Millionaire_Investors_EJF Baeckstrom Silvester Povnall (accepted).pdf (851.23 kB)
Millionaire investors: financial advisors, attribution theory and gender differences
journal contribution
posted on 2019-09-18, 13:15 authored by Ylva Baeckström, Joanne SilvesterJoanne Silvester, Rachel A. J. PownallTo date little attention has been paid to how social cognitive bias can influence how financial advisors interpret and respond to the needs of millionaire investors, and if this varies depending on the gender of the investor. This research investigates whether experienced professional financial advisors who work with millionaire investors make different attributions for the control and knowledge that investors have of their investments, and if they make different investment portfolio recommendations to equivalent male and female investors. Using methodology novel to finance, this vignette-based study that controls for gender finds evidence that professional financial advisors judge millionaire female investors to have less control over their investment portfolios relative to men. Empirical results also show that female advisors judge women to be less knowledgeable about investments than men. Despite such perceptual differences, advisors recommend equally risky portfolios to male and female investors. These results have implications for wealth management institutions and the monitoring of financial advisors for millionaire individuals.
History
School
- Business and Economics
Department
- Business
Published in
The European Journal of FinanceVolume
24Issue
15Pages
1333 - 1349Publisher
Taylor & FrancisVersion
- AM (Accepted Manuscript)
Rights holder
© Informa UK Limited, trading as Taylor & Francis GroupPublisher statement
This is an Accepted Manuscript of an article published by Taylor & Francis in The European Journal of Finance on 21 February 2018, available online: http://www.tandfonline.com/10.1080/1351847X.2018.1438301.Acceptance date
2018-01-30Publication date
2018-02-21Copyright date
2018ISSN
1351-847XeISSN
1466-4364Language
- en
Depositor
Prof Jo SilvesterUsage metrics
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