| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w18158
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| 来源ID | Working Paper 18158
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| Is Conflicted Investment Advice Better than No Advice? |
| John Chalmers; Jonathan Reuter
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| 发表日期 | 2012-06-15
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| 出版年 | 2012
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| 语种 | 英语
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| 摘要 | The answer depends on how broker clients would have invested in the absence of broker recommendations. To identify counterfactual retirement portfolios, we exploit time-series variation in access to brokers by new plan participants. When brokers are available, they are chosen by new participants who value recommendations on asset allocation and fund selection because they are less financially experienced. When brokers are no longer available, demand for target-date funds (TDFs) increases differentially among participants with the highest predicted demand for brokers. Broker client portfolios earn significantly lower risk-adjusted returns and Sharpe ratios than matched portfolios based on TDFs—due in part to broker fees that average 0.90% per year—but offer similar levels of risk. More generally, the portfolios of participants with high predicted demand for brokers who lack access to brokers comparable favorably to the portfolios of similar participants who had access to brokers when they joined. Exploiting across-fund variation in the level of broker fees, we find that broker clients allocate more dollars to higher fee funds. This finding increases our confidence that actual broker client portfolios reflect broker recommendations, and it highlights an agency conflict that can be eliminated when TDFs replace brokers. |
| 主题 | Microeconomics
; Households and Firms
; Financial Economics
; Portfolio Selection and Asset Pricing
; Financial Institutions
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| URL | https://www.nber.org/papers/w18158
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575833
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推荐引用方式
GB/T 7714 |
John Chalmers,Jonathan Reuter. Is Conflicted Investment Advice Better than No Advice?. 2012.
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文件名：
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w18158.pdf
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格式：
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Adobe PDF
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