講座題目：Beyond performance: the financial education role of robo-advising

講座時(shí)間：2022年06月23日（周四）9:00-10:30

講座方式：騰訊會(huì)議（ID：991 206 977）

講座鏈接：https://meeting.tencent.com/dm/fDPET24QQI5B

主講人：胡聰慧，北京師范大學(xué)經(jīng)濟(jì)與工商管理學(xué)院副教授，北京大學(xué)光華管理學(xué)院金融學(xué)博士，武漢大學(xué)金融工程專業(yè)經(jīng)濟(jì)學(xué)學(xué)士。曾任對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)國(guó)際商學(xué)院副教授，美國(guó)哥倫比亞大學(xué)商學(xué)院訪問(wèn)學(xué)者。研究專長(zhǎng)為行為金融、資本市場(chǎng)與公司財(cái)務(wù)，側(cè)重從投資者行為偏誤、資本市場(chǎng)制度設(shè)計(jì)等角度理解資產(chǎn)價(jià)格和公司財(cái)務(wù)決策。目前已在Journal of Corporate Finance、Journal of Banking & Finance、Journal of Financial Markets、《經(jīng)濟(jì)研究》、《管理世界》、《金融研究》、《會(huì)計(jì)研究》等中英文學(xué)術(shù)期刊發(fā)表論文二十余篇，多篇第一作者論文被人大復(fù)印報(bào)刊資料全文轉(zhuǎn)載。

講座簡(jiǎn)介：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.