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Exploring Financial Literacy And Overconfident Investor Behavior, Ryan J. Drews
Exploring Financial Literacy And Overconfident Investor Behavior, Ryan J. Drews
Doctoral Dissertations and Projects
This study examined the factors predicting overconfidence in U.S. investors and the relationship between overconfidence and seeking financial advice. This study adopted a quantitative research method using the 2018 NFCS Investor Survey data to explore the relationship between financial literacy and investor behavior in the U.S. stock market. Theories in financial literacy and overconfident behavior are combined to identify factors that predict overconfident behavior in U.S. investors. A logistic regression model was utilized to understand the relationship between financial literacy, demographics, and overconfident investor behavior. The results show a positive relationship between overconfident behavior and portfolio value, seeking financial advice, …