FinTech, Investor Sophistication, and Financial Portfolio Choices
نویسندگان
چکیده
Abstract This paper analyzes the links between advances in financial technology, investors’ sophistication, and composition returns of their portfolios. We develop a simple portfolio choice model under asymmetric information derive some theoretical predictions. Using detailed microdata from Banca d’Italia, we test these predictions for Italian households over period 2004-2020. In general, heterogeneity sophisticated unsophisticated investors grows with improvements technology. is reduced only if technology accessible to everyone have similar capacity use it.
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ژورنال
عنوان ژورنال: The Review of Corporate Finance Studies
سال: 2023
ISSN: ['2046-9136', '2046-9128']
DOI: https://doi.org/10.1093/rcfs/cfad014