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Tax-Loss Trading and Wash Sales
Grinblatt, Mark - 2002
An analysis of trades in the Finnish stock market around the turn of the year shows that Finnish investors tend to realize losses more than gains towards the end of December. They also buy back the same stocks they recently sold, with a repurchase rate that depends on the size of the capital...
Persistent link: https://www.econbiz.de/10012469970
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Cash-Flow Risk, Discount Risk, and the Value Premium
Santos, Tano - 2005
with empirical evidence, the model shows that (a) value stocks are those with higher cash-flow risk; (b) the size of the … value premium is larger in "bad times," due to time variation in risk preferences; (c) the unconditional CAPM fails, because …
Persistent link: https://www.econbiz.de/10012466855
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Peer Advice on Financial Decisions : A case of the blind leading the blind?
Ambuehl, Sandro - 2018
Previous research shows that many people seek financial advice from non-experts, and that peer interactions influence financial decisions. We investigate whether such influences are beneficial, harmful, or simply haphazard. In our laboratory experiment, face-to-face communication with a randomly...
Persistent link: https://www.econbiz.de/10012480687
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Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?
Moeller, Sara B. - 2004
Behavioral finance models imply that an increase in shares outstanding leads to a lower stock price for firms with greater diversity in opinion among investors. Information asymmetry models imply that share issues by firms with greater information asymmetries are accompanied by larger share...
Persistent link: https://www.econbiz.de/10012467917
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Retail Financial Advice : Does One Size Fit All?
Foerster, Stephen - 2014
find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find … limited evidence of customization: advisors direct clients into similar portfolios independent of their clients' risk … 2.7% each year in fees and thus gives up all of the equity premium gained through increased risk-taking …
Persistent link: https://www.econbiz.de/10012457954
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Financial Advice and Investor Beliefs : Experimental Evidence on Active vs. Passive Strategies
Schoar, Antoinette; Sun, Yang - National Bureau of Economic Research - 2024
Using a randomized controlled trial we test how retail investors assess and update their priors based on different types of financial advice, which either aligns with their priors or goes against it. We compare advice that emphasizes either the benefits of passive investment strategies (such as...
Persistent link: https://www.econbiz.de/10015072942
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The Quality of Financial Advice : What Influences Client Recommendations?
D'Astous, Philippe; Gemmo, Irina; Michaud, Pierre-Carl - National Bureau of Economic Research - 2022
In this paper, we conduct an experiment with a large sample of financial planner professionals in Canada to elicit factors which may influence client recommendations. Using repeated client vignettes, we find that recommendations are often in-line with what one would expect from economic theory....
Persistent link: https://www.econbiz.de/10013334423
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Demand-side and Supply-side Constraints in the Market for Financial Advice
Reuter, Jonathan; Schoar, Antoinette - National Bureau of Economic Research - 2024
In this review, we argue that access to financial advice and the quality of this advice is shaped by a broad array of demand-side and supply-side constraints. While the literature has predominantly focused on conflicts of interest between advisors and clients, we highlight that the transaction...
Persistent link: https://www.econbiz.de/10014544730
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Alpha and Performance Measurement : The Effects of Investor Disagreement and Heterogeneity
Ferson, Wayne E. - 2013
The literature has not unambiguously established that a positive alpha, as traditionally measured, means that an investor would want to buy a fund. However, when alpha is defined using the client's marginal utility function, a client faced with a positive alpha would generally want to buy. When...
Persistent link: https://www.econbiz.de/10012459312
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Inflation and Treasury Convenience
Cieślak, Anna; Li, Wenhao; Pflueger, Carolin E. - National Bureau of Economic Research - 2024
Using a century of data, we show that Treasury convenience yield and inflation comove positively during the …
Persistent link: https://www.econbiz.de/10015056207