Financial Literacy Overconfidence and Stock Market Participation

被引：124
|
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
收藏
页码：1233 / 1245
页数：13
相关论文
共 50 条
  • [31] Determinants of overconfidence bias in Indian stock market
    Kansal, Priya
    Singh, Seema
    [J]. QUALITATIVE RESEARCH IN FINANCIAL MARKETS, 2018, 10 (04) : 381 - 394
  • [32] Financial literacy and portfolio diversification: an observation from the Tunisian stock market
    Mouna, Amari
    Jarboui, Anis
    [J]. INTERNATIONAL JOURNAL OF BANK MARKETING, 2015, 33 (06) : 808 - 822
  • [33] An Exploration of Overconfidence and the Disposition Effect in the Stock Market
    Ikram, Benomar
    Fouad, Ben El Haj
    Sara, Chelh
    [J]. INTERNATIONAL JOURNAL OF FINANCIAL STUDIES, 2023, 11 (02):
  • [34] The forms of financial literacy overconfidence and their role in financial well-being
    Voros, Zsofia
    Szabo, Zoltan
    Kehl, Daniel
    Kovacs, Oliver Bela
    Papp, Tamas
    Schepp, Zoltan
    [J]. INTERNATIONAL JOURNAL OF CONSUMER STUDIES, 2021, 45 (06) : 1292 - 1308
  • [35] FINANCIAL EDUCATION, DEBT LITERACY AND CREDIT MARKET PARTICIPATION: THE CASE OF POLAND
    Cwynar, Andrzej
    Cwynar, Wiktor
    Szuba, Przemyslaw
    [J]. PROCEEDINGS OF THE 16TH INTERNATIONAL CONFERENCE ECONOMIC POLICY IN THE EUROPEAN UNION MEMBER COUNTRIES, 2018, : 44 - 58
  • [36] Can financial literacy overconfidence be predicted by narcissistic tendencies?
    Hamurcu, Cagri
    Hamurcu, Hayriye Dilek
    [J]. REVIEW OF BEHAVIORAL FINANCE, 2021, 13 (04) : 438 - 449
  • [37] Financial Literacy, Risk Aversion and Financial Behaviours: What Shapes the Preference for Capital Market Participation?
    Stoian, Andreea
    Vintila, Nicoleta
    Iorgulescu, Filip
    Ciobanu, Radu
    Cepoi, Cosmin
    Manolache, Aurora Elena Dina
    Draghia, Andreea Elena
    [J]. INNOVATIVE MODELS TO REVIVE THE GLOBAL ECONOMY, 2020, : 877 - 884
  • [38] Financial literacy, housing value and household financial market participation: Evidence from urban China
    Zou, Jing
    Deng, Xiaojun
    [J]. CHINA ECONOMIC REVIEW, 2019, 55 : 52 - 66
  • [39] Role of Financial Literacy and Peer Effect in Promotion of Financial Market Participation: Empirical Evidence in Vietnam
    Thi Anh Nhu Nguyen
    Kieu Minh Nguyen
    [J]. JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2020, 7 (06): : 1 - 8
  • [40] DYNAMICS OF OVERCONFIDENCE AMONG STOCK MARKET INVESTORS IN PAKISTAN
    Rasheed, Muhammad Haroon
    Gul, Faid
    Akhtar, Muhammad Waqar
    Tariq, Sanaullah
    [J]. INTERNATIONAL TRANSACTION JOURNAL OF ENGINEERING MANAGEMENT & APPLIED SCIENCES & TECHNOLOGIES, 2020, 11 (04):
12345