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Cognitive abilities and portfolio choice
Christelis, Dimitris; Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2008
We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and … abilities and stockholding is driven by information constraints, rather than by features of preferences or psychological traits. …
Persistent link: https://www.econbiz.de/10010958649
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Investment in financial literacy and saving decisions
Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2011
We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy depreciates over time and has a cost in terms of...
Persistent link: https://www.econbiz.de/10010958490
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Awareness and stock market participation
Guiso, Luigi; Jappelli, Tullio - Center for Financial Studies - 2005
the stockholding puzzle and for estimating stock market participation costs. …
Persistent link: https://www.econbiz.de/10010958724
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Financial advisors: A case of babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - Center for Financial Studies - 2009
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...
Persistent link: https://www.econbiz.de/10010958743
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Investment in financial literacy, social security and portfolio choice
Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2013
We present an intertemporal portfolio choice model where individuals invest in financial literacy, save, allocate their wealth between a safe and a risky asset, and receive a pension when they retire. Financial literacy affects the excess return and the cost of stock market participation. Since...
Persistent link: https://www.econbiz.de/10010958759
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Financial Advisors: A Case of Babysitters?
Hackethal, Andreas; Haliassos, Michalis; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2009
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...
Persistent link: https://www.econbiz.de/10004990848
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Information Acquisition and Portfolio Performance
Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2006
Rational investors perceive correctly the value of financial information. Investment in information is therefore rewarded with a higher Sharpe ratio. Overconfident investors overstate the quality of their own information, and thus attain a lower Sharpe ratio. We contrast the implications of the...
Persistent link: https://www.econbiz.de/10005123525
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Financial Advisors: A Case of Babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - Center for Financial Studies - 2009
This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes … sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding … through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on …
Persistent link: https://www.econbiz.de/10005007639
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Financial advisors: A case of babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - In: Journal of Banking & Finance 36 (2012) 2, pp. 509-524
We use two data sets, one from a large brokerage and another from a major bank, to ask: (i) whether financial advisors are more likely to be matched with poorer, uninformed investors or with richer and experienced investors; (ii) how advised accounts actually perform relative to self-managed...
Persistent link: https://www.econbiz.de/10010574851
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Investment in Financial Literacy, Social Security and Portfolio Choice
Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2013
We present an intertemporal portfolio choice model where individuals invest in financial literacy, save, allocate their wealth between a safe and a risky asset, and receive a pension when they retire. Financial literacy affects the excess return and the cost of stock market participation. Since...
Persistent link: https://www.econbiz.de/10011165977