We examine how access to automated wealth managers affects households' investment in
financial markets and welfare across the wealth distribution. Our setting features novel …

This paper investigates the causal relationship between changes in mutual fund
management fees and fund flows using a comprehensive dataset of daily fund flows. Our …

This paper investigates the impact of a 2018 intervention by the European Securities and
Markets Authority (ESMA), which limits the amount of leverage that retail investors can take …

We provide new evidence on the driving forces behind asset pricing anomalies by
decomposing return variation across investor types and their trading motives. Small …

We study a discrete-time life-cycle retirement planning problem for individual workers with
four distinct investment options: self-management with dynamic investment (S), self …

Using data on equity mutual fund portfolio allocations and transactions, we show that a rise
in short-term interest rates via contractionary monetary policy leads fund managers to tilt …

This thesis addresses three different research questions, within individual articles, that are
related to the low-risk anomaly. All research questions are unified by their clear focus on …