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Contribution Details

Type Master's Thesis
Scope Discipline-based scholarship
Title Investment Mistakes Drivers of Private Banking Clients
Organization Unit
  • Janis M. Heibel
  • Thorsten Hens
  • Kremena Bachmann
  • English
Institution University of Zurich
Faculty Faculty of Business, Economics and Informatics
Number of Pages 45
Date June 2017
Abstract Text I use a unique dataset from an international Swiss private bank comprising transac-tions, portfolios, and risk profiles to test the influence of the clients and their advisors’ risk characteristics on home bias, disposition effect, and trade frequency. I show that the disposition effect level is connected to a higher degree of investor loss aversion whereas the home bias is widely independent of risk preferences. Trade activity may however reduce both biases while risk aversion diminishes trade frequency. Addi-tionally, my findings propose that the interaction between clients and their advisors helps to reduce biases if both exhibit opposed risk preferences.
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