The Effect of Advisors' Incentives on Clients' Investments
利用投资公司的微观数据和MiFID II改革这一自然实验，发现客户投资对顾问激励变化反应强烈，顾问通过多种机制调整行为，改革后激励更平衡，提高了投资组合效率。
ABSTRACT We use granular data from an investment firm and a credible identification strategy to estimate the effect of financial advisors' incentives on client investments. Exploiting a natural experiment triggered by the 2018 implementation of Markets in Financial Instruments Directive II (MiFID II), we find that clients' investments respond strongly to changes in advisor incentives. Advisors react through multiple mechanisms: (i) inducing existing clients to bring in new money, (ii) channeling it to high‐incentive funds, and (iii) attracting more new clients. We also find that the MiFID II reform generated more balanced incentives, which translated into higher portfolio efficiency through lower average fees and stronger portfolio diversification.