所属栏目:新金融/金融科技

摘要

Using unique data on Alipay users' investment accounts, we find that, in addition to generating better performance than investors’ self-directed portfolios, robo-advising has a positive spillover effect on its adopters in terms that it improves their investment behaviors. Investors have more diversified portfolios and exhibit fewer behavioral biases in portfolio management and fund choices in their self-directed accounts after adopting robo-advising. The spillover effect is more prominent for adopters who interact with the service more actively and who were less sophisticated before adopting the app. We also find that adopters learn from the robo-advisor by simply imitating its portfolios or strategies. Collectively, this study provides large-sample, non-laboratory evidence that robo-advising effectively plays a role in educating investors through repeated interactions with its adopters and setting investment models that are easy to follow.
展开

Rubin Hao; Conghui Hu; Yixuan Wang; Xin Xu; Yu Zhang Beyond Performance: The Financial Education Role of Robo-Advising (2023年11月12日) https://www.cfrn.com.cn/lw/15371.html

选择要认领的作者1
身份验证1
确认
取消