| 1. |
- Camerer, C. F., et al.
(författare)
-
Evaluating replicability of laboratory experiments in economics
- 2016
-
Ingår i: Science. - : American Association for the Advancement of Science (AAAS). - 0036-8075 .- 1095-9203. ; 351:6280, s. 1433-1436
-
Tidskriftsartikel (refereegranskat)abstract
- The replicability of some scientific findings has recently been called into question. To contribute data about replicability in economics, we replicated 18 studies published in the American Economic Review and the Quarterly Journal of Economics between 2011 and 2014. All of these replications followed predefined analysis plans that weremade publicly available beforehand, and they all have a statistical power of at least 90% to detect the original effect size at the 5% significance level. We found a significant effect in the same direction as in the original study for 11 replications (61%); on average, the replicated effect size is 66% of the original. The replicability rate varies between 67% and 78% for four additional replicability indicators, including a prediction market measure of peer beliefs.
|
|
| 2. |
- Farago, Adam, 1984, et al.
(författare)
-
Cognitive Skills and Economic Preferences in the Fund Industry*
- 2022
-
Ingår i: Economic Journal. - : Oxford University Press (OUP). - 0013-0133 .- 1468-0297. ; 132:645, s. 1737-1764
-
Tidskriftsartikel (refereegranskat)abstract
- We investigate the impact of cognitive skills and economic preferences on fund managers' professional decisions by running a battery of experiments with them. First, we find that fund managers' risk tolerance positively correlates with fund risk when accounting for fund benchmark, fund category and other controls. Second, we show that fund managers' ambiguity tolerance positively correlates with the funds' tracking error from the benchmark. Finally, we report that cognitive skills do not explain fund performance in terms of excess returns. However, we do find that fund managers with high cognitive reflection abilities compose funds at lower risk.
|
|
| 3. |
- Kirchler, Michael, 1977, et al.
(författare)
-
The "inflow-effect"-Trader inflow and price efficiency
- 2015
-
Ingår i: European Economic Review. - : Elsevier BV. - 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.
|
|
| 4. |
- Razen, M., et al.
(författare)
-
Cash inflow and trading horizon in asset markets
- 2017
-
Ingår i: European Economic Review. - : Elsevier BV. - 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.
|
|
| 5. |
- Razen, M., et al.
(författare)
-
Domain-specific risk-taking among finance professionals
- 2020
-
Ingår i: Journal of Behavioral and Experimental Finance. - : Elsevier BV. - 2214-6350. ; 27
-
Tidskriftsartikel (refereegranskat)abstract
- Risk-assessment and risk-taking in various forms are among the most important tasks financial professionals face in their daily work. A large body of experimental studies has shown a substantial effect of the decision domain (gain vs loss domain) on risk-taking, predominantly among students. In a series of experiments set in different contextual frameworks, we investigate whether this domain effect is also present among experienced employees in the finance industry and compare their decisions with people from the general population. Our results show that employees in the finance industry are equally prone to the domain effect in risk-taking than the general population. Interestingly, for domain-specific risk-taking in a finance context, we find that professionals are even more reluctant to sell loser stocks than non-professionals. © 2020 The Authors
|
|
