Proposal authors can use this tool to see where they have been placed in the agenda for a Symposium, an Oral Session, or a Featured Research Poster Session.
Scroll down to search by Author Name (Note: if the submitting author did not add all authors to the ProposalSpace form, only First & Corresponding Author will be searchable), by Date/Time, or by Keywords.
Confirm your place in the schedule by going to the ACCI Presenter Confirm Google Sheet and marking your session YES. Contact the ACCI Office to report a conflict. Call (727) 940-2658 x 2002 if you have questions. Please be sure to reference the session title(s), date(s) and time(s) if you contact us.
A1a Can Financial Advice Serve as a Substitute for Financial Literacy in Equity Investing?
Key Words
Financial Advisor, Financial Literacy, Substitute, Sample Selection Bias
Short Description
The purpose of this study is to examine whether working with a financial advisor can serve as a substitute for individual’s financial literacy when they make equity investment decisions. Using the 2016 Survey of Consumer Finance (SCF), this study adopts Heckman's (1977) method to control sample selection bias and analyzes the role of financial literacy in equity investment and its relation to the use of financial advisors. The results of this study show individuals with higher financial literacy are more likely to pay for financial advice, and more importantly, after alleviating the endogeneity caused by self-selection of seeking financial advice, the results suggest financial advice is not a sufficient substitute for financial literacy. These results have potential implications for households, researchers, financial educators, financial advisors, as well as policymakers.
First & Corresponding Author
Weipeng Wu, University of Missouri
Authors in the order to be printed
Weipeng Wu, Rui Yao