Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/148333 
Year of Publication: 
2016
Series/Report no.: 
SAFE Working Paper No. 157
Publisher: 
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe, Frankfurt a. M.
Abstract: 
In a field study with more than 1.500 customers of an online-broker we test what happens when investors receive repeated feedback on their investment success in a monthly securities account report. The reports show investors' last year's returns, costs, their current level of risk and their portfolio diversification. We find that receiving a report results in investors trading less, diversifying more and having higher risk-adjusted returns. Results are robust to controlling for potential play money accounts and changes in report designs. We also find that investors who are less likely to subscribe equally benefit from the report.
Subjects: 
household finance
field study
individual investors
reporting
investment mistakes
regulation
JEL: 
D14
G11
G28
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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