We examine the role of political ideology in portfolio formation by studying a unique set of investors whose ideology can be precisely captured by a well-defined, continuous measure and whose personal asset allocation decisions are mandatorily disclosed - namely, the members of the U.S....

Robo-advisors promise efficient, rational, and transparent investment advisory. We analyze how robo-advisors determine their users' risk tolerance and which equity exposure is derived from the individual risk profile. Our findings indicate significant differences in the quality of offered...