Financial Advisors and Investors' Bias

• 成果类型: Article; Early Access
• 署名作者: Andries, Marianne; Bonelli, Maxime; Sraer, David
• 署名单位: University of Southern California; University of London; London Business School; University of California System; University of California Berkeley
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhaf090
• 发表日期: 2025-11-18
• 关键词: G4; G5; D14; G11; G24; INVESTMENT PERFORMANCE; cross-section; disposition; advice; reluctant; returns; realize; traders; stocks; long

摘要

We study an intervention by a brokerage firm providing advisory services to high-net-worth investors. In 2018, the firm changed the information displayed on its internal platform, so that financial advisors could no longer observe which clients' holdings were in paper gain or loss. Using data on portfolio stock transactions between 2016 and 2021, we show that, while all investors exhibit a significant disposition effect before 2018, that is, a greater propensity to realize gains than losses, highly advised investors see their bias significantly reduced afterward. Our paper shows financial firms can successfully reduce clients' biases by appropriately manipulating advisors' information.