Financial literacy and stock market participation

Agnew, 2005, Asset allocation and information overload: the influence of information display, asset choice and investor experience, Journal of Behavioral Finance, 6, 57, 10.1207/s15427579jpfm0602_2 Agarwal, 2009, The age of reason: financial decisions over the lifecycle and implications for regulation, Brookings Papers on Economic Activity, 2, 51, 10.1353/eca.0.0067 Alessie, 2002, Household portfolios in the Netherlands, 341 Barsky, 1997, Preference parameters and behavioral heterogeneity: an experimental study in the Health and Retirement Study, Quarterly Journal of Economics, 112, 537, 10.1162/003355397555280 Bartlett, 1937, The statistical conception of mental factors, British Journal of Psychology, 28, 97 Benjamin, 2006 Bernheim, D., 1995. Do households appreciate their financial vulnerabilities? An analysis of actions, perceptions, and public policy. In: Tax Policy and Economic Growth, American Council for Capital Formation, Washington, DC, pp. 1–30. Bernheim, 1998, Financial illiteracy, education and retirement saving, 38 Bernheim, 2001, Education and saving: the long-term effects of high school financial curriculum mandates, Journal of Public Economics, 80, 435, 10.1016/S0047-2727(00)00120-1 Bernheim, 2003, The effects of financial education in the workplace: evidence from a survey of households, Journal of Public Economics, 87, 1487, 10.1016/S0047-2727(01)00184-0 Bound, 1995, Problems with instrumental variables estimation when the correlation between the instruments and the endogenous explanatory variable is weak, Journal of the American Statistical Association, 90, 443, 10.2307/2291055 Brown, 2008, Neighbors matter: causal community effects and stock market participation, Journal of Finance, 63, 1509, 10.1111/j.1540-6261.2008.01364.x Calvet, 2007, Down or out: assessing the welfare costs of household investment mistakes, Journal of Political Economy, 115, 707, 10.1086/524204 Calvet, 2009, Measuring the financial sophistication of households, American Economic Review, 99, 393, 10.1257/aer.99.2.393 Campbell, 2006, Household finance, Journal of Finance, 61, 1553, 10.1111/j.1540-6261.2006.00883.x Chang, 2009, National surveys via RDD telephone interviewing versus the Internet: comparing sample representativeness and response quality, Public Opinion Quarterly, 73, 641, 10.1093/poq/nfp075 Christelis, 2010, Cognitive abilities and portfolio choice, European Economic Review, 54, 18, 10.1016/j.euroecorev.2009.04.001 Christiansen, 2008, Are economists more likely to hold stocks?, Review of Finance, 12, 465, 10.1093/rof/rfm026 Cocco, 2005, Consumption and portfolio choice over the life-cycle, Review of Financial Studies, 18, 490, 10.1093/rfs/hhi017 Cole, 2008 Constantinides, 2002, Junior can't borrow: a new perspective on the equity premium puzzle, Quarterly Journal of Economics, 117, 269, 10.1162/003355302753399508 Davis, 2006, Borrowing costs and the demand for equity over the life cycle, Review of Economics and Statistics, 88, 348, 10.1162/rest.88.2.348 Dohmen, 2010, Are risk aversion and impatience related to cognitive ability?, American Economic Review, 100, 1238, 10.1257/aer.100.3.1238 Grinblatt, M., Keloharju, M., Linnainmaa, J., IQ and stock market participation. Journal of Finance, in press, http://www.afajof.org/afa/forthcoming/7875p.pdf. Guiso, 2002 Guiso, 2005, Awareness and stock market participation, Review of Finance, 9, 537, 10.1007/s10679-005-5000-8 Guiso, 2008, Trusting the stock market, Journal of Finance, 63, 2557, 10.1111/j.1540-6261.2008.01408.x Haliassos, 1995, Why do so few hold stocks?, Economic Journal, 105, 1110, 10.2307/2235407 Heaton, 2000, Portfolio choice and asset prices: the importance of entrepreneurial risk, Journal of Finance, 55, 1163, 10.1111/0022-1082.00244 Hilgert, 2002, Financial knowledge, experience and learning preferences: preliminary results from a new survey on financial literacy, Consumer Interests Annual, 48, 1 Hilgert, 2003, Household financial management: the connection between knowledge and behavior, Federal Reserve Bulletin, July, 309 Hong, 2004, Social interaction and stock-market participation, Journal of Finance, 59, 137, 10.1111/j.1540-6261.2004.00629.x Hurd, 1990, Research on the elderly: economic status, retirement, and consumption and saving, Journal of Economic Literature, 28, 565 Hurst, 2008, Liquidity constraints and entrepreneurship. Household wealth, parental wealth, and the transition in and out of entrepreneurship, 47 John Hancock Financial Services, 2002 Kezdi, 2008 Lusardi, 2003 Lusardi, 2007, Baby boomers retirement security: the role of planning, financial literacy and housing wealth, Journal of Monetary Economics, 54, 205, 10.1016/j.jmoneco.2006.12.001 Lusardi, 2007, Financial literacy and retirement preparedness: evidence and implications for financial education, Business Economics, 42, 35, 10.2145/20070104 Lusardi, 2008, Planning and financial literacy: how do women fare?, American Economic Review, 98, 413, 10.1257/aer.98.2.413 Lusardi, A., Mitchell, O.S., Financial literacy and planning: implications for retirement wellbeing. In: Lusardi, A, Mitchell, O.S. (Eds.), Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford University Press, Oxford, U.K., in press, http://www.dartmouth.edu/~alusardi/Papers/FinancialLiteracy.pdf. Lusardi, A., Tufano, P., 2009. Debt literacy, financial experiences, and overindebtedness. NBER Working Paper No. 14808. Mandell, 2004 Moore, 2003 National Council on Economic Education (NCEE), 2005. What American teens and adults know about economics. Washington, D.C. Nyhus, 1996 Organization for Economics Co-Operation and Development (OECD), 2005. Improving financial literacy: analysis of issues and policies. Paris, France. Staiger, 1997, Instrumental variables regression with weak instruments, Econometrica, 65, 557, 10.2307/2171753 Stango, 2009, Exponential growth bias and household finance, Journal of Finance, 64, 2807, 10.1111/j.1540-6261.2009.01518.x Vissing-Jorgensen, 2004, Perspectives on behavioral finance: does “irrationality” disappear with wealth? Evidence from expectations and actions, 139