文章基本信息

标题：Financial Literacy, Behavioral Biases and Investor's Portfolio Diversification: Empirical Study of an Emerging Stock Market
本地全文：下载
作者：Muhammad Anwar ; Sher Zaman Khan ; Amin Ur Rehman 等
期刊名称：Journal of Finance & Economics Research
印刷版ISSN：2415-2463
电子版ISSN：2415-2455
出版年度：2017
卷号：2
期号：2
页码：145-164
DOI：10.20547/jfer1702204
出版社：Geist Science
摘要：The purpose of this study is to check the impact of financial literacy and behavioral biases on investor’s portfolio diversification. Data were collected through questionnaire using sample size of 181 investors trading in Pakistan Stock Market. The results indicate that financial literacy has insignificant and positive influence on investor’s portfolio diversification, behavioral biases such as familiarity and availability biases have insignificant and negative while overconfidence bias has significant negative impact on investor’s portfolio diversification. Portfolio size also has significant positive impact on portfolio diversification. The findings suggest the implementation of financial literacy programs to facilitate the investors, trading in different stocks. The implications for practice were discussed in detail.
关键词：Financial literacy; familiarity bias; availability bias; overconfidence bias; portfolio size; portfolio diversification.