国际清算银行-金融科技、投资者成熟度和金融投资组合选择（英）-2023.4

# 金融科技 # 投资者 # 金融投资大小：2.00M | 页数：62 | 上架时间：2023-04-26 | 语言：英文

国际清算银行-金融科技、投资者成熟度和金融投资组合选择（英）-2023.4.pdf

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国际清算银行-金融科技、投资者成熟度和金融投资组合选择（英）-2023.4.pdf

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类型: 专题

上传者: GHY-s

撰写机构: 国际清算银行

出版日期: 2023-04-12

摘要：

This paper analyses the links between advances in financial technology, investors’ sophistication, and the composition and returns of their financial portfolios. We develop a simple portfolio choice model under asymmetric information and derive some theoretical predictions. Using detailed microdata from Banca d’Italia, we test these predictions for Italian households over the period 2004-20. In general, heterogeneity in portfolio composition and in returns between sophisticated and unsophisticated investors grows with improvements in financial technology. This heterogeneity is reduced only if financial technology is accessible to everyone and if investors have a similar capacity to use it.

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