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Sökning: WFRF:(Kirchler Michael 1977 )

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1.
  • Camerer, C. F., et al. (författare)
  • Evaluating replicability of laboratory experiments in economics
  • 2016
  • Ingår i: Science. - 0036-8075. ; 351:6280, s. 1433-1436
  • Tidskriftsartikel (refereegranskat)abstract
    • The replicability of some scientific findings has recently been called into question. To contribute data about replicability in economics, we replicated 18 studies published in the American Economic Review and the Quarterly Journal of Economics between 2011 and 2014. All of these replications followed predefined analysis plans that weremade publicly available beforehand, and they all have a statistical power of at least 90% to detect the original effect size at the 5% significance level. We found a significant effect in the same direction as in the original study for 11 replications (61%); on average, the replicated effect size is 66% of the original. The replicability rate varies between 67% and 78% for four additional replicability indicators, including a prediction market measure of peer beliefs.
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2.
  • Camerer, C. F., et al. (författare)
  • Evaluating the replicability of social science experiments in Nature and Science between 2010 and 2015
  • 2018
  • Ingår i: Nature Human Behaviour. - 2397-3374. ; 2:9, s. 637-644
  • Tidskriftsartikel (refereegranskat)abstract
    • Being able to replicate scientific findings is crucial for scientific progress1-15. We replicate 21 systematically selected experimental studies in the social sciences published in Nature and Science between 2010 and 201516-36. The replications follow analysis plans reviewed by the original authors and pre-registered prior to the replications. The replications are high powered, with sample sizes on average about five times higher than in the original studies. We find a significant effect in the same direction as the original study for 13 (62%) studies, and the effect size of the replications is on average about 50% of the original effect size. Replicability varies between 12 (57%) and 14 (67%) studies for complementary replicability indicators. Consistent with these results, the estimated truepositive rate is 67% in a Bayesian analysis. The relative effect size of true positives is estimated to be 71%, suggesting that both false positives and inflated effect sizes of true positives contribute to imperfect reproducibility. Furthermore, we find that peer beliefs of replicability are strongly related to replicability, suggesting that the research community could predict which results would replicate and that failures to replicate were not the result of chance alone.
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3.
  • Dijk, Oege, et al. (författare)
  • Rank matters-The impact of social competition on portfolio choice
  • 2014
  • Ingår i: European Economic Review. - 0014-2921 .- 1873-572X. ; 66, s. 97-110
  • Tidskriftsartikel (refereegranskat)abstract
    • Tournament incentives' schemes have been criticized for inducing excessive risk-taking among financial market participants. In this paper we investigate how relative performance-based incentive schemes and status concerns for higher rank influence portfolio choice in laboratory experiments. We find that both underperformers and over-performers adapt their portfolios to their current relative performance, preferring either positively or negatively skewed assets, respectively. Most importantly, these results hold both when relative performance is instrumental for higher payoffs in a tournament and when it is only intrinsically motivating and not payout-relevant. We find no effects when no relative performance information is given. © 2013 Elsevier B.V.
4.
  • Fang, Dawei, 1983-, et al. (författare)
  • How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests
  • 2017
  • Ingår i: Journal of Economic Dynamics and Control. - 0165-1889. ; 75, s. 1-27
  • Tidskriftsartikel (refereegranskat)abstract
    • We investigate the impact of investment managers׳ tournament incentives on investment strategies and market efficiency, distinguishing between winner-take-all tournaments (WTA), where a minority wins, and elimination contests (EC), where a majority wins. Theoretically, we show that investment managers play heterogeneous strategies in WTA and homogeneous strategies in EC, and markets are more prone to mispricing in WTA than in EC. Experimentally, we find that investment managers play more heterogeneous strategies in WTA than in EC, but this does not trigger significant differences in prices. Moreover, prices in WTA and EC do not differ significantly from markets composed of linearly incentivized subjects.
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5.
  • Hanke, M., et al. (författare)
  • Football championships and jersey sponsors' stock prices: an empirical investigation
  • 2013
  • Ingår i: European Journal of Finance. - 1351-847X .- 1466-4364. ; 19:3, s. 228-241
  • Tidskriftsartikel (refereegranskat)abstract
    • Corporate sports sponsorship is an important part of many companies' corporate communication strategy. In this paper, we take the example of major football tournaments to show that sponsorship indeed affects the sponsor's (stock) market value. We find a statistically significant impact of football results (at an individual match level) of the seven most important football nations at European and World Championships on the stock prices of jersey sponsors. In general, the more important a match and the less expected its result, the higher its impact. In addition, we find a form of mere-exposure' effect which is difficult to reconcile with the efficient markets hypothesis.
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6.
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7.
  • Holmén, Martin, 1966-, et al. (författare)
  • Do Option-like Incentives Induce Overvaluation? Evidence from Experimental Asset Markets
  • 2012
  • Rapport (övrigt vetenskapligt)abstract
    • One potential reason for bubbles evolving prior to the financial crisis was excessive risk taking stemming from option-like incentive schemes in financial institutions. By running laboratory asset markets, we investigate the impact of option-like incentives on price formation and trading behavior. We observe (i) that option-like incentives induce significantly higher market prices than linear incentives. We further find that (ii) option-like incentives provoke subjects to behave differently and to take more risk than subjects with linear incentives. We finally show that (iii) trading at inflated prices is rational for subjects with option-like incentives since it increases their expected payout.
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8.
  • Holmén, Martin, 1966-, et al. (författare)
  • Do option-like incentives induce overvaluation? Evidence from experimental asset markets
  • 2014
  • Ingår i: Journal of Economic Dynamics and Control. - 0165-1889. ; 40, s. 179-194
  • Tidskriftsartikel (refereegranskat)abstract
    • One potential reason for bubbles evolving prior to the financial crisis was excessive risk taking stemming from option-like incentive schemes in financial institutions. By running laboratory asset markets, we investigate the impact of option-like incentives on price formation and trading behavior. The main results are that (i) we observe significantly higher market prices with option-like incentives than linear incentives. (ii) We further find that option-like incentives provoke subjects to behave differently and to take more risk than subjects with linear incentives. (iii) We finally show that trading at inflated prices is rational for subjects with option-like incentives since it increases their expected payout. © 2014 Elsevier B.V.
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9.
  • Huber, Jürgen, et al. (författare)
  • Experimental asset markets with endogenous choice of costly asymmetric information
  • 2011
  • Ingår i: Experimental Economics. - 1386-4157. ; 14:2, s. 223-240
  • Tidskriftsartikel (refereegranskat)abstract
    • Asymmetric distribution of information, while omnipresent in real markets, is rarely considered in experimental financial markets. We present results from experiments where subjects endogenously choose between five information levels (four of them costly). We find that (i) uninformed traders earn the highest net returns, while average informed traders always perform worst even when information costs are not considered; (ii) over time traders learn to pick the most advantageous information levels (full information or no information); and (iii) market efficiency decreases with higher information costs. These results are mostly in line with the theoretical predictions of Grossman and Stiglitz (Am. Econ. Rev. 70:393–408, 1980) and provide additional insights that studies with only two information levels cannot deliver.
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10.
  • Huber, J., et al. (författare)
  • Experimental evidence on varying uncertainty and skewness in laboratory double-auction markets
  • 2014
  • Ingår i: Journal of Economic Behavior & Organization. - 0167-2681. ; 107, s. 798-809
  • Tidskriftsartikel (refereegranskat)abstract
    • We investigate the influence of skewness in asset fundamentals on asset prices under different states of uncertainty in double-auction markets. Three different types of assets are considered: risky assets, ambiguous assets and assets where the fundamental value distribution can be learned by repeated sampling of realizations. We show that market prices for skewed assets initially differ from those of non-skewed assets for risky as well as for ambiguous assets. Because of learning, the difference in market prices mostly disappears towards the end of trading. When fundamentals are "learned" by experience sampling, prices of all assets, irrespective of skewness, are very efficient from the beginning. Thus, when probabilities are not described but experienced, subjects are better able to estimate the fundamental value of an asset. (C) 2014 Elsevier B.V. All rights reserved.
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