Purpose This paper developed a theoretical and research framework by identifying the
behavioral biases in investment decision and by presenting a review of the available …

We present a new model of investors delegating portfolio management to professionals
based on trust. Trust in the manager reduces an investor's perception of the riskiness of a …

Do financial advisers undo or reinforce the behavioral biases and misconceptions of their
clients? We use an audit methodology where trained auditors meet with financial advisers …

A lack of financial literacy can hamper the ability of individuals to make well-informed
financial decisions. For people who exhibit problems with financial decision making …

This study examines the influence of actual and perceived financial knowledge (ie, financial
literacy and confidence) on financial wealth. We show that consideration of gender and …

Using a large, nationally representative sample provided by the Financial Industry
Regulatory Authority (FINRA), individuals' use of professional planning advice is analyzed in …

This paper investigates the effects of learning channels on stock market participation. More
specifically, we investigate the direct effects of learning about financial matters from one's …

Robo-advisors promise efficient, rational, and transparent investment advisory. The authors
analyze how robo-advisors determine their users' risk tolerance and which equity exposure …

We investigate the link between age and tolerance of financial risks in the context of attitude
to risk questionnaires completed by clients when meeting their financial advisors. Using a …

We investigate how the strength of the positive association between frequency of trading
and information acquisition is dependent on the sources of information used by investors …