Is conflicted investment advice better than no advice?
نویسندگان
چکیده
منابع مشابه
Is Conflicted Investment Advice Better than No Advice?
The value that brokers generate depends on both the quality of their investment recommendations and their clients’ counterfactual portfolios. To identify counterfactual portfolios inside a defined contribution retirement plan, we exploit time-series variation in access to brokers. When brokers are available, the correlations with age, income, and educational attainment suggest that brokers are ...
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Popular investment advice recommends that the stock/bond and stock/wealth ratios should rise with investor risk tolerance and investment horizon respectively, prescriptions that are difficult to reconcile with standard models of portfolio choice. Canner et al (1997) point out that the first piece of advice can potentially be explained by human capital considerations, but only by exacerbating th...
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We model two experts who must make predictions about whether an event will occur or not. The experts receive private signals about the likelihood of the event occurring, and simultaneously make one of a finite set of possible predictions, corresponding to varying degrees of alarm. The information structure is commonly known among the experts and the recipients of the advice. Each expert’s payof...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2020
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2020.05.005