Why do retail investors trade? To analyze the impact of professional advice on trading, we combine administrative and survey data from a large German bank. Investors who report that they always rely on their advisor's recommendations have a 25-percent-higher trading volume. Also, for investors...

Industry sentiment and practitioners’ observations link income and wealth to private-label demand. The intuition is that decreasing income and wealth increase the demand for (cheaper) private labels. Recent academic research focusses on measuring the causal effect of income and wealth changes...

This paper revisits the effects of income changes on consumption of private households by focusing on a commonly disregarded and yet sizeable component of household expenditures: consumption of food and non-food consumer packaged goods. We exploit a new data source from the Netherlands that...