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, heter...

Recent studies find that China exported goods of relatively high product sophistication, which are not compatible to China’s economic development level. In this paper we use detailed product-level and firm-level data to examine the determination of product sophistication level of Chinese exports in the period 1998-2005, in particular the role of foreign firms. In our study we distinguish betwee...