The role of financial advisors
| Dependent variable | |||||
|---|---|---|---|---|---|
| Independent variable | SI | Stocks | Funds | Corp. bonds | Gov. bonds |
| Advisor years | 0.020 (0.016) | −0.047*** (0.016) | 0.003 (0.008) | −0.015 (0.015) | 0.029* (0.017) |
| Advisor frequency | 0.058*** (0.014) | 0.040*** (0.015) | 0.006 (0.008) | 0.035** (0.014) | 0.035** (0.016) |
| Advisor reliance | −0.043*** (0.014) | −0.016 (0.014) | −0.010 (0.007) | −0.006 (0.013) | 0.062*** (0.015) |
| Info SI | 0.163*** (0.031) | 0.103*** (0.031) | 0.054*** (0.019) | 0.044 (0.030) | 0.003 (0.035) |
| Info climate change | 0.126*** (0.036) | −0.091** (0.041) | 0.009 (0.028) | −0.024 (0.041) | 0.062 (0.047) |
| AIC | 870.3 | 904.0 | 330.3 | 839.6 | 1057.8 |
| BIC | 935.9 | 969.5 | 395.8 | 905.2 | 1123.4 |
| RMSE | 0.42 | 0.43 | 0.22 | 0.41 | 0.48 |
| Dependent variable | |||||
|---|---|---|---|---|---|
| Independent variable | Stocks | Funds | Corp. bonds | Gov. bonds | |
| Advisor years | 0.020 (0.016) | −0.047 | 0.003 (0.008) | −0.015 (0.015) | 0.029 |
| Advisor frequency | 0.058 | 0.040 | 0.006 (0.008) | 0.035 | 0.035 |
| Advisor reliance | −0.043 | −0.016 (0.014) | −0.010 (0.007) | −0.006 (0.013) | 0.062 |
| Info | 0.163 | 0.103 | 0.054 | 0.044 (0.030) | 0.003 (0.035) |
| Info climate change | 0.126 | −0.091 | 0.009 (0.028) | −0.024 (0.041) | 0.062 (0.047) |
| 870.3 | 904.0 | 330.3 | 839.6 | 1057.8 | |
| 935.9 | 969.5 | 395.8 | 905.2 | 1123.4 | |
| 0.42 | 0.43 | 0.22 | 0.41 | 0.48 | |
The table shows average marginal effects (AMEs) from logistic regression. Control variables include age, gender, level of responsibility for household financial decisions, geographic origin and educational attainment. Full tables with control variables are available upon request. Statistical significance levels: p < 0.1 (*), p < 0.05 (**), p < 0.01 (***)
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