家庭資產(chǎn)組合多樣化如何隨金融知識和金融建議而變化

1、How Does Household Portfolio Diversification Vary with Financial Literacy and Financial Advice?家庭資產(chǎn)組合多樣化如何隨金融知識和金融建議而變化報(bào)告小組：第11小組王瓊、周逸杭、裴鵬、鄭明秀About AutherIntroductionthe content of the paperConclusion Contents目錄About Auther Hans-Martin von Gaudecker is a Professor of Economics at the University of B

2、onn. He received his doctorate degree from the University of Mannheim in 2007 and subsequently worked as a post-doc at the VU Amsterdam and back in Mannheim, before joining the University of Bonn in the summer of 2012. His research interests revolve around modelling the life-cycle behaviour of house

3、holds and informing public policy aiming to reduce inequality.He joined IZA as a Research Fellow in January 2013 and is also a Research Fellow of Netspar and of the Munich Center for the Economics of Aging.Hans-Martin von GaudeckeHans-Martin von Gaudecker rIntroductionPredecessors Researchstudies de

4、tailed diversification properties using administrative data from Scandinavian countries l prevents one from go-ing beyond unconditional distributions of diversification losses employs simple measures of portfolio diversification drawn from household surveysl the diversification properties do not per

5、mit a quantitative analysis. The Research Methods Of This Paper combine the strengths of both approaches and calculate quantitatively meaningful diversification the survey includes detailed information on both financial literacy and financial advice OLS & quantile regressionsIntroduction quantil

6、e regressions:A it provides a direct way to incorporate nonparticipants B losses only become high in the upper tailIntroductionFinancial LiteracyPortfolio Diversification return lossFinancial Adviceprivate networkProfessional advicefees paid FamilyFriendsmedium levelmedium levelI. About data：The Pro

7、perties of Households Portfolioutax registers from Scandina- vian countriesuonline brokers databasesuhousehold surveys the content of the paperA . The DHS Data on Househould PortfoilsDHSCenterpanelfinal sample of householdssources of datainitial samplehold risky financial assetsA unique feature of t

8、he data setexclude households with less than 1,000 euros in financial assets .1,604 householdsshares, various types offunds, bonds, and optionsreport : the number of stocks and mutual funds ; items name and the quantity heldconsists of 381 observationsthe content of the paperthe content of the paper

9、Return loss= （expected return attainable given standard deviation） （actual expected returna particular portfolio）B The Mean-Variance Characteristics of HouseholdsPortfoliosB The Mean-Variance Characteristics of HouseholdsPortfolios Portfolios RLthe content of the paperthe content of the paperC. The

10、Expected Costs of Underdiversification the content of the paperthe content of the paperDiscuss: On the top of the picture,there exists some uncompensating risky-tanking . We have the hypothesis that its results from those people who neither seek for external help nor have an good basic finanal Liter

11、acyII. The Sources of Underdiversification the content of the paperY= Y = Xtb + u. the content of the paperFinancial numeracy: measures whether individuals possess the necessary skills to perform simple numerical computa- tions in financial matters. the content of the paperthe content of the paperA.

12、 Financial Literacy, Financial Advice, and Their Interactionthe content of the paperFees Paid:n The treatment of mutual fund fees deserves special attention because of professional advisers typical incentive structures.n The fact that fees are not return-dependent means that both of these procedures

13、 will lead to relatively similar results the content of the paper Financial Literacy: Dutch households reach reasonably effective investment outcomes , regardless of their level of financial literacy. Policy suggests: l improve the skills of disadvantaged children may be hugely beneficial the conten

14、t of the paper Financial Advice Financial-numerical skill much more important than financial knowledge Policy suggests:l Expanding the avail- ability of external guidance l How regulation can help shape correctly incentivized marketing forces seems very promising the content of the paperthe content

15、of the paperDEFECTS Analysis has not included the costs associated with portfolio turnover, and the evidence on portfolio turnover is mixed u the largest losses resulting from underdiversification are incurred by those who neither turn to external help with their investments nor have good skills in basic financial-numerical operations and conceptsConclusion Conclusion u suggest that both financial numeracy and increasing the uptake of financial adviceare potential starting points for policies seeking to reduce welfare losses from inferio