Article Instance

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{
    "pk": 26216,
    "title": "Are Financial Advisors Money Doctors or Charlatans? Evidence on Trust, Advice,\nand Risk Taking in Delegated Asset Management",
    "subtitle": null,
    "abstract": "We test the effects of advice and trust on risk-taking in three\nonline experiments designed to elucidate under what\nconditions financial advice may increase risk-taking,\nirrespective of advisor performance. In our study, investors\nmade 100 decisions, selecting between one of two alternatives:\nrisky or conservative. We manipulate the suggestion of an\nadvisor (risky vs. non-risky investments), the fee of the advice,\nas well as the trustworthiness of the advisor (by increasing the\ntransparency of the advice presented) to test the effect of the\nadvice on risk-taking. The results show that individuals\nasymmetrically follow the advice they received, with a bias\ntowards following more risky than conservative advice.\nMoreover, trusted advice was more persuasive irrespective of\nwhat the advisor suggested and even the fee is higher.",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [
        {
            "word": "Advice taking; Financial advice; Money doctors;\nRisk taking; Trust"
        }
    ],
    "section": "Papers",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/4tk0335v",
    "frozenauthors": [
        {
            "first_name": "Qizhang",
            "middle_name": "",
            "last_name": "Sun",
            "name_suffix": "",
            "institution": "University of Lugano",
            "department": ""
        },
        {
            "first_name": "Michael",
            "middle_name": "",
            "last_name": "Gibbert",
            "name_suffix": "",
            "institution": "University of Lugano",
            "department": ""
        },
        {
            "first_name": "Thomas",
            "middle_name": "T.",
            "last_name": "Hills",
            "name_suffix": "",
            "institution": "University of Warwick",
            "department": ""
        },
        {
            "first_name": "Eric",
            "middle_name": "",
            "last_name": "Nowak",
            "name_suffix": "",
            "institution": "University of Lugano",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2016-01-01T18:00:00Z",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/26216/galley/15852/download/"
        }
    ]
}