Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study

被引：149

作者：

Bhattacharya, Utpal ^{[1
]}

Hackethal, Andreas ^{[2
]}

Kaesler, Simon ^{[2
]}

Loos, Benjamin ^{[2
]}

Meyer, Steffen ^{[2
]}

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[2] Goethe Univ Frankfurt, Frankfurt, Germany

来源：

REVIEW OF FINANCIAL STUDIES | 2012年 / 25卷 / 04期

关键词：

HOME BIAS; PORTFOLIO; PERFORMANCE; DIVERSIFICATION; RECOMMENDATIONS; DISPOSITION; RETURNS; WEALTH; COSTS; EGGS;

D O I：

10.1093/rfs/hhr127

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Working with one of the largest brokerages in Germany, we record what happens when unbiased investment advice is offered to a random set of approximately 8,000 active retail customers out of the brokerage's several hundred thousand retail customers. We find that investors who most need the financial advice are least likely to obtain it. The investors who do obtain the advice (about 5%), however, hardly follow the advice and do not improve their portfolio efficiency by much. Overall, our results imply that the mere availability of unbiased financial advice is a necessary but not sufficient condition for benefiting retail investors. (JEL D14, D11, G24, G28)

引用

页码：975 / 1032

页数：58

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