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Träfflista för sökning "WFRF:(Holmén Martin 1966 ) "

Sökning: WFRF:(Holmén Martin 1966 )

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1.
  • Hagelin, Niclas, et al. (författare)
  • Family Ownership, Dual Class Shares and Risk Management
  • 2006
  • Ingår i: Global Finance Journal. - 1044-0283. ; 16:3, s. 283-301
  • Tidskriftsartikel (refereegranskat)abstract
    • We investigate whether the use of dual-class shares affects the financial policy of Swedish public corporations. Specifically, we distinguish between firms that are controlled by owners with poor portfolio diversification (families) and those controlled by owners with diversified portfolios (institutions). We find that, on average, family-controlled firms do not rely on less debt, more corporate diversification, or more financial hedging than non-family firms do. For family-controlled firms, however, we find that controlling owners with higher vote-to-capital ratios are associated with firms with less debt and lower probabilities of hedging. This evidence is consistent with the perception that family-controlled firms use shares with different voting rights so as simultaneously to maintain control and reduce the family's portfolio risk.
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2.
  • Carlander, Anders, 1979-, et al. (författare)
  • Choices of savings options related to trust in banks’ competence, benevolence and stability
  • 2013
  • Ingår i: Journal of Financial Services Marketing. - 1363-0539 .- 1479-1846. ; 18:2, s. 121-136
  • Tidskriftsartikel (refereegranskat)abstract
    • The study investigates whether beliefs in professional investor skill in conjunction with trust in banks and other fund managers explain choices of options for long-term savings. From questionnaire data obtained for a population-based sample (n=178) and a sample of undergraduates (n=186), two index measures were constructed, one of beliefs in the skill of professional investors and another of trust in fund managers. The trust index was aggregated for the three interrelated components: competence, benevolence and stability. Regression analyses of the likelihood of savings in an actively managed fund showed an expected effect of investor-skill beliefs that was mediated by trust in the fund manager. In addition, self-reported knowledge played a larger role than trust for choices of passively managed index funds and in particular for own investment in stocks.
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3.
  • Carlander, Anders, 1979-, et al. (författare)
  • The role of perceived quality of personal service in influencing trust and satisfaction with banks
  • 2018
  • Ingår i: Financial Services Review. - 1057-0810. ; 27, s. 83-98
  • Tidskriftsartikel (refereegranskat)abstract
    • Trust is of paramount importance to banks. Previous research has shown that trust increases with repeated personal contacts. We investigate if this applies to the customer-employee relationship in banks. Data from an on-line survey of 293 customers of Swedish retail banks are used to construct indicator measures. By means of structural equation modeling we find that trust in the bank is influenced by perceived quality of personal service through employees’ perceived competence, perceived benevolence, and perceived transparency, and that satisfaction with the bank is influenced by perceived quality of personal service through perceived competence, perceived benevolence, perceived transparency, and trust.
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4.
  • 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.
5.
  • Fabretti, Annalisa, et al. (författare)
  • Convex incentives in financial markets: an agent-based analysis
  • 2017
  • Ingår i: Decisions in Economics and Finance. - 1593-8883 .- 1129-6569. ; 40:1-2, s. 375-395
  • Tidskriftsartikel (refereegranskat)abstract
    • © 2017, Springer-Verlag Italia S.r.l. We investigate whether convex incentive contracts are a source of instability of financial markets as indicated by the results of a continuous double-auction asset market experiment performed by Holmen et al. (J Econ Dyn Control 40:179–194, 2014). We develop a model to replicate the setting of the experiment and perform an agent-based simulation where agents have linear or convex incentives. Extending the simulation by varying features of actual asset markets that were not studied in the experiment, our main results show that increasing the number of convex incentive contracts increases prices and volatility and decreases market liquidity, measured both as bid–ask spreads and volumes. We also observe that the influence of risk aversion on traders’ decisions decreases when there are convex contracts and that increasing the differences in initial wealth among the traders has similar effects as increasing number of convex incentive contracts.
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6.
  • Gärling, Tommy, 1941-, et al. (författare)
  • Fast and Slow Investments in Asset Markets: Influences on Risk Taking
  • 2019
  • Ingår i: Behavioral Finance Working Group Conference. London: 6-7 June 2019.
  • Konferensbidrag (övrigt vetenskapligt)abstract
    • In an experiment business school students (n=123) role play being investment managers in a fund company incentivized by rank-based performance compensations. Investments are made at self-paced rates in stocks with normal return distributions varying in expected value and variance. Results show that investments increase above but decrease and are relatively more risky below a relative comparison standard. Above the comparison standard, hypothetical monetary bonuses do not increase risk taking more than non-monetary bonuses, while below the comparison standard hypothetical monetary penalties suppress risk taking more than non-monetary penalties do. Compared to a control condition with no relative comparison standard and hypothetical incentives, risk taking is lower below but not different above the comparison standard. The difference in results suggest that time pressure and complexity of strategic optimization are determinants of elevated risk taking in asset market experiments investigating effects of rank-based performance compensations.
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7.
  • Hauff Carlsson, Jeanette, 1965-, et al. (författare)
  • Breaking the ice of low financial involvement: Does narrative information format from a trusted sender increase savings in mutual funds?
  • 2016
  • Ingår i: International Journal of Bank Marketing. - 0265-2323. ; 34:2, s. 151-170
  • Tidskriftsartikel (refereegranskat)abstract
    • Purpose – The purpose of this paper is to investigate how trust in the sender of financial information and a narrative vs fact-related format of the information influence intentions to save in a mutual fund. Design/methodology/approach – In Experiment 1, 186 undergraduates participate and in Experiment 2, 434 Swedish citizens between 18 and 70 years randomly chosen from a consumer panel. In both experiments participants are randomized to two conditions in which they are presented with the same information about a mutual fund in a narrative or a traditional fact-related format. In four different between-groups conditions crossed with information format, pre-tested descriptions of different fictitious banks are presented. The descriptions are combined in a fractional factorial design such that one bank is low in the three trust determinants of competence, benevolence and transparency, whereas the other three banks are high in one of the trust determinants but lower in the others. Ratings are made of the information with respect to how much positive affect the information evokes, interest in the message and intention to save in the mutual fund. Findings – In both experiments the narrative compared to the fact-based information format increases positive affect, interest and intention to save. Trust in the bank has an independent effect of increasing the intention to save. Practical implications – The narrative format of financial information may be key to increase involvement in financial choices but needs to be supplemented by a message that reinforces the positive affect and interest evoked by the format. Originality/value – A demonstration of how a narrative format of financial information and trust in the sender jointly influence intentions to save in a mutual fund.
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8.
  • Holmén, Martin, 1966-, et al. (författare)
  • Do anti-takeover devices affect the takeover likelihood or the takeover premium?
  • 2014
  • Ingår i: European Journal of Finance. - 1351-847X .- 1466-4364. ; 20:4, s. 319-340
  • Tidskriftsartikel (refereegranskat)abstract
    • In this paper, we use Heckman selection models to analyse the relation between the likelihood of the firm becoming a takeover target, the takeover premium, and the use of anti-takeover devices. Ordinary least squares regressions suggest that anti-takeover devices, especially dual class shares, are associated with a higher takeover premium. However, we also document that anti-takeover devices reduce the likelihood that the firm will be taken over. When we control for the fact that takeover targets are selected, we do not find a significant relation between the takeover premium and dual class shares. Hence, our results suggest that the takeover premium is indeed influenced by private information about the likelihood of takeover.
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9.
  • 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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10.
  • 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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