财务顾问对家庭投资组合的影响:私人投资者转向财务顾问的研究

IF 2.2 3区经济学 Q2 BUSINESS, FINANCE

European Journal of Finance Pub Date : 2009-02-14 DOI:10.2139/ssrn.1343607

Ralf G. Gerhardt, A. Hackethal

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引用次数: 53

摘要

投资顾问对私人投资者的财务决策有重要影响，但对其行为的实证研究很少。基于一个庞大而独特的数据集，包括一家大型德国直接银行超过65,000名客户的详细投资组合组成和日常交易，我们首先比较了建议投资者与非建议投资者群体，包括匹配的同行。我们发现，投资建议的效果可能比假设的要小。为了强调这一发现，我们进行了一项事件研究，比较了597名投资者决定接受定期投资建议之前和之后的情况。我们发现，由于顾问重组了客户的投资组合，风险和投机性交易减少，以及多元化程度的提高，交易活动在事件发生后大幅增加。

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The Influence of Financial Advisors on Household Portfolios: A Study on Private Investors Switching to Financial Advice

Investment advisors have significant influence on private investors' financial decisions but empirical studies of their behavior are rare. Based on a large and unique data set of the detailed portfolio compositions and daily transactions of more than 65,000 customers of a large German direct bank, we first compare advised investors with groups of non-advised investors, including matched peers. We find that the effect of investment advice is probably less than assumed. To underline this finding, we conduct an event study comparing 597 investors before and after the decision to take regular investment advice. We find much higher trading activity after the event due to advisors re-structuring clients' portfolios, less risky and speculative trading and rising diversification.

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来源期刊

European Journal of Finance BUSINESS, FINANCE-

CiteScore

5.40

自引率

8.00%

发文量

期刊介绍： The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.