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When financial literacy meets textual analysis: A conceptual review

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  • Li, Xiao

Abstract

Financial Literacy plays a crucial role in individuals’ decision-making process. Existing studies have shown that lower level of financial literacy lead to irrational financial decision on investments, pension funds as well as savings and debts. While financial literacy is difficult to measure referring to its qualitative nature, constructing appropriate measurement for financial literacy is vital for both market professionals as well as policy makers. This study focuses on reviewing the measurements of financial literacy commonly used in current literature as well as the corresponding limitations. Then, the study surveys on the recent development and applications of textual analysis in finance domains, through which proposes future directions that textual analysis and financial literacy may merge for the purposes of better understanding about financial literacy as well as further developing effective schemes to improve investors’ financial literacy.

Suggested Citation

  • Li, Xiao, 2020. "When financial literacy meets textual analysis: A conceptual review," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    • Handle: RePEc:eee:beexfi:v:28:y:2020:i:c:s2214635020303294
    DOI: 10.1016/j.jbef.2020.100402
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    7. Goodell, John W. & Kumar, Satish & Lim, Weng Marc & Pattnaik, Debidutta, 2021. "Artificial intelligence and machine learning in finance: Identifying foundations, themes, and research clusters from bibliometric analysis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).

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    More about this item

    Keywords

    Financial literacy; Textual analysis; Financial decision-making process; Machine learning; Survey-based measurements;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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