TY  - UNPD
A1  - Christelis, Dimitris
A1  - Jappelli, Tullio
A1  - Padula, Mario
T1  - Cognitive abilities and portfolio choice
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2008,35
N2  - We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities: mathematical, verbal fluency, and recall skills. We find that the propensity to invest in stocks is strongly associated with cognitive abilities, for both direct stock market participation and indirect participation through mutual funds and retirement accounts. Since the decision to invest in less information-intensive assets (such as bonds) is less strongly related to cognitive abilities, we conclude that the association between cognitive abilities and stockholding is driven by information constraints, rather than by features of preferences or psychological traits.
T3  - CFS working paper series - 2008, 35 
KW  - cognitive abilities
KW  - stockholding
KW  - portfolio choice
KW  - SHARE, Projekt
KW  - Erwachsener, 50-60 Jahre
KW  - Älterer Mensch
Y1  - 2008
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/6040
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-60392
ER  -