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Bianchi, Milo
ORCID: https://orcid.org/0000-0003-4346-3147 and Brière, Marie
(2021)
Human-Robot Interactions in Investment Decisions.
TSE Working Paper, n. 21-1251, Toulouse
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Abstract
We study the introduction of robo-advising on a large representa-tive sample of Employee Saving Plans. Dierently from many services that fully automate portfolio decisions, our robo-advisor proposes in- vestment and rebalancing strategies, leaving investors free to follow or ignore them. We focus on the resulting human-robot interactions and show that with the robo-service investors increase their attention to the portfolio, their investment in the plan, their equity exposure. They experience higher risk-adjusted returns, mostly by changing their re-balancing so to stay closer to the target. These eects are robust across various specications accounting for the endogeneity of the take-up decision, and they are stronger for investors with smaller portfolios, lower baseline returns and stock market participation. Our results suggest that automated advice can promote nancial inclusion, and they high- light how human-robot interactions can in uence investors' portfolio decisions and possibly improve nancial capability.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Language: | English |
| Date: | September 2021 |
| Place of Publication: | Toulouse |
| Uncontrolled Keywords: | Robo-Advising, Inclusion, Human-robot Interaction, Financial, Portfolio Dynamics, Long-Term Investment |
| JEL Classification: | D14 - Personal Finance G11 - Portfolio Choice; Investment Decisions G23 - Pension Funds; Other Private Financial Institutions |
| Subjects: | B- ECONOMIE ET FINANCE |
| Divisions: | TSE-R (Toulouse) |
| Institution: | Université Toulouse 1 Capitole |
| Site: | UT1 |
| Date Deposited: | 21 Sep 2021 07:28 |
| Last Modified: | 28 Jan 2026 14:24 |
| OAI Identifier: | oai:tse-fr.eu:125979 |
| URI: | https://publications.ut-capitole.fr/id/eprint/43818 |
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