Investor Characteristics and their Impact on the Decision to use a Robo-advisor
通过调查231名本科生，研究零售投资者的风险承受意愿、外向性、乐观等个人特征如何影响其使用机器人顾问的决策，并发现使用机器人顾问的投资者投资更多且更可能自主投资股票和债券。
Abstract We survey 231 undergraduate students to analyze how retail investors’ characteristics influence their decision to use a robo-advisor. Characteristics such as the willingness to take risk, extraversion, and optimism are significant in univariate tests but the willingness to take risk and the internal locus of control are significant in multivariate settings. Participants who use the robo-advisor invest more and are more likely to also invest on their own in both stocks and bonds. We also find statistically significant differences between participants who exclusively use the robo-advisor for investments in stocks and bonds and participants who use the robo-advisor and invest some money in stocks and bonds on their own.