Financial Literacy Overconfidence and Stock Market Participation

被引：139

作者：

Xia, Tian ^{[1
]}

Wang, Zhengwei ^{[2
]}

Li, Kunpeng ^{[3
]}

机构：

[1] Tsinghua Univ, Sch Econ & Management, Beijing 100084, Peoples R China

[2] Tsinghua Univ, PBC Sch Finance, Beijing 100083, Peoples R China

[3] Capital Univ Econ & Business, Int Sch Econ & Management, Beijing 100070, Peoples R China

来源：

SOCIAL INDICATORS RESEARCH | 2014年 / 119卷 / 03期

基金：

中国国家自然科学基金;

关键词：

Stock market participation; Subjective financial literacy; Objective financial literacy; Overconfidence; CEO OVERCONFIDENCE; TRADING VOLUME; HOLD STOCKS; INVESTMENT;

D O I：

10.1007/s11205-013-0555-9

中图分类号：

C [社会科学总论];

学科分类号：

03 ; 0303 ;

摘要：

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.

引用

页码：1233 / 1245

页数：13

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