NDLI: Birds of a Feather: The Impact of Homophily on the Propensity to Follow Financial Advice

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Birds of a Feather: The Impact of Homophily on the Propensity to Follow Financial Advice

Content Provider	Scilit
Author	Stolper, Oscar Anselm Walter, Andreas
Copyright Year	2018
Description	Journal: SSRN Electronic Journal Homophily—individuals’ afﬁnity for people like them—is a powerful principle which governs who they regard to be their relevant others and those whose opinions they attend to. Based on nearly 2,400 advisory meetings, we ﬁnd that homophily has a significant positive impact on the likelihood of following ﬁnancial advice. While the increased likelihood of following stems from homophily on gender and age for male clients, it is induced by sameness on marital and parental status for female advisees. Moreover, the homophily effect is mitigated by reduced information asymmetry between client and advisor as well as a long term relationship with the bank. Our results suggest that client-advisor matching increases individuals’ propensity to follow ﬁnancial advice.
Related Links	https://academic.oup.com/rfs/article-pdf/32/2/524/27292671/hhy082.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2932737
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2932737
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2018-03-06
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Applied Ethics Financial Advice Individual Investors Gender Differences in Financial Decision Making
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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