How Does Household Portfolio Diversification Vary with Financial Literacy and Financial Advice?
研究了家庭投资组合多样化程度与金融素养及金融建议的关系，发现金融素养高或依赖专业建议的家庭投资结果较好，而低素养且自主决策的家庭平均损失50个基点。
ABSTRACT Household investment mistakes are an important concern for researchers and policymakers alike. Portfolio underdiversification ranks among those mistakes that are potentially most costly. However, its roots and empirical importance are poorly understood. I estimate quantitatively meaningful diversification statistics and investigate their relationship with key variables. Nearly all households that score high on financial literacy or rely on professionals or private contacts for advice achieve reasonable investment outcomes. Compared to these groups, households with below‐median financial literacy that trust their own decision‐making capabilities lose an expected 50 bps on average. All group differences stem from the top of the loss distribution.