What is the benefit of experience? Using data from a leading trading platform we find no evidence that retail FX traders learn to trade better, but they do appear to make valid inferences about their innate abilities as traders. In particular, following an unsuccessful trading day they are more...

We analyse portfolio recommendations and judgements about the investment knowledge and control of fictitious but plausible millionaire clients made by a panel of professional investment advisors. Using the vignette methodology in which we describe millionaire investors in pen portraits, we...

We examine gender differences in investment risk tolerance, knowledge, confidence, and portfolio cash allocations among a sample of advised and self-directed wealthy individuals. Our results demonstrate that gender effects are more complicated than previously assumed. First, while even wealthy...