Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/287301 
Year of Publication: 
2021
Citation: 
[Journal:] Journal of Financial Services Research [ISSN:] 1573-0735 [Volume:] 62 [Issue:] 1-2 [Publisher:] Springer US [Place:] New York, NY [Year:] 2021 [Pages:] 91-125
Publisher: 
Springer US, New York, NY
Abstract: 
We survey 231 undergraduate students to analyze how retail investors' characteristics influence their decision to use a robo-advisor. Characteristics such as the willingness to take risk, extraversion, and optimism are significant in univariate tests but the willingness to take risk and the internal locus of control are significant in multivariate settings. Participants who use the robo-advisor invest more and are more likely to also invest on their own in both stocks and bonds. We also find statistically significant differences between participants who exclusively use the robo-advisor for investments in stocks and bonds and participants who use the robo-advisor and invest some money in stocks and bonds on their own.
Subjects: 
Robo-advisor
Financial Advice
Portfolio Management
Investments
Personal Finance
Household Finance
JEL: 
D14
G11
G24
G29
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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