Dimitris Christelis|Tullio Jappelli|Mario Padula
Cognitive abilities and portfolio choice
University of Salerno|University of Naples Federico II|Ca' Foscari University of Venice
study relation cognitive abilities stockholding using recent survey health ageing retirement europe share detailed data wealth portfolio composition individuals aged 50 11 european countries three indicators cognitive abilities mathematical verbal fluency recall skills find propensity invest stocks strongly associated cognitive abilities direct stock market participation indirect participation mutual funds retirement accounts since decision invest less informationintensive assets bonds less strongly related cognitive abilities conclude association cognitive abilities stockholding driven information constraints rather features preferences psychological traits