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Document type:
European Central Bank Working Paper Series, No. 1299, February 2011 
Author(s):
Bucher-Koenen, Tabea; Ziegelmeyer, Michael 
Title:
Who lost the most? Financial Literacy, Cognitive Abilities, and the Financial Crisis --- forthcoming Review of Finance ---- 
Abstract:
We study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are influenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus are less likely to report losses in wealth. Yet, individuals with low financial literacy are more likely to sell their assets which lost in value (realize losses). This reaction to short-term losses has...    »
 
Keywords:
Arbeitspapier/Diskussionspapier 
Year:
2011