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Financial advisors: A case of babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - 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/10010303719
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Do voluntary payments to advisors improve the quality of financial advice? An experimental sender-receiver game
Angelova, Vera; Regner, Tobias - 2012
The market for retail financial products (e.g. investment funds or insurances) is marred by information asymmetries. Clients are not well informed about the quality of these products. They have to rely on the recommendations of advisors. Incentives of advisors and clients may not be aligned,...
Persistent link: https://www.econbiz.de/10010281621
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Why do savings banks transform sight deposits into illiquid assets less intensively than the regulation allows?
Holl, Dorothee; Schertler, Andrea - 2009
For their short-term payment obligations, savings banks hold substantially more liquid assets than the liquidity regulation requires. This paper investigates whether sight deposits, an important funding source for savings banks, help in explaining liquid asset holdings in excess of regulatory...
Persistent link: https://www.econbiz.de/10010298781
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Biases in FX-Forecasts: Evidence from Panel Data
Audretsch, David B.; Stadtmann, Georg - 2005
In this paper, we use the Wall Street Journal poll of FX forecasts to analyze how the group of forecasters form their expectations. One focus is whether forecasters build rational expectations. Furthermore, we analyze whether the group of forecasters can be regarded as homogeneous or...
Persistent link: https://www.econbiz.de/10010296155
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Kreditinstitute in der Anlageberatung: Anforderungen aus der aktuellen Rechtsprechung und Gesetzgebung
Ewald, Cornelia - 2007
Anforderungen für die Anlageberatung der Kreditinstitute schon heute bestehen. Dabei ist in den letzten zwanzig Jahren eine stetige … Bond-Urteil von 1993 sowie die Einführung des Wertpapierhandelsgesetzes 1994, welche die Bedeutung der Anlageberatung nicht … Anlageberatung wird auch in der neuen Richtlinie zur Ablösung der ertpapierdienstleistungsrichtlinie von 1993 Rechnung getragen …
Persistent link: https://www.econbiz.de/10010297093
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250 Analysten, 1 Portfolio? Eine ökonometrische Analyse von Empfehlungen zur Gestaltung eines Vermögensportfolios zur Altersvorsorge
Dornau, Robert; Szczesny, Andrea - 1999
Im Oktober 1998 befragte das ZEW rund 250 Finanzexperten aus Banken, Versicherungen, Kapitalanlagegesellschaften und großen Industrieunternehmen nach ihren Empfehlungen zur Gestaltung eines Vermögensportfolios zur Altersvorsorge. Dieses Papier untersucht in einem ersten Schritt, ob in...
Persistent link: https://www.econbiz.de/10010297619
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The behaviour of noise traders: empirical evidence on purchases of business magazines
Czarnitzki, Dirk; Stadtmann, Georg - 2000
According to the prospect theory financial investors tend to sell winners too early and ride losers too long. Therefore, demand for financial advise should be high in a bull market and low in a bear market. Thus, we test the hypothesis whether the demand for business magazines is somehow related...
Persistent link: https://www.econbiz.de/10010297729
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The influence of buy-side analysts on mutual fund trading
Frey, Stefan; Herbst, Patrick - 2010
We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a...
Persistent link: https://www.econbiz.de/10010302544
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Trust, sociability and stock market participation
Georgarakos, Dimitris; Pasini, Giacomo - 2009
We investigate the effects of both trust and sociability for stock market participation, the role of which has been examined separately by existing finance literature. We use internationally comparable household data from the Survey of Health, Ageing and Retirement in Europe supplemented with...
Persistent link: https://www.econbiz.de/10010303716
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Zur Qualität professioneller Wechselkursprognosen
Schmidt, Robert - 2003
Die Berücksichtigung der zukünftigen Entwicklung des Wechselkurses ist sowohl für internationale Unternehmen als auch für international tätige Investoren unabdingbar. Allerdings ist die Erstellung von Wechsel- kursprognosen schwierig, da bis zum heutigen Zeitpunkt kein allgemein anerkanntes...
Persistent link: https://www.econbiz.de/10010305747