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This study attempts to assess individuals' Bitcoin, Ethereum and Litecoin literacy, and then identifies different profiles based on the literacy levels of these cryptocurrencies, and further investigates whether financial literacy explains Bitcoin, Ethereum and Litecoin literacy. Using a sample from higher learning institutions in Malaysia, the results indicate that individuals exhibit higher knowledge on Bitcoin compared to Ethereum and Litecoin. Cluster analysis revealed two clusters, where the high-cryptocurrency-literacy cluster (high in Bitcoin, Ethereum, and Litecoin literacy) has a distinct demographic profile and higher financial literacy than the low-cryptocurrency-literacy cluster (low in Bitcoin, Ethereum, and Litecoin literacy). Financial literacy is shown to explain Bitcoin and Ethereum literacy, but not Litecoin literacy.

This study attempts to assess individuals' Bitcoin, Ethereum and Litecoin literacy, and then identifies different profiles based on the literacy levels of these cryptocurrencies, and further investigates whether financial literacy explains Bitcoin, Ethereum and Litecoin literacy. Using a sample from higher learning institutions in Malaysia, the results indicate that individuals exhibit higher knowledge on Bitcoin compared to Ethereum and Litecoin. Cluster analysis revealed two clusters, where the high-cryptocurrency-literacy cluster (high in Bitcoin, Ethereum, and Litecoin literacy) has a distinct demographic profile and higher financial literacy than the low-cryptocurrency-literacy cluster (low in Bitcoin, Ethereum, and Litecoin literacy). Financial literacy is shown to explain Bitcoin and Ethereum literacy, but not Litecoin literacy. [ABSTRACT FROM AUTHOR]

The COVID‐19 crisis that resulted in diminished close contact interaction and increased financial volatility could influence consumer's perception toward online automated financial robo‐advisor, in order to manage their financial planning. Based on the data collected (i.e., between February [9 reported cases] and March [36 reported cases] 2020) within the developed urban cities in Malaysia just before the nationwide lockdown, the present study examines the antecedents of financial robo‐advisor's adoption during the COVID‐19 crisis. A variance based analysis shows that consumers with higher financial knowledge and having a greater tendency to rely on robo‐advisor tend to adopt financial robo‐advisor in times of crisis. In line with the unified theory of acceptance and use of technology model, performance expectancy, social influence, and trust in robo‐advisor, in particular during the pandemic, drive consumer's intention to subscribe online financial robo‐advisor. The findings imply how consumers, robo‐advisory service providers, and regulators could respond to unprecedented crisis such as novel corona virus‐19. [ABSTRACT FROM AUTHOR]

Investors' perception of past portfolio returns predicts their investment behavior, but does this relationship mediate by overconfidence? Taking into account different aspects of overconfidence, this paper examines whether overconfidence manifested as illusion of control, miscalibration and better-than-average mediates the association between perception of past portfolio returns and investment behavior. In a survey study with individual and institutional investors from Malaysia, the results indicate that perception of higher past portfolio returns increases investors' trading, percentage of risky share investment and the number of financial asset holding, through the mediating channel of better-than-average effect. While individual investors are influenced by this overconfidence mechanism, institutional investors are not sensitive. This finding has theoretical implication for overconfidence model, house money effect and naïve reinforcement learning. Practically, the results imply that individual investors should be careful about underlying overconfidence biases as it can lead to inefficient decisions. [ABSTRACT FROM AUTHOR]

The study proposes and tests the underlying psychological mechanisms on how investors’ past perceived portfolio returns affect their trading and risk taking, and if these psychological mechanisms are significant mediators. Using a covariance based structural equation modeling and multiple mediation tests with a dataset of Malaysian retail investors, the results show that: (a) In line with the naïve reinforcement learning, hot-hand fallacy and representativeness heuristics, investors’ excessive extrapolation of past perceived portfolio returns causes them to display optimism, overconfidence and risky attitude; (b) these psychological biases, in turn, lead to portfolio turnover, trading intention, risky share holding and willingness of risk taking; and (c) overconfidence, optimism and risk attitude emerged as multiple mediators. The results lead to the conclusion that the presence of underlying biases deteriorates financial behaviors. [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to study gender differences in preferences for firm characteristics across various groups of investors in Malaysia. Design/methodology/approach – Self-declared preferences are elicited through a survey of 520 investors comprising retail, financial professionals and institutional investors in the Malaysian stock market. Non-parametric (Mann-Whitney and Kruskal-Wallis) tests are computed to achieve the stated objective. Findings – Results reveal that female investors display higher preferences for the liquidity of a firm, dividend payments, trading volume of a firm, stock price and firm’s age than male investors across investor’s groups. Research limitations/implications – Findings imply that the gender gap in investing behaviour can be partly attributed to gender differences in preferences for firm characteristics. Practical/implications – The findings suggest that the gender gap can be mitigated by giving more priority to the choices of female investors with respect to firm characteristics. In turn, this may reduce a part of the gender gap in investing. Moreover, the findings would assist companies to understand and know how their shareholder’s preferences vary with respect to gender and investor’s groups. Originality/value – This paper provides evidence concerning the gender gap in investor’s self-declared preferences for firm characteristics across retail, financial professionals and institutional investors in Malaysia, which complements previous studies that used equity holdings data and only two groups of investors. [ABSTRACT FROM AUTHOR]