Subject：Beyond Performance: the Financial Education Role of Robo-advising

Guest：HAO Rubin, Assistant Professor, University of Macau

Host：SONG Zhongzhi, Associate Professor, ACEM

Time：10:00-11:30 am. Nov. 27, 2023 (Monday)

Venue：Room B207, Antai Building, Xuhui Campus

Abstract:

Using proprietary individual investor account-level data obtained from Ant Group, we find that, in addition to providing investors better investment performance, robo-advising has a positive spillover effect on investor behavior. Specifically, after adopting robo-advising, investors have more diversified portfolios and exhibit reduced behavioral biases in portfolio management and fund choices in their self-directed accounts. This effect is more prominent among adopters who were less sophisticated before the adoption. We highlight two features that strengthen the effectiveness of the robo-advisor in changing investor behavior: the continuous interactions between the robo-advisor and its adopters, and the accessibility of easy-to-apply educational resources.

Guest Bio：

Prof. Rubin Hao joined University of Macau in September 2022. He received his PhD in Accounting from the Chinese University of Hong Kong, and earned his bachelor’s degree and master’s degree in Financial Management from Renmin University of China. He has published papers in Review of Accounting Studies and Journal of Empirical Finance. His primary research interest is in the area of financial accounting. He is particularly interested in financial analysts’ information processing and investor behavior bias. Prof. Hao has taught financial accounting, managerial accounting, financial statement analysis and accounting theory to undergraduate and master students.

欢迎广大师生参加!