论文标题
投资顾问和经纪交易商关系的披露：对理解和决策的影响
Disclosure of Investment Advisor and Broker-Dealer Relationships: Impact on Comprehension and Decision Making
论文作者
论文摘要
最近颁布的法规旨在增强零售投资者对不同类型的投资帐户的理解。为了实现这一目标，美国证券交易委员会（SEC）规定，由SEC注册的投资顾问和经纪交易商提供了简短的关系摘要（表格CRS）向零售投资者提供。本研究研究了该法规对投资者的影响，并考虑了其市场影响。基于三个结果变量评估了表格CR的影响：感知的有益性，理解和决策。该研究还研究了个人特征（例如投资经验）是否影响了披露对决策的影响。结果表明，参与者认为披露是有帮助的，并且对两种类型的投资帐户有了显着增强的理解。至关重要的是，参与者在披露后还表现出对经纪交易商的偏好和选择。对经纪交易商的偏好增加与更多的投资经验，更大的理解收益以及从更长的披露中获取更多信息有关。这些发现表明，CRS表格可能会促进散户投资者之间的明智决策，同时增加经纪交易商帐户的选择。
Recently enacted regulations aimed to enhance retail investors' understanding about different types of investment accounts. Toward this goal, the Securities and Exchange Commission (SEC) mandated that SEC-registered investment advisors and broker-dealers provide a brief relationship summary (Form CRS) to retail investors. The present study examines the impact of this regulation on investors and considers its market implications. The effects of Form CRS were evaluated based on three outcome variables: perceived helpfulness, comprehension, and decision making. The study also examined whether personal characteristics, such as investment experience, influenced the disclosure's impact on decision making. Results indicated that participants perceived the disclosure as helpful and it significantly enhanced comprehension about the two types of investment accounts. Critically, participants also showed increased preference and choice for broker-dealers after the disclosure. Increased preference for broker-dealers was associated with greater investment experience, greater comprehension gains, and access to more information from a longer disclosure. These findings suggest that Form CRS may promote informed decision making among retail investors while simultaneously increasing the selection of broker-dealer accounts.
