讲座题目：Beyond Performance: The Financial Education Role of Robo-Advising

主讲人：郝如宾 澳门大学工商管理学院

时间：22022年12月2日（周五）14:30

地点：腾讯会议460 963 564

主办单位：999策略白菜手机论坛会计系

讲座内容摘要：

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 a 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 financial sophistication. Investors have more diversified portfolios and exhibit fewer behavioral biases in portfolio management and fund choices in their self-directed accounts after adopting robo-advising. We use whether investors are exposed to the robo-advisor advertising as the instrumental variable for identification, and our findings still hold in the instrumental variable estimation. The spillover effect is more prominent for adopters who interact with the service more actively and who were less rational before adopting the app. We also find that adopters learn from the robo-advisor by simply imitating its portfolios or strategies. These findings indicate that robo-advising effectively plays a role in educating investors through repeated interactions 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.

主讲人简介：

郝如宾，澳门大学工商管理学院会计与信息系统系助理教授，主要研究领域为资本市场、信息披露与公司治理。本科及硕士毕业于中国人民大学商学院，2019年于香港中文大学获得会计学博士，此前有6年业界工作经验。曾在北京师范大学经管学院会计系任讲师。