文澜金融论坛（第258期）

Abstract:

This study examines the impact of robo-advising on personal wealth management based on a unique data set of individual investors’ investment accounts. Robo-advising portfolios have better performance, measured as lower volatility and higher Sharpe ratio, than investors’ self-directed portfolios. More importantly, we find evidence that robo-advising has a spillover effect on its adopters: it improves their sophistication. Investors have more diversified portfolios and exhibit fewer behavioral biases in portfolio management and fund selection in their self-directed accounts after adopting robo-advising. This spillover effect is more prominent for adopters that interact with the service more actively and that used to be less rational beforehand. We also find evidence that adopters learn from robo-advisors by simply intimating the robo-advisor' s portfolios or strategies. These findings indicate that robo-advising effectively plays a role in educating investors through repeatedly interacting with its adopters and setting investment models that are easy to follow. Collectively, this study not only solidifies the fact that robo-advising improves investors’ investment performance, but also provides large-sample non-laboratory evidence that robo-advising can serve as a financial education tool that improves investor sophistication.

主讲人介绍：

胡聪慧，北京师范大学经济与工商管理学院副教授，北京大学光华管理学院金融学博士，武汉大学金融工程专业经济学学士。曾任对外经济贸易大学国际商学院副教授，美国哥伦比亚大学商学院访问学者。研究专长为行为金融、资本市场与公司财务，侧重从投资者行为偏误、资本市场制度设计等角度理解资产价格和公司财务决策。目前已在Journal of Corporate Finance, Journal of Banking & Finance, Journal of Financial Markets, 《经济研究》、《管理世界》、《金融研究》、《会计研究》等中英文学术期刊发表论文二十余篇，多篇第一作者论文被人大复印报刊资料全文转载（共10篇）。