Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/43238 
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dc.contributor.authorHackethal, Andreasen
dc.contributor.authorHaliassos, Michaelen
dc.contributor.authorJappelli, Tullioen
dc.date.accessioned2009-08-06-
dc.date.accessioned2010-12-15T09:22:18Z-
dc.date.available2010-12-15T09:22:18Z-
dc.date.issued2009-
dc.identifier.piurn:nbn:de:hebis:30-63751en
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
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2009/04en
dc.subject.jelG1en
dc.subject.jelE2en
dc.subject.jelD8en
dc.subject.ddc330en
dc.subject.keywordFinancial Adviceen
dc.subject.keywordPortfolio Choiceen
dc.subject.keywordHousehold Financeen
dc.subject.stwPrivater Haushalten
dc.subject.stwPortfolio-Managementen
dc.subject.stwKapitalanlageen
dc.subject.stwAnlageberatungen
dc.subject.stwKapitalertragen
dc.subject.stwDeutschlanden
dc.titleFinancial advisors: A case of babysitters?-
dc.typeWorking Paperen
dc.identifier.ppn606211810en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200904en

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