财务顾问:一个保姆的案例?

IF 2.2 3区 经济学 Q2 BUSINESS, FINANCE
A. Hackethal, M. Haliassos, T. Jappelli
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引用次数: 380

摘要

我们使用两个数据集,一个来自大型经纪公司,另一个来自大型银行,来询问:(i)财务顾问是更有可能与贫穷、不知情的投资者匹配,还是更有可能与富有、有经验的投资者匹配;(ii)相对于自我管理账户,建议账户的实际表现如何;(iii)独立顾问和银行顾问的贡献是否相似。我们发现,建议账户提供平均较低的净回报和较差的风险回报权衡(夏普比率)。交易成本对结果有贡献,因为建议账户具有更高的营业额,与佣金是顾问收入的主要来源一致。结果对控制投资者和地区特征具有鲁棒性。与独立财务顾问相比,这些结果更适用于银行顾问,这与银行咨询服务的更大限制是一致的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financial Advisors: A Case of Babysitters?
We use two data sets, one from a large brokerage and another from a major bank, to ask: (i) whether financial advisors are more likely to be matched with poorer, uninformed investors or with richer and experienced investors; (ii) how advised accounts actually perform relative to self-managed accounts; (iii) whether the contribution of independent and bank advisors is similar. We find that advised accounts offer on average lower net returns and inferior risk-return tradeoffs (Sharpe ratios). Trading costs contribute to outcomes, as advised accounts feature higher turnover, consistent with commissions being the main source of advisor income. Results are robust to controlling for investor and local area characteristics. The results apply with stronger force to bank advisors than to independent financial advisors, consistent with greater limitations on bank advisory services.
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来源期刊
European Journal of Finance
European Journal of Finance BUSINESS, FINANCE-
CiteScore
5.40
自引率
8.00%
发文量
72
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.
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