Households' investment decisions and the role of financial advice

Dissertation to obtain the academic degree doctor rerum politicarum. In the light of the increasing participation of households in equity markets and the rising necessity to accumulate wealth for retirement, Ralph Blüthgen investigates households’ investment decisions and the potential influence of professional financial advice. In this context, he analyzes the differences between advised and non-advised investors regarding (international) diversification, trading behavior, and portfolio performance. Additionally, he provides new insights into the influence of advisor characteristics on the quality of financial advice offered. Finally, Ralph Blüthgen explores the underlying reasons for and the potential consequences of insufficient geographical diversification.