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http://hdl.handle.net/10419/43238
  

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dc.contributor.authorHackethal, Andreasen_US
dc.contributor.authorHaliassos, Michaelen_US
dc.contributor.authorJappelli, Tullioen_US
dc.date.accessioned2009-08-06en_US
dc.date.accessioned2010-12-15T09:22:18Z-
dc.date.available2010-12-15T09:22:18Z-
dc.date.issued2009en_US
dc.identifier.piurn:nbn:de:hebis:30-63751-
dc.identifier.urihttp://hdl.handle.net/10419/43238-
dc.description.abstractWe merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance across self-managed accounts and accounts run by, or in consultation with, independent financial advisors. In contrast to the picture painted by simple descriptive statistics, econometric analysis that corrects for the endogeneity of the choice of having a financial advisor suggests that advisors are associated with lower total and excess account returns, higher portfolio risk and probabilities of losses, and higher trading frequency and portfolio turnover relative to what account owners of given characteristics tend to achieve on their own. Regression analysis of who uses an IFA suggests that IFAs are matched with richer, older investors rather than with poorer, younger ones.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2009/04en_US
dc.subject.jelG1en_US
dc.subject.jelE2en_US
dc.subject.jelD8en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Adviceen_US
dc.subject.keywordPortfolio Choiceen_US
dc.subject.keywordHousehold Financeen_US
dc.subject.stwPrivater Haushalten_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwKapitalanlageen_US
dc.subject.stwAnlageberatungen_US
dc.subject.stwKapitalertragen_US
dc.subject.stwDeutschlanden_US
dc.titleFinancial advisors: A case of babysitters?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn606211810en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfswop:200904-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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