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Can Education Improve the Investors'Rational Level?

Zhuang Xuemin  
Using the degree of investor cognitive biases as a proxy for rational level of investors,this paper analyzes investors' rational level by Likert scale based on investigations.According to the division of knowledge on the investor,this paper conducts education on explicit knowledge and tacit knowledge,and investment simulation experiments.By comparing and using the rational levels of investors before and after the rational investor education as the explanatory variables,this paper examines the stock price information content.The empirical study finds out that investor education can significantly affect the stock price information content indicating that investor education helps to improve investors' rational level,thus to enhance the effectiveness of China's securities market.
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