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    Improving index mutual fund risk perception: Increase financial literacy or communicate better?

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    Publication type
    Journal article
    Author
    de Goeij, Peter
    Van Campenhout, Geert
    Subotic, Marjana
    Publication Year
    2018
    Journal
    Economic Notes - Review of Banking, Finance and Monetary Economics
    Publication Volume
    47
    Publication Issue
    2-3
    Publication Begin page
    231
    Publication End page
    552
    
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    Abstract
    We investigate the effect of financial literacy and index mutual fund risk disclosure format on investors’ risk perception by examining the risk disclosure part in the Key Investor Information Document (KIID) for UCITS funds in Europe. Using an experimental survey administered to 244 university students we find that both financial literacy and the KIID risk representation affect investors’ risk level perception accuracy. In addition, we find indications that financial literacy is less important if the complexity of the risk decision framework is reduced, although in our samle this effect is weak. Our results indicate that as an alternative to efforts taken to stimulate financial literacy, policy makers can effectively impact investors’ risk assessment by presenting a risk indicator that simplifies the decision framework for all investors, irrespective of their level of financial literacy.
    Keyword
    Financial Literacy, Key Investor Information Document (KIID)
    Knowledge Domain/Industry
    Accounting & Finance
    Special Industries : Financial Services Management
    DOI
    10.1111/ecno.12112
    URI
    http://hdl.handle.net/20.500.12127/5904
    ae974a485f413a2113503eed53cd6c53
    10.1111/ecno.12112
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