{"title":"谁损失最多?金融素养、认知能力与金融危机","authors":"Tabea Bucher-Koenen, Michael Ziegelmeyer","doi":"10.2139/ssrn.1738368","DOIUrl":null,"url":null,"abstract":"The recent financial crisis caused a shock to private wealth. Households with low financial literacy are less likely to own risky assets directly. Therefore, fewer of them report financial losses. More importantly, financially illiterate households are more prone to sell assets that have lost in value. Thereby losses become permanent, and these households do not participate in markets’ resurgence. This flight from risky assets is persistent—the financial crisis may prove to be a traumatic experience that shapes investment behavior and gives rise to serious distributional consequences, as households with lower financial literacy face lower returns in the long run.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"466 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"103","resultStr":"{\"title\":\"Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis\",\"authors\":\"Tabea Bucher-Koenen, Michael Ziegelmeyer\",\"doi\":\"10.2139/ssrn.1738368\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The recent financial crisis caused a shock to private wealth. Households with low financial literacy are less likely to own risky assets directly. Therefore, fewer of them report financial losses. More importantly, financially illiterate households are more prone to sell assets that have lost in value. Thereby losses become permanent, and these households do not participate in markets’ resurgence. This flight from risky assets is persistent—the financial crisis may prove to be a traumatic experience that shapes investment behavior and gives rise to serious distributional consequences, as households with lower financial literacy face lower returns in the long run.\",\"PeriodicalId\":175023,\"journal\":{\"name\":\"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)\",\"volume\":\"466 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2011-01-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"103\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1738368\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1738368","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis
The recent financial crisis caused a shock to private wealth. Households with low financial literacy are less likely to own risky assets directly. Therefore, fewer of them report financial losses. More importantly, financially illiterate households are more prone to sell assets that have lost in value. Thereby losses become permanent, and these households do not participate in markets’ resurgence. This flight from risky assets is persistent—the financial crisis may prove to be a traumatic experience that shapes investment behavior and gives rise to serious distributional consequences, as households with lower financial literacy face lower returns in the long run.