up rates on the first-day. The research
results help deepen the understanding of the IPO pricing mechanism and explore the
impact of investor psychology on its pricing, putting forward suggestions for the
issue pricing mechanism of the Sci-Tech Innovation Board. [Zhong, Huaqian] Xidian
Univ, Sch Mechanoelect Engn, Xian, Peoples R China; [Yan, Runyu] East China Normal
Univ, Sch Law, Shanghai, Peoples R China; [Li, Shuai] East China Normal Univ, Sch
Social Dev, Shanghai, Peoples R China; [Chen, Min] Wenzhou Med Univ, Sch Innovat &
Entrepreneurship, Wenzhou, Peoples R China Li, S (corresponding author), East
China Normal Univ, Sch Social Dev, Shanghai, Peoples R China.
sli@law.ecnu.edu.cn Chen, Min/AAD-4064-2019 Abdel-Rahim
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LAUSANNE AVENUE DU TRIBUNAL FEDERAL 34, LAUSANNE, CH-1015, SWITZERLAND
1664-1078 FRONT PSYCHOL Front. Psychol. JUL 8 2020 11
1416 10.3389/fpsyg.2020.01416
9 Psychology, Multidisciplinary Psychology MS1AU WOS:000554018300001
32774311 gold, Green Published 2021-10-06
J Royce, TJ; Davenport, KT; Dahle, JM Royce, Trevor J.;
Davenport, Kathleen T.; Dahle, James M. A Burnout Reduction and
Wellness Strategy: Personal Financial Health for the Medical Trainee and Early
Career Radiation Oncologist PRACTICAL RADIATION ONCOLOGY English
Review UNITED-STATES; PHYSICIANS;
RESIDENTS; DEBT; LIFE; EDUCATION; COST Purpose: Physician burnout is reported in
more than one out of every 2 practicing clinicians and is just as prevalent in
training physicians. Burnout severity is also associated with increasing levels of
financial debt. Medical professionals are notable for their high and increasing
levels of debt; despite this, financial literacy is poor among physicians, and
financial education is largely absent from medical education. Radiation oncologists
(ROs) are no different in this regard, with 33% of residents reporting high levels
of burnout symptoms, 33% carrying >$200,000 of educational debt, and 75% reporting
being unprepared to handle future financial decisions. To fill this gap, we
reviewed the basic tenets of personal financial health for the early career RO.
Methods and materials: The core concept of financial independence (FI) is
introduced, and we review 4 basic tenets of personal financial health for the young
medical professional: debt, behavior, investment, and asset protection strategies.
Results: FI is achieved by saving until the desired quality of life can be
maintained, independent of employment income. Debt strategy involves minimizing
debt accrual, understanding student loans, and having a debt management plan.
Behavioral strategy involves setting financial goals, calculating worth and a
savings rate, budgeting, and frugal living. The basics of investing include asset
allocation, diversification, rebalancing, and minimizing expenses. Finally, asset
protection includes insuring against catastrophic events with disability, life,
health, liability, and property insurance. Conclusions: Healthy financial practices
can lead to FI and may facilitate professional and personal freedoms with the goal
of mitigating burnout-associated stressors. The tenets of strong financial health
for ROs in the early stages of their career include sound debt, behavioral,
investment, and asset protection strategies. Furthermore, initial and continuing
financial education is an overlooked but important curriculum component. ROs with
their financial houses in order can devote more resources to learning and
practicing good medicine while living healthy, rewarding lives. (C) 2019 The
Author(s). Published by Elsevier Inc. on behalf of American Society for Radiation
Oncology. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/). [Royce, Trevor J.] Univ N
Carolina, Sch Med, Dept Radiat Oncol, Chapel Hill, NC 27515 USA; [Davenport,
Kathleen T.] Univ N Carolina, Sch Med, Dept Emergency Med, Chapel Hill, NC 27515
USA; [Dahle, James M.] Utah Emergency Specialists, Salt Lake City, UT USA; [Dahle,
James M.] White Coat Investor LLC, Salt Lake City, UT USA Royce, TJ (corresponding
author), Univ N Carolina, Dept Radiat Oncol, 101 Manning Dr,CB 7512, Chapel Hill,
NC 27599 USA. trevor_royce@med.unc.edu Adashi EY,
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PRACT RADIAT ONCOL Pract. Radiat. Oncol. JUL-AUG 2019 9 4
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8 Oncology; Radiology, Nuclear Medicine & Medical Imaging Oncology;
Radiology, Nuclear Medicine & Medical Imaging IE7SK WOS:000472574100022
30853541 hybrid 2021-10-06
J Mahdzan, NS; Zainudin, R; Hashim, RC; Sulaiman, NA
Mahdzan, Nurul Shahnaz; Zainudin, Rozaimah; Hashim, Rosmawani Che; Sulaiman,
Noor Adwa Islamic religiosity and portfolio allocation: the Malaysian
context INTERNATIONAL JOURNAL OF ISLAMIC AND MIDDLE EASTERN FINANCE AND
MANAGEMENT English Article
Islamic banking and finance; Islamic religiosity; Risk tolerance; Portfolio
selection ORDERED PROBIT MODEL; EVERYDAY MONEY MATTERS; FINANCIAL LITERACY; RISK-
TAKING; SOCIAL IDENTITY; STOCK-MARKET; INVESTMENT; BEHAVIOR; DECISIONS;
DETERMINANTS Purpose - This study aims to investigate the association between
Muslim individuals' portfolio allocation choice and Islamic religiosity (levels and
dimensions), controlling for risk tolerance and sociodemographic factors.
Design/methodology/approach - The study uses primary data collected via survey
questionnaires from a sample of 751 Muslim working individuals in Kuala Lumpur,
Malaysia. Owing to the ordinal nature of the dependent variable, which reflects the
levels of proportions of risky assets in portfolios, the data were analyzed using
an ordered probit regression model. Findings - The findings reveal that Islamic
religiosity levels in general were insignificantly related to portfolio allocation,
but that two dimensions of religiosity (virtue and obligation) significantly impact
the allocations of risky assets in the portfolio. The higher the level of virtue,
the lower the propensity to allocate risky assets into the portfolio. On the
contrary, the higher the level of obligation, the higher the propensity to allocate
risky assets in the portfolio. Meanwhile, individuals with higher risk tolerance,
income and education levels show greater propensity to allocate risky assets in the
portfolio. Research limitations/implications - The sample is restricted to Muslims
in Kuala Lumpur; hence, the findings are not easily generalized to Muslim investors
in general. Findings may differ between Muslims across the world, so future
research needs to expand from a country specific to an international analysis. In
addition, future studies could include other determinants of portfolio allocation,
such as financial literacy. Practical implications - The findings of this study may
assist financial planners and policymakers to better understand the drivers of
portfolio allocation among their Muslim clients. Originality/value - While other
studies have tended to focus on the impact of religiosity on the holdings of
specific financial assets, such as Islamic bank accounts or Takaful, the present
study explores the effect of Islamic religiosity dimensions on the allocations of
risky assets in the portfolio. The study also develops an ordinal measure of
portfolio allocation and makes a methodological contribution by using an ordered
probit regression analysis. [Mahdzan, Nurul Shahnaz; Zainudin, Rozaimah] Univ
Malaya, Fac Business & Accountancy, Dept Finance & Banking, Kuala Lumpur, Malaysia;
[Hashim, Rosmawani Che] Univ Malaya, Fac Business & Accountancy, Dept Business
Policy & Strategy, Kuala Lumpur, Malaysia; [Sulaiman, Noor Adwa] Univ Malaya, Fac
Business & Accountancy, Dept Accounting, Kuala Lumpur, Malaysia Mahdzan, NS
(corresponding author), Univ Malaya, Fac Business & Accountancy, Dept Finance &
Banking, Kuala Lumpur, Malaysia. n_shahnaz@um.edu.my SULAIMAN, NOOR ADWA/B-
9257-2010; ZAINUDIN, ROZAIMAH/B-9626-2010; Mahdzan, Nurul Shahnaz/M-9161-2019; CHE
HASHIM, ROSMAWANI/AAZ-2497-2021; Mahdzan, Nurul Shahnaz/B-9441-2010 SULAIMAN,
NOOR ADWA/0000-0001-5867-9077; Mahdzan, Nurul Shahnaz/0000-0003-4700-9654; CHE
HASHIM, ROSMAWANI/0000-0002-0656-6588; Mahdzan, Nurul Shahnaz/0000-0003-4700-9654
University of Malaya under the Equitable Society Research Cluster (ESRC)
[RP015D-13SBS] The authors would like to acknowledge the financial support
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2016-0162 19 Business, Finance; Management Business & Economics
FD6KB WOS:000407636300008 2021-10-06
J Li, L Li, Leon Risk of investing in
volatility products: A regime-switching approach INVESTMENT ANALYSTS JOURNAL
English Article volatility index;
Markov-switching model; GARCH; ARCH; DCC AUTOREGRESSIVE CONDITIONAL
HETEROSKEDASTICITY; GARCH; VARIANCE; MODELS; RATES Volatility indexes provide a
tool for investors to speculate and trade on market sentiment regarding future
volatility. The risk of trading on volatility indexes can be measured by their
second moments, namely, variance and correlation. This study considers the four
representative volatility indexes published by the CBOE: stock market volatility
index (VIX), crude oil volatility index (OVX), foreign exchange rate volatility
index (EVZ), and gold price volatility index (GVZ). To examine their risk, we
develop an extended multivariate Markov switching ARCH (MSARCH) model in which
regime-switching variances, correlations, and variance-correlation relations are
designed. Our empirical sample consists of the four volatility indexes from June
2008 to April 2020 for 612 weekly observations (Wednesday to Wednesday). For the
conditional variances, we find evidence of regime-switching processes (switching
between low and high volatility regimes) for the individual volatility index
returns, with the exception of the GVZ. The estimated probability of the high
volatility regime may be used to track economic distress and uncertainty shocks.
These results provide evidence for volatility-of-volatility risk. For the
conditional correlations, we find a regime-switching relation between variances and
correlations. That is, the highest correlation appears when the paired volatility
markets are simultaneously experiencing a state of high volatility. By contrast,
when the paired volatility markets are encountering different volatility states,
the correlation is weaker. These results indicate that the volatility-of-volatility
risk is a factor affecting the dynamics of correlations between volatility indexes.
[Li, Leon] Univ Waikato, Sch Accounting Finance & Econ, Waikato Management
Sch, Hamilton, New Zealand Li, L (corresponding author), Univ Waikato, Sch
Accounting Finance & Econ, Waikato Management Sch, Hamilton, New Zealand.
leonli@waikato.ac.nz Li, Leon/H-9013-2016 Li, Leon/0000-0002-2865-6568
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10.1080/10293523.2020.1814047 OCT 2020 16 Business, Finance
Business & Economics QU2TJ WOS:000579066300001
2021-10-06
J Srivastava, PR; Zhang, ZP; Eachempati, P Srivastava,
Praveen Ranjan; Zhang, Zuopeng (Justin); Eachempati, Prajwal Deep
Neural Network and Time Series Approach for Finance Systems: Predicting the
Movement of the Indian Stock Market JOURNAL OF ORGANIZATIONAL AND END USER
COMPUTING English Article Deep
Neural Network; Gradient Boosting; NSE; Random Forest; Stock Market; Time-Series
Prediction CLASSIFIER The stock market is an aggregation of investor sentiment
that affects daily changes in stock prices. Investor sentiment remained a mystery
and challenge over time, inviting researchers to comprehend the market trends. The
entry of behavioral scientists in and around the 1980s brought in the market
trading's human dimensions. Shortly after that, due to the digitization of
exchanges, the mix of traders changed as institutional traders started using
algorithmic trading (AT) on computers. Nevertheless, the effects of investor
sentiment did not disappear and continued to intrigue market researchers. Though
market sentiment plays a significant role in timing investment decisions, classical
finance models largely ignored the role of investor sentiment in asset pricing. For
knowing if the market price is value-driven, the investor would isolate components
of irrationality from the price, as reflected in the sentiment. Investor sentiment
is an expression of irrational expectations of a stock's risk-return profile that
is not justified by available information. In this context, the paper aims to
predict the next- day trend in the index prices for the centralized Indian National
Stock Exchange (NSE) deploying machine learning algorithms like support vector
machine, random forest, gradient boosting, and deep neural networks. The training
set is historical NSE closing price data from June 1st, 2013-June 30th, 2020.
Additionally, the authors factor technical indicators like moving average (MA),
moving average convergence-divergence (MACD), K (%) oscillator and corresponding
three days moving average D (%), relative strength indicator (RSI) value, and the
LW (R%) indicator for the same period. The predictive power of deep neural networks
over other machine learning techniques is established in the paper, demonstrating
the future scope of deep learning in multi-parameter time series prediction.
[Srivastava, Praveen Ranjan; Eachempati, Prajwal] Indian Inst Management,
Rohtak, Haryana, India; [Zhang, Zuopeng (Justin)] Univ North Florida, Dept
Management, Course Informat Syst, Jacksonville, FL USA; [Zhang, Zuopeng (Justin)]
Univ North Florida, Dept Management, Course Business Analyt, Jacksonville, FL USA
Srivastava, PR (corresponding author), Indian Inst Management, Rohtak,
Haryana, India. Srivastava, Praveen Ranjan/AAT-1022-2021 Srivastava,
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HERSHEY, PA 17033-1240 USA 1546-2234 1546-5012 J ORGAN END USER COM
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204 226 10.4018/JOEUC.20210901.oa10 23 Computer
Science, Information Systems; Information Science & Library Science; Management
Computer Science; Information Science & Library Science; Business & Economics
TQ3AH WOS:000678156000010 Bronze 2021-10-06
J Paleari, S; Vismara, S Paleari, Stefano; Vismara, Silvio
Over-optimism when pricing IPOs MANAGERIAL FINANCE
English Article Stock markets; Financial
reporting; Italy Purpose - The purpose of this paper is to contribute to the
literature on the valuation of initial public offerings (IPOs). In particular, it
tests the presence of over-optimism when pricing IPOs on the Italian Nuovo Mercato.
Design/methodology/approach - The paper investigates whether the analysts make
systematic errors when forecasting the performance of the firm undergoing the IPO
by comparing analysts' exante expectations to actual ex-post figures. Using a
sample of pre-IPO analysts' reports, the paper performs a regression analysis using
the forecast errors (FE) of post-issue sales as dependent variable in order to find
out the determinants of mis-valuation. Findings - It is found that the NuovoMercato
has been essentially a "market for projects'' inwhich young enterprises endowed
with a few tangible assets sold their business plans to the market exploiting high-
growth opportunities. In the aftermarket, stock and operating performances are
found to be declining, falling short of initial expectations. The extent of the
actual post-issue growth was lower than the ex-ante estimations by financial
analysts, whose valuations were systematically upwardly biased. Affiliated analysts
are found not to be more over-optimistic than the unaffiliated. FE appear to be
primarily driven by the extent of forecasted growth, by market sentiment and
(inversely) by the size of the firm. Originality/value - Fromthe perspective of
investors, this study contributes to the understanding of the helpfulness and
limits of the analysts' forecasts in investment decisions and, more generally, of
the determinants of over-optimism. This study addresses the issue of over-optimism
and provides empirical evidence of it. This paper also contributes to the
literature on the rise and fall of the new European stock markets. [Paleari,
Stefano; Vismara, Silvio] Univ Bergamo, Dept Management & Informat Technol,
Bergamo, Italy Paleari, S (corresponding author), Univ Bergamo, Dept Management
& Informat Technol, Bergamo, Italy. Vismara, Silvio/0000-0001-5411-
0326; Paleari, Stefano/0000-0001-6099-560X Barber B, 2001, J
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PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W
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Financ. 2007 33 6 SI 352 367
10.1108/03074350710748722 16 Business, Finance Business &
Economics V60XK WOS:000210863100001 2021-10-06
J Ketkaew, C; Van Wouwe, M; Vichitthamaros, P; Teerawanviwat, D
Ketkaew, Chavis; Van Wouwe, Martine; Vichitthamaros, Preecha; Teerawanviwat,
Duanpen The Effect of Expected Income on Wealth Accumulation and
Retirement Contribution of Thai Wageworkers SAGE OPEN English
Article retirement contribution; wealth
accumulation; financial goals; career status; health statusFINANCIAL LITERACY;
HEALTH; PERFORMANCE; PROGRAMS; BENEFITS; WORKER; AGE Thailand has now become the
aging society. However, the fact that the majority of Thai wageworkers do not
effectively save for their retirement may result in several elderly living below
the poverty threshold during retirement. The objectives of this research article
were to find the factors determining Thai wageworkers' retirement contribution.
Founded on the theory of life-cycle hypothesis, this article employed a sample of
300 wageworkers in the Northeast of Thailand and performed a statistical analysis
using the structural equation modeling (SEM) approach using age as a moderator. The
empirical results revealed that expected income, wealth accumulation, career
status, and health status were the main constructs influencing an individual's
ability to contribute to his or her retirement. This article suggested that a
wageworker should first contribute his or her income through wealth accumulation
schemes such as investment in financial assets, for example, stocks, bonds, mutual
funds, and properties, investment in other business as a second job, and simply
cash deposit. The results suggested that wealth accumulation was the most important
mediator allowing a wageworker to contribute to retirement effectively in the long
term. This article also proposed thoughtful research implications for wageworkers,
employers, and the Thai government. This article recommended that the government
and authorized bodies (e.g., the Bank of Thailand and the Stock Exchange of
Thailand) should provide more investment alternatives and improve investment
knowledge of the citizens. This would allow the citizens to have sufficient
financial knowledge to invest in riskier financial instruments that potentially
give better returns such as stocks. [Ketkaew, Chavis] Univ Antwerp, Appl Econ, Fac
Business & Econ, Antwerp, Belgium; [Van Wouwe, Martine] Univ Antwerp, Fac Business
& Econ, Prinsstr 13, B-2000 Antwerp, Belgium; [Ketkaew, Chavis] Khon Kaen Univ, Int
Coll, Khon Kaen, Thailand; [Vichitthamaros, Preecha; Teerawanviwat, Duanpen] Natl
Inst Dev Adm, Fac Appl Stat, Bangkok, Thailand Ketkaew, C (corresponding author),
Univ Antwerp, Fac Business & Econ, Prinsstr 13, B-2000 Antwerp, Belgium.
chaket@kku.ac.th Ketkaew, Chavis/N-3535-2018 Ketkaew, Chavis/0000-0003-
3506-3725 Khon Kaen University International College (KKUIC); Khon Kaen
University (KKU); National Research Council of Thailand (NRCT)National Research
Council of Thailand (NRCT) The author(s) disclosed receipt of the following
financial support for the research, authorship, and/or publication of this article:
The researchers would like to thank Khon Kaen University International College
(KKUIC), Khon Kaen University (KKU), and the National Research Council of Thailand
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10.1016/B978-1-907568-07-7.50004-3] 64 3 3 0 5 SAGE PUBLICATIONS
INC THOUSAND OAKS 2455 TELLER RD, THOUSAND OAKS, CA 91320 USA 2158-2440
SAGE OPEN SAGE Open OCT 2019 9 4
2158244019898247 10.1177/2158244019898247 20 Social
Sciences, Interdisciplinary Social Sciences - Other Topics JZ3HP
WOS:000504993300001 Green Published, gold 2021-10-06
J Davydov, D; Khrashchevskyi, I; Peltomaki, J Davydov,
Denis; Khrashchevskyi, Ian; Peltomaki, Jarkko Investor attention and
portfolio performance: what information does it pay to pay attention to?
EUROPEAN JOURNAL OF FINANCE English Article; Early Access
Investor attention; financial education; portfolio
performance; information type FINANCIAL LITERACY; DISPOSITION; DIVERSIFICATION;
EDUCATION; GENDER We explore a unique dataset on individual investors' online
trading accounts to examine the determinants of their attention and its relation to
portfolio performance. In particular, we investigate what individual
characteristics affect investor attention and what type of information drives
investment performance. We find distinct differences in investors' attention and
provide evidence that paying attention has a differential impact on performance
depending on the type of information. Portfolio monitoring and attention to
financial education are positively related to performance, while attention to
analytical information is detrimental to performance. Attention to technical
analysis is negatively related to the performance of actively trading investors but
improves the performance of less frequent traders. Overall, our results provide
additional evidence to the suggestion that attention to financial education is the
key to investment success. [Davydov, Denis] Univ Vaasa, Sch Accounting &
Finance, Vaasa, Finland; [Khrashchevskyi, Ian; Peltomaki, Jarkko] Stockholm Univ,
Stockholm Business Sch, Stockholm, Sweden Davydov, D (corresponding author), Univ
Vaasa, Sch Accounting & Finance, Vaasa, Finland. denis.davydov@uwasa.fi
NASDAQ OMX Nordic Foundation; Finnish Foundation for Economic Education
The authors are grateful to the NASDAQ OMX Nordic Foundation for financial
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10.1080/1351847X.2021.1911823 MAY 2021 25 Business, Finance

Business & Economics RY7PU WOS:000648099400001 hybrid
2021-10-06
J Huber, C; Huber, J; Hueber, L Huber, Christoph; Huber,
Juergen; Hueber, Laura The effect of experts' and laypeople's
forecasts on others' stock market forecasts JOURNAL OF BANKING & FINANCE
English Article Stock market forecasts;
Expert advice; Investment decision; Home bias; Overconfidence; Social information
FINANCIAL LITERACY; OVERCONFIDENCE; ADVICE With a large-scale online
experiment with 1593 participants from the U.S. and the U.K. we explore whether and
how people working in the finance industry and laypeople from the general
population are influenced by information on other people's forecasts when making
forecasts on the future development of two indices and two stocks. We find that (i)
laypeople's forecasts are strongly influenced by information they get on other
subjects' forecasts, while financial professionals are much less influenced by
information signals; (ii) signals by financial professionals influence all subject
groups more than forecasts by laypeople; (iii) we observe a home bias in all
subject groups, which can be mitigated by information signals; (iv) all subject
groups expect lower forecast errors for financial professionals than for laypeople,
hence we find evidence for trust in experts. (C) 2019 Elsevier B.V. All rights
reserved. [Huber, Christoph; Huber, Juergen; Hueber, Laura] Univ Innsbruck, Dept
Banking & Finance, Univ Str 15, A-6020 Innsbruck, Austria Huber, C (corresponding
author), Univ Innsbruck, Dept Banking & Finance, Univ Str 15, A-6020 Innsbruck,
Austria. christoph.huber@uibk.ac.at Huber, Christoph/H-2064-2018; Lindstaedt,
Benjamin/AAT-3478-2021 Huber, Christoph/0000-0001-5820-571X; Huber, Juergen/0000-
0003-0073-0321 Austrian Science Fund FWFAustrian Science Fund (FWF) [P29362 -
G27, SFB F63] We thank the editor Carol Alexander, the associate editor, an
anonymous referee, Jun Honda and Michael Kirchler, as well as workshop participants
of the Austrian Working Group on Banking and Finance 2018 in Salzburg and
conference participants at Experimental Finance 2019 in Copenhagen for helpful
comments and suggestions. Financial support from the Austrian Science Fund FWF
(P29362 -G27 and SFB F63) is gratefully acknowledged. This study was ethically
approved by the IRB of the University of Innsbruck. Almas I., 2016, WORKING
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ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0378-
4266 1872-6372 J BANK FINANC J. Bank Financ. DEC 2019 109
105662 10.1016/j.jbankfin.2019.105662
10 Business, Finance; Economics Business & Economics JS5ZV
WOS:000500385900001 Green Submitted 2021-10-06
J Pfeiffer, E; Owen, M; Pettitt-Schieber, C; Van Zeijl, R; Srofenyoh, E;
Olufolabi, A; Ramaswamy, R Pfeiffer, Erin; Owen, Medge;
Pettitt-Schieber, Christie; Van Zeijl, Romeck; Srofenyoh, Emmanuel; Olufolabi,
Adeyemi; Ramaswamy, Rohit Building health system capacity to
improve maternal and newborn care: a pilot leadership program for frontline staff
at a tertiary hospital in Ghana BMC MEDICAL EDUCATION English
Article Maternal; Newborn and child health;
LMIC; Leadership training; Leadership development; Coaching; Health workers
MORTALITY BackgroundFrontline healthcare workers are critical to meeting
the maternal, newborn and child health Sustainable Development Goals in low- and
middle-income countries. The World Health Organization has identified leadership
development as integral to achieving successful health outcomes, but few programs
exist for frontline healthcare workers in low-resource settings.MethodsAn 18-month
pilot leadership development program was designed and implemented at Greater Accra
Regional Hospital, a tertiary care facility in Ghana. A multi-modal training
approach was utilized to include individual coaching, participatory discussions,
role plays, and didactic sessions on leadership styles, emotional intelligence,
communication, accountability and compassionate care.ResultsA cross-section of 140
staff from 8 distinct hospital wards and 19 ranks were involved in various
components of the leadership program from January 2014 to June 2015. At baseline,
the primary leadership challenges and goals of the staff included: interpersonal
communication, institutional logistics, compliance, efficiency and staff attitudes.
Thirteen participants developed a total of 17 leadership projects to apply their
training, many of which focused on improving challenges in organizational culture
and systems through bettering leadership skills and interpersonal communication.
The staff highly valued the program and found it beneficial to their
work.ConclusionsSelf-selected individual leadership projects mirrored areas of
concern found in the needs assessment, indicating that the program was successful
in achieving its goals. The on-site nature of the program was cost-effective and
led to maximum staff participation despite clinical responsibilities. A
longstanding relationship between the design team and the local hospital staff
allowed for an exploration of approaches, many of which were new to the local
context. Further research is needed on adapting the program to other settings in
Ghana and integrating it into broader systems strengthening interventions. This
pilot program was well received and warrants further adaptation and scale up.
[Pfeiffer, Erin] Kybele Inc, Lewisville, NC USA; [Owen, Medge] Wake Forest
Sch Med, Winston Salem, NC USA; [Pettitt-Schieber, Christie; Ramaswamy, Rohit] Univ
North Carolina Chapel Hill, 107 W Main St,Apartment F, Carrboro, NC 27510 USA;
[Srofenyoh, Emmanuel] Greater Accra Reg Hosp, Accra, Ghana; [Olufolabi, Adeyemi]
Duke Univ, Sch Med, Durham, NC USA Pettitt-Schieber, C (corresponding author),
Univ North Carolina Chapel Hill, 107 W Main St,Apartment F, Carrboro, NC 27510 USA.
pettittc@unc.edu Pettitt-Schieber, Christie/0000-0001-6395-0247 PATH
as part of the "Making Every Baby Count Initiative" from the Children's Investment
Fund Foundation; [CIF.1838-01-705622-SUB] Funding was provided by PATH as
part of the "Making Every Baby Count Initiative" awarded from the Children's
Investment Fund Foundation. Kybele received a sub award (CIF.1838-01-705622-SUB).
The funding body played no role in the design of the study and collection,
analysis, and interpretation of data and in writing the manuscript. Berwick DM,
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BMC MED EDUC BMC Med. Educ. FEB 11 2019 19
52 10.1186/s12909-019-1463-8 11
Education & Educational Research; Education, Scientific Disciplines
Education & Educational Research HL0KK WOS:000458383200001 30744625
Green Published, gold 2021-10-06
J Li, T; van Dalen, J; van Rees, PJ Li, Ting; van Dalen,
Jan; van Rees, Pieter Jan More than just noise? Examining the
information content of stock microblogs on financial markets JOURNAL OF
INFORMATION TECHNOLOGY English Article
analytics; big data; intraday analysis; sentiment analysis; social influence;
social media; stock market; trading strategy; twitter PRICE DISCOVERY; ATTENTION;
SENTIMENT; IMPACT; NEWS; DISCLOSURE; MEDIA; TALK Scholars and practitioners
alike increasingly recognize the importance of stock microblogs as they capture the
market discussion and have predictive value for financial markets. This paper
examines the extent to which stock microblog messages are related to financial
market indicators and the mechanism leading to efficient aggregation of
information. In particular, this paper investigates the information content of
stock microblogs with respect to individual stocks and explores the effects of
social influences on an interday and intraday basis. We collected more than 1.2
million stock-related messages (i.e., tweets) related to S&P 100 companies over a
period of 7 months. Using methods from computational linguistics, we went through
an elaborate process of message feature reduction, spam detection, language
detection, and slang removal, which has led to an increase in classification
accuracy for sentiment analysis. We analyzed the data on both a daily and a 15-min
basis and found that the sentiment of messages is positively affected with
contemporaneous daily abnormal stock returns and that message volume predicts 15-
min follow-up returns, trading volume, and volatility. Disagreement in microblog
messages positively influences stock features, both in interday and intraday
analysis. Notably, if we give a greater share of voice to microblog messages
depending on the social influence of microbloggers, this amplifies the relationship
between bullishness and abnormal returns, market volume, and volatility. Following
knowledgeable investors advice results in more power in explaining changes in
market features. This offers an explanation for the efficient aggregation of
information on microblogging platforms. Furthermore, we simulated a set of trading
strategies using microblog features and the results suggest that it is possible to
exploit market inefficiencies even when transaction costs are included. To our
knowledge, this is the first study to comprehensively examine the association
between the information content of stock microblogs and intraday stock market
features. The insights from the study permit scholars and professionals to reliably
identify stock microblog features, which may serve as valuable proxies for market
sentiment and permit individual investors to make better investment decisions.
[Li, Ting; van Dalen, Jan; van Rees, Pieter Jan] Erasmus Univ, Rotterdam Sch
Management, POB 1738, NL-3000 DR Rotterdam, Netherlands Li, T (corresponding
author), Erasmus Univ, Rotterdam Sch Management, POB 1738, NL-3000 DR Rotterdam,
Netherlands. tli@rsm.nl van Dalen, Jan/AAE-5397-2020; Li, Wang/M-1612-2019
van Dalen, Jan/0000-0002-0606-3366; Aalbers M.B., 2015, INT
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PUBLICATIONS LTD LONDON 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP,
ENGLAND 0268-3962 1466-4437 J INF TECHNOL-UK J. Inf. Technol. MAR
2018 33 1 2 50 69 10.1057/s41265-
016-0034-2 20 Computer Science, Information Systems; Information
Science & Library Science; Management Computer Science; Information Science &
Library Science; Business & Economics GB8ZT WOS:000429364500005
2021-10-06
J Basti, E; Kuzey, C; Delen, D Basti, Eyup; Kuzey, Cemil;
Delen, Dursun Analyzing initial public offerings' short-term
performance using decision trees and SVMs DECISION SUPPORT SYSTEMS
English Article Initial public offering;
Underpricing; Short-term stock performance; Decision tree algorithms; Turkey
INVESTMENT BANKING; IPO RETURNS; MARKET; MANAGEMENT; INFORMATION; RETENTION;
IMPACT; PRICE In this study, we investigated underpricing of Turkish companies
in the initial public offerings (IPOs) issued and traded on Borsa Istanbul between
2005 and 2013. The underpricing of stocks in IPOs, or essentially leaving money on
the table, is considered as an important, challenging and worthy research topic in
literature. Within the proposed framework, the IPO performance in the short run and
the factors that affect this short run performance were analyzed. Popular machine
learning methods - several decision tree models and support vector machines were
developed to investigate the major factors affecting the short-term performance of
initial IPOs. A k-fold cross validation methodology was used to assess and contrast
the performance of the predictive models. An information fusion-based sensitivity
analysis was performed to combine the values of individual variable importance
results into a common representation. The results showed that there was
underpricing in the initial public offerings of Turkish companies, although it was
not as high as the underpricing determined in developed markets. The market
sentiment, the annual sales amounts, the total assets turnover rates, IPO stocks
sales methods, the underwriting methods, the offer prices, debt ratio, and number
of shares sold were among the most influential factors affecting the short term
performance of initial public offerings of Turkish companies. (C) 2015 Elsevier
B.V. All rights reserved. [Basti, Eyup] Fatih Univ, Fac Econ & Adm Sci, Dept
Banking & Finance, TR-34500 Istanbul, Turkey; [Kuzey, Cemil] Fatih Univ, Fac Econ &
Adm Sci, Dept Management, TR-34500 Istanbul, Turkey; [Delen, Dursun] Oklahoma State
Univ, Spears Sch Business, Management Sci & Informat Syst, Tulsa, OK 74106 USA
Delen, D (corresponding author), Oklahoma State Univ, 700 N Greenwood
Ave,NH341, Tulsa, OK 74106 USA. ebasti@fatih.edu.tr; ckuzey@fatih.edu.tr;
dursun.delen@okstate.edu Delen, Dursun/O-6938-2015; Kuzey, Cemil/AAT-6872-
2020; kuzey, cemil/F-8484-2013; Delen, Dursun/AAA-2566-2020Delen, Dursun/0000-0001-
8857-5148; Kuzey, Cemil/0000-0003-0141-1744; kuzey, cemil/0000-0003-0141-1744;
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Syst. MAY 2015 73 15 27
10.1016/j.dss.2015.02.011 13 Computer Science, Artificial
Intelligence; Computer Science, Information Systems; Operations Research &
Management Science Computer Science; Operations Research & Management Science
CG8XO WOS:000353599200002 2021-10-06
J Reed, FM; Fitzgerald, L; Bish, MR Reed, Frances M.;
Fitzgerald, Les; Bish, Melanie R. A practice model for rural district
nursing success in end-of-life advocacy care SCANDINAVIAN JOURNAL OF CARING
SCIENCES English Article
advocacy care; end-of-life; community; district nurse; emotion; moral agency;
palliative care; practice model; rural EMOTIONAL WORK; NURSES; HEALTH AimThe
development of a practice model for rural district nursing successful end-of-life
advocacy care. BackgroundResources to help people live well in the end stages of
life in rural areas can be limited and difficult to access. District nurse advocacy
may promote end-of-life choice for people living at home in rural Australia. The
lack of evidence available internationally to inform practice in this context was
addressed by exploratory study. MethodA pragmatic mixed method study approved by
the University Faculty Ethics Committee and conducted from March 2014 to August
2015 was used to explore the successful end-of-life advocacy of 98 rural Australian
district nurses. The findings and results were integrated then compared with theory
in this article to develop concepts for a practice model. ResultsThe model
illustrates rural district nurse advocacy success based on respect for the rights
and values of people. Advocacy action is motivated by the emotional responses of
nurses to the end-of-life vulnerability people experience. The combination of
willing investment in relationships, knowing the rural people and resources, and
feeling supported, together enables district nurses to develop therapeutic
emotional intelligence. This skill promotes moral agency in reflection and advocacy
action to overcome emotional and ethical care challenges of access and choice using
holistic assessment, communication, organisation of resources and empowering
support for the self-determination of person-centred end-of-life goals.
Recommendations are proposed from the theoretical concepts in the model.
LimitationsTesting the model in practice is recommended to gain the perceptions of
a broader range of rural people both giving and receiving end-of-life-care.
ConclusionA model developed by gathering and comparing district nursing experiences
and understanding using mixed methods and existing theory offers evidence for
practice of a philosophy of successful person-centred advocacy care in a field of
nursing that lacks specific guidance. [Reed, Frances M.; Fitzgerald, Les; Bish,
Melanie R.] La Trobe Univ, La Trobe Sch Rural Nursing & Midwifery, Bendigo, Vic,
Australia Reed, FM (corresponding author), La Trobe Univ, La Trobe Sch Rural
Nursing & Midwifery, Bendigo, Vic, Australia. fmreed@students.latrobe.edu.au
Reed, Frances/J-9663-2019 Agency for Clinical
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10.1111/scs.12505 10 Nursing Nursing GK5XX
WOS:000436254800031 28840608 2021-10-06
J Barrett, P; Gaskins, J; Haug, J Barrett, Paul; Gaskins,
John; Haug, James Higher education under fire: implementing and
assessing a culture change for sustainment JOURNAL OF ORGANIZATIONAL CHANGE
MANAGEMENT English Article
Leadership development; Leadership effectiveness; Organizational culture
change; Higher education sustainment POSITIVE ORGANIZATIONAL-BEHAVIOR;
EMOTIONAL INTELLIGENCE; EFFECTIVE LEADERSHIP; SPIRITUALITY Purpose Leadership
development is a significant organizational investment and is considered a
foundation for a culture change process. In a highly disruptive environment, higher
education administrators are investigating the potential benefits of this
investment. Specifically, while the great recession was underway in 2010, and with
a backdrop of continuous enrollment decline, a business school in a public
university in the USA utilized an experimental design to test a globally recognized
business model for leadership development and its impacts on leadership
effectiveness. The paper aims to discuss these issues. Design/methodology/approach
The intervention included a two-day training session followed by a year-long
process for cementing in learning, while examining ensuing leadership
effectiveness. Potential control variables in the model included measures of four
dimensions of leadership fitness which were defined as the physical, socio-
emotional, spiritual and mental dimensions. When the leadership development
intervention showed promising results the business school forged ahead to implement
a culture change process based on the leadership development intervention to foster
teamwork and innovation. Findings As a longitudinal implementation and assessment
process, subsequent results of the culture change process spurred year over year
increases in enrollments, student retention, student placement, along with
consistently escalating faculty research and academic program rankings. The culture
change process spread organically from the business school throughout the
university as a whole with similar positive impacts. Research
limitations/implications - Implications, including an assertion that leadership
development is a viable tool for higher education's organizational sustainment are
discussed. Originality/value - Future research opportunities of institutional
outcomes in higher education due to a systemic investment in annual culture
enhancement are also discussed. [Barrett, Paul; Gaskins, John; Haug, James]
Longwood Univ, Coll Business & Econ, Farmville, VA 23909 USA Barrett, P
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LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND
0953-4814 1758-7816 J ORGAN CHANGE MANAG J. Organ. Chang. Manage.
FEB 11 2019 32 1 164 180
10.1108/JOCM-04-2018-0098 17 Management Business &
Economics HL7JW WOS:000458918000010 2021-10-06
J Liu, S; Wang, J; Wu, WX Liu, Shuo; Wang, Jin; Wu, Weixing
To buy or not to buy: household risk hedging of housing costs
ACCOUNTING AND FINANCE English Article
Homeownership; Rent risk; Risk hedging FINANCIAL LITERACY;
PORTFOLIO; CHOICE; HEALTH This study studies Chinese households' decision
between buying or renting a primary residence from a risk hedging perspective.
Although homeownership means bearing house price risk, it eliminates exposure to
rent risk. Our empirical results suggest that the homeownership rate increases with
the rent volatility of living areas and decreases with the probability of move.
However, households no longer hedge against the rent risk when owning a second
house, which is often purchased as an investment property. Furthermore, we
investigate households with heads aged over 60. Due to finite life expectancy, the
rent hedging benefit of owning is weakened. [Liu, Shuo; Wang, Jin; Wu, Weixing]
Univ Int Business & Econ, Res Ctr Appl Finance, Beijing, Peoples R China; [Liu,
Shuo] Bank China, Beijing, Peoples R China Liu, S (corresponding author), Univ
Int Business & Econ, Res Ctr Appl Finance, Beijing, Peoples R China.; Liu, S
(corresponding author), Bank China, Beijing, Peoples R China.
National Social Science Fund of China [16ZDA033] This paper is equally
contributed by three authors ranking in an alphabetical order. The authors
gratefully acknowledge financial supports from The National Social Science Fund of
China (Grant No. 16ZDA033). Brueckner JK, 1997, J REAL ESTATE FINANC, V15, P159,
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10.1111/acfi.12333 29 Business, Finance Business &
Economics GA5BR WOS:000428347600007 2021-10-06
J Zhao, DP; Jiang, JL; Yin, ZC Zhao, Daping; Jiang, Jialing;
Yin, Zhichao Can entrepreneurship bring happiness? Evidence from
China ECONOMIC MODELLING English Article
Entrepreneurial activities; Happiness; Income effect; Wealth effect
FINANCIAL LITERACY; JOB-SATISFACTION This paper investigates the
relationship between entrepreneurial activities and the happiness of entrepreneurs.
We estimate the effects of entrepreneurial decision-making, business experience and
other factors on happiness by using China Household Finance Survey data. Our
results derived from maximum likelihood estimation methods indicate that
entrepreneurial decision-making and entrepreneurial experience affect household
happiness significantly. The family well-being is significantly increased if the
family is entrepreneurial, and it will be higher if actively entrepreneurial. Both
entrepreneurial experience and entrepreneurial investment of time have
significantly positive effect on the probability of family well-being. In addition,
we find that the mechanism by which entrepreneurship brings happiness to households
is through raising household income and wealth, that is, income effects and wealth
effects. [Zhao, Daping; Jiang, Jialing; Yin, Zhichao] Capital Univ Econ &
Business, Sch Finance, Beijing 100070, Peoples R China Yin, ZC (corresponding
author), Capital Univ Econ & Business, Sch Finance, Beijing 100070, Peoples R
China. zhaodaping@cueb.edu.cn; jjl@cueb.edu.cn; yzc@cueb.edu.cn
National Natural Science Foundation of ChinaNational Natural Science
Foundation of China (NSFC) [71701138, 71373213] This work is supported by the
National Natural Science Foundation of China 71701138 and 71373213. Andersson
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10.1016/j.econmod.2019.12.009 8 Economics Business &
Economics MV7RY WOS:000556551300050 2021-10-06
J Trichilli, Y; Abbes, MB; Masmoudi, A Trichilli, Yousra;
Abbes, Mouna Boujelbene; Masmoudi, Afif Predicting the effect of
Googling investor sentiment on Islamic stock market returns A five-state hidden
Markov model INTERNATIONAL JOURNAL OF ISLAMIC AND MIDDLE EASTERN FINANCE AND
MANAGEMENT English Article Hidden
Markov model; Persistence; Predictability; Investor's sentiment; Islamic indexes;
Transition probability matrix ATTENTION; SEARCH Purpose - The purpose of this paper
is to evaluate the capability of the hidden Markov model using Googling investors'
sentiments to predict the dynamics of Islamic indexes' returns in the Middle East
and North Africa (MENA) financial markets from 2004 to 2018.
Design/methodology/approach - The authors propose a hidden Markov model based on
the transition matrix to apprehend the relationship between investor's sentiment
and Islamic index returns. The proposed model facilitates capturing the
uncertainties in Islamic market indexes and the possible effects of the dynamics of
Islamic market on the persistence of these regimes or States. Findings - The
bearish state is the most persistent sentiment with the longest duration for all
the MENA Islamic markets except for Jordan, Morocco and Qatar. In addition, the
obtained results indicate that the effect of sentiment on predicting the future
Islamic index returns is conditional on the MENA States. Besides, the estimated
mean returns for each state indicates that the bullish and calm states are ideal
for investing in Islamic indexes of Bahrain, Oman, Morocco, Kuwait, Saudi Arabia
and United Arab Emirates. However, only the bullish state is ideal for investing
Islamic indexes of Jordan, Egypt and Qatar. Research limitations/implications -
This paper has used data at a monthly frequency that can explain only short-term
dynamics between Googling investor's sentiment and the MENA Islamic stock market
returns. Moreover, this work can be done on the stock markets while taking into
account the specificity of each activity sector. Practical implications - In fact,
the findings of this paper are helpful for academics, analysts and practitioners,
and more specifically for the Islamic MENA financial investors. Moreover, this
study provides useful insights not only into the duration of the relationship
between the indexes' returns and the investors' sentiments in the five states but
also into the transition probabilities which have implications for how investors
could be guided in their choice of future investment in a portfolio with Islamic
indexes. Findings of this paper are important and valuable for policy-makers and
investors. Thus, predicting the effect of Googling investors' sentiment on the MENA
Islamic stock market dynamics is important for portfolio diversification by
domestic and international investors. Moreover, the results of this paper gave new
insights into financial analysts about the dynamic relationship between Googling
investors' sentiment and Islamic stock market returns across market regimes.
Therefore, the findings of this study might be useful for investors as they help
them capture the unobservable dynamics of the changes in the investors' sentiment
regimes in the MENA financial markets to make successful investment decisions.
Originality/value - To the best of the authors' knowledge, this paper is the first
to use the hidden Markov model to examine changes in the Islamic index return
dynamics across five market sentiment states, namely the depressed sentiment (S1),
the bullish sentiment (S2), the bearish sentiment (S3), the calm sentiment (S4) and
the bubble sentiment (S5). [Trichilli, Yousra; Abbes, Mouna Boujelbene] Univ
Sfax, Fac Econ & Management Sfax, Sfax, Tunisia; [Masmoudi, Afif] Univ Sfax, Fac
Sci Sfax, Sfax, Tunisia Trichilli, Y (corresponding author), Univ Sfax, Fac Econ &
Management Sfax, Sfax, Tunisia. yousratrichilli@yahoo.fr Trichilli,
yousra/AAJ-5770-2021 Abbes, 2018, INT BUS EC REJ, P1; Abbes
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PUBLISHING LTD BINGLEY HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W
YORKSHIRE, ENGLAND 1753-8394 1753-8408 INT J ISLAMIC MIDDLE Int.J.
Islamic Middle Eastern Finance Manag. 2020 13 2
165 193 10.1108/IMEFM-07-2018-0218 29 Business,
Finance; Management Business & Economics LL3QH WOS:000531469300001
2021-10-06
J Kristjanpoller, WD; Olson, JE Kristjanpoller, Werner D.;
Olson, Josephine E. Choice of Retirement Funds in Chile: Are
Chilean Women More Risk Averse than Men? SEX ROLES English
Article Gender differences in risk taking;
Chile's retirement plan; Portfolio choice; Defined Contribution Pension Plans
LIFETIME PORTFOLIO SELECTION; FINANCIAL LITERACY; GENDER-DIFFERENCES;
PARTICIPATION; KNOWLEDGE; ATTITUDES; INVESTORS; SECURITY; PLANS This study
examined the investment decisions of women and men in Chile who were contributing
to Chile's mandatory defined contribution (DC) retirement plan, using a large
survey of participants (2782 people) conducted in 2009 by Chile's Subsecretariat of
Social Protection. The basic research question was whether Chilean women were more
risk averse in their retirement investment decisions than Chilean men. Chile's
retirement plan offers a default plan for those who do not want to manage their
funds. For those wishing to manage their investments, it offers five funds varying
in risk from an all bond fund to a fund that is primarily stocks. There was no
significant difference in the percentage of men and women choosing the default
funds. We used probit analysis to determine what demographic factors affected the
choice of the default fund, and found that younger people and men with less
education and less income were more likely to choose the default; only age was
significant for women. We found no significant gender differences in the fund
choices of active investors. We conducted linear regression analysis by gender,
where the dependent variable was the fund, with fund 1 having the lowest risk and
fund 5 having the highest risk. We found that that the risk taking decreased with
age and increased with financial knowledge, psychological risk tolerance, income
and unemployment. Chilean women and men seemed similar in their investment
decisions. [Kristjanpoller, Werner D.] Univ Tecn Federico Santa Maria, Dept Ind,
Valparaiso, Chile; [Olson, Josephine E.] Univ Pittsburgh, Joseph M Katz Grad Sch
Business, Pittsburgh, PA 15260 USA Olson, JE (corresponding author), Univ
Pittsburgh, Joseph M Katz Grad Sch Business, 308 Mervis Hall, Pittsburgh, PA 15260
USA. werner.kristjanpoller@usm.cl; jolson@katz.pitt.edu Kristjanpoller,
Werner/V-1239-2019 Kristjanpoller, Werner/0000-0002-5878-072X
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PUBLISHERS NEW YORK 233 SPRING ST, NEW YORK, NY 10013 USA 0360-0025 1573-
2762 SEX ROLES Sex Roles JAN 2015 72 1-2
50 67 10.1007/s11199-014-0439-8 18 Psychology,
Developmental; Psychology, Social; Women's Studies Psychology; Women's Studies
AZ3JC WOS:000348122400005 2021-10-06
J Geiler, P; Renneboog, L Geiler, Philipp; Renneboog, Luc
Executive Remuneration and the Payout Decision CORPORATE GOVERNANCE-AN
INTERNATIONAL REVIEW English Article
Corporate Governance; Executive Compensation; Payout Policy; Dividends; Share
Repurchases SHARE REPURCHASES; DIVIDEND POLICY; DISAPPEARING DIVIDENDS; CORPORATE-
FINANCE; CASH; OVERCONFIDENCE; COMPENSATION; INCENTIVES; PROPENSITY; INVESTMENT
Manuscript Type: Empirical Research Question/Issue: This paper investigates
whether corporate payout policies (dividends, share repurchases, a combination of
dividends and share repurchases, and full earnings retention) are set by CEOs who
intend to maximize their personal wealth. Research Findings/Insights: For all
listed UK companies we study whether the payout channel choice is affected by
investor sentiment, taxation, major shareholder ownership, and in particular the
CEO's compensation package. The payout choice has an immediate effect on the value
of the CEO's stock options and restricted stock, as anticipated dividends drive
down the value of his equity-based pay (if it is not dividend-protected), and share
repurchases have a positive impact on pay. By means of a quantile regression
approach and nested logit models, we find that CEOs adopt a payout policy that
increases the value of their equity-based pay. Theoretical/Academic Implications:
Traditional research shows that corporate payout policies cater to shareholder
clienteles who have preferences for specific types of payout induced by e.g.
differences in taxation on dividends and capital gains, or market sentiment. We
demonstrate that it is a CEO's personal wealth as reflected by his compensation
package rather than shareholder preferences that has the strongest impact on the
payout policy. Practitioner/Policy Implications: This research encourages
firms/remuneration consultants to make top management's remuneration packages
'dividend-neutral', in other words to remove the negative impact of the dividends
on pay such that the payout and payout channel choice will not be influenced by the
CEO's wealth. In addition, this research encourages shareholders to contemplate
whether the payout is beneficial for them and to vote on the proposed payout policy
at the annual general meetings. [Geiler, Philipp] EM Lyon Business Sch, Lyon,
France; [Renneboog, Luc] Tilburg Univ, Corp Finance, NL-5000 LE Tilburg,
Netherlands; [Renneboog, Luc] European Corp Governance Inst, Ctr, New York, NY USA
Renneboog, L (corresponding author), Tilburg Univ, Ctr, POB 90153, NL-5000 LE
Tilburg, Netherlands. luc.renneboog@tilburguniversity.edu
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55 17 17 0 39 WILEY-BLACKWELL HOBOKEN 111 RIVER ST,
HOBOKEN 07030-5774, NJ USA 0964-8410 1467-8683 CORP GOV-OXFORD Corp.
Gov. JAN 2016 24 1 42 63
10.1111/corg.12127 22 Business; Business, Finance;
Management Business & Economics DG3WG WOS:000372000600004 Green
Submitted 2021-10-06
J Beshears, J; Choi, JJ; Laibson, D; Madrian, BC Beshears,
John; Choi, James J.; Laibson, David; Madrian, Brigitte C. Does front-
loading taxation increase savings? Evidence from Roth 401(k) introductions
JOURNAL OF PUBLIC ECONOMICS English Article; Proceedings
Paper Trans-Atlantic Public Economics Seminar (TAPES) JUN 16-18, 2014 Vienna,
AUSTRIA Natl Bur Econ Res, Inst Adv Studies Roth 401(k); Tax salience;
Partition dependence STOCK-MARKET PARTICIPATION; RETIREMENT PLAN; LOW-INCOME; R
BLOCK; INFORMATION; DECISIONS; SALIENCE; BEHAVIOR; MEDIA Can governments increase
private savings by taxing savings up front instead of in retirement? Roth 401(k)
contributions are not tax-deductible in the contribution year, but withdrawals in
retirement are untaxed. The more common before-tax 401(k) contribution is tax-
deductible in the contribution year, but both principal and investment earnings are
taxed upon withdrawal. Using administrative data from eleven companies that added a
Roth contribution option to their existing 401(k) plan between 2006 and 2010, we
find no evidence that total 401(k) contribution rates differ between employees
hired before versus after Roth introduction, which implies that take-home pay
declines and the amount of retirement consumption being purchased by 401(k)
contributions increases after Roth introduction. We reject several neoclassical
explanations for our null finding. Results from a survey experiment suggest two
behavioral explanations: (1) employee confusion about and neglect of the tax
properties of Roth balances and (2) partition dependence. (C) 2015 Elsevier B.V.
All rights reserved. [Beshears, John; Laibson, David; Madrian, Brigitte C.]
Harvard Univ, Cambridge, MA 02138 USA; [Beshears, John; Choi, James J.; Laibson,
David; Madrian, Brigitte C.] NBER, Cambridge, MA 02138 USA; [Choi, James J.] Yale
Univ, New Haven, CT 06520 USA Madrian, BC (corresponding author), Harvard Univ,
Cambridge, MA 02138 USA.; Madrian, BC (corresponding author), NBER, Cambridge, MA
02138 USA. brigitte_madrian@hks.harvard.edu National Institute on
AgingUnited States Department of Health & Human ServicesNational Institutes of
Health (NIH) - USANIH National Institute on Aging (NIA) [R01AG021650, P01AG005842];
Social Security Administration [5RRC08098400-04-00]; Social Security Administration
(RAND's Financial Literacy Center) [FLR09010202-02]; Eric M. Minidch Research Fund
for the Foundations of Human Behavior; NATIONAL INSTITUTE ON AGINGUnited States
Department of Health & Human ServicesNational Institutes of Health (NIH) - USANIH
National Institute on Aging (NIA) [P01AG005842, P30AG034532, R01AG021650] Funding
Source: NIH RePORTER We thank Amy Finkelstein, James Poterba, Scott Weisbenner,
Michelle White, the editor Wojciech Kopczuk, and two anonymous referees for helpful
comments, as well as participants at the NBER TAPES, Boulders, and Summer Institute
conferences, the ASSA meetings, and seminars at Harvard and the University of
Miami. We thank Jonathan Cohen, Layne Kirshon, Luca Maini, Brendan Price, Michael
Puempel,.Alexandra Steiny, and Jane Wang for excellent research assistance. We also
thank Aon Hewitt for providing the administrative data and Warren Cormier and the
Boston Research Group for including our questions in their survey. We acknowledge
financial support from the National Institute on Aging (grants R01AG021650 and
P01AG005842), the Social Security Administration (grant FLR09010202-02 through
RAND's Financial Literacy Center and grant 5RRC08098400-04-00 to the National
Bureau of Economic Research as part of the SSA Retirement Research Consortium), and
the Eric M. Minidch Research Fund for the Foundations of Human Behavior. The
opinions and conclusions expressed are solely those of the authors and do not
represent the opinions or policy of NIA, SSA, any agency of the Federal Government,
or the NBER. The authors have, at various times in the last three years, been
compensated to present academic research at events hosted by financial institutions
that administer retirement savings plans. See the authors' websites for a complete
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 10.1016/j.jpubeco.2015.09.007 12 Economics Business &
Economics EY9IG WOS:000404311700008 28966407 Green Published, Green
Submitted, Green Accepted 2021-10-06
J Basri, MC; Patunru, AA Basri, M. Chatib; Patunru, Arianto
A. Survey of recent developments BULLETIN OF INDONESIAN ECONOMIC
STUDIES English Article
INDONESIA The growth of Indonesia's GDP accelerated in the second quarter
of 2006, thanks to the buoyant performance of the communications, construction,
transport and agriculture sectors. From the demand perspective, growth was
supported by increased government spending and net exports. Macroecononmic
stability has continued to improve, and Jakarta's stock exchange has been out-
performing others in the region, reflecting positive market sentiment in response
to stable government, the improved growth rate, and the steady decline in inflation
and interest rates With these positive macroeconomic signs and high commodity
prices in international markets, a sense of optimism has started to emerge in some
sectors, but there are also concerns that economic reform has stalled. The
challenge for the government is to balance its political need for short-run 'wins'
with the imperative for long-run macroeconomic stability. Among the ideas for
generating a quick win, the ambitious proposal for development of a large-scale bio
fuel industry has gained much attention, but it is very unlikely to be a short-term
panacea for the problems of high unemployment, poverty and dependence on
increasingly costly fossil fuels. The government has had to deal, once again, with
the highly controversial issue of rice imports. The rice import ban imposed by the
government last year was the main cause of surging rice prices in 2006. These in
turn-not the 2005 fuel price rises, as has often been claimed-were the primary
trigger for the significant increase in poverty reported in September. Removing the
rice import ban is therefore likely to help reduce poverty. The announcement of a
number of policy packages intended to boost lagging investment, particularly in
infrastructure, may well reflect genuine intentions on the part of the government,
but what really matters is implementation. There seems to have been a loss of
momentum in this regard for various reasons, including a lack of capacity in the
bureaucracy, and the fact that many officials have a clear incentive to oppose
reform. This strongly suggests the need for a major civil service overhaul,
extending far beyond the present focus on anti-corruption efforts. The need for
such an initiative is also apparent in the failure of the bureaucracy to prevent or
deal adequately with the mud flow disaster in Sidoarjo in May. Reform is also
necessary in relation to the legislatures, where delays in enacting or amending key
laws often reflect a pay-off to members from being able to frustrate governments'
legislative intentions. Univ Indonesia, Jakarta, Indonesia Basri, MC (corresponding
author), Univ Indonesia, Jakarta, Indonesia. Patunru, Arianto/0000-
0002-2222-2419 ARIFIN B, 2005, ROAD MAP MENJU KETAH; Athukorala PC,
2006, B INDONES ECON STUD, V42, P177, DOI 10.1080/00074910600873658; BASRI M, 2004,
EC FREED NETW C HONG; BIRD K, 2004, BUSINESS INDONESIA N; *BKPM, 2006, RINGK PERK
PEN MOD B; DEGREGORIO J, 1997, INFLATION STABILIZAT; Fane G, 2005, B INDONES ECON
STUD, V41, P175, DOI 10.1080/00074910500117024; *GOI, 2006, PAK KEB SEKT KEUANG;
*GOI, 2006, INSTR PRES REP IND N; HAZELL P, 2006, IFPRI FOR JUN; HUDIONO U, 2006,
JAKARTA POST 0926; *IND FOOD POL PROG, 2004, 43 IND FOOD POL PROG; KHALIK A,
2006, JAKARTA POST 0618; KOCH T, 2006, AUSTRALIAN 0818; *LPEM FEUI, 2006,
MON INV CLIM IND REP; *LPEM FEUI, 2005, IN LOG EXP IND CAS I; *LPEM FEUI, IN PRESS
MON INV CLI; MacIntyre A, 2003, B INDONES ECON STUD, V39, P133, DOI
10.1080/00074910302017; MALLARANGENG R, 2006, UNPUB KEMISKINAN IND; Manning C,
2006, B INDONES ECON STUD, V42, P143, DOI 10.1080/00074910600873633; McLeod RH,
2005, B INDONES ECON STUD, V41, P133, DOI 10.1080/00074910500117271; *MOF, 2006,
NOT KEUANG RANC ANGG; *MOF, 2006, PERM DIN PER IND; Pimentel David, 2005, NAT
RESOUR RES, V14, P1, DOI DOI 10.1007/S11053-005-4679-8; Ray DJ, 2003, B INDONES
ECON STUD, V39, P245, DOI 10.1080/0007491032000142746; RUBIANDINI R, 2006, TEMPO
0821, P98; Sen K, 2005, B INDONES ECON STUD, V41, P279, DOI
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2006, IND UPD C AUSTR NAT; *WALH, 2006, MUD FLOW DEL ACT NEG; Warr P, 2005, AUST J
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REB IND EXP COMP; *WORLD BANK, IN PRESS MAK NEW IND; *WORLD BANK, 2006, DOING BUS
2007 REF 34 12 12 0 7 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
ABINGDON 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
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10.1080/00074910601053193 25 Area Studies; Economics Area
Studies; Business & Economics 125YU WOS:000243480200002
2021-10-06
J Anagol, S; Marisetty, V; Sane, R; Venugopal, B Anagol,
Santosh; Marisetty, Vijaya; Sane, Renuka; Venugopal, Buvaneshwaran
On the Impact of Regulating Commissions: Evidence from the Indian Mutual
Funds Market WORLD BANK ECONOMIC REVIEW English Article
O16: Economic Development: Financial Markets, Saving
and Capital Investment; G28: Financial Institutions and Services: Government Policy
and Regulation RAINFALL INSURANCE; FINANCIAL LITERACY; EMERGING MARKETS;
BROKERS; FLOWS Commissions-motivated agents have historically helped the
development of many markets, but research suggests brokers motivated by commissions
sometimes steer consumers towards inappropriate products. This issue is
particularly important in household financial markets where consumers may be unable
to evaluate products on their own. While reforms attempting to limit commission
payments have been undertaken worldwide, little research has evaluated the impact
of these reforms. We study a major Indian investor protection reform that attempted
to reduce commissions tied to mutual fund sales by banning the distribution fees
that mutual funds had previously earmarked for commissions. We analyze the policy
impact by comparing funds charging high versus low distribution fees pre-reform and
find no evidence that the reform itself reduced fund flows. We argue that the most
plausible explanation is that the Indian asset management industry maintained
substantial commissions to brokers through other revenue sources apart from the
banned distribution fees. [Anagol, Santosh] Univ Penn, Wharton Sch,
Philadelphia, PA 19104 USA; [Marisetty, Vijaya] RMIT Univ, Melbourne, Vic,
Australia; [Sane, Renuka] Indian Stat Inst, Kolkata, India; [Venugopal,
Buvaneshwaran] Univ Houston, CT Bauer Coll Business, Houston, TX 77004 USA
Anagol, S (corresponding author), Univ Penn, Wharton Sch, Philadelphia, PA
19104 USA. anagol@wharton.upenn.edu; vijayabhaskar.marisetty@rmit.edu.au;
renukas@gmail.com; bgvenugopal@uh.edu ACE Fintech Pvt Ltd; Karvy
Computershare Limited; Center for the Advanced Study of India at the University of
Pennsylvania and Wharton We thank Shawn Cole, James Choi, Ruchi Chojer, Mark
Duggan, Fernando Ferreira, Keith Gamble, Ginger Jin, G. Sethu, Saikat Deb, Sayee
Srinivasan, K. N. Vaidyanathan, Shing-Yi Wang, and participants at Wharton, the
IGIDR Emerging Markets Finance Conference, the 2013 American Economic Association,
and the NBER Law and Economics Working Group for valuable feedback. We thank ACE
Fintech Pvt Ltd for providing access to the Indian mutual funds data and Karvy
Computershare Limited for access to disaggregated data on mutual fund flows. We
thank the Center for the Advanced Study of India at the University of Pennsylvania
and Wharton for funding. Minkwang Jang, Maria Gao, Mengshu Shen, and Jason Tian
provided excellent research assistance. This paper was earlier circulated as: "Are
Mutual Funds Sold or Bought? Evidence from the Indian Mutual Funds Market." A
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Business, Finance; Development Studies; Economics Business & Economics;
Development Studies EQ4FU WOS:000398031500011 2021-
10-06
J Lee, SY; Chou, KL; Chan, WS; van Kippersluis, H Lee, Siu-
yau; Chou, Kee-Lee; Chan, Wai-Sum; van Kippersluis, Hans Consumer
Preferences and Demand for Annuities: Evidence From Hong Kong JOURNAL OF AGING &
SOCIAL POLICY English Article
Annuity; demand; middle-aged workers; Chinese FINANCIAL LITERACY; LIFE-
INSURANCE; SAVING BEHAVIOR; DECISION; CHOICE; WEALTH; RISK Retirees without
annuities in Hong Kong confront longevity and investment risks. Despite these
risks, there is very limited uptake of annuities. This study identifies product and
consumer characteristics that are associated with the demand for annuities in Hong
Kong. We conduct a discrete choice experiment and distribute a consumer survey
among two independent representative samples of workers aged between 40 and 64.
Results suggest that a fixed monthly income and a 10-year guarantee period are two
significant product characteristics, while a bequest motive, being married, and an
understanding of the annuity are consumer characteristics that are associated with
the demand for annuities. Being presented the optimal hypothetical annuity product,
approximately one-third of middle-aged workers choose to annuitize their retirement
savings. The findings and methods of this study can be applied for designing
annuity products in other contexts. [Lee, Siu-yau; Chou, Kee-Lee] Educ Univ Hong
Kong, Dept Asian & Policy Studies, Hong Kong, Peoples R China; [Chan, Wai-Sum]
Chinese Univ Hong Kong, Dept Finance, Hong Kong, Peoples R China; [van Kippersluis,
Hans] Erasmus Univ, Erasmus Sch Econ, Rotterdam, Netherlands Lee, SY
(corresponding author), Educ Univ Hong Kong, Dept Asian & Policy Studies, Tai Po,
10 Lo Ping Rd, Hong Kong, Peoples R China. siuylee@eduhk.hk Chou, Kee
Lee/0000-0003-3627-9915 Central Policy Unit Public Policy Research Scheme [CPU PPR:
2014.A5.005.14E] This study was supported by a grant from the Central Policy Unit
Public Policy Research Scheme (CPU PPR: 2014.A5.005.14E). Beshears J, 2014, J
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ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK SQUARE, MILTON
PARK, ABINGDON OX14 4RN, OXON, ENGLAND 0895-9420 1545-0821 J AGING SOC
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Geriatrics & Gerontology HP3BD WOS:000461549700006 30433858
2021-10-06
J Caputo, F; Cillo, V; Candelo, E; Liu, YP Caputo, Francesco;
Cillo, Valentina; Candelo, Elena; Liu, Yipeng Innovating through
digital revolution The role of soft skills and Big Data in increasing firm
performance MANAGEMENT DECISION English Article
Big Data; Artificial intelligence; Soft skills; High-tech
European firms HUMAN-RESOURCE MANAGEMENT; KNOWLEDGE MANAGEMENT; ABSORPTIVE-
CAPACITY; EMOTIONAL INTELLIGENCE; BUSINESS INTELLIGENCE; DATA SCIENCE;
ORGANIZATIONAL PERFORMANCE; COMMUNICATION TECHNOLOGIES; INFORMATION-TECHNOLOGY;
COMPETITIVE ADVANTAGE Purpose The purpose of this paper is to investigate the
relations among soft skill, information technologies and Big Data for building a
possible bridge able to link human and technology dimensions for increasing firm
performance. Design/methodology/approach Using the Business-focused Inventory of
Personality , work personality of 4,758 human resources engaged in 72 high-tech
European firms has been analyzed and its relations with firms' investment in Big
Data and firms' economic performance have been tested using the structural equation
modeling (SEM). Findings The research shows the existence of strong relations
between some elements of human resources' personality such as the work motivation
and the social competencies and the firms' economic performance. At the same time,
the research clarifies the mediated effect of firms' investment in Big Data in the
relations between human resources' organizational behavior and the firms' economic
performance. Originality/value The paper extends previous managerial contributions
about Big Data management and human resource management providing evidence on which
build more effective managerial models in the era of digital transformation.
[Caputo, Francesco] Univ Salerno, Dept Pharm, Fisciano, Italy; [Cillo,
Valentina] Link Campus Univ, Dept Res, Rome, Italy; [Candelo, Elena] Univ Turin,
Dept Management, Turin, Italy; [Liu, Yipeng] Univ Reading, Henley Business Sch,
Henley On Thames, England Caputo, F (corresponding author), Univ Salerno, Dept
Pharm, Fisciano, Italy. fcaputo@unisa.it; v.cillo@unilink.it;
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20 21 30 168 EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD
HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 0025-1747 1758-6070
MANAGE DECIS Manag. Decis. SEP 12 2019 57 8
SI 2032 2051 10.1108/MD-07-2018-0833 20
Business; Management Business & Economics IZ4EP WOS:000487037400016
2021-10-06
J Yee, CH; Al-Mulali, U; Ling, GM Yee, Chio Hui; Al-
Mulali, Usama; Ling, Goh Mei Intention towards renewable energy
investments in Malaysia: extending theory of planned behaviour ENVIRONMENTAL
SCIENCE AND POLLUTION RESEARCH English Article; Early Access
Renewable energy investments; Theory of planned
behaviour (TPB); Risk aversion; Evaluation of regulatory framework; Malaysia
SOCIALLY RESPONSIBLE INVESTMENT; DECISION-MAKING; FINANCIAL LITERACY;
RECYCLING BEHAVIOR; RISK PERCEPTION; GREEN PRODUCTS; IMPACT; POLICY; MODEL;
MOTIVATIONS Renewable energy investments possess great potential for reducing the
consumption of fossil fuels influenced by various determinants. This study
investigates the individual investors' renewable energy investments' intention
within the framework of the theory of planned behaviour (TPB) based on a survey
conducted in 3 major states in Malaysia. The results indicate that one's intention
to invest in renewable energy investments is influenced by attitude, subjective
norm, perceived behavioural control and evaluation of regulatory framework. Risk
aversion on the other hand was found to have no effect on investors' intention
towards such investments. The findings also reveal that the evaluation of
regulatory framework is the most important determinant. This outcome contradicts
the outcomes arrived at by the previous studies that focus on investment behaviours
or other types of pro-environmentally intention or behaviours. This research also
investigates the indirect effects of TPB on explaining investor's intention towards
renewable energy investments through the evaluation of regulatory framework. The
results indicate that the investors' intention towards renewable energy investments
is indirectly influenced by attitude and perceived behavioural control. Subjective
norm does not have an indirect effect on investors' intention towards renewable
energy investments. This study provides policymakers' important practical
implications to improve renewable energy investments. [Yee, Chio Hui; Al-Mulali,
Usama; Ling, Goh Mei] Multimedia Univ, Fac Business, Melaka 75450, Malaysia Yee,
CH (corresponding author), Multimedia Univ, Fac Business, Melaka 75450, Malaysia.
huiyee96@hotmail.com; usama.almulali@mmu.edu.my; mlgoh@mmu.edu.my
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10.1007/s11356-021-
15737-x AUG 2021 16 Environmental Sciences Environmental Sciences &
Ecology TT4QR WOS:000680335200004 34341932 2021-10-06
J Badi, S; Rocher, W; Ochieng, E Badi, Sulafa; Rocher,
Winston; Ochieng, Edward The impact of social power and influence
on the implementation of innovation strategies: A case study of a UK mega
infrastructure construction project EUROPEAN MANAGEMENT JOURNAL
English Article Social power; Influence
strategies; Megaprojects; Social processes; Project innovation strategy
DECISION-MAKING; EMOTIONAL INTELLIGENCE; INFLUENCE TACTICS; INFLUENCE STYLES;
MANAGEMENT; CHAMPIONS; FRENCH; BASES Influence plays a key role in reaching
consensus among multiple actors involved in project-based decision-making
processes. While prior literature devotes considerable attention to describing
influence, little attention has been paid to influence at the individual level of
the strategic project manager within the context of megaprojects. This research
intended to fill this knowledge gap by identifying and describing the influence
strategies that a strategic project manager applies when implementing innovation
strategies on megaprojects. A qualitative case study was used to examine the
complex social processes involved in a major UK capital investment programme. The
findings underline a critical subset of influence strategies, notably higher-
management support, inspirational appeal and bargaining. The study proposes a
utilitarian structure of social power comprising selective, supportive and
executory power bases. (c) 2020 Elsevier Ltd. All rights reserved. [Badi,
Sulafa; Ochieng, Edward] British Univ Dubai BUiD, Fac Business & Law, Dubai, U Arab
Emirates; [Rocher, Winston] Los Pelambres Min Co, Engn & Stand, Salamanca, Chile
Badi, S (corresponding author), British Univ Dubai BUiD, Fac Business & Law,
Dubai, U Arab Emirates. Sulafa.badi@buid.ac.ae; wrocher@pelambres.cl;
edward.ochieng@buid.ac.ae Ochieng, Professor Edward/0000-0002-3888-5743
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10.1016/j.emj.2020.03.002 14 Business; Management
Business & Economics OE4YS WOS:000580538400007
2021-10-06
J Dong, Y; Zhang, YH; Pan, JN; Chen, TQ Dong, Yue; Zhang,
Yuhao; Pan, Jinnan; Chen, Tingqiang Evolutionary Game Model of Stock
Price Synchronicity from Investor Behavior DISCRETE DYNAMICS IN NATURE AND
SOCIETY English Article
RETURN SYNCHRONICITY; INFORMATION ACQUISITION; FINANCIAL LITERACY; MARKET;
ATTENTION; OVERCONFIDENCE; TRANSPARENCY; HERD Institutional and individual
investors are the two important players in the stock market. Together, they
determine the price of the stock market. In this paper, an evolutionary game model
that contains the two groups of players is proposed to analyze the stock price
synchronicity considering the impacts of investors' decisions on stock investment.
Factors affecting investors' decisions include the potential revenue or loss, the
probability of gain or loss, and the cost of corresponding behavior. The proposed
game model is analyzed by replicator dynamics equations and simulation of the
evolutionary equilibrium strategy under different circumstances. The analysis shows
that the operating cost of institutional investors, the cost of information
collection before trading, and the expected loss that may be punished by regulators
are the key factors that affect the evolutionary game system between institutional
investors and individual investors. In addition, reducing the speculation in the
market and increasing the information access of investors through the serious
operation mode of institutional investors and the strengthening of the market
information disclosure mechanism are beneficial to alleviate price synchronicity in
stock market. [Dong, Yue] Renmin Univ China, Sch Econ, Beijing 100872, Peoples
R China; [Zhang, Yuhao; Pan, Jinnan; Chen, Tingqiang] Nanjing Tech Univ, Sch Econ &
Management, Nanjing 211816, Peoples R China Chen, TQ (corresponding author),
Nanjing Tech Univ, Sch Econ & Management, Nanjing 211816, Peoples R China.
tingqiang88888888@163.com Chen, Tingqiang/A-2244-2017 Chen,
Tingqiang/0000-0002-3013-243X National Natural Science Foundation of ChinaNational
Natural Science Foundation of China (NSFC) [71871115, 71501094]; Major Project of
Philosophy and Social Science Research in Colleges and Universities in Jiangsu
Province [2019SJZDA035]; Innovation Team Project of Philosophy and Social Sciences
in Colleges and Universities in Jiangsu Province [2017ZSTD005] This work was
supported by the National Natural Science Foundation of China (nos. 71871115 and
71501094), the Major Project of Philosophy and Social Science Research in Colleges
and Universities in Jiangsu Province (no. 2019SJZDA035), and the Innovation Team
Project of Philosophy and Social Sciences in Colleges and Universities in Jiangsu
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ADAM HOUSE, 3RD FLR, 1 FITZROY SQ, LONDON, W1T 5HF, ENGLAND1026-0226 1607-
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7957282 10.1155/2020/7957282
9 Mathematics, Interdisciplinary Applications; Multidisciplinary Sciences
Mathematics; Science & Technology - Other Topics LH3UX
 WOS:000528713700001 gold 2021-10-06
J Giofre, M Giofre, Maela Financial
education, investor protection and international portfolio diversification
JOURNAL OF INTERNATIONAL MONEY AND FINANCE English
Article Financial education; Home bias;
International portfolio investments; Investor protection legislation HOME BIAS;
DOMESTIC BIAS; LITERACY; INTEGRATION; GOVERNANCE; RIGHTS; RISK; LAW This paper
investigates the effect of financial education on foreign portfolio investment. We
show that higher investor financial education fosters international
diversification, and that its role is particularly pronounced where information
problems and monitoring costs are likely to be more severe, that is, in countries
where protection of minority shareholders' rights is weaker. We interpret this
evidence as supportive of the conjecture that financial education lessens the
informational constraints binding foreign investors. (C) 2016 Elsevier Ltd. All
rights reserved. [Giofre, Maela] Univ Turin, Dept Econ & Stat Cognetti de Martiis,
CeRP Coll Carlo Alberto & Netspar, Turin, Italy Giofre, M (corresponding author),
Univ Turin, Dept Econ & Stat Cognetti de Martiis, CeRP Coll Carlo Alberto &
Netspar, Turin, Italy. maela.giofre@unito.it Giofre', Maela/0000-0002-
6766-0324 Netspar grant I am grateful to two anonymous referees, Eric van
Wincoop, Michele Fratianni, Giovanna Nicodano, Yuri Pettinicchi, Thomas Post, Johan
Sulaeman, Taylan Mavruk, and participants in the 2016 World Finance Conference (New
York, the USA), 28th Annual Congress of the European Economic Association
(Gothenburg, Sweden), 39th European Finance Association Meeting (Copenhagen,
Denmark), Meeting on Financial Literacy and Economic Choices (Venice, Italy),
Universita Cattolica Sacro Cuore seminar (Milan, Italy), Netspar International
Pension Workshop (Paris-Dauphine, France), SAVE-PHF Conference (Munich, Germany),
CeRP-Collegio Carlo Alberto Conference and 53rd Meeting of Italian Economists'
Society for helpful comments and suggestions. MSCI Inc. has generously supplied
data on free-float adjusted market shares. Financial support from Netspar grant is
gratefully acknowledged. The usual disclaimer applies. Ardle J., 2009, 15266
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71 111 139
10.1016/j.jimonfin.2016.11.004 29 Business, Finance
Business & Economics EJ5OE WOS:000393266800005 Green Submitted
2021-10-06
J Gavish, LR; Qadan, M; Yagil, J Gavish, Liron Reiter;
Qadan, Mahmoud; Yagil, Joseph Net Buyers of Attention-Grabbing Stocks?
Who Exactly Are They? JOURNAL OF BEHAVIORAL FINANCE English
Article Household finance; Investor
attention; Investor literacy; Investor sophistication; Trading bias INVESTOR
ATTENTION; FINANCIAL LITERACY; GENDER-DIFFERENCES; INFORMATION DEMAND; MARKET;
SOPHISTICATION; SENTIMENT; RISK; OVERCONFIDENCE; VOLATILITYThe literature has
established that retail investors are "net buyers" of attention-grabbing stocks. In
this study, the authors utilize a unique dataset of actual information about
290,000 household investment accounts and track their "net buying" decisions with a
focus on their economic and demographic characteristics. Unlike previous research,
the authors focus not only on net buyers of attention-grabbing stocks, but also on
net sellers of such stocks. They find that factors such as financial experience,
wealth, consulting with advisors, and other individual characteristics, indicative
of investors' sophistication, account for the differences in the net buying
decision. Specifically, the authors find that more trading experience and a lower
tendency for home bias are associated with net selling during months when stocks
attract a great deal of attention, and with net buying during months when they are
paid less attention. The authors document that investors who trade in months of
less attention are more experienced, engage more in complex trading, have less of a
home bias tendency, are wealthier, and have a higher income than those who trade
during the highest attention-grabbing months. Finally, the use of financial advice
varies not only between households, but also between months in which stocks receive
a great deal or little attention. [Yagil, Joseph] Univ Haifa, Haifa, Israel;
Western Galilee Coll, Akko, Israel Yagil, J (corresponding author), Univ Haifa,
Fac Management, Jacobs Bldg,Room 301, IL-31905 Haifa, Israel.
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3 11 ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD ABINGDON 2-4 PARK
SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND 1542-7560 1542-7579
J BEHAV FINANC J. Behav. Financ. JAN 2 2021 22 1
26 45 10.1080/15427560.2020.1716360 FEB 2020 20
Business, Finance; Economics Business & Economics PV7TM
WOS:000513081000001 2021-10-06
J Ongena, S; Zalewska, A Ongena, Steven; Zalewska, Anna
(Ania) Institutional and individual investors: Saving for old age
JOURNAL OF BANKING & FINANCE English Article
Institutional investors; Individual investors; Pension funds;
Defined benefits; Defined contributions; Retirement investments OPTIMAL ASSET
ALLOCATION; DEFINED BENEFIT PLANS; FINANCIAL LITERACY; PENSION-PLANS; PUBLIC
PENSIONS; RISK-TAKING; PORTFOLIO CHOICE; CORPORATE GOVERNANCE; CONSUMER CONFIDENCE;
RETIREMENT SAVINGS This paper brings together the academic literature on
individual and institutional investors in order to understand the nature of
difficulties faced by them and set the background for the Special Issue. This
introductory article and the papers in the Special Issue contribute to the debate
on how to support individuals in their savings commitments and investment decision-
making and whether and how institutional investors have fulfilled their role in
supporting the development of the funded pension industry. There are three main
conclusions: (i) individual investors are not ready for the role that has been
assigned to them in the pension industry, (ii) institutional investors are a long
way short of establishing healthy relational contracts and trustworthy
relationships with their clients, and (iii) more effective regulation may be
needed. (C) 2018 Elsevier B.V. All rights reserved. [Ongena, Steven] Univ Zurich,
Dept Banking & Finance, Zurich, Switzerland; [Zalewska, Anna (Ania)] Univ Bath, Sch
Management, Ctr Governance & Regulat, Bath BA2 7AY, Avon, England Zalewska, A
(corresponding author), Univ Bath, Sch Management, Ctr Governance & Regulat, Bath
BA2 7AY, Avon, England. a.zalewska@bath.ac.uk Zalewska, Anna/0000-0002-
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Business, Finance; Economics Business & Economics GM8KW
WOS:000438478500016 2021-10-06
J Brown, M; Guin, B; Morkoetter, S Brown, Martin; Guin,
Benjamin; Morkoetter, Stefan Deposit withdrawals from distressed
banks: Client relationships matter JOURNAL OF FINANCIAL STABILITY
English Article Liquidity risk;
Relationship Banking; Market discipline CONSUMER SWITCHING COSTS; MARKET
DISCIPLINE; FINANCIAL LITERACY; DEBT; RISK; RUNS; EXPERIENCES; INSURANCE;
CONTAGION; BEHAVIOR We study retail deposit withdrawals from commercial banks
that were differentially exposed to distress during the 2007-2009 financial crisis.
We show that the propensity of clients to withdraw deposits increases with the
severity of bank distress. However, an exclusive pre-crisis bank-client
relationship eliminates withdrawal risk. The mechanism through which strong bank-
client relationships mitigate withdrawal risk relates to the transaction costs of
switching accounts rather than informational rents or differentiated services. Our
findings provide empirical support to the Basel III liquidity regulations that
emphasize the role of well-established client relationships for the stability of
bank funding. (C) 2019 The Author(s). Published by Elsevier B.V. [Brown, Martin]
Univ StGallen, Unterer Graben 21, CH-9000 St Gallen, Switzerland; [Guin, Benjamin]
Bank England, Threadneedle St, London EC2R 8AH, England; [Morkoetter, Stefan] Univ
St Gallen, St Gallen Inst Management Asia, 111 Amoy St, Singapore 069931, Singapore
 Brown, M (corresponding author), Univ StGallen, Unterer Graben 21, CH-9000 St
Gallen, Switzerland. martin.brown@unisg.ch; benjamin.guin@bankofengland.co.uk;
stefan.morkoetter@unisg.ch Swiss National Science FoundationSwiss
National Science Foundation (SNSF)European Commission [100018-140281]; European
Investment Bank Institute This work was supported by the Swiss National Science
Foundation [grant number 100018-140281] and the European Investment Bank Institute
[EIBURS research projects 2012-2015]. The findings, interpretations and conclusions
presented in this article are entirely those of the authors and should not be
attributed in any manner to the European Investment Bank or its Institute. Any
views expressed are solely those of the authors and so cannot be taken to represent
those of the Bank of England or to state Bank of England policy. This paper should
therefore not be reported as representing the views of the Bank of England or
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100707 10.1016/j.jfs.2019.100707 19
Business, Finance; Economics Business & Economics KK7YJ
WOS:000512953700002 hybrid, Green Accepted 2021-10-06
J Perier, A; Revah-Levy, A; Bruel, C; Cousin, N; Angeli, S; Brochon, S;
Philippart, F; Max, A; Gregoire, C; Misset, B; Garrouste-Orgeas, M
Perier, Antoine; Revah-Levy, Anne; Bruel, Cedric; Cousin, Nathalie; Angeli,
Stephanie; Brochon, Sandie; Philippart, Francois; Max, Adeline; Gregoire, Charles;
Misset, Benoit; Garrouste-Orgeas, Maite Phenomenologic analysis of
healthcare worker perceptions of intensive care unit diaries CRITICAL CARE
English Article EMOTIONAL
INTELLIGENCE; FAMILY MEMBERS; SYMPTOMS; MEMORY; HYPOTHESIS; DEPRESSION; RELATIVES;
SURVIVORS; DELIRIUM; ILLNESS Introduction: Studies have reported associations
between diaries kept for intensive care unit (ICU) patients and long-term quality-
of-life and psychological outcomes in patients and their relatives. Little was
known about perceptions of healthcare workers reading and writing in the diaries.
We investigated healthcare worker perceptions the better to understand their
opinions and responses to reading and writing in the diaries. Methods: We used a
phenomenologic approach to conduct a qualitative study of 36 semistructured
interviews in a medical-surgical ICU in a 460-bed tertiary hospital. Results: Two
domains of perception were assessed: reading and writing in the diaries. These two
domains led to four main themes in the ICU workers' perceptions: suffering of the
families; using the diary as a source of information for families but also as
generating difficulties in writing bad news; determining the optimal interpersonal
distance with the patient and relatives; and using the diary as a tool for
constructing a narrative of the patient's ICU stay. Conclusions: The ICU workers
thought that the diary was beneficial in communicating the suffering of families
while providing comfort and helping to build the patient's ICU narrative. They
reported strong emotions related to the diaries and a perception of intruding into
the patients' and families' privacy when reading the diaries. Fear of strong
emotional investment may adversely affect the ability of ICU workers to perform
their duties optimally. ICU workers are in favor of ICU diaries, but activation by
the diaries of emotions among younger ICU workers may require specific support.
[Perier, Antoine] Univ Hosp Cochin, F-75014 Paris, France; [Perier, Antoine;
Revah-Levy, Anne] Univ Paris Sud, INSERM, U 669, F-50669 Paris, France; [Perier,
Antoine; Revah-Levy, Anne] Paris Descartes Univ, UMR, F-50669 Paris, France;
[Revah-Levy, Anne] Argenteuil Hosp, Ctr Soins Psychothe Adolescents, Argenteuil,
France; [Bruel, Cedric; Cousin, Nathalie; Angeli, Stephanie; Brochon, Sandie;
Philippart, Francois; Max, Adeline; Gregoire, Charles; Misset, Benoit; Garrouste-
Orgeas, Maite] St Joseph Hosp Network, Med ICU, F-75014 Paris, France; [Philippart,
Francois; Misset, Benoit] Rene Descartes Univ, F-75005 Paris, France; [Garrouste-
Orgeas, Maite] Univ Joseph Fourier, Albert Bonniot Inst, Integrated Res Ctr U823
Epidemiol Cancers & Sever, F-38706 La Tronche, France Garrouste-Orgeas, M
(corresponding author), St Joseph Hosp Network, Med ICU, F-75014 Paris, France.
mgarrouste@hpsj.fr Philippart, Francois/AAF-2791-2019; Misset, Benoit/P-
7817-2018 Philippart, Francois/0000-0002-7323-0742; Misset, Benoit/0000-0001-
6466-0065; revah-levy, anne/0000-0003-1805-6275 French Society for Critical Care
(SRLF) This study was supported by the French Society for Critical Care
(SRLF). The SRLF had no role in the design or conduct of the study; in the
collection, management, analysis, or interpretation of the data; or in the
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WOS:000320161900064 23336394 Green Published, gold 2021-
10-06
J Ceric, A; Vukomanovic, M; Ivic, I; Kolaric, S Ceric,
Anita; Vukomanovic, Mladen; Ivic, Ivona; Kolaric, Sonja Trust in
megaprojects: A comprehensive literature review of research trends
INTERNATIONAL JOURNAL OF PROJECT MANAGEMENT English Review
Trust; Megaprojects; Literature review;
Research trends; Content analysis PUBLIC-PRIVATE PARTNERSHIPS; INFRASTRUCTURE
PROJECTS; EMOTIONAL INTELLIGENCE; MEDIATING ROLE; GOVERNANCE MECHANISMS;
CONSTRUCTION PROJECTS; SYSTEMS INTEGRATION; STAKEHOLDER THEORY; WORKS PROJECTS;
MANAGEMENT Megaprojects are large and complex projects involving substantial
investment, social importance, and long time span. Owing to the multitude of actors
involved in such projects, trust plays a critical role in their delivery. This
study presents a comprehensive literature review to gather a wealth of information
on a variety of research topics on trust in megaprojects. Related publications were
analyzed, and 52 relevant papers were selected for content analysis. The final
results show that research on trust in megaprojects is still relatively new,
thematically diffused, and generally lacking strong theoretical foundations. A
further analysis revealed six main research topics involving trust in megaprojects:
(i) trust and the success of megaprojects; (ii) institutional/public trust; (iii)
trust and megaproject delivery methods; (iv) trust and contracting; (v) trust as a
governance mechanism; and (vi) trust as a competence of project managers. The
outcomes of this study contribute to the body of knowledge on trust through a
comprehensive investigation of the literature in project management and provide
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as project management delivery process in general. [Ceric, Anita; Vukomanovic,
Mladen; Ivic, Ivona; Kolaric, Sonja] Univ Zagreb, Fac Civil Engn, Zagreb, Croatia
Ivic, I (corresponding author), Univ Zagreb, Fac Civil Engn, Zagreb, Croatia.
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BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND 0263-7863
1873-4634 INT J PROJ MANAG Int. J. Proj. Manag. MAY 2021 39
4 SI 325 338
10.1016/j.ijproman.2020.10.007 14 Management Business &
Economics SJ0VQ WOS:000655247400002 2021-10-06
J Shrotryia, VK; Kalra, H Shrotryia, Vijay Kumar; Kalra,
Himanshi COVID-19 and overconfidence bias: the case of developed,
emerging and frontier markets INTERNATIONAL JOURNAL OF EMERGING MARKETS
English Article; Early Access
 Overconfidence; COVID-19; Vector auto regression; Impulse response function
STOCK-MARKET; FINANCIAL LITERACY; VOLATILITY; UNCERTAINTY; INVESTORS;
BEHAVIOR; VOLUME; LIQUIDITY; DYNAMICS; PRICE Purpose The main purpose of the
present study is to delve into the overconfidence bias in global stock markets
during both pre COVID-19 and COVID-19 phases. Design/methodology/approach The
present study makes use of daily adjusted closing prices and volume of the broad
market indices of 46 global stock markets over a period ranging from July 2015 till
June 2020. The sample period is split into pre COVID-19 and COVID-19 phases. In
order to test the overconfidence fallacy in the chosen stock markets, bivariate
market-wide vector auto regression (VAR) models and impulse response functions
(IRFs) have been employed in both phases. Findings A highly significant
contemporaneous relationship between market return and volume appears to be more
pronounced in the Japanese, US, Chinese and Vietnamese stock markets in the pre
COVID-19 era for the relevant coefficients are positive and highly significant for
most lags. Coming to the period of turbulence, the present study discovers strong
overconfident behavior in the Chinese, Taiwanese, Turkish, Jordanian and Vietnamese
stock markets during COVID-19 phase. Practical implications A stark finding is that
none of the developed stock markets reveal strong overconfidence bias during
pandemic, suggesting a loss or decline in the investors' confidence. Therefore, the
regulators should try to regain the investors' trust and confidence in the markets
by ensuring honest, fair and transparent practices. The money managers should
reduce the transaction cost to encourage trading and educate investors to hold a
well-diversified portfolio to mitigate risk in the long run. The governments may
launch recovery packages focusing on sustaining and improving economic activities.
Finally, a better investment culture may be built by the corporate houses through
good corporate governance practices to regain lost trust. Originality/value The
present study appears to be the very first attempt to gauge overconfidence bias in
the wake of a recent COVID-19 pandemic. [Shrotryia, Vijay Kumar; Kalra, Himanshi]
Univ Delhi, Dept Commerce, Fac Commerce & Business, Delhi Sch Econ, New Delhi,
India Kalra, H (corresponding author), Univ Delhi, Dept Commerce, Fac Commerce &
Business, Delhi Sch Econ, New Delhi, India. vkshro18@gmail.com;
kalra123.hk@gmail.com Abbes M.B., 2013, TRANSITION
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1 6 6 EMERALD GROUP PUBLISHING LTD BINGLEY HOWARD HOUSE,
WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND 1746-8809 1746-8817
INT J EMERG MARK Int. J. Emerg. Mark.
10.1108/IJOEM-09-2020-1019 MAY 2021 33
Business; Economics; Management Business & Economics SA6KB
WOS:000649409900001 2021-10-06
J Angelini, V; Bertoni, M; Stella, L; Weiss, CT Angelini,
Viola; Bertoni, Marco; Stella, Luca; Weiss, Christoph T. The ant or
the grasshopper? The long-term consequences of Unilateral Divorce Laws on savings
of European households EUROPEAN ECONOMIC REVIEW English
Article Divorce risk; Household savings;
Europe FINANCIAL LITERACY; RETIREMENT; RATES; SELECTION; MARRIAGE; OPTIMISM;
CHILDREN; IMPACT Unilateral Divorce Laws (UDLs) allow people to obtain divorce
without the consent of their spouse. Using the staggered introduction of UDLs
across European countries, we show that households exposed to UDLs for a longer
period of time accumulate more savings. This effect holds for both financial and
total wealth and is stronger at higher quantiles of the wealth distribution.
Consistent with a precautionary motive for savings, we also find that exposure to
UDLs increases female labour supply, numeracy, trust in others and dispositional
optimism. (C) 2019 The Author(s). Published by Elsevier B.V. [Angelini, Viola]
Univ Groningen, Groningen, Netherlands; [Angelini, Viola] Netspar, Amsterdam,
Netherlands; [Bertoni, Marco] Univ Padua, Dept Econ & Management Marco Fanno, Via
Santo 33, I-35123 Padua, Italy; [Bertoni, Marco] HEDG & IZA, Padua, Italy; [Stella,
Luca] Bocconi Univ, Milan, Italy; [Stella, Luca] IZA, Milan, Italy; [Weiss,
Christoph T.] European Investment Bank, Luxembourg, Luxembourg Bertoni, M
(corresponding author), HEDG & IZA, Padua, Italy.; Bertoni, M (corresponding
author), Univ Padua, Padua, Italy. marco.bertoni@unipd.it Angelini, Viola/AAF-
6679-2021 Angelini, Viola/0000-0002-5177-3447; bertoni, marco/0000-0003-0783-3972
European Commission through FP5 [QLK6-CT-2001-00360]; European Commission
through FP6 [SHARE-I3: RII-CT-2006-062193, COMPARE: CIT5-CT-2005-028857, SHARELIFE:
CIT4-CT-2006-028812]; European Commission through FP7 (SHARE-PREP) [211909];
European Commission through FP7 (SHARE-LEAP) [227822]; European Commission through
FP7 (SHARE M4) [261982]; German Ministry of Education and ResearchFederal Ministry
of Education & Research (BMBF); U.S. National Institute on AgingUnited States
Department of Health & Human ServicesNational Institutes of Health (NIH) - USANIH
National Institute on Aging (NIA) [U01_AG09740-13S2, P01_AG005842, P01JAG08291,
P30_AG12815, R21_AG025169, Y1-AG-4553-01, IAG_BSR06-11, OGHA_04-064]; CARIPARO
foundation "Starting Grant" [BERT_START16_01] We are indebted to the Editor, an
Associate Editor, and two Reviewers for their comments on the paper. We thank Rob
Alessie, Axel B6rsch-Supan, Giorgio Brunello, Tabea Bucher-Koenen, Chiara Dal
Bianco, Giulio Fella, Antonia Grohmann, Thorsten Kneip, Elena Lucchese, Francesca
Marino, Alessandro Martinello, Gianluca Mazzarella, Claudia Olivetti, Daniele
Paserman, Lorenzo Rocco, Mariacristina Rossi, Eduard Suari Andreu and Guglielmo
Weber for helpful discussions. We also thank participants at the ESPE conference in
Berlin, the IZA Workshop on Gender and Family Economics in Bonn, the EALE
conference in Ghent, the SIEP conference in Padova, the Workshop on Household
Finance and Economic Behaviour in Turin, the Luxembourg SHARE user conference and
at seminars at DIW Berlin, the University of Cagliari, the Munich Center for the
Economics of Ageing (MEA) and the University of Siena for comments and suggestions.
This paper uses data from SHARE Waves 2 and 3 (SHARELIFE) (DOls:
10.6103/SHARE.w2.500, 10.6103/SHARE.w3.500), see Borsch-Supan et al. (2013) (2017)
for methodological details. The SHARE data collection has been primarily funded by
the European Commission through FP5 (QLK6-CT-2001-00360), FP6 (SHARE-I3: RII-CT-
2006-062193, COMPARE: CIT5-CT-2005-028857, SHARELIFE: CIT4-CT-2006-028812) and FP7
(SHARE-PREP:No 211909, SHARE-LEAP:No 227822, SHARE M4: No 261982). Additional
funding from the German Ministry of Education and Research, the U.S. National
Institute on Aging, (U01_AG09740-13S2, P01_AG005842, P01JAG08291, P30_AG12815,
R21_AG025169, Y1-AG-4553-01, IAG_BSR06-11, OGHA_04-064) and from various national
funding sources is gratefully acknowledged (see www.share-project.org).Marco
Bertoni acknowledges funding from a CARIPARO foundation "Starting Grant"
BERT_START16_01. The view expressed in this paper are those of the authors and do
not necessarily reflect those of the European Investment Bank. Altonji JG, 2005,
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10.1257/aer.96.5.1802 45 2 2 0 1 ELSEVIER AMSTERDAM
RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0014-2921 1873-572X
EUR ECON REV Eur. Econ. Rev. OCT 2019 119
97 113 10.1016/j.euroecorev.2019.07.002 17
Economics Business & Economics JF8FI WOS:000491620000006 Green
Published, hybrid, Green Submitted 2021-10-06
J Wu, HC; Tseng, CM; Chan, PC; Huang, SF; Chu, WW; Chen, YF
Wu, Hui-Chi; Tseng, Chien-Ming; Chan, Po-Chou; Huang, Sue-Fen; Chu, Wei-Wei;
Chen, Yung-Fu Evaluation of stock trading performance of students
using a web-based virtual stock trading system COMPUTERS & MATHEMATICS WITH
APPLICATIONS English Article
E-learning; Virtual learning environment; Trading behavior; Risk aversion;
Disposition effect; Experiential learning FINANCIAL LITERACY; USER ACCEPTANCE;
TECHNOLOGY; ENVIRONMENT; ATTENTION; INVESTORS; ADOPTION; MODEL; EASE Most
investors lack financial knowledge and information for trading in the stock market.
The objective of this study was to enhance the motivation and learning efficiency
for students attending a course in financial management. A web-based virtual stock
trading (VST) system, embedded with provided functions for financial ratio
analysis, was designed to simulate a stock trading environment. Through learning
with objective financial analyses, the state of learners' minds is expected not to
be affected by news or market fluctuations, which in turn nurtures the students as
rational investors. Students were recruited from two universities located in
central Taiwan for this study. They were given a virtual budget at the beginning of
the semester for online virtual trading. The stock trading behavior, such as risk
aversion and disposition effect, was explored through students' trading histories.
Furthermore, the learning outcome was evaluated with analysis of trading
performance based on five indicators, including returns on budget, stock's trading
amount turnover, profit margin of stock trading amount, average budget utilization
rate, and returns on average investment amount. Finally, perceived usefulness and
behavior intention of the VST system were surveyed using a questionnaire instrument
based on the extended technical acceptance model (TAM). The analytic results
support risk aversion theory in that students tended to sell high-priced stocks in
short periods with a holding day of 4.03 +/- 4.93(N = 32) because of its great
price fluctuation even if its price was rising during the study period. In
contrast, the holding days of high-priced stocks were significantly shorter than
the stocks (t-test, p < 0.01) with lower prices (10.70 +/- 11.92, N = 1136). At the
end of the semester, questionnaires were disseminated to the 136 participating
students, a total of 103 questionnaires were received with a response rate of
75.74%. The Cronbach's Alpha value was as high as 0.88, indicating that the
questionnaire achieved high reliability. It shows that perceived usefulness (4.39
+/- 0.53) and behavior intention (4.31 +/- 0.50) are significantly higher than the
neutral value (3) at a level of 0.001 using one-sample t-test, showing that the VST
system is useful and the students are willing to further adopt the system and
recommend it to other users. After analyses of the received questionnaires with
structural equation model (SEM), TAM was verified regarding the adoption of VST as
a tool for financial management education. In conclusion, the proposed VST system
is useful in financial management education, specific in stock trading, to provide
students with knowledge and experience to profit from the stock market through
active learning in a virtual trading environment. (C) 2012 Elsevier Ltd. All rights
reserved. [Wu, Hui-Chi; Chen, Yung-Fu] Cent Taiwan Univ Sci & Technol, Dept
Healthcare Adm, 666 Buzih Rd, Taichung 40601, Taiwan; [Tseng, Chien-Ming] Cent
Taiwan Univ Sci & Technol, Dept Int Business, Taichung 40601, Taiwan; [Chan, Po-
Chou; Huang, Sue-Fen; Chu, Wei-Wei] Cent Taiwan Univ Sci & Technol, Dept Management
Informat Syst, Taichung 40601, Taiwan; [Chen, Yung-Fu] China Med Univ, Dept Hlth
Serv Adm, Taichung 40402, Taiwan Chen, YF (corresponding author), Cent Taiwan
Univ Sci & Technol, Dept Healthcare Adm, 666 Buzih Rd, Taichung 40601, Taiwan.
yfchen@ctust.edu.tw ceng, jian ming/0000-0001-8451-2991 National
Science of Council of TaiwanMinistry of Science and Technology, Taiwan [NSC100-
2410-H-166-007-MY3, NSC99-2631-H-166-001] This study was supported in part by
National Science of Council of Taiwan for Yung-Fu Chen (Grant No. NSC100-2410-H-
166-007-MY3) and Po-Chou Chan (Grant No. NSC99-2631-H-166-001). Barber BM, 2008,
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PERGAMON-ELSEVIER SCIENCE LTD OXFORD THE BOULEVARD, LANGFORD LANE,
KIDLINGTON, OXFORD OX5 1GB, ENGLAND 0898-1221 1873-7668 COMPUT MATH APPL
Comput. Math. Appl. SEP 2012 64 5 SI 1495
1505 10.1016/j.camwa.2012.03.097 11 Mathematics,
Applied Mathematics 010GA WOS:000309081500081 Bronze
2021-10-06
J Alemanni, B; Lucarelli, C Alemanni, Barbara; Lucarelli,
Caterina Individual behaviour and long-range planning attitude
EUROPEAN JOURNAL OF FINANCE English Article
long-range planning attitude; psychophysiological heterogeneity;
integrative pension schemes; impulsivity; Skin Conductance Response; G02; G28; D14;
D87 DECISION-MAKING; FINANCIAL LITERACY; DUAL PROCESSES; SELF; INCONSISTENCY;
RATIONALITY; INCENTIVES; ADDICTION; JUDGMENT; EMOTION Declining welfare systems
increase the importance of self-determination in pension decisions. Thus, the
stability of long-life consumption markedly relies on individual long-range
planning attitude. Our paper investigates how behavioural traits affect this
attitude and influence the probability of holding voluntary integrative pension
schemes (VIPS). We find that psychophysiological heterogeneity plays a role in
predicting demand for VIPS, together with saving/indebtedness style and
conventional sociodemographic characteristics. Specifically, individuals who have a
high degree of non-planning impulsiveness, and who are inclined to intense
psychophysiological arousals, are less likely to demand VIPS. Our results imply
that behavioural individualities might prompt individuals to postpone, or even
neglect, decisions necessary to maintain stable lifestyles in the long range.
[Alemanni, Barbara] Univ Genoa, Dept Econ DIEC, Via Vivaldi 5, I-16126 Genoa,
Italy; [Alemanni, Barbara] SDA Bocconi Sch Management, Milan, Italy; [Lucarelli,
Caterina] Univ Politecn Marche, Fac Econ, Largo Martelli 8, I-60121 Ancona, Italy
Alemanni, B (corresponding author), Univ Genoa, Dept Econ DIEC, Via Vivaldi
5, I-16126 Genoa, Italy.; Alemanni, B (corresponding author), SDA Bocconi Sch
Management, Milan, Italy. barbara.alemanni@unibocconi.it Lucarelli,
Caterina/AAL-9058-2020 Lucarelli, Caterina/0000-0002-2632-878X Italian Ministry
of University and Research as a 'Research of National Interest' - PRINMinistry of
Education, Universities and Research (MIUR); ASSORETI (Italian Association of
Financial Advisors); Allianz Bank Financial Advisors; Azimut; Banca
Fideuram/Sanpaolo Invest Sim; Banca Mediolanum; Finanza Futuro Banca; Finecobank;
Ubi Banca Private Investment This research was supported by a grant from the
Italian Ministry of University and Research as a 'Research of National Interest' -
PRIN 2007 (September 2008-September 2010). An incremental grant from ASSORETI (the
Italian Association of Financial Advisors) allowed to enrich the sample of further
200 individuals (Year 2010-2011). We are grateful to Terrance Odean and Simone
Ceccarelli (COVIP) for helpful comments and suggestions on preliminary versions of
the paper. Moreover, we are thankful to seminar participants of the Behavioural
Finance Working Group Conference, held at Queen Mary University of London, and an
anonymous referee for valuable comments and suggestions on a preliminary version of
this paper. We also thank the whole research group involved in running experiments:
Gianni Brighetti, Nicoletta Marinelli, Camilla Mazzoli, Cristina Ottaviani, Valeria
Nucifora, Rosita Borlimi, Giulio Palomba, Elisa Gabbi, Arianna Rizzoli, Sara
Falcioni, Andrea Galentino and Irene Bellodi. For the first stage of analysis (PRIN
2007), we are grateful to all institutions that allowed us to run experiments on
their customers and employees: Borsa Italiana Stock Exchange, Twice SIM, Banca
Popolare di Ancona - UBI Group, Assogestioni, JPMorgan - Italy, Pioneer, Eurizon
Capital, Azimut, UbiPramerica, Arca and Prima sgr, Assoreti, Allianz Bank Financial
Advisors, Banca Fideuram/Sanpaolo Invest Sim, Banca Mediolanum, Finanza - Futuro
Banca, Finecobank, Ubi Banca Private Investment. For the second stage (ASSORETI
2011), we are grateful to ASSORETI, and specifically to Marco Tofanelli and Antonio
Spallanzani, who allowed a remarkable enlargement of the original sample. For their
cooperation in running experiments, we thank another set of financial institutions:
Allianz Bank Financial Advisors; Azimut; Banca Fideuram/Sanpaolo Invest Sim; Banca
Mediolanum; Finanza & Futuro Banca; Finecobank and Ubi Banca Private Investment.
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10.1080/1351847X.2014.1003313 20 Business, Finance Business &
Economics EK1OC WOS:000393694200002 Green Published 2021-
10-06
J Lusardi, A; Michaud, PC; Mitchell, OS Lusardi,
Annamaria; Michaud, Pierre-Carl; Mitchell, Olivia S. Optimal Financial
Knowledge and Wealth Inequality JOURNAL OF POLITICAL ECONOMY
English Article LIFE-CYCLE; RISK-
AVERSION; PORTFOLIO CHOICE; LITERACY; CONSUMPTION; TIME; INVESTMENT; PREFERENCE;
HEALTH; MODEL We show that financial knowledge is a key determinant of wealth
inequality in a stochastic life cycle model with endogenous financial knowledge
accumulation, where financial knowledge enables individuals to better allocate
lifetime resources in a world of uncertainty and imperfect insurance. Moreover,
because of how the US social insurance system works, better-educated individuals
have most to gain from investing in financial knowledge. Our parsimonious
specification generates substantial wealth inequality relative to a one-asset
saving model and one in which returns on wealth depend on portfolio composition
alone. We estimate that 30-40 percent of retirement wealth inequality is accounted
for by financial knowledge. [Lusardi, Annamaria] George Washington Univ,
Washington, DC 20052 USA; [Lusardi, Annamaria; Mitchell, Olivia S.] NBER,
Cambridge, MA 02138 USA; [Michaud, Pierre-Carl] HEC Montreal, Montreal, PQ, Canada;
[Michaud, Pierre-Carl] RAND, Santa Monica, CA USA; [Mitchell, Olivia S.] Univ Penn,
Philadelphia, PA 19104 USA Lusardi, A (corresponding author), George Washington
Univ, Washington, DC 20052 USA.; Lusardi, A (corresponding author), NBER,
Cambridge, MA 02138 USA. Michaud, Pierre Carl/AAA-2357-2021 US
Social Security Administration (SSA) under the Financial Literacy Research
Consortium; Netspar, the Pension Research Council; Boettner Center at the Wharton
School of the University of Pennsylvania; RAND Corporation; Fonds de Recherche du
Quebec sur la Societe et la Culture (FQRSC) [145848]; EUNICE KENNEDY SHRIVER
NATIONAL INSTITUTE OF CHILD HEALTH & HUMAN DEVELOPMENTUnited States Department of
Health & Human ServicesNational Institutes of Health (NIH) - USANIH Eunice Kennedy
Shriver National Institute of Child Health & Human Development (NICHD)
[R01HD069609] Funding Source: NIH RePORTER; NATIONAL INSTITUTE ON AGINGUnited
States Department of Health & Human ServicesNational Institutes of Health (NIH) -
USANIH National Institute on Aging (NIA) [U01AG009740] Funding Source: NIH RePORTER
An earlier version of this paper was circulated as an NBER working paper
(Lusardi, Michaud, and Mitchell 2013). The research reported herein was performed
pursuant to a grant from the US Social Security Administration (SSA) to the
Financial Literacy Center, funded under the Financial Literacy Research Consortium.
The authors also acknowledge support provided by Netspar, the Pension Research
Council and Boettner Center at the Wharton School of the University of
Pennsylvania, and the RAND Corporation. Michaud acknowledges additional support
from the Fonds de Recherche du Quebec sur la Societe et la Culture (FQRSC 145848).
We thank Hugh Hoikwang Kim and Yong Yu for excellent research assistance. Helpful
comments were received from Marco Angrisani, Charlie Brown, Tabea Bucher-Koenen,
Bryan Campbell, Joao Cocco, Eric French, Dan Gottlieb, Michael Hurd, Jan Kabatek,
Tullio Jappelli, Raimond Maurer, Alex Michaelides, Kim Peijnenburg, Karl Scholz,
Hans-Martin von Gaudecker, Susann Rohwedder, Maarten van Rooij, Frank Stafford,
Jeremy Tobacman, Chao Wei, and participants at seminars at the Carlson School of
Management, Center for Research on Pensions andWelfare Policy, the George
Washington University, Kellogg School of Management, McGill University, Netspar,
Tilburg University, the Wharton School of the University of Pennsylvania, the 2012
NBER Summer Institute, the 2012 NBER-Oxford Said-Center for Financial Studies-
Einaudi Institute for Economics and Finance Conference on Household Finance, the
2013 Allied Social Science Association meetings in San Diego, and the 2015 world
meetings of the Econometric Society in Montreal. We also thank Audrey Brown and
Donna St. Louis for editorial assistance. Opinions and conclusions expressed herein
are solely those of the authors and do not represent the opinions or policy of SSA,
any agency of the federal government, or any other institution with which the
authors are affiliated. Data are provided as supplementary material online.
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Published 2021-10-06
J Zhou, LY; Huang, JL Zhou, Liyun; Huang, Jialiang
Excess co-movement of agricultural futures prices: Perspective from
contagious investor sentiment NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
English Article Excess co-movement;
Contagious investor sentiment; Agricultural futures prices; Behavior finance INDEX
INVESTMENT; MARKET SENTIMENT; STOCK; FINANCIALIZATION; COMOVEMENT; COMMODITIES;
VOLATILITY; BEHAVIOR; RETURNS; MODEL This study investigates the excess co-
movement of agricultural futures prices from a new perspective of contagious
investor sentiment. This study shows that contagious investor sentiment is a key
determinant of excess co-movement of agricultural futures prices, by using
contagious investor sentiment among different agricultural futures. Further, this
study decomposes contagious investor sentiment into expected and unexpected
contagious investor sentiment. Results show that both of them can positively affect
excess co-movement of agricultural futures prices. More interestingly, expected
contagious investor sentiment outperforms unexpected contagious investor sentiment
in soybean 1 future, soymeal future, and strong wheat future. In general, the
results of this study can provide strong support for the significant roles of
contagious investor sentiment in asset pricing applications. [Zhou, Liyun]
South China Agr Univ, Coll Econ & Management, Guangzhou, Peoples R China; [Huang,
Jialiang] Guangzhou Univ, Sch Management, Guangzhou, Guangdong, Peoples R China
Huang, JL (corresponding author), Guangzhou Univ, Sch Management, Guangzhou,
Guangdong, Peoples R China. jialianghuang1989@hotmail.com National
Natural Science Foundation of ChinaNational Natural Science Foundation of China
(NSFC) [71873047, 71803051]; Guangzhou Planning Office of Philosophy and Social
Science in 2020 [2020GZQN27]; Natural Science Foundation of Guangdong
ProvinceNational Natural Science Foundation of Guangdong Province [2018A030310218];
Social Science Foundation of Chinese Education Ministry [18YJCZH055] We wish to
thank Editor-in-Chief (Hamid Beladi) and the anonymous reviewer for insightful
comments on our work. This work was supported by the National Natural Science
Foundation of China (71803051), the Guangzhou Planning Office of Philosophy and
Social Science in 2020 (2020GZQN27), the Natural Science Foundation of Guangdong
Province (2018A030310218), the Social Science Foundation of Chinese Education
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46 0 0 13 15 ELSEVIER SCIENCE INC NEW YORK STE 800, 230
PARK AVE, NEW YORK, NY 10169 USA 1062-9408 1879-0860 N AM J ECON FINANC
N. Am. Econ. Financ. NOV 2020 54
101267 10.1016/j.najef.2020.101267 16 Business, Finance;
Economics Business & Economics PI8CJ WOS:000601311900006
2021-10-06
J Lyu, ZY; Wei, L Lyu, Ziyuan; Wei, Li
Information sources and participation in the Chinese insurance market:
knowledge as a mediator GENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE
English Article Insurance
knowledge; Market participation; Information source; Chinese insurance industry;
Mediation effect FINANCIAL LITERACY; CATEGORICAL VARIABLES; EDUCATION; INVESTMENT;
DECISIONS; DEMAND; PREFERENCES; CAPABILITY; INCLUSION; SECURITY This study
analyses the role of insurance knowledge in mediating between various important
information sources and insurance market participation using a large and
representative national data set from China. We find that all information sources
have a significantly positive effect on market participation. However, the
insurance knowledge variable demonstrates significantly positive mediation effects
only when the predictors are mass media and community outreach. The government can
take advantage of disseminating such information via effective media identified in
this paper, thereby achieving knowledge enhancement and maintaining the
sustainability of the industry. Moreover, we see that the serious problem of agent
misselling is also found in China, which has a devastating effect on insurers' and
agents' credibility, making any information that they provide unreliable in the
eyes of the public. [Lyu, Ziyuan] Renmin Univ China, Int Coll, Suzhou 215123,
Peoples R China; [Wei, Li] Renmin Univ China, Sch Finance, Beijing 100872, Peoples
R China; [Wei, Li] China Financial Policy Res Ctr, Beijing 100872, Peoples R China
Wei, L (corresponding author), Renmin Univ China, Sch Finance, Beijing
100872, Peoples R China.; Wei, L (corresponding author), China Financial Policy Res
Ctr, Beijing 100872, Peoples R China. 447528470@qq.com; weil@ruc.edu.cn
Research Funds for the Key Research Base of Humanities and Social Sciences of
Ministry of Education [15JJD790046]; Insurance Association of China (IAC) We are
deeply grateful for the very valuable comments provided by Runhuan Feng and the
anonymous reviewers. We also greatly appreciate the generous support provided by
the Research Funds for the Key Research Base of Humanities and Social Sciences of
Ministry of Education (No. 15JJD790046) and the Insurance Association of China
(IAC). The viewpoints presented in this article are entirely those of the authors
and should not be attributed to the Financial Supervisory Commission or the Chinese
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10.1111/ijcs.12285 61 0 0 1 8 PALGRAVE MACMILLAN LTD
BASINGSTOKE BRUNEL RD BLDG, HOUNDMILLS, BASINGSTOKE RG21 6XS, HANTS, ENGLAND
1018-5895 1468-0440 GENEVA PAP R I-ISS P Geneva Pap. Risk Insur.-
Issues Pract. JAN 2021 46 1 79 106
10.1057/s41288-020-00180-9 JUL 2020 28 Business, Finance
Business & Economics PO1YE WOS:000552189800001
2021-10-06
J Biljanovska, N; Palligkinis, S Biljanovska, Nina;
Palligkinis, Spyros Control thyself: Self-control failure and
household wealth JOURNAL OF BANKING & FINANCE English Article
Self-control; Household wealth; Household finance
FINANCIAL LITERACY; PERSONALITY-TRAITS; MECHANISMS; TEMPTATION; CHILDHOOD;
BEHAVIORS; STABILITY We examine the relationship between self-control and
household wealth. Building on literature in psychology, we take a more
comprehensive approach to the concept of self-control and posit that it consists of
three ingredients: planning, monitoring, and commitment to pre-set goals. We build
a measure which combines those three components and can be computed using a
standard representative survey. We find that self-control failure is strongly
associated with different household net wealth measures and with self-assessed
financial distress. (C) 2016 Elsevier B.V. All rights reserved. [Biljanovska,
Nina] Int Monetary Fund, Inst Capac Dev, 700 19th St NW, Washington, DC 20431 USA;
[Palligkinis, Spyros] European Cent Bank, Sonnemannstr 22, D-60314 Frankfurt,
Germany Biljanovska, N (corresponding author), Int Monetary Fund, Inst Capac
Dev, 700 19th St NW, Washington, DC 20431 USA. nbijanovska@imf.org;
spalligkinis@gmail.com State of Hessen initiative for research LOEWE
We are grateful to Inaki Aldasoro, Enzo Cerletti, Arvid Hoffmann, Olga
Goldfine, Yigitcan Karabulut, Jian Li, Eirini Tatsi, Nate Vellekoop and especially
our adviser Michael Haliassos for valuable comments. We thank two anonymous
referees and the associate editor for extremely useful comments and suggestions, as
well as the participants of the CGR Conference on "Institutional and Individual
Investors: Saving for Old Age," the 3rd European Retail Investment Conference, the
7th RGS Doctoral Conference in Economics and the Brown Bag Seminar at Goethe
University. We gratefully acknowledge research support from the Research Center
SAFE, funded by the State of Hessen initiative for research LOEWE. The views
expressed are those of the authors and do not necessarily represent the views of
the European Central Bank or the International Monetary Fund. Almlund M, 2011,
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Business, Finance; Economics Business & Economics GM8KW
WOS:000438478500018 Green Submitted 2021-10-06
J Talpsepp, T; Liivamagi, K; Vaarmets, T Talpsepp, Tonn;
Liivamagi, Kristjan; Vaarmets, Tarvo Academic abilities, education
and performance in the stock market JOURNAL OF BANKING & FINANCE
English Article Stock market
performance; Trading; Academic abilities; Intelligence; Education COGNITIVE-
ABILITIES; FINANCIAL LITERACY; RISK-FACTORS; INVESTMENT; INVESTORS; IQ;
INTELLIGENCE; BEHAVIOR; WEALTH; OVERCONFIDENCE The paper assesses how cognitive
abilities and education affect the performance of individual investors in the stock
market. We use an exhaustive NASDAQ Tallinn dataset covering two bull markets and
one bear market. We show that stronger mathematical and overall academic abilities
are associated with more profitable investments and relative outperformance, after
trading style, income, experience and a variety of educational characteristics are
controlled for. However, the effects are not always linear or monotonic. A similar
positive effect on performance is produced by higher education or specialisation in
certain subjects. None of these factors is able to explain the performance of
investors during bear markets, and none is a substitute for experience. Investors
with strong academic abilities tend to have moderate trading frequency and
performance seems to be affected more by the ability to find good trades than by
the use of any particular trading strategies. (C) 2020 Elsevier B.V. All rights
reserved. [Talpsepp, Tonn] Tallinn Univ Technol, Dept Software Sci, Ehitajate Tee
5, EE-12616 Tallinn, Estonia; [Talpsepp, Tonn] Aalto Univ, Dept Finance, Espoo,
Finland; [Liivamagi, Kristjan; Vaarmets, Tarvo] Tallinn Univ Technol, Dept Econ &
Finance, Tallinn, Estonia; [Talpsepp, Tonn] Estonian Entrepreneurship Univ Appl
Sci, Tallinn, Estonia Talpsepp, T (corresponding author), Tallinn Univ Technol,
Dept Software Sci, Ehitajate Tee 5, EE-12616 Tallinn, Estonia.
tonn.talpsepp@taltech.ee Talpsepp, Tonn/I-3819-2018 Talpsepp,
Tonn/0000-0002-9287-6186 Tallinn University of Technology [B45]; European
Union through the European Regional Development FundEuropean Commission; Estonian
Entrepreneurship University of Applied Sciences This work was supported by the
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25 Business, Finance; Economics Business & Economics LZ3BR
WOS:000541102600006 2021-10-06
J Philippas, D; Philippas, N; Tziogkidis, P; Rjiba, H
Philippas, Dionisis; Philippas, Nikolaos; Tziogkidis, Panagiotis; Rjiba,
Hatem Signal-herding in cryptocurrencies JOURNAL OF INTERNATIONAL
FINANCIAL MARKETS INSTITUTIONS & MONEY English Article
Signal-herding; Conditional herding; Cryptocurrencies SAFE-
HAVEN; VOLATILITY SPILLOVERS; BITCOIN; BEHAVIOR; MARKET; INVESTMENT; GOLD;
CONNECTEDNESS; MEDIA; HEDGE The paper examines the influence of informative
signals derived from exogenous factors on herding intensity in the cryptocurrency
market. We propose a novel approach whereby extracted signals are endogenized in
investors' decision-making. The signals may induce investors to converge towards
(depart from) the market consensus, contributing to herding amplification
(dampening). The findings reveal substantial asymmetries with respect to the
intensity of herding stemming from exogenous influences. We conclude that the
evidenced diversity is indicative of the value that investors attach to the
information embedded in the different external signals they receive. (C) 2020
Elsevier B.V. All rights reserved. [Philippas, Dionisis] ESSCA Sch Management, 55
Quai Alphonse Le Gallo, F-92513 Paris, France; [Philippas, Nikolaos] Univ Piraeus,
Dept Business Adm, Piraeus, Greece; [Tziogkidis, Panagiotis] Univ Plymouth,
Cookworthy Bldg, Plymouth PL4 8AA, Devon, England; [Rjiba, Hatem] PSB Paris Sch
Business, 59 Rue Natl, F-75013 Paris, France; [Philippas, Nikolaos] Hellen
Financial Literacy Inst, Athens, Greece Philippas, D (corresponding author),
ESSCA Sch Management, 55 Quai Alphonse Le Gallo, F-92513 Paris, France.
dionisis.philippas@essca.fr; philipas@unipi.gr;
panagiotis.tziogkidis@plymouth.ac.uk; h.rjiba@psbedu.paris Rjiba, Hatem/ABI-1582-
2020; FILIPPAS, NIKOLAOS/AAQ-2175-2021 Rjiba, Hatem/0000-0002-2439-6711;
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Mark. Inst. Money MAR 2020 65 101191
10.1016/j.intfin.2020.101191 16 Business, Finance; Economics
Business & Economics LT2ZA WOS:000536939000015 Bronze, Green
Submitted 2021-10-06
J Pastorakova, E; Brokesova, Z; Peliova, J Pastorakova,
Erika; Brokesova, Zuzana; Peliova, Jana Proactive Approach to Private
Pension Savings: Key Determinants POLITICKA EKONOMIE Czech
Article private saving for retirement; a
multi-pillar pension schemes; support for private savings for old age period;
public and private pension systems FINANCIAL LITERACY; GENDER-DIFFERENCES; SOCIAL-
SECURITY; RISK-AVERSION; RETIREMENT; PARTICIPATION; WEALTH; INVESTMENT; SECTOR;
PLANS Component encouraging private savings was introduced or is under
consideration in pension schemes of many countries. This diversification of old-age
income sources shifts the responsibility for the level of retirement income to the
individuals themselves and, at the same time, opens the question about their
preparedness for such financial decisions. Inadequate savings could have enormous
impact on their future life and determine their standard of living in the period of
retirement. The aim of the paper is to identify key demographic and socio-economic
factors determining individuals' proactive approach to the private pension savings.
We also would like to point out group of individuals with a low level of the
private savings involvement. These individuals are potentially poverty vulnerable
in their old-age. Using representative sample of 2 826 citizens of the Slovak
Republic from the Household Finance and Consumption Survey carried out by the
National Bank of Slovakia, we have identified as key factors age, education,
income, ownership of second real estate and other financial assets and sharing
household with pensioners. Our research contributes to the extension of existing
knowledge that can be used by countries with multi-pillar pension systems, absence
of occupational employment funds and low availability of products for voluntary
pension savings. [Pastorakova, Erika; Brokesova, Zuzana; Peliova, Jana] Ekon Univ
Bratislave, Narodohospodarska Fak, Bratislava, Slovakia Pastorakova, E
(corresponding author), Ekon Univ Bratislave, Narodohospodarska Fak, Bratislava,
Slovakia. erika.pastorakova@euba.sk; zuzana.brokesova@euba.sk;
jana.peliova@euba.sk Peliova, Jana/AAQ-4757-2021 Brokesova, Zuzana/0000-0002-
9188-3720; Pastorakova, Erika/0000-0003-1549-3664; Peliova, Jana/0000-0002-0305-
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6 709 727 10.18267/j.polek.1171
19 Economics; Political Science Business & Economics; Government & Law
FT5XW WOS:000423227700004 hybrid 2021-10-06
J Bose, U; MacDonald, R; Tsoukas, S Bose, Udichibarna;
MacDonald, Ronald; Tsoukas, Serafeim Education and the local
equity bias around the world JOURNAL OF INTERNATIONAL FINANCIAL MARKETS
INSTITUTIONS & MONEY English Article
Home bias; Equity markets; International diversification; Education;
Financial crisis STOCK-MARKET DEVELOPMENT; HOME BIAS; FINANCIAL LITERACY;
PORTFOLIO CHOICE; DIVERSIFICATION; CONSEQUENCES; INTEGRATION; COMPETENCE;
INVESTMENT; PREFERENCE Using a panel of 38 economies, over the period 2001-2010,
we analyse the link between different facets of education and diversification in
international portfolios. We find that university education, mathematical numeracy,
in addition to financial skill, play an important role in reducing home bias. After
separating countries according to their level of financial development, we find
that less developed economies with more university graduates, or with higher level
of mathematical numeracy, have lower level of local equity bias compared to more
developed countries. We also find that the beneficial effect of education is more
pronounced during the most recent financial crisis, especially for economies with
less developed financial markets. (C) 2015 The Authors. Published by Elsevier B.V.
[Bose, Udichibarna; MacDonald, Ronald; Tsoukas, Serafeim] Univ Glasgow, Adam
Smith Business Sch, Dept Econ, Glasgow G12 8QQ, Lanark, Scotland Tsoukas, S
(corresponding author), Univ Glasgow, Adam Smith Business Sch, Dept Econ, Glasgow
G12 8QQ, Lanark, Scotland. serafeim.tsoukas@glasgow.ac.uk Bose,
Udichibarna/0000-0002-7550-9974 Economic and Social Research CouncilUK Research
& Innovation (UKRI)Economic & Social Research Council (ESRC) [ES/J500136/1];
Economic and Social Research CouncilUK Research & Innovation (UKRI)Economic &
Social Research Council (ESRC) [1231918] Funding Source: researchfish We are
grateful to Lieven De Moor and Rosanne Vanpee for making available to us the market
capitalisation data of equities. We also thank John Burger, Alessio Ciarlone and
participants at the SGPE Crieff Conference (2013), the 4th EMG-ECB Emerging Markets
Finance Conference (2014), the 12th INFINITI Conference on International Finance
(2014), the 29th Annual Congress of the European Economic Association (2014) and
the 2015 Annual Conference of the Royal Economic Society for useful comments and
suggestions. The first author gratefully acknowledges financial support from the
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Inst. Money NOV 2015 39 65 88
10.1016/j.intfin.2015.06.002 24 Business, Finance; Economics
Business & Economics DA0UE WOS:000367512200006 Green Accepted,
hybrid, Green Submitted 2021-10-06
J Cobb-Clark, DA; Kassenboehmer, SC; Sinning, MG Cobb-Clark,
Deborah A.; Kassenboehmer, Sonja C.; Sinning, Mathias G. Locus of
control and savings JOURNAL OF BANKING & FINANCE English
Article Non-cognitive skills; Locus of
control; Wealth accumulation; Asset portfolios; Savings LIFE-CYCLE MODEL; SELF-
CONTROL; FINANCIAL LITERACY; COGNITIVE FUNCTION; HOUSEHOLD WEALTH; EXTERNAL
CONTROL; EXPECTANCIES; CONSUMPTION; INVESTMENT; PSYCHOLOGY This paper analyzes the
relationship between individuals' locus of control and their savings behavior, i.e.
wealth accumulation, savings rates, and portfolio choices. Locus of control is a
psychological concept that captures individuals' beliefs about the causal
relationship between their own behavior and life events. We find that households
with an internal reference person (a main respondent who believes that he/she can
generally control relevant aspects of life) save more in terms of levels and, in
some cases, as a percentage of their permanent incomes. Although the locus-of-
control gap in savings rates is largest among rich households, the gap in wealth
accumulation is particularly large for poor households. Finally, our findings
indicate that households with an internal reference person are in a better position
to save in forms that are harder to access (such as pension wealth) than otherwise
similar households with an external reference person. (C) 2016 Elsevier B.V. All
rights reserved. [Cobb-Clark, Deborah A.] Univ Sydney, Sydney, NSW, Australia;
[Cobb-Clark, Deborah A.; Kassenboehmer, Sonja C.; Sinning, Mathias G.] Inst Study
Labor IZA, Bonn, Germany; [Cobb-Clark, Deborah A.] ARC Ctr Excellence Children &
Families Life Cours, Brisbane, Qld, Australia; [Kassenboehmer, Sonja C.] Monash
Univ, Melbourne, Vic, Australia; [Sinning, Mathias G.] Australian Natl Univ,
Canberra, ACT, Australia; [Sinning, Mathias G.] RWI, Essen, Germany
Kassenboehmer, SC (corresponding author), Inst Study Labor IZA, Bonn,
Germany.; Kassenboehmer, SC (corresponding author), Monash Univ, Melbourne, Vic,
Australia. sonja.kassenboehmer@monash.edu Kassenboehmer, Sonja/B-4385-2019;
Cobb-Clark, Deborah/H-1153-2013 Kassenboehmer, Sonja/0000-0003-4348-2049;
Sinning, Mathias/0000-0002-8526-3517; Cobb-Clark, Deborah/0000-0003-2895-7886
Australian Government Department of Social Services (DSS)Australian
Government; Australian Research CouncilAustralian Research Council [DP110103456,
DP150104247]; CSIRO-Monash Superannuation Research Cluster This paper uses unit
record data from the Household, Income and Labour Dynamics in Australia (HILDA)
Survey. The HILDA Project was initiated and is funded by the Australian Government
Department of Social Services (DSS) and is managed by the Melbourne Institute of
Applied Economic and Social Research (Melbourne Institute). The findings and views
reported in this paper, however, are those of the author and should not be
attributed to either DSS or the Melbourne Institute. The authors are grateful for
financial support from the Australian Research Council (DP110103456 and
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10.1016/j.jbankfin.2016.06.013 18 Business, Finance;
Economics Business & Economics EE2EO WOS:000389396700008 Green
Published, Green Submitted 2021-10-06
J Ishfaq, M; Nazir, MS; Qamar, MAJ; Usman, M Ishfaq,
Muhammad; Nazir, Mian Sajid; Qamar, Muhammad Ali Jibran; Usman, Muhammad
Cognitive Bias and the Extraversion Personality Shaping the Behavior of
Investors FRONTIERS IN PSYCHOLOGY English Article
cognitive biases; investor behavior; personality traits; decision
making; risk perception RISK PERCEPTION; FINANCIAL LITERACY; DECISION-MAKING;
INVESTMENT DECISIONS; LARGE ORGANIZATIONS; CAPITAL-MARKETS; FUND MANAGERS;
OVERCONFIDENCE; IMPACT; ENTREPRENEURS The paper examines the direct and
indirect effects (via investors' risk perception) of heuristic biases on investors'
irrational behavior in decision-making. The study also investigates the moderating
effect of investors' extraversion on both the direct and the indirect associations
between heuristic biases and irrational decision-making. Based on survey data
collected from 247 investors registered in various brokerage houses in Pakistan and
the analyses (mediation and moderation) performed using the Process Macro technique
(proposed by Hayes, 2017) in SPSS, the results of this study reveal that heuristic
biases positively affect investors' irrational decision-making both directly and
indirectly via risk perception. The results reveal that extraversion moderates both
direct and indirect associations between heuristic biases and investors' irrational
behavior in decision-making. Our findings carry useful practical implications for
organizations' policymakers. [Ishfaq, Muhammad; Nazir, Mian Sajid; Qamar, Muhammad
Ali Jibran; Usman, Muhammad] COMSATS Univ Islamabad, Dept Management Sci, Lahore
Campus, Lahore, Pakistan; [Ishfaq, Muhammad] Riphah Int Univ, Dept Management Sci,
Faisalabad Campus, Faisalabad, Pakistan Ishfaq, M; Nazir, MS (corresponding
author), COMSATS Univ Islamabad, Dept Management Sci, Lahore Campus, Lahore,
Pakistan.; Ishfaq, M (corresponding author), Riphah Int Univ, Dept Management Sci,
Faisalabad Campus, Faisalabad, Pakistan. m.ishfaq@riphahfsd.edu.pk;
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LAUSANNE AVENUE DU TRIBUNAL FEDERAL 34, LAUSANNE, CH-1015, SWITZERLAND
1664-1078 FRONT PSYCHOL Front. Psychol. OCT 15 2020
11 556506
10.3389/fpsyg.2020.556506 11 Psychology, Multidisciplinary
Psychology OK6RG WOS:000584774600001 33178066 Green Published, gold
2021-10-06
J Fujiki, H Fujiki, Hiroshi Are the actual and
intended sources of financial knowledge the same? Evidence from Japan JAPAN AND
THE WORLD ECONOMY English Article
Financial knowledge; Information sources; Demand for risky assets
 LITERACY; INVESTMENT The recent prolonged period of low economic growth
and low interest rates in Japan demands that Japanese households invest in risky
assets to accumulate sufficient retirement savings. In so doing, they acquire
financial knowledge on these risky assets, typically from financial experts or
salespersons in financial institutions. However, they may not necessarily be
content with their current sources of financial knowledge because depending on
their stage in the life cycle, they require different types of financial knowledge,
usually from a variety of sources. Unfortunately, because of limitations in the
data available, few studies have investigated whether the actual and intended
sources of financial knowledge are the same. To address this research gap, this
paper uses a Japanese household survey from 2010 to 2017, which provides unique
information on the actual and intended sources of financial knowledge, and obtains
two interesting results. First, a household's actual sources of financial knowledge
typically differ from its intended sources. More specifically, 33 % of households
choosing financial institutions and experts and 52 % of households choosing
financial institutions as their actual sources have a different intended source.
Second, the discrepancy between actual and intended sources appears to relate to
household demographic characteristics. Among those households choosing financial
institutions and experts as their actual source of financial knowledge, 14 %
choosing financial institutions as their intended source tend to have a lower level
of financial knowledge and educational attainment. These results suggest that they
have some difficulty understanding the advice of financial advisers. Among
households choosing financial institutions as their actual source of financial
knowledge, 26 % choosing financial institutions and experts as their intended
source tend to have a larger amount of financial assets, better financial
knowledge, and a preference for investing in risky assets; however, they also tend
to be younger. This suggests they might want to obtain financial knowledge from
financial experts to purchase risky financial assets as they age. While the study
does not provide any causal evidence, the results suggest that understanding the
reasons for any discrepancy in the actual and intended sources of financial
knowledge may help financial institutions provide better services to these
customers. [Fujiki, Hiroshi] Chuo Univ, Fac Commerce, 742-1 Higashinakano,
Hachioji, Tokyo 1920393, Japan Fujiki, H (corresponding author), Chuo Univ,
Fac Commerce, 742-1 Higashinakano, Hachioji, Tokyo 1920393, Japan.
fujiki@tamacc.chuo-u.ac.jp Japan Society for the Promotion of
Science through KAKENHI [18K01704] We would like to thank Nobuyoshi Yamori for
providing suggestions and sharing his work on financial literacy. We would also
like to thank an anonymous referee, R. Anton Braun, Pedro Franco de Campos Pinto,
Ippei Fujiwara, Koichi Hamada, Takeo Hoshi, Shota Ichihashi, Takatoshi Ito,
Kenichiro Kobayashi, Akito Matsumoto, Takashi Misumi, Arito Ono, Shizuka Sekita,
Etsuro Shioji, Shigenori Shiratsuka, Naoki Takayama, Tamon Takamura, Kenichi Ueda,
and Emiko Usui for their comments. While undertaking this research, we participated
in the Research Group on the Survey of Household Finances (SHF) and received
permission from the Central Council for Financial Services Information to use the
data from the SHF. We gratefully acknowledge financial support from the Japan
Society for the Promotion of Science through KAKENHI Grant No. 18K01704. This paper
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Jpn. World Econ. SEP 2020 55
101026 10.1016/j.japwor.2020.101026 14 Economics
Business & Economics NP0SY WOS:000569894600001 hybrid
2021-10-06
J Putra, IGNE; Astell-Burt, T; Cliff, DP; Vella, SA; John, EE; Feng, XQ
Putra, I. Gusti Ngurah Edi; Astell-Burt, Thomas; Cliff, Dylan P.;
Vella, Stewart A.; John, Eme Eseme; Feng, Xiaoqi The Relationship
Between Green Space and Prosocial Behaviour Among Children and Adolescents: A
Systematic Review FRONTIERS IN PSYCHOLOGY English Review
prosociality; altruism; nature; environment; green space
quantity; green space quality; children; adolescents PHYSICAL-ACTIVITY; COGNITIVE-
DEVELOPMENT; HEALTH-BENEFITS; EMOTIONAL INTELLIGENCE; SURROUNDING GREENNESS; SOCIAL
OBSERVATION; PEER RELATIONS; AIR-POLLUTION; SCREEN-TIME; LIFE-COURSE The
plausible role of nearby green space in influencing prosocial behaviour among
children and adolescents has been studied recently. However, no review has been
conducted of the evidence testing the association between green space and prosocial
behaviour. This systematic review addresses this gap among children and
adolescents. Within this review, we propose a conceptual framework describing
potential pathways linking green space to prosocial behaviour, discuss the
direction, magnitude, moderators, and mediators of the association, and develop a
narrative synthesis of future study directions. Out of 63 extracted associations
from 15 studies, 44 were in the positive or expected direction, of which 18 were
reported to be statistically significant (p < 0.05). Overall, the current evidence
shows that exposure to green space may potentially increase prosocial behaviour
among children and adolescents, with some contingencies (e.g., child's sex and
ethnic background). However, the volume and quality of this evidence is not yet
sufficient to draw conclusions on causality. Further, heterogeneity in the
indicators of green space exposure could lead to mixed findings. In addition, none
of the included studies investigated potential mediators. Nevertheless, this review
provides preliminary evidence and a basis for further investigation with rigorous
study methodology capable of drawing causal inferences and testing potential effect
modifiers, linking pathways, and relevant green space measures. [Putra, I. Gusti
Ngurah Edi; Astell-Burt, Thomas; John, Eme Eseme; Feng, Xiaoqi] Univ Wollongong,
Fac Social Sci, Sch Hlth & Soc, Populat Wellbeing & Environm Res Lab,PowerLab,
Wollongong, NSW, Australia; [Astell-Burt, Thomas; Feng, Xiaoqi] Univ Sydney,
Menzies Ctr Hlth Policy, Sydney, NSW, Australia; [Astell-Burt, Thomas; Feng,
Xiaoqi] Chinese Ctr Dis Control & Prevent, Natl Inst Environm Hlth, Beijing,
Peoples R China; [Astell-Burt, Thomas] Chinese Acad Med Sci, Peking Union Med Coll,
Sch Publ Hlth, Beijing, Peoples R China; [Astell-Burt, Thomas] Tsinghua Univ,
Beijing, Peoples R China; [Cliff, Dylan P.] Univ Wollongong, Fac Social Sci, Early
Start, Sch Educ, Wollongong, NSW, Australia; [Cliff, Dylan P.; Vella, Stewart A.]
Univ Wollongong, Illawarra Hlth & Med Res Inst, Wollongong, NSW, Australia; [Vella,
Stewart A.] Univ Wollongong, Fac Social Sci, Sch Psychol, Wollongong, NSW,
Australia; [Feng, Xiaoqi] Univ New South Wales, Sch Publ Hlth & Community Med,
Sydney, NSW, Australia Astell-Burt, T (corresponding author), Univ Wollongong, Fac
Social Sci, Sch Hlth & Soc, Populat Wellbeing & Environm Res Lab,PowerLab,
Wollongong, NSW, Australia.; Astell-Burt, T (corresponding author), Univ Sydney,
Menzies Ctr Hlth Policy, Sydney, NSW, Australia.; Astell-Burt, T (corresponding
author), Chinese Ctr Dis Control & Prevent, Natl Inst Environm Hlth, Beijing,
Peoples R China.; Astell-Burt, T (corresponding author), Chinese Acad Med Sci,
Peking Union Med Coll, Sch Publ Hlth, Beijing, Peoples R China.; Astell-Burt, T
(corresponding author), Tsinghua Univ, Beijing, Peoples R China.
thomasab@uow.edu.au Astell-Burt, Thomas/B-9341-2018; Feng, Xiaoqi/AAM-
9592-2021 Astell-Burt, Thomas/0000-0002-1498-4851; Feng, Xiaoqi/0000-0002-3421-
220X; Putra, I Gusti Ngurah Edi/0000-0002-1014-6949 Hort Frontiers Green Cities
Fund; University of Wollongong (UOW) Faculty of Social Sciences; UOW Global
Challenges initiative; Australian GovernmentAustralian GovernmentCGIAR [GC15005];
National Health and Medical Research Council Boosting Dementia Research Leader
FellowshipNational Health and Medical Research Council of Australia [1140317];
National Health and Medical Research CouncilNational Health and Medical Research
Council of Australia [1148792] This work was supported by the Hort Frontiers
Green Cities Fund, part of the Hort Frontiers strategic partnership initiative
developed by Hort Innovation, with co-investment from the University of Wollongong
(UOW) Faculty of Social Sciences, the UOW Global Challenges initiative and
contributions from the Australian Government (project number #GC15005). TA-B was
supported by a National Health and Medical Research Council Boosting Dementia
Research Leader Fellowship (#1140317). XF was supported by a National Health and
Medical Research Council Career Development Fellowship (#1148792). All aspects
related to the conduct of this study including the views stated and the decision to
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Psychology LR2SA WOS:000535544300001 32425867 Green Published, gold
2021-10-06
J Stango, V; Zinman, J Stango, Victor; Zinman, Jonathan
Borrowing High versus Borrowing Higher: Price Dispersion and Shopping
Behavior in the US Credit Card Market REVIEW OF FINANCIAL STUDIES
English Article SWITCHING COSTS;
COMPETITION; SEARCH; INDUSTRY We document substantial cross-individual dispersion
in U.S. credit card borrowing costs, even after controlling for borrower risk and
card characteristics. That remaining dispersion arises because cross-lender pricing
heterogeneity generates dispersion in annual percentage rate (APR) offers to
borrowers, and borrowers vary in shopping intensity. Our empirics match
administrative data to self-reported card shopping intensity and use instruments
suggested by fair lending law to account for the endogeneity between APRs and
search. The results show that shoppers versus nonshoppers pay APRs as different as
those paid by borrowers in the best versus worst credit score deciles. We discuss
implications for policy and practice. [Stango, Victor] Univ Calif Davis, Grad
Sch Management, 1 Shields Ave, Davis, CA 95616 USA; [Zinman, Jonathan] Dartmouth
Coll, Dept Econ, IPA, Hanover, NH 03755 USA; [Zinman, Jonathan] NBER, Cambridge, MA
02138 USA Stango, V (corresponding author), Univ Calif Davis, Grad Sch
Management, 1 Shields Ave, Davis, CA 95616 USA. vstango@ucdavis.edu
Filene Research Institute; Federal Bank of Chicago; Rockefeller Center at
Dartmouth College; Graduate School of Management at UC-Davis Thanks to Anna
Lunn and Gordon Vermeer for research assistance, and to John Driscoll, Charles
Sprenger, David Silberman, Justin Sydnor, Jeremy Tobacman, and conference/seminar
participants at the Consumer Financial Protection Bureau, American Economic
Association Meetings, Berkeley (Haas), Boston University School of Management,
Cornell (Dyson School), the Federal Reserve Bank of Philadelphia, the Federal
Reserve Board/GeorgeWashington Financial Literacy Seminar Series, ITAM, the
NBER(Behavioral Economics, Household Finance), the UC-Boulder Conference on
Consumer Financial Decision Making, UC-Davis, and Wharton (Decision Processes) for
comments. Special thanks to Bob Hunt, Dubravka Ritter, and Steph Wilshusen of the
Payments Cards Center of the Federal Reserve Bank of Philadelphia, and to Geng Li
of the Federal Reserve Board, for sharing data and expertise. All errors and
opinions are our own. This work was supported by the Filene Research Institute, the
Federal Bank of Chicago, the Rockefeller Center at Dartmouth College, and the
Graduate School of Management at UC-Davis. Send Correspondence to Victor Stango,
Graduate School of Management, UC Davis, 1 Shields Avenue, Davis, CA 95616;
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2021-10-06