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Sökning: WFRF:(Kirchler Michael 1977 )

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  • Föregående 12[3]4Nästa
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21.
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22.
  • Kirchler, Michael, 1977-, et al. (författare)
  • Rankings and Risk-Taking in the Finance Industry
  • 2018
  • Ingår i: Journal of Finance. - 0022-1082. ; 73:5, s. 2271-2302
  • Tidskriftsartikel (refereegranskat)abstract
    • Rankings are omnipresent in the finance industry, yet the literature is silent on how they impact financial professionals' behavior. Using lab-in-the-field experiments with 657 professionals and lab experiments with 432 students, we investigate how rank incentives affect investment decisions. We find that both rank and tournament incentives increase risk-taking among underperforming professionals, while only tournament incentives affect students. This rank effect is robust to the experimental frame (investment frame vs. abstract frame), to payoff consequences (own return vs. family return), to social identity priming (private identity vs. professional identity), and to professionals' gender (no gender differences among professionals).
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23.
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24.
  • Kirchler, Michael, 1977-, et al. (författare)
  • The "inflow-effect"-Trader inflow and price efficiency
  • 2015
  • Ingår i: European Economic Review. - 0014-2921. ; 77, s. 1-19
  • Tidskriftsartikel (refereegranskat)abstract
    • We investigate the impact of cash and trader inflow on price efficiency in multi-period experimental asset markets. Implementing eight treatments with 672 subjects, we find that (i) the joint inflow of cash and traders triggers strong overvaluation and massive price run-ups (inflow-effect). Remarkably, the effect occurs in almost all of the 30 markets with joint cash and trader inflow and is very robust. The effect even prevails in markets with complete and symmetric fundamental information. We further show that (ii) in treatments with the joint inflow of cash and traders, prices crash to fundamentals towards maturity of the asset. The analysis of traders' beliefs reveals that (iii) despite fundamental values staying constant, beliefs about fundamentals co-move with upwardly trending prices. Finally, we report a speculative motive only among the optimists in treatments where we observe the inflow-effect. (C) 2015 Elsevier BM. All rights reserved.
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25.
  • Kleinlercher, D., et al. (författare)
  • The impact of different incentive schemes on asset prices
  • 2014
  • Ingår i: European Economic Review. - 0014-2921. ; 68, s. 137-150
  • Tidskriftsartikel (refereegranskat)abstract
    • How people are incentivized is one of the main drivers of how they behave. In laboratory asset markets we evaluate the impact of four trader incentive bonus, bonus with cap, linear, and penalty - on asset prices and trader behavior. We find that (i) an asset with identical expected dividend shows price levels which differ by more than 100 percent depending on the incentive scheme subjects face. In particular, prices of markets populated by subjects with bonus incentives show the highest prices, whereas those with penalty-like incentivized subjects exhibit the lowest. (ii) However, subjects act approximately rational as different incentives generate different optimal price levels. (iii) In markets where different subjects have different incentive schemes we find that those with bonus incentives exhibit a riskier investment behavior and prefer the riskier asset, whereas subjects with penalty incentives invest conservatively and mainly hold cash. Since we find no difference in risk attitude of subjects prior to the experiment, differences in investment behavior are induced by the applied incentives. Our results highlight that incentives on financial markets have a huge impact on asset prices and investment behavior. (C) 2014 Elsevier B.V. All rights reserved.
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26.
  • 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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27.
  • Schwaiger, R., et al. (författare)
  • Determinants of investor expectations and satisfaction. A study with financial professionals
  • 2019
  • Ingår i: Journal of Economic Dynamics and Control. - 0165-1889.
  • Tidskriftsartikel (refereegranskat)abstract
    • We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way in which the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals’ price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals’ price expectations are less prone to framing effects. © 2019 The Author(s)
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28.
  • 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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29.
  • 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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30.
  • 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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