American Economic Review · 2025 · Tabea Bucher‐Koenen、Andreas Hackethal、Johannes Koenen、Christine Laudenbach
中文摘要
基于一家大型德国银行的理财顾问与客户之间27,000次实际会面所收集的数据，我们表明，顾问向女性提供的建议更有利于顾问自身利益，而男性更有可能获得销售费用返还，也更不容易被推荐费用高昂的本行旗下多资产（IHMA）基金。补充开展的客户与顾问调查提供了与以下统计歧视机制相一致的证据：以性别作为客户金融精明程度的代理变量，其中女性客户表现出较低的金融素养、信心和价格敏感度。此外，女性顾问报告称，她们对自身专业技能的信心较低；她们实施的歧视行为也少于男性同事。
Abstract
Based on data gathered from 27,000 real-world meetings between financial advisors and clients of a large German bank, we show that advisors offer more self-serving advice to women, while men are more likely to receive sales fee rebates and less likely to be recommended expensive in-house multi-asset (IHMA) funds. Additional client and advisor surveys provide evidence consistent with statistical discrimination based on gender as a proxy for client financial sophistication, with female clients exhibiting lower financial literacy, confidence, and price sensitivity. Moreover, female advisors report less confidence in their own professional skills and engage in less discrimination than male colleagues. (JEL D83, G21, G51, G53, J16, L84)