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Träfflista för sökning "WFRF:(Kirchler Michael 1977 ) srt2:(2014);pers:(Holmén Martin 1966)"

Sökning: WFRF:(Kirchler Michael 1977 ) > (2014) > Holmén Martin 1966

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1.
  • Dijk, Oege, et al. (författare)
  • Rank matters-The impact of social competition on portfolio choice
  • 2014
  • Ingår i: European Economic Review. - : Elsevier BV. - 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.
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2.
  • 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. - : Elsevier BV. - 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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  • Resultat 1-2 av 2
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refereegranskat (2)
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Kirchler, Michael, 1 ... (2)
Holmén, Martin, ... (2)Ta bort avgränsningen
Dijk, Oege (1)
Kleinlercher, Daniel (1)
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Göteborgs universitet (2)
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Engelska (2)
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2014 (2)Ta bort avgränsningen

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