Are smokers more likely to seek and follow financial advice? We build on literature which shows that investors who smoke have self-control issues and trade impulsively. We empirically measure self-control failures by identifying cigarette addiction in a sample of German brokerage clients and show that smokers are more likely to delegate their decisions to financial advisors which work like a commitment device. Potential endogeneity issues and self-selection are addressed by using propensity score matching. Despite advisor incentives, such commitments work successfully in lowering overtrading, improving investment biases and increasing performance of low self-control investors.

吸烟者是否更有可能寻求和遵循财务建议？我们以文献为基础，这些文献表明吸烟的投资者存在自我控制问题并且交易冲动。我们通过在德国经纪客户样本中识别香烟成瘾来凭经验衡量自我控制失败，并表明吸烟者更有可能将他们的决定委托给财务顾问，财务顾问就像一种承诺工具。潜在的内生性问题和自我选择通过使用倾向得分匹配来解决。尽管有顾问激励，但此类承诺在降低过度交易、改善投资偏见和提高低自控投资者的表现方面取得了成功。