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Delegation Decisions in Finance

Author

Listed:
  • Felix Holzmeister

    (Department of Economics, University of Innsbruck, 6020 Innsbruck, Austria)

  • Martin Holmén

    (Department of Economics, Centre for Finance, University of Gothenburg, 405 30 Göteborg, Sweden)

  • Michael Kirchler

    (Department of Economics, Centre for Finance, University of Gothenburg, 405 30 Göteborg, Sweden; Department of Banking and Finance, University of Innsbruck, 6020 Innsbruck, Austria)

  • Matthias Stefan

    (Department of Banking and Finance, University of Innsbruck, 6020 Innsbruck, Austria)

  • Erik Wengström

    (Department of Economics, Lund University, 220 07 Lund, Sweden; Department of Finance and Economics, Hanken School of Economics, 00100 Helsinki, Finland)

Abstract

Based on an online experiment with a sample of finance professionals and participants from the general population (acting as clients), we examine drivers and motives of clients’ choices to delegate investment decisions to agents. We find that clients favor delegation to investment algorithms, followed by delegation to finance professionals compensated with an aligned incentive scheme, and lastly to finance professionals receiving a fixed payment for investing on behalf of others. We show that trust in investment algorithms or finance professionals, and clients’ propensity to shift blame on others increase the likelihood of delegation, whereas clients’ own decision-making quality is associated with a decrease in delegation frequency.

Suggested Citation

  • Felix Holzmeister & Martin Holmén & Michael Kirchler & Matthias Stefan & Erik Wengström, 2023. "Delegation Decisions in Finance," Management Science, INFORMS, vol. 69(8), pages 4828-4844, August.
    • Handle: RePEc:inm:ormnsc:v:69:y:2023:i:8:p:4828-4844
    DOI: 10.1287/mnsc.2022.4555
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    Cited by:

    1. Eriksen, Kristoffer W. & Kvaløy, Ola & Luzuriaga, Miguel, 2020. "Risk-taking on behalf of others," Journal of Behavioral and Experimental Finance, Elsevier, vol. 26(C).
    2. Kling, Luisa & König-Kersting, Christian & Trautmann, Stefan T., 2023. "Investment preferences and risk perception: Financial agents versus clients," Journal of Banking & Finance, Elsevier, vol. 154(C).
    3. Matthias Stefan & Martin Holmén & Felix Holzmeister & Michael Kirchler & Erik Wengström, 2022. "You can’t always get what you want—An experiment on finance professionals' decisions for others," Working Papers 2022-02, Faculty of Economics and Statistics, Universität Innsbruck.
    4. Köbis, Nils & Rahwan, Zoe & Bersch, Clara & Ajaj, Tamer & Bonnefon, Jean-François & Rahwan, Iyad, 2024. "Experimental evidence that delegating to intelligent machines can increase dishonest behaviour," OSF Preprints dnjgz, Center for Open Science.
    5. Martin Holmén & Felix Holzmeister & Michael Kirchler & Matthias Stefan & Erik Wengström, 2023. "Economic Preferences and Personality Traits Among Finance Professionals and the General Population," The Economic Journal, Royal Economic Society, vol. 133(656), pages 2949-2977.
    6. Kling, Luisa & König-Kersting, Christian & Trautmann, Stefan T., 2019. "Investment Preferences and Risk Perception: Financial Agents versus Clients," Working Papers 0674, University of Heidelberg, Department of Economics.
    7. Oehler, Andreas & Horn, Matthias, 2024. "Does ChatGPT provide better advice than robo-advisors?," Finance Research Letters, Elsevier, vol. 60(C).

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    More about this item

    Keywords

    experimental finance; finance professionals; delegation decisions;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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