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The Market for Financial Advice: An Audit Study
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The Market for Financial Advice: An Audit Study (2010)The Market for Financial Advice: An Audit…Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study (2012)Is Unbiased Financial Advice …How (not) to pay for advice: A framework for consumer financial protection (2012)How (not) to pay for advice: …Financial advisors: A case of babysitters? (2011)Financial advisors: A case of…Misselling through Agents (2009)Misselling through AgentsAgency Problems and Reputation in Expert Services: Evidence from Auto Repair (2009)Agency Problems and Reputatio…Heuristics and Biases in Retirement Savings Behavior (2007)Heuristics and Biases in Reti…Conflicts of interest, information provision, and competition in the financial services industry (2006)Conflicts of interest, inform…A Survey of Behavioral Finance (2002)A Survey of Behavioral FinanceTrading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000)Trading Is Hazardous to Your …Detecting Discrimination (1998)Detecting DiscriminationOn Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Another Puzzle: The Growth in Actively Managed Mutual Funds (1996)Another Puzzle: The Growth in…An Asset Allocation Puzzle (1994)An Asset Allocation PuzzleThe cost of steering in financial markets: Evidence from the mortgage market (2021)The cost of steering in finan…Credence goods in the literature: What the past fifteen years have taught us about fraud, incentives, and the role of institutions (2020)Credence goods in the literat…The Economics of Big Data and Artificial Intelligence (2019)The Economics of Big Data and…Ability or opportunity to act: What shapes financial well-being? (2019)Ability or opportunity to act…Financial Advice and Bank Profits (2018)Financial Advice and Bank Pro…Behavioral Household Finance (2018)Behavioral Household FinanceIt takes two to Tango: Households’ response to financial advice and the role of financial literacy (2017)It takes two to Tango: Househ…Time is money: Rational life cycle inertia and the delegation of investment management (2016)Time is money: Rational life …The Role of Sales Agents in Information Disclosure: Evidence from a Field Experiment (2016)The Role of Sales Agents in I…Restoring Rational Choice: The Challenge of Consumer Financial Regulation (2016)Restoring Rational Choice: Th…Inferior Products and Profitable Deception (2016)Inferior Products and Profita…Do financial experts make better investment decisions? (2014)Do financial experts make bet…Financial Advice and Individual Investor Portfolio Performance (2012)Financial Advice and Individu…Trading on Advice (2011)Trading on AdviceHelping Consumers Know Themselves (2011)Helping Consumers Know Themse…Financial Advice and Stock Market Participation (2011)Financial Advice and Stock Ma…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Variable Selection for Portfolio Choice (2001)Dynamic Asset Allocation under Inflation (2002)Time Horizon, Costs of Equity Capital, and Generic Investment Strategies of Firms (2007)Prospect Theory: An Analysis of Decision under Risk (1979)Prospect theory: An analysis of decision under risk (1988)Advances in prospect theory: Cumulative representation of uncertainty (1992)Exponential Growth Bias and Household Finance (2009)The Behavior of Individual Investors (2013)Financial well-being: A conceptualization and research agenda (2017)Risk, Return, and Equilibrium: Empirical Tests (1973)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Strategic Information Transmission (1982)Equilibrium Unemployment as a Worker Discipline Device (1986)Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design (1991)Money Doctors (2014)The failure of models that predict failure: Distance, incentives, and defaults (2014)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Investor Psychology and Asset Pricing (2001)All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)Boys will be Boys: Gender, Overconfidence, and Common Stock Investment (2001)The Market for Financial Advice: An Audit Study (2012)Financial literacy and the demand for financial advice (2014)Golden Eggs and Hyperbolic Discounting (1997)Financial Literacy and the Demand for Financial Advice (2011)Financial literacy, confidence and financial advice seeking (2016)Restoring Rational Choice: The Challenge of Consumer Financial Regulation (2016)Industrial and Labor Relations Review (1949)The Role of Premarket Factors in Black-White Wage Differences (1996)Walking the Talk? What Employers Say Versus What They Do (2005)Why Beauty Matters (2006)Pride and Prejudice: Employment Discrimination against Openly Gay Men in the United States (2011)Perspectives on Behavioral Finance: Does "Irrationality" Disappear with Wealth? Evidence from Expectations and Actions (2003)Is value riskier than growth? (2005)Volatility Timing in Mutual Funds: Evidence from Daily Returns (1999)On Mutual Fund Investment Styles (2002)No Place Like Home: Familiarity in Mutual Fund Manager Portfolio Choice (2012)
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References

  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 2000Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors3,953 cited
  • 2002A Survey of Behavioral Finance1,181 cited
  • 2007Heuristics and Biases in Retirement Savings Behavior931 cited
  • 1998Detecting Discrimination823 cited
  • 1994An Asset Allocation Puzzle423 cited
  • 2011Financial advisors: A case of babysitters?422 cited
  • 1996Another Puzzle: The Growth in Actively Managed Mutual Funds414 cited
  • 2009Misselling through Agents386 cited
  • 2012Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study382 cited
  • 2012How (not) to pay for advice: A framework for consumer financial protection236 cited
  • 2006Conflicts of interest, information provision, and competition in the financial services industry222 cited
  • 2009Agency Problems and Reputation in Expert Services: Evidence from Auto Repair171 cited

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  • 2012Financial Advice and Individual Investor Portfolio Performance158 cited
  • 2016Inferior Products and Profitable Deception147 cited

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  • 2021The cost of steering in financial markets: Evidence from the mortgage market126 cited
  • 2016Time is money: Rational life cycle inertia and the delegation of investment management124 cited
  • 2017It takes two to Tango: Households’ response to financial advice and the role of financial literacy109 cited
  • 2018Financial Advice and Bank Profits109 cited
  • 2019Ability or opportunity to act: What shapes financial well-being?104 cited
  • 2020Credence goods in the literature: What the past fifteen years have taught us about fraud, incentives, and the role of institutions103 cited
  • 2016Restoring Rational Choice: The Challenge of Consumer Financial Regulation93 cited
  • 2016The Role of Sales Agents in Information Disclosure: Evidence from a Field Experiment87 cited
  • 2011Financial Advice and Stock Market Participation87 cited
  • 2014Do financial experts make better investment decisions?87 cited
  • 2011Trading on Advice80 cited
  • 2018Behavioral Household Finance72 cited
  • 2011Helping Consumers Know Themselves70 cited
  • 2019The Economics of Big Data and Artificial Intelligence62 cited