We study a robo-advising portfolio optimizer that constructs tailored strategies based on investors' holdings and preferences. Adopters are similar to non-adopters in terms of demographics, but have more assets under management, trade more, and have higher risk-adjusted performance. The...

We use a choice experiment on equity fund investments to estimate the preferences of young adults for sustainable investments relative to conventional investment funds. Our results suggest that the traditional trade-off between investment fund risk and return is still valid in the selection of...

Using university admission cutoffs that generate exogenous variation in college-major choices, we provide causal evidence that enrollment in a business or economics program leads individuals to invest significantly more in the stock market, earn higher portfolio returns, and ultimately...

To examine how financial education affects financial outcomes, one must evaluate whether and how sample selection may bias inferences regarding program impacts. Our incentivized experiment reveals how such selection influences estimated financial education effects. The more financially literate...

Using data from the RAND American Life Panel, I investigate differences in households' investments in foreign assets with special emphasis on financial literacy. The results indicate that American households overweigh their portfolio with domestic assets and that financially literate households...

Using a randomized controlled trial we test how retail investors assess and update their priors based on different types of financial advice, which either aligns with their priors or goes against it. We compare advice that emphasizes either the benefits of passive investment strategies (such as...