Oehler, A., Horn, M., Wendt, S., 2022, Investor Characteristics and Their Impact on the Decision to Use a Robo-Advisor, Journal of Financial Services Research 62(1), 91-125.

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.

Keywords

Robo-advisor · Financial Advice · Portfolio Management · Investments · Personal Finance · Household Finance

JEL Classifications

D14 · G11 · G24 · G29

Zuvor:

Oehler, A., Horn, M., Wendt, S., 2021, Investor Characteristics and Their Impact on the Decision to Use a Robo-Advisor; Behavioural Finance Working Group Conference, London, June 10-11; OR 2021 International Conference on Operations Research, August 31 - September 3; 14th International Risk Management Conference, October 1-2.

Oehler, A., Horn, M., Wendt, S., 2020, Do Robo-Advisors Address Less Risk-Averse People?; Psychonomic Society 2020 Annual Meeting, November 19-21; Behavioural Finance Working Group Conference, June 11-12 (postponed).