Financial Literacy and Portfolio Dynamics
将行政面板数据中的投资组合选择与金融素养调查数据匹配，发现最懂金融的家庭比最不懂的家庭年回报率高0.4%，差异源于更积极的动态调整行为。
ABSTRACT We match administrative panel data on portfolio choices with survey measures of financial literacy. When we control for portfolio risk, the most literate households experience 0.4% higher annual returns than the least literate households. Distinct portfolio dynamics are the key determinant of this difference. More literate households hold riskier positions when expected returns are higher, they more actively rebalance their portfolios and do so in a way that holds their risk exposure relatively constant over time, and they are more likely to buy assets that provide higher returns than the assets that they sell.