We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. Firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. Additional tests...

We use a proprietary dataset from a large Swiss retail bank to examine the impact of financial advice on individual investors’ stock trading performance and their behavioral biases. Our data allows us to classify each individual trade as either advised or independent and to compare them in a...