Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/283380 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
AWI Discussion Paper Series No. 734
Verlag: 
University of Heidelberg, Department of Economics, Heidelberg
Zusammenfassung: 
Robo-advisors are novel tools in financial markets that provide investors with low-cost financial advice, usually based on individual characteristics like risk attitudes. In a portfolio choice experiment running over 10 weeks, we study how much investors benefit from robo advice. We also study whether robos increase financial market participation. The treatments are whether investors just receive advice, have a robo making all decisions for them, or have to trade on their own. We find no effect on initial market participation. But robos help investors to avoid mistakes, make rebalancing more frequent, and overall yield portfolios much closer to the utility maximizing ones. Robo-advisors that implement the recommendations by default do significantly better than those that just give advice.
Schlagwörter: 
algorithmic trading
experiment
financial markets
JEL: 
C91
D81
G12
G20
G41
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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