Financial literacy and the demand for financial advice
Tài liệu tham khảo
Agnew, 2012, Trust, plan knowledge and 401(k) savings behavior, J. Pension Econ. Finan., 11, 1, 10.1017/S1474747211000230
Atkinson, A., Messy, F.-A., 2012. Measuring financial literacy: results of the OECD/International Network on Financial Education (INFE) pilot study. OECD Working Papers on Finance, Insurance and Private Pensions 15, OECD.
Barber, 2001, Boys will be boys: gender, overconfidence, and common stock investment, Quart. J. Econ., 116, 262, 10.1162/003355301556400
Beltratti, A., 2007. Gli impieghi del risparmio. In: Beltratti, A. (Ed.), Finanza Globale, Risparmiatore Locale – XXV Rapporto BNL/Centro Einaudi sul risparmio e sui risparmiatori in Italia. BNL Edizioni, Guerini e Associati.
Bergstresser, 2009, Assessing the costs and benefits of brokers in the mutual fund industry, Rev. Finan. Stud., 22, 4129, 10.1093/rfs/hhp022
Bhattacharya, 2012, Is unbiased financial advice to retail investors sufficient? Answers from a large field study, Rev. Finan. Stud., 25, 975, 10.1093/rfs/hhr127
Boes, 2006, Ordered response models, Allgemeines Stat. Archiv, 90, 165
Bolton, 2007, Conflicts of interest, information provision, and competition in the financial services industry, J. Finan. Econ., 85, 297, 10.1016/j.jfineco.2005.06.004
Bonte, 2012, Financial literacy, information flows, and caste affiliation: empirical evidence from India, J. Bank. Finan., 36, 3399, 10.1016/j.jbankfin.2012.07.028
Bucher-Koenen, T., Koenen, J., 2010. Do smarters consumers get better advice? An analytical framework and evidence from German private pensions. CDSE Discussion Paper No. 105, University of Mannheim.
Carlin, B.I., Gervais, S., 2009. Legal protection in retail financial markets. NBER Working Paper No. 14972, National Bureau of Economic Research.
Cho, 1987, Signaling games and stable equilibria, Quart. J. Econ., 102, 179, 10.2307/1885060
Christelis, 2010, Cognitive abilities and portfolio choice, Eur. Econ. Rev., 54, 18, 10.1016/j.euroecorev.2009.04.001
Collins, 2012, Financial advice: a substitute for financial literacy?, Finan. Serv. Rev., 21
Crawford, 1982, Strategic information transmission, Econometrica, 50, 1431, 10.2307/1913390
Dessein, 2002, Authority and communication in organizations, Rev. Econ. Stud., 69, 811, 10.1111/1467-937X.00227
Duflo, 2002, Participation and investment decisions in a retirement plan: the influence of colleagues’ choices, J. Public Econ., 85, 121, 10.1016/S0047-2727(01)00098-6
Elmerick, 2002, Use of financial planners by US households, Finan. Serv. Rev., 11, 217
Finke, 2011, Financial advice: who pays, J. Finan. Counsel. Plan., 22, 18
Forbes, 2010, Confidence mediates how investment knowledge influences investing self-efficacy, J. Econ. Psychol., 31, 435, 10.1016/j.joep.2010.01.012
Georgarakos, D., Inderst, R., 2011. Financial advice and stock market participation. Working Paper No 1296, European Central Bank.
Georgarakos, 2011, Trust, sociability, and stock market participation, Rev. Finan., 15, 693, 10.1093/rof/rfr028
Gine, X., de Cuellar, C.M., Mazer, R.K., 2013. Evaluating the effectiveness of loan disclosure reforms on consumer understanding and financial decision making: evidence from Mexico. Technical report, Russia/WB/OECD Financial Literacy and Education Trust Fund.
Greene, 2010
Guiso, L., Jappelli, T., 2008. Financial literacy and portfolio diversification. EUI Working Paper ECO 2008/31.
2001
Guiso, 2008, Trusting the stock market, J. Finan., 53, 2557, 10.1111/j.1540-6261.2008.01408.x
Hackethal, A., Inderst, R., Meyer, S., 2010. Trading on advice. Discussion Paper No. DP8091, CEPR.
Hackethal, 2012, Financial advisors: a case of babysitters?, J. Bank. Finan., 36, 509, 10.1016/j.jbankfin.2011.08.008
Haliassos, 1995, Why do so few hold stocks?, Econ. J., 105, 1110, 10.2307/2235407
Hastings, J.S., Tejeda-Ashton, L., 2008. Financial literacy, information, and demand elasticity: Survey and experimental evidence from Mexico. NBER Working Paper 14538, National Bureau of Economic Research.
Hong, 2004, Social interaction and stock-market participation, J. Finan., 59, 137, 10.1111/j.1540-6261.2004.00629.x
Hung, A.A., Yoong, J.K., 2010. Asking for help – survey and experimental evidence on financial advice and behavior change. Working Paper WR-714-1, RAND.
Hung, A.A., Parker, A.M., Yoong, J.K., 2009. Defining and measuring financial literacy. Working Paper WR-708, RAND Working Paper.
Inderst, 2009, Misselling through agents, Am. Econ. Rev., 99, 883, 10.1257/aer.99.3.883
Inderst, 2012, How (not) to pay for advice: a framework for consumer financial protection, J. Finan. Econ., 105, 393, 10.1016/j.jfineco.2012.01.006
Kimball, M.S., Shumway, T., 2010. Investor sophistication and the home bias, diversifcation, and employer stock puzzles. mimeo, University of Michigan.
Klapper, 2013, Financial literacy and its consequences: evidence from Russia during the financial crisis, J. Bank. Finan., 37, 3904, 10.1016/j.jbankfin.2013.07.014
Kruger, 1999, Unskilled and unaware of it: how difficulties in recognizing one’s own incompetence lead to inflated self-assessments, J. Personal. Soc. Psychol., 77, 1121, 10.1037/0022-3514.77.6.1121
Lee, 2005, Consumers’ use of information intermediaries and the impact on their information search behavior in the financial market, J. Consumer Affairs, 39, 95, 10.1111/j.1745-6606.2005.00005.x
Lusardi, 2007, Baby boomer retirement security: the roles of planning, financial literacy, and housing wealth, J. Monetary Econ., 54, 205, 10.1016/j.jmoneco.2006.12.001
Lusardi, 2011, Financial literacy and planning: implications for retirement wellbeing
Lusardi, 2011, Financial literacy around the world: an overview, J. Pension Econ. Finan., 10, 497, 10.1017/S1474747211000448
Lusardi, A., Tufano, P., 2009. Debt literacy, financial experiences, and overindebtedness. NBER Working Paper No. W14808, National Bureau of Economic Research.
Marsden, 2011, The value of seeking financial advice, J. Family Econ. Issues, 32, 625, 10.1007/s10834-011-9258-z
Mason, C.L.J., Wilson, R.M.S., 2000. Conceptualising financial literacy. Working Paper 2000:7, Loughborough University Business School.
Meier, 2013, Discounting financial literacy: time preferences and participation in financial education programs, J. Econ. Behav. Organiz., 95, 159, 10.1016/j.jebo.2012.02.024
Merton, 1968, The Matthew effect in science, Science, 159, 56, 10.1126/science.159.3810.56
Mullainathan, S., Noth, M., Schoar, A., 2012. The market for financial advice: an audit study. NBER Working Paper No. 17929.
Ottaviani, M., 2000. The economics of advice. mimeo.
Ottaviani, 2006, Professional advice, J. Econ. Theory, 126, 120, 10.1016/j.jet.2004.08.005
Peress, 2004, Wealth, information acquisition, and portfolio choice, Rev. Finan. Stud., 17, 879, 10.1093/rfs/hhg056
Rivers, 1988, Limited information estimators and exogeneity tests for simultaneous probit models, J. Econometr., 39, 347, 10.1016/0304-4076(88)90063-2
Shapira, 2001, Patterns of behavior of professionally managed and independent investors, J. Bank. Finan., 25, 1573, 10.1016/S0378-4266(00)00139-4
Stoughton, 2011, Intermediated investment management, J. Finan., 66, 947, 10.1111/j.1540-6261.2011.01656.x
Terza, 1985, Ordered probit: a generalization, Commun. Stat. – A. Theory Methods, 14, 1, 10.1080/03610928508828893
van Rooij, 2011, Financial literacy and stock market participation, J. Finan. Econ., 101, 449, 10.1016/j.jfineco.2011.03.006
Wooldridge, J.M., 2007. Control Functions and Related Methods – What’s New in Econometrics? Lecture 6. NBER Summer Institute 2007.