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

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  • 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.
  • 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.
  • 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 1-3 av 3
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tidskriftsartikel (3)
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refereegranskat (3)
Huber, J. (3)
Kirchler, Michael, 1 ... (3)
Stockl, T. (2)
Lindner, F. (1)
Razen, M. (1)
Bonn, C. (1)
Göteborgs universitet (3)
Engelska (3)
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