| 1. |
- Carlander, Anders, 1979, et al.
(författare)
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The role of perceived quality of personal service in influencing trust and satisfaction with banks
- 2018
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Ingår i: Financial Services Review. - 1057-0810. ; 27, s. 83-98
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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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| 2. |
- Fabretti, Annalisa, et al.
(författare)
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Convex incentives in financial markets: an agent-based analysis
- 2017
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Ingår i: Decisions in Economics and Finance. - : Springer Science and Business Media LLC. - 1593-8883 .- 1129-6569. ; 40:1-2, s. 375-395
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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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| 3. |
- Gärling, Tommy, 1941, et al.
(författare)
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Fast and Slow Investments in Asset Markets: Influences on Risk Taking
- 2019
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Ingår i: Behavioral Finance Working Group Conference. London: 6-7 June 2019.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)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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| 4. |
- Hauff Carlsson, Jeanette, 1965, et al.
(författare)
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Breaking the ice of low financial involvement: Does narrative information format from a trusted sender increase savings in mutual funds?
- 2016
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Ingår i: International Journal of Bank Marketing. - 0265-2323. ; 34:2, s. 151-170
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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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| 5. |
- Holmén, Martin, 1966, et al.
(författare)
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Pyramid IPOs on the Chinese Growth Enterprise Market
- 2015
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Ingår i: Emerging markets finance & trade. - 1540-496X. ; 51:1, s. 160-173
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Tidskriftsartikel (refereegranskat)abstract
- In this article, we investigate initial public offerings (IPOs) of high-tech firms on the Chinese Growth Enterprise Market (GEM). Almost half of the GEM IPOs are set up in pyramid structures. The likelihood of a pyramid structure increases with the size of the IPO firm and state control. Our results do not suggest that pyramids are set up to overcome financial constraints. However, we document that pyramid IPOs are discounted before the IPO. The subscription price-to-book ratio is significantly lower for pyramid IPOs, and this translates into higher underpricing. We conclude that IPO investors demand a higher risk premium when investing in pyramid IPOs.
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| 6. |
- Peterson, Daniel, et al.
(författare)
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Lay people beliefs in professional and naïve stock investors’ proneness to judgmental biases.
- 2015
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Ingår i: Journal of Behavioral and Experimental Finance. - : Elsevier BV. - 2214-6350. ; 5, s. 27-34
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Tidskriftsartikel (refereegranskat)abstract
- We hypothesize that lay people due to over-reliance on expertise have unwarranted beliefs in professional stock investors’ skill, which may be one reason why they trust financial institutions. In order to investigate this hypothesis, survey questions were constructed to measure whether lay people believe professional stock investors differ from naïve stock investors in making more rational and less biased judgments. Study 1 showed that both economics undergraduates (n = 118) and psychology undergraduates (n = 72) believe that professional stock investors are more rational and overconfident than naïve investors, but less optimistically biased, less influenced by affect, and less influenced by others. Similar results were obtained in Study 2 comparing a random population-based sample (n = 178) to a heterogeneous undergraduate sample (n = 186).
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