Journal of Finance, Volume 73, Issue 2, April 2018

金融知识与投资组合变化

作者：Milo Bianchi (University of Toulouse Capitole)

摘要：我们将投资组合的管理面板数据与金融素养调查方法相匹配。当我们控制投资组合风险时，最有文化的家庭比不识字的家庭的年回报率高出0.4%。不同的投资组合变化是决定这种差异的关键因素。当预期收益较高时，更多有文化的家庭持有风险较高的头寸，他们会更积极地重组投资组合，这样做所对应的风险敞口相对稳定，而且相比他们出售的资产，他们更愿意购买能够提供更高收益的资产。

Financial Literacy and Portfolio Dynamics

Milo Bianchi (University of Toulouse Capitole)

ABSTRACT

We match administrative panel data on portfolio choices with survey measures of financial literacy. When we control for portfolio risk, the most literate households experience 0.4% higher annual returns than the least literate households. Distinct portfolio dynamics are the key determinant of this difference. More literate households hold riskier positions when expected returns are higher, they more actively rebalance their portfolios and do so in a way that holds their risk exposure relatively constant over time, and they are more likely to buy assets that provide higher returns than the assets that they sell.

原文链接：

https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.12605

翻译：秦秀婷