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Contribution Details
Type | Master's Thesis |
Scope | Discipline-based scholarship |
Title | Investment Mistakes Drivers of Private Banking Clients |
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Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Number of Pages | 45 |
Date | 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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