Using a unique sample constructed by 600 investors' responses to a structured questionnaire, we investigate the impact of behavioral biases on the investors' investment decision making in the Pakistani equity market, as well as the roles that market anomalies and financial literacy play in the...

This study examines whether financial literacy affects stock market participation. We use data from the Preference Parameter Study, a nationwide survey in Japan, made by Osaka University. Our results show that financial literacy significantly improves stock market participation even after...

We examine financial literacy in Germany and its relevance for financial well-being. Using data from the Panel on Household Finances collected in 2021, we show that about 62% of German households answer the Big Three financial literacy questions correctly. Those with lower education, who are out...