Employing a unique dataset of real-world mutual fund portfolio choices made by more than 3,000 Italian investors over a period of 13 years, this paper aims to test whether the portfolio risk level of investors who have a tied agent as their financial advisor is similar to that of those who have a bank employee as their financial advisor. Despite the theoretical presence of an agency problem between tied agents and investors, our results show that investors who have a tied agent as their financial advisor have lower portfolio risk levels compared with those who have a bank employee as their financial advisor.

Rossi, S., Lippi, A., INVESTORS' BEHAVIOR AND PORTFOLIO RISK ADJUSTMENTS: A COMPARISON BETWEEN TWO DIFFERENT CHANNELS OF FINANCIAL ADVICE, <<INTERNATIONAL JOURNAL OF BUSINESS RESEARCH>>, 2022; 22 (2): 99-110. [doi:10.18374/IJBR-22-2.10] [https://hdl.handle.net/10807/223437]

INVESTORS' BEHAVIOR AND PORTFOLIO RISK ADJUSTMENTS: A COMPARISON BETWEEN TWO DIFFERENT CHANNELS OF FINANCIAL ADVICE

Rossi, Simone
Secondo
;
Lippi, Andrea
Primo
2022

Abstract

Employing a unique dataset of real-world mutual fund portfolio choices made by more than 3,000 Italian investors over a period of 13 years, this paper aims to test whether the portfolio risk level of investors who have a tied agent as their financial advisor is similar to that of those who have a bank employee as their financial advisor. Despite the theoretical presence of an agency problem between tied agents and investors, our results show that investors who have a tied agent as their financial advisor have lower portfolio risk levels compared with those who have a bank employee as their financial advisor.
Inglese
Rossi, S., Lippi, A., INVESTORS' BEHAVIOR AND PORTFOLIO RISK ADJUSTMENTS: A COMPARISON BETWEEN TWO DIFFERENT CHANNELS OF FINANCIAL ADVICE, <<INTERNATIONAL JOURNAL OF BUSINESS RESEARCH>>, 2022; 22 (2): 99-110. [doi:10.18374/IJBR-22-2.10] [https://hdl.handle.net/10807/223437]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10807/223437
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