Sina Borgsen Investment Decisions of Private Households and the Role of Financial Advice Inauguraldissertation zur Erlangung des akademischen Grades eines Doktors der Wirtschaftswissenschaften der Universität Mannheim vorgelegt im Frühjahrs-/Sommersemester 2010 ii Dekan: Dr. Jürgen M. Schneider Referent: Professor Dr. Dr. h.c. Martin Weber Korreferent: Professor Dr. Bernd Helmig Tag der mündlichen Prüfung: 8. November 2010iii Meiner Familie 1 Acknowlegements It is a pleasure to thank the many people who made this thesis possible. I am very grateful to my supervisor, Prof. Dr. Dr. h.c. Martin Weber, for countless helpful suggestions, numerous stimulating discussions, invaluable motivating support, and for some-times pushing me into the right direction. Many thanks are also due to Prof. Dr. Bernd Hel-mig, my second examiner. I would like to thank current and former colleagues at the University of Mannheim for many inspiring discussions, helpful comments and ideas: Anders Anderson, Ph.D., Dr. Martina Corsten, Christian Ehm, Dr. Silvia Elsland, Daniel Foos, Prof. Dr. Markus Glaser, Jun.-Prof. Dr. Jens Grunert, Heiko Jacobs, Christine Kaufmann, Dr. Volker Kleff, Jun.-Prof. Dr. Ale-xander Klos, Prof. Dr. Thomas Langer, Christoph Merkle, Sebastian Müller, Prof. Dr. Markus Nöth, Prof. Dr. Lars Norden, Dr. Alen Nosic, Dr. Adelson Pinon, Dr.
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