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Trading on Advice
Hackethal, Andreas; Inderst, Roman; Meyer, Steffen - C.E.P.R. Discussion Papers - 2010
Why do people trade? Because they are told to! Using a unique dataset from a large German bank, we find that retail investors who report that they rely heavily on their advisors’ recommendations have a substantially higher trading volume and purchase a higher fraction of investment products...
Persistent link: https://www.econbiz.de/10008692312
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Smoking hot portfolios? Overtrading from self-control failure
Uhr, Charline; Meyer, Steffen; Hackethal, Andreas - 2019
Psychology considers self-control failure, i.e., the inability to resist certain behaviors and impulses when seeking to achieve future goals as a major human pathology. The finance literature models and applies self-control failure to explain time-inconsistent behavior such as under-saving and...
Persistent link: https://www.econbiz.de/10012104990
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Fiscal policies and household consumption during the COVID-19 pandemic: A review of early evidence
Hackethal, Andreas; Weber, Annika - 2020
We review early evidence on how household consumption behavior has evolved over the pandemic and how different groups of households have responded to fiscal stimulus programs. Due to the scarcity of evidence for Europe, our review focuses on evidence from the US. Notwithstanding the...
Persistent link: https://www.econbiz.de/10012319101
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Good peers, good apples? Peer effects in portfolio quality
Balakina, Olga; Bäckman, Claes; Hackethal, Andreas; … - 2022
Peer effects can lead to better financial outcomes or help propagate financial mistakes across social networks. Using unique data on peer relationships and portfolio composition, we show considerable overlap in investment portfolios when an investor recommends their brokerage to a peer. We argue...
Persistent link: https://www.econbiz.de/10013333570
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Disparities in financial literacy, pension planning, and saving behavior
Bucher-Koenen, Tabea; Hackethal, Andreas; Kasinger, Johannes - 2022
Financial literacy affects wealth accumulation, and pension planning plays a key role in this relationship. In a large … field experiment, we employ a digital pension aggregation tool to confront a treatment group with a simplified overview of … their current pension claims across all pillars of the pension system. We combine survey and administrative bank data to …
Persistent link: https://www.econbiz.de/10013412958
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Disparities in financial literacy, pension planning, and saving behavior
Bucher-Koenen, Tabea; Hackethal, Andreas; Kasinger, Johannes - 2022
Financial literacy affects wealth accumulation, and pension planning plays a key role in this relationship. In a large … field experiment, we employ a digital pension aggregation tool to confront a treatment group with a simplified overview of … their current pension claims across all pillars of the pension system. We combine survey and administrative bank data to …
Persistent link: https://www.econbiz.de/10013434183
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Do gamblers invest in lottery stocks?
Kormanyos, Emily; Hanspal, Tobin; Hackethal, Andreas - 2023
Previous studies document a relationship between gambling at the aggregate level and investments in securities with lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records to examine whether gambling and trading act as substitutes or...
Persistent link: https://www.econbiz.de/10013549653
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Households' response to the wealth effects of inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2023
We study the redistributive effects of inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth; yet, while...
Persistent link: https://www.econbiz.de/10014340155
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Conform to the norm. Peer information and sustainable investments
Grossmann, Max; Hackethal, Andreas; Laudi, Marten; … - 2023
We conduct a field experiment with clients of a German universal bank to explore the impact of peer information on sustainable retail investments. Our results show that information about peers' inclination towards sustainable investing raises the amount allocated to stock funds labeled...
Persistent link: https://www.econbiz.de/10014446310
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Households' Response to the Wealth Effects of Inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas; … - 2023
We study the redistributive effects of inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth; yet, while...
Persistent link: https://www.econbiz.de/10014469510