Dimitris Christelis|Tullio Jappelli|Mario Padula
Cognitive Abilities and Portfolio Choice
Centre for Studies in Economics and Finance|University of Naples Federico II|University of Glasgow|Network for Studies on Pensions, Aging and Retirement|Adam Smith Institute|European Corporate Governance Institute|Centre for Studies in Economics and Finance|University of Naples Federico II|Centre for Economic Policy Research|Ca' Foscari University of Venice|Centre for Studies in Economics and Finance|University of Naples Federico II
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