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Essays in behavioral finance : experimental evidence on beliefs, financial advice, and portfolio decisions
Burckhardt, Monika
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URN:
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urn:nbn:de:bsz:180-madoc-726340
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Document Type:
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Doctoral dissertation
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Year of publication:
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2026
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Place of publication:
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Mannheim
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University:
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Universität Mannheim
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Evaluator:
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Weber, Martin
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Date of oral examination:
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2026
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Publication language:
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English
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Institution:
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Business School > ABWL u. Bankbetriebslehre (Seniorprofessur) (Weber 2017-)
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Subject:
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330 Economics
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Keywords (English):
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behavioral finance , experimental finance , investment decisions , financial advice
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Abstract:
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This dissertation uses incentivized experiments to examine how retail investors and financial advisers form beliefs, respond to advice, and make portfolio decisions relative to normative benchmarks. Four studies yield three cross-cutting findings. First, mean-variance signals that a portfolio needs rebalancing poorly predict whether investors act; return-chasing and the status quo bias are stronger influences. Second, identical advice or information produces divergent responses depending on context, including agreement, adviser skin in the game, crowd size and composition, and whether an asset is in the gain or loss state. Third, agent type matters beyond expertise, and clinically screened depressive symptoms shape belief updating, advice calibration, and AI adoption in measure-dependent, domain-specific ways. Chapter 2 explores portfolio rebalancing, Chapter 3 financial advice and beliefs, Chapter 4 crowd-based recommendations, and Chapter 5 financial decisions and depressive symptoms.
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 | Dieser Eintrag ist Teil der Universitätsbibliographie. |
 | Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt. |
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