Aman Sunder , Lance Palmer , Swarn Chatterjee , Joseph Goetz
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引用次数: 0
Abstract
Financial advice can be valuable during periods of economic uncertainty but measuring this value can be difficult. Using a nationally representative dataset of U.S. households during the Great Recession, we compare the net worth of households that retained a comprehensive financial adviser, a specialized financial adviser, or no financial adviser. A difference-in- difference analysis reveals that maintaining a relationship with a comprehensive financial adviser is associated with higher household net worth, relative to households with inconsistent relationships with advisers, or relationships in which only specified services are sought. Overall, our findings suggest that consumers benefit most when they make the financial decision to consistently work with a financial adviser from whom they seek comprehensive services.
期刊介绍：
Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments.
Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.
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