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Financial Advice and Stock Market Participation
Georgarakos, Dimitris; Inderst, Roman - C.E.P.R. Discussion Papers - 2014
predictions from a formal model, we present evidence that households’ trust in financial advice only matters when their perceived …
Persistent link: https://www.econbiz.de/10011084072
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Financial advisors: A case of babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - Center for Financial Studies - 2009
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...
Persistent link: https://www.econbiz.de/10010958743
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Financial Advisors: A Case of Babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - Center for Financial Studies - 2009
This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and...
Persistent link: https://www.econbiz.de/10005007639
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Financial advisors: A case of babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - In: Journal of Banking & Finance 36 (2012) 2, pp. 509-524
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...
Persistent link: https://www.econbiz.de/10010574851
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Financial Advisors: A Case of Babysitters?
Hackethal, Andreas; Haliassos, Michalis; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2009
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...
Persistent link: https://www.econbiz.de/10004990848
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The role of securitization in mortgage renegotiation
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - In: Journal of Financial Economics 102 (2011) 3, pp. 559-578
We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting...
Persistent link: https://www.econbiz.de/10010576085
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Trust, sociability and stock market participation
Georgarakos, Dimitris; Pasini, Giacomo - Center for Financial Studies - 2009
We investigate the effects of both trust and sociability for stock market participation, the role of which has been …, Ageing and Retirement in Europe supplemented with regional information on generalized trust from the World Value Survey and … on specific trust to financial institutions from Eurobarometer. We show that trust and sociability have distinct and …
Persistent link: https://www.econbiz.de/10010958583
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Financial literacy and the demand for financial advice
Calcagno, Riccardo; Monticone, Chiara - In: Journal of Banking & Finance 50 (2015) C, pp. 363-380
The low level of financial literacy across households suggests that they are at risk of making suboptimal financial decisions. In this paper, we analyze the effect of investors’ financial literacy on their decision to demand professional, non-independent advice. We find that non-independent...
Persistent link: https://www.econbiz.de/10011118100
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Why Financial Advice Cannot Substitute for Financial Literacy?
Debbich, M. - Banque de France - 2015
This paper examines the ability of financial advice provided by sellers of financial services to substitute for financial literacy of customers. I set up a simple theoretical model in which an informed financial advisor communicates with a less informed customer of financial services. Given the...
Persistent link: https://www.econbiz.de/10011122254
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The Behavior of Individual and Aggregate Stock Prices
Yan, Hongjun - 2007
News about an individual stock normally has only a trivial impact on the aggregate economy. The news of the aggregate stock market, however, may have a significant impact on the prospects of the economy, and so has a large impact on the pricing kernel. This difference between the aggregate stock...
Persistent link: https://www.econbiz.de/10012732293