Financial Literacy and the Limits of Financial Decision-Making
This book presents selected papers on the factors that serve to influence an individual’s capacity in financial decision-making. Initial chapters provide an overview of the cognitive factors affecting financial decisions and suggest a link between limited
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Edited by Tina Harrison
Financial Literacy and the Limits of Financial Decision-Making
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Financial Literacy and the Limits of Financial Decision-Making Edited by
Tina Harrison University of Edinburgh Business School, UK
Editor Tina Harrison University of Edinburgh UK
ISBN 978-3-319-30885-2 ISBN 978-3-319-30886-9 (eBook) DOI 10.1007/978-3-319-30886-9 © The Editor(s) (if applicable) and the Author(s) 2016 The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland
Contents List of Figures and Tables
vii
Notes on Contributors
x
Introduction Tina Harrison
1
1 Cognitive Drivers of Suboptimal Financial Decisions: Implications for Financial Literacy Campaigns Hooman Estelami
10
2 A Comprehensive Model of Information Search and Processing Behaviour of Mutual Fund Investors Sanjay Kumar Mishra and Manoj Kumar
26
3 The Information Search Process of Socially Responsible Investors Jonas Nilsson, Anna-Carin Nordvall and Sofia Isberg
57
4 Do Investors Show an Attentional Bias toward Past Performance? An Eye-Tracking Experiment on Visual Attention to Mutual Fund Disclosures in Simplified Fund Prospectuses Andreas Hüsser and Werner Wirth 5 The Role of Creative Strategy, Ad Disclosure and Regulatory Focus in Investors’ Decision Making: An Experimental Investigation Taejun (David) Lee, TaiWoong Yun and Kwang Seok Han 6 Socialization and Processing Effects on Comprehension of Credit Card Advertisement Disclosures Alex Wang 7 Consumer Rationality/Irrationality and Financial Literacy in the Credit Card Market: Implications from an Integrative Review Na Shen 8 Psycho-Social Factors Impacting Credit Acquisition a
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