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Sökning: WFRF:(Kirchler Michael 1977 ) > (2015-2019)

  • Resultat 11-14 av 14
  • Föregående 1[2]
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11.
  • Razen, M., et al. (författare)
  • Cash inflow and trading horizon in asset markets
  • 2017
  • Ingår i: European Economic Review. - 0014-2921. ; 92, s. 359-384
  • Tidskriftsartikel (refereegranskat)abstract
    • It is conjectured that one of the major ingredients of historic financial bubbles was the inflow of money in various forms. We run 36 laboratory asset markets to investigate the joint effect of cash inflow and trading horizon on price efficiency. We show that markets with cash inflow and long trading horizon exhibit bubbles and crashes. We also observe that markets with extended trading horizon but without cash inflow and markets with shorter trading horizon do not trigger bubbles. Finally, we report that beliefs about prices and, importantly, about (constant) fundamentals follow bubble patterns as well.
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12.
  • Stefan, M., et al. (författare)
  • Ethnical discrimination in Europe: Field evidence from the finance industry
  • 2018
  • Ingår i: PLoS ONE. - 1932-6203. ; 13:1
  • Tidskriftsartikel (refereegranskat)abstract
    • The integration of ethnical minorities has been a hotly discussed topic in the political, societal, and economic debate. Persistent discrimination of ethnical minorities can hinder successful integration. Given that unequal access to investment and financing opportunities can cause social and economic disparities due to inferior economic prospects, we conducted a field experiment on ethnical discrimination in the finance sector with 1,218 banks in seven European countries. We contacted banks via e-mail, either with domestic or Arabic sounding names, asking for contact details only. We find pronounced discrimination in terms of a substantially lower response rate to e-mails from Arabic senders. Remarkably, the observed discrimination effect is robust for loan- and investment-related requests, across rural and urban locations of banks, and across countries. © 2018 Stefan et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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13.
  • Stockl, T., et al. (författare)
  • Hot hand and gambler's fallacy in teams: Evidence from investment experiments
  • 2015
  • Ingår i: Journal of Economic Behavior & Organization. - 0167-2681. ; 117, s. 327-339
  • Tidskriftsartikel (refereegranskat)abstract
    • In laboratory experiments we explore the effects of communication and group decision making on investment behavior and on subjects' proneness to behavioral biases. Most importantly, we show that communication and group decision making do not impact subjects' overall proneness to the hot hand fallacy and to the gambler's fallacy. However, groups decide differently than individuals, as they rely significantly less on useless outside advice from "experts" and choose the risk-free option less frequently. Furthermore we document gender differences in investment behavior: groups of two female subjects choose the risk-free investment more often and are marginally more prone to the hot hand fallacy than groups of two male subjects. (C) 2015 The Authors. Published by Elsevier B.V.
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14.
  • Stockl, T., et al. (författare)
  • Multi-period experimental asset markets with distinct fundamental value regimes
  • 2015
  • Ingår i: Experimental Economics. - 1386-4157. ; 18:2, s. 314-334
  • Tidskriftsartikel (refereegranskat)abstract
    • In this methodological study we analyze price adjustment processes in multi-period laboratory asset markets with five distinct fundamental value regimes in a unified framework. Minimizing the effect of between-treatment variations we run markets with deterministically decreasing, constant, randomly fluctuating and-as main innovation-markets with deterministically increasing s. We find (i) efficient pricing in markets with constant s, (ii) overvaluation in markets with decreasing s, and (iii) undervaluation in markets with increasing s. (iv) Markets with randomly fluctuating fundamentals show overvaluation when s predominantly decline and undervaluation when s are mostly upward-sloping. Finally, we document that (v) bid-ask spreads and volatility of price changes are positively correlated with mispricing across regimes. The main contribution of the paper is to provide clean comparisons between distinct regimes, in particular between markets with increasing s and other regimes.
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  • Resultat 11-14 av 14
  • Föregående 1[2]
 
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