Delegation Decisions in Finance

被引：6

作者：

Holzmeister, Felix ^{[1
]}

Holmen, Martin ^{[2
]}

Kirchler, Michael ^{[2
,3
]}

Stefan, Matthias ^{[3
]}

Wengstrom, Erik ^{[4
,5
]}

机构：

[1] Univ Innsbruck, Dept Econ, A-6020 Innsbruck, Austria

[2] Univ Gothenburg, Dept Econ, Ctr Finance, S-40530 Gothenburg, Sweden

[3] Univ Innsbruck, Dept Banking & Finance, A-6020 Innsbruck, Austria

[4] Lund Univ, Dept Econ, S-22007 Lund, Sweden

[5] Hanken Sch Econ, Dept Finance & Econ, Helsinki 00100, Finland

来源：

MANAGEMENT SCIENCE | 2023年 / 69卷 / 08期

基金：

奥地利科学基金会; 瑞典研究理事会;

关键词：

experimental finance; finance professionals; delegation decisions; TRUST; COMPETITION; AVERSION; BLAME;

D O I：

10.1287/mnsc.2022.4555

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Based on an online experimentwith a sample of finance professionals and participants from the general population (acting as clients), we examine drivers and motives of clients' choices to delegate investment decisions to agents. We find that clients favor delegation to investment algorithms, followed by delegation to finance professionals compensated with an aligned incentive scheme, and lastly to finance professionals receiving a fixed payment for investing on behalf of others. We show that trust in investment algorithms or finance professionals, and clients' propensity to shift blame on others increase the likelihood of delegation, whereas clients' own decision-making quality is associated with a decrease in delegation frequency.

引用

页码：4828 / 4844

页数：17

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