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Is financial literacy a substitute or complement for financial advice? In this paper we analyze the decision by consumers to seek financial advice in the form of credit counseling concerning their credit and debt. Credit counseling is an important component of the consumer credit sector for...
Persistent link: https://www.econbiz.de/10011335636
Is financial literacy a substitute or complement for financial advice? In this paper we analyze the decision by consumers to seek financial advice in the form of credit counseling concerning their credit and debt. Credit counseling is an important component of the consumer credit sector for...
Persistent link: https://www.econbiz.de/10010429152
The low level of financial literacy across households suggests that they are at risk of making suboptimal financial decisions. In this paper, we analyze the effect of investors’ financial literacy on their decision to demand professional, non-independent advice. We find that non-independent...
Persistent link: https://www.econbiz.de/10011118100
This paper examines the ability of financial advice provided by sellers of financial services to substitute for financial literacy of customers. I set up a simple theoretical model in which an informed financial advisor communicates with a less informed customer of financial services. Given the...
Persistent link: https://www.econbiz.de/10011122254
A considerable part of the euro banknotes issued since 2002 is in circulation in Central, Eastern and Southeastern European (CESEE) countries. This can be attributed to the fact that numerous economic agents resorted to currency substitution in a parallel safe haven currency during the crisis...
Persistent link: https://www.econbiz.de/10011015362
We introduce professional financial advice in households’ choice to hold risky financial assets. Consistent with the predictions from a formal model, we present evidence that households’ trust in financial advice only matters when their perceived own financial capability is low. Instead, for...
Persistent link: https://www.econbiz.de/10011605342
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...
Persistent link: https://www.econbiz.de/10004990848
This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and...
Persistent link: https://www.econbiz.de/10005007639
Persistent link: https://www.econbiz.de/10011590788
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