Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/148333
Authors: 
Meyer, Steffen
Urban, Linda
Ahlswede, Sophie
Year of Publication: 
2016
Series/Report no.: 
SAFE Working Paper Series 157
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
Document Type: 
Working Paper

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