Artificial Intelligence Alter Egos: Who might benefit from robo-investing?
(2020) Journal of Empirical Finance — Vol. 59, p. 278-299 (2020)
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- Abstract
- We use a unique data set covering brokerage accounts for a large cross-section of investors over a sample from January 2003 to March 2012, which includes the 2008 financial crisis, to assess the potential benefits of robo-investing. We explore robo-investing strategies commonly used in the industry, including some involving advanced machine learning methods. We shadow each of our investors with a robo-advisor to shed light on possible benefits the emerging robo-advising industry may provide to certain segments of the population, such as low income and/or low education investors.
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Citations
D’Hondt, C., De Winne, R., Ghysels, E., & Raymond, S. (2020). Artificial Intelligence Alter Egos: Who might benefit from robo-investing? Journal of Empirical Finance, 59, 278-299. https://doi.org/10.1016/j.jempfin.2020.10.002 (Original work published 2020)