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Automated Financial Management : Diversification and Account Size Flexibility ∗
| Content Provider | Semantic Scholar |
|---|---|
| Author | Reher, Michael Sun, Celine |
| Copyright Year | 2018 |
| Abstract | We study the value added of automated financial management (AFM) services along two dimensions: diversification and account size flexibility. First, using a company-specific experiment with matched AFM and traditional portfolios, we find AFM portfolios are significantly better diversified. Underdiversified investors are more likely to set up an AFM account, with a 1 standard deviation increase in underdiversification raising the probability of doing so 3 percentage points. Next, we study account size flexibility using an exogenous reduction in minimum account size. The reduction led to a net increase in total deposit inflows and disproportionately raised new account formation by less-wealthy investors. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://scholar.harvard.edu/files/mreher/files/robo-paper-final.pdf?m=1527020950 |
| Language | English |
| Access Restriction | Open |
| Subject Keyword | Atomic-force microscopy Diversification (finance) Ephrin Type-B Receptor 1, human Management Information Systems Preparation Standard deviation |
| Content Type | Text |
| Resource Type | Article |
