Investment mistakes of private investors and the role of financial advice:
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| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
2008
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Enth. 4 Sonderabdr. |
| Physical Description: | 136 S. graph. Darst. 21 cm |
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Record in the Search Index
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| adam_text | Titel: Investment mistakes of private investors and the role of financial advice
Autor: Gerhardt, Ralf
Jahr: 2008
Inhaltsverzeichnis
Inhaltsverzeichnis 3
Tabellenverzeichnis 6
Abbildungsverzeichnis 8
1 Das Anlageverhalten privater Haushalte 9
1.1 Einleitung.................................... 10
1.2 Überblick über die Dissertationsaufsätze................... 12
1.3 Präsentation der Ergebnisse.......................... IG
Literaturverzeichnis.................................. 18
2 The Investment Process of Private Investors and the Role of Financial
Advice 19
2.1 Introduction................................... 21
2.2 The investtnent process - optimal Investment and common mistakes .... 22
2.2.1 Iutroducing the investment process.................. 22
2.2.2 Going through each process phase................... 23
2.2.3 Quantifying the costs of deviating froin financial theory....... 33
2.3 Benefits from Financial Advice ........................ 35
2.3.1 Introducing Financial Advice ..................... 35
2.3.2 How can Financial Advice add value?................. 36
2.4 Conclusion.................................... 38
References....................................... 40
3 The Influence of Investors Jobs on Portfolios: Is there an Own Industry
Bias? 47
3.1 Introduction................................... 49
3.2 Theory and literature review.......................... 50
3.2.1 Human capital and portfolio choiee.................. 50
3.2.2 Related research on own industry weights in portfolios ....... 51
3.3 Empirical analysis................................ 52
3
3.3.1 Data description ............................ 52
3.3.2 Hedging labor income risk....................... 54
3.3.3 Rationality, education and sophistication............... 60
3.4 Financial Advice and background risk..................... 62
3.4.1 Sub-samples............................... 62
3.4.2 Event study............................... 64
3.5 Conclusion.................................... 66
References....................................... 67
Appendix....................................... 69
4 The Effect of Personal Portfolio Reporting on Private Investors 73
4.1 Introduction................................... 75
4.2 Related research................................. 76
4.3 Data set..................................... 78
4.3.1 Experimental setting.......................... 78
4.3.2 The personalized portfolio report - one step further......... 78
4.3.3 Sample characteristics......................... 79
4.4 Empirical analysis................................ 81
4.4.1 Determinants of interest in personal portfolio reporting....... 81
4.4.2 Do investors act on reporting?..................... 83
4.4.3 Looking for systematic patterns among trades............ 85
4.5 Discussion and implications for future portfolio reporting.......... 88
References....................................... 90
Appendix....................................... 92
5 Is Hiring an Investment Advisor Worthwhile? 96
5.1 Introduction................................... 98
5.2 Related research................................. 100
5.3 Data set description .............................. 101
5.4 Descriptive Analyses.............................. 103
5.4.1 Advised versus non-advised investors................. 103
5.4.2 A more detailed look on the differences................ 105
5.5 Event sttidy................................... 110
5.5.1 Transaction analysis .......................... Ill
5.5.2 Portfolio structure analysis....................... 114
5.5.3 Moral hazard of advisors........................ 115
5.6 Conclusion.................................... 118
References....................................... 120
Appendix....................................... 122
Lebenslauf 134
Ehrenwörtliche Erklärung 136
Tabellenverzeichnis
3.1 Industry assignment .............................. 53
3.2 Analysis with aggregated investors (value weighted)............. 55
3.3 Analysis with individual investors (unweighted) ............... 56
3.4 Benchmarks and industry weights....................... 58
3.5 Determinants of an own industry bias..................... 63
3.6 Event Study................................... 65
3.7 Robustness check: Industry composition................... 69
3.8 Robustness check: Excluding the largest security............... 69
3.9 Correlations of socio-demographic variables.................. 70
3.10 Professions of the investors in the data set.................. 71
3.11 Demographics.................................. 72
4.1 Determinants of readers ............................ 82
4.2 Assets traded in 7 days after reading a report ................ 86
4.3 Trade activity for portfolio return quintiles.................. 87
4.4 Pairwise correlation coefficients........................ 92
4.5 Socio-demographics and easterner segments ................. 93
4.6 Investment, behavior and portfolio characteristics .............. 94
5.1 Related studies on advised customer characteristics.............101
5.2 Comparing advised to non-advised investors.................104
5.3 Socio-demographics and portfolio characteristics of investor groups.....108
5.4 Transactions before and after taking advice..................Ill
5.5 Asset classes traded before and after switching................112
5.6 Portfolio Characteristics before and after switching.............114
5.7 Ratio of free trades among all trades.....................117
5.8 Event dates of 597 investors..........................122
5.9 Determinants to draw on investment advice .................123
5.10 Trading activity.................................124
5.11 Average order size of trades..........................125
5.12 Risk classes of traded securities........................126
5.13 Robustness cliecks of portfulio changes.................... 120
5.14 Number ami order size of savings plan tradcs................. 127
5.15 Ratio of investors participating in savings plans............... 128
5.16 Fees including savings plan and free t.rades.................. 129
5.17 Fees excluding savings plan and frcc tradcs.................. 130
Abbildungsverzeichnis
1.1 Der allgemeine Investment-Prozess ...................... 11
4.1 Readers trades per day minus peer groups .................. 85
4.2 Number of Investors reading a report for the first time and date......95
5.1 Mutual fund share in equity portfolios of investor groups..........131
5.2 Trades per month of investor groups .....................131
5.3 Average purchases and sales before and after event .............132
5.4 Average order size of trades..........................132
5.5 Fees per trade..................................133
5.6 Fees per order size ...............................133
|
| any_adam_object | 1 |
| author | Gerhardt, Ralf 1979- |
| author_GND | (DE-588)137696442 |
| author_facet | Gerhardt, Ralf 1979- |
| author_role | aut |
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| bvnumber | BV035442795 |
| classification_rvk | QK 500 |
| ctrlnum | (OCoLC)320545074 (DE-599)DNB993695280 |
| dewey-full | 332.6 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.6 |
| dewey-search | 332.6 |
| dewey-sort | 3332.6 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| indexdate | 2024-07-09T21:35:22Z |
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| spelling | Gerhardt, Ralf 1979- Verfasser (DE-588)137696442 aut Investment mistakes of private investors and the role of financial advice vorgelegt von Ralf Gerhardt 2008 136 S. graph. Darst. 21 cm txt rdacontent n rdamedia nc rdacarrier Enth. 4 Sonderabdr. Frankfurt am Main, Univ., Diss., 2009 Haushalt (DE-588)4023744-8 gnd rswk-swf Anlageverhalten (DE-588)4214003-1 gnd rswk-swf Privater Anleger (DE-588)4389910-9 gnd rswk-swf Anlageberatung (DE-588)4002094-0 gnd rswk-swf Anlageberater (DE-588)4142521-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Privater Anleger (DE-588)4389910-9 s Anlageverhalten (DE-588)4214003-1 s Anlageberatung (DE-588)4002094-0 s DE-604 Haushalt (DE-588)4023744-8 s Anlageberater (DE-588)4142521-2 s 1\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017363017&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Gerhardt, Ralf 1979- Investment mistakes of private investors and the role of financial advice Haushalt (DE-588)4023744-8 gnd Anlageverhalten (DE-588)4214003-1 gnd Privater Anleger (DE-588)4389910-9 gnd Anlageberatung (DE-588)4002094-0 gnd Anlageberater (DE-588)4142521-2 gnd |
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| title | Investment mistakes of private investors and the role of financial advice |
| title_auth | Investment mistakes of private investors and the role of financial advice |
| title_exact_search | Investment mistakes of private investors and the role of financial advice |
| title_full | Investment mistakes of private investors and the role of financial advice vorgelegt von Ralf Gerhardt |
| title_fullStr | Investment mistakes of private investors and the role of financial advice vorgelegt von Ralf Gerhardt |
| title_full_unstemmed | Investment mistakes of private investors and the role of financial advice vorgelegt von Ralf Gerhardt |
| title_short | Investment mistakes of private investors and the role of financial advice |
| title_sort | investment mistakes of private investors and the role of financial advice |
| topic | Haushalt (DE-588)4023744-8 gnd Anlageverhalten (DE-588)4214003-1 gnd Privater Anleger (DE-588)4389910-9 gnd Anlageberatung (DE-588)4002094-0 gnd Anlageberater (DE-588)4142521-2 gnd |
| topic_facet | Haushalt Anlageverhalten Privater Anleger Anlageberatung Anlageberater Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017363017&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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