We investigate whether financial decisions by households are influenced by information search method. The analysis examines Survey of Consumer Finances (SCF) data containing more than 20 information search methods used by households for saving and investment decisions. We classify investors into categories (informal, professional, and comprehensive) based on information search method. We use the 2016 SCF data for our main results; we also use the 1998 SCF to examine the effects of geography and changes in information search over time. We find that information search method influences financial decisions about stock market participation, trading, diversification, risk-taking, and home bias.

中文翻译：

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信息搜索方法和财务决策

我们调查了家庭的财务决策是否受到信息搜索方法的影响。该分析检查了消费者财务调查 (SCF) 数据，其中包含家庭用于储蓄和投资决策的 20 多种信息搜索方法。我们根据信息搜索方法将投资者分为几类（非正式的、专业的和综合的）。我们使用 2016 SCF 数据作为我们的主要结果；我们还使用 1998 SCF 来检查地理和信息搜索随时间变化的影响。我们发现信息搜索方法会影响有关股票市场参与、交易、多元化、冒险和家庭偏见的财务决策。