Die Digitalisierung hat neue Kanäle für Finanztransaktionen eröffnet, die sich für Banken als echte Konkurrenz erweisen können. Digitale Beratungsangebote und Crowdlending bieten den Kunden Chancen, ihr Vermögen unabhängig von Banken zu verwalten und Kredite untereinander zu vergeben....

This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that placebic information increases the perceived...

We survey 231 undergraduate students to analyze how retail investors' characteristics influence their decision to use a robo-advisor. Characteristics such as the willingness to take risk, extraversion, and optimism are significant in univariate tests but the willingness to take risk and the...

Purpose: Retail investors use information provided by mutual fund rating agencies to make investment decisions. This paper aims to examine whether the ratings provide useful information to retail investors by analyzing the rating migration and closure risk of mutual funds that received...

Purpose: The purpose of this study is to analyze whether differences in market-wide levels of investor personality influence experimental asset market outcomes in terms of limit orders, price levels and price bubbles. Design/methodology/approach: Investor personality is determined by a...