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Displaying results 1 to 25 of 38.

  1. Disposed to be overconfident
    Author: Godker, Katrin; Jin, Lawrence; Odean, Terrance
    Published: [2021]
    Publisher:  Netspar, Network for Studies on Pensions, Aging and Retirement, [Tilburg]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; 2021, 037 (10)
    Subjects: Anlageverhalten; Kapitalmarktrendite; Selbstevaluation; Verhaltensökonomik; Theorie; disposition effect
    Scope: 1 Online-Ressource (circa 33 Seiten)
  2. Categorization and learning from financial information
    Author: Godker, Katrin
    Published: [2021]
    Publisher:  Netspar, Network for Studies on Pensions, Aging and Retirement, [Tilburg]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: June 2019
    Series: Array ; 2021, 039 (06)
    Subjects: Kapitalanlage; Portfolio-Management; Wirtschaftsinformation; Erwartungsbildung; Anlageverhalten; Theorie
    Scope: 1 Online-Ressource (circa 30 Seiten)
  3. Essays on building and validating a Fuzzy-logic-based asset allocation model
    Author: North, Reiner
    Published: 2021

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    A 281969
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
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    Subjects: Portfolio-Management; Anlageverhalten; Fuzzy-Set-Theorie; Expertensystem; Theorie
    Scope: VIII, 100 Seiten, Diagramme, Illustrationen
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    Literaturverzeichnis: Seite 8-9

    Enthält 3 Sonderabdrucke

    Dissertation, Johann Wolfgang Goethe-Universität Frankfurt am Main, 2022
  4. Investor beliefs and their impact on financial markets
    Author: Hartmann, Carolin
    Published: 2021

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    Universitätsbibliothek Braunschweig
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    Zentrale Hochschulbibliothek Lübeck
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Hochschule Magdeburg-Stendal, Hochschulbibliothek
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    Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim
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    UB Weimar
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
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    Subjects: Kapitalanleger; Anlageverhalten; Gefühl; Google; Twitter <Softwareplattform>; Daten; Börse; Deutscher Aktienindex; Kapitalmarkt; Paneldaten; Zeitreihe; Dow Jones; panel data; time series
    Scope: 1 Online-Ressource (XII, 88 Seiten, Seiten XII - XXXII), Illustrationen
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    Dissertation, University of Hohenheim, 2022
  5. Essays in behavioral finance
    Author: Cochardt, Alexander Elmar
    Published: 2021

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
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    Subjects: Anlageverhalten; Investmentfonds; Fonds; Investmentgesellschaft; Vertrauen; Militär; Abstammung; Bias; Nachhaltigkeit; Greenwashing; home bias; fund flows; fund managers; behavioral finance; mutual funds; rebranding; ESG; investment decisions; ancestry; military; investors; trust; Anlageverhalten; Fondsmanager; Militär; Vertrauen; Abstammung; Nachhaltigkeit; Greenwashing
    Scope: 1 Online-Ressource (circa 167 Seiten), Illustrationen
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    Dissertation, University of St.Gallen, 2021
  6. Die Tragik der Algorithm Aversion
    Author: Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; Spiwoks, Markus
    Published: 2021
    Publisher:  sofia, Sonderforschungsgruppe Institutionenanalyse, Wolfsburg

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    C 284329
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    Ostfalia Hochschule für angewandte Wissenschaften, Bibliothek
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    WE C 039 (2021,2)
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    Content information
    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    ISBN: 9783941627888; 3941627880
    Other identifier:
    9783941627888
    Series: Sofia-Diskussionsbeiträge zur Institutionenanalyse ; Nr. 21, 2
    Subjects: Anlageverhalten; Management-Informationssystem; Algorithmus; Innovationsakzeptanz; Angst; Prospect Theory; Experiment; algorithm aversion; technology adoption; framing; behavioral economics; experiments
    Scope: 32, XIV Seiten, Illustrationen, 29 cm x 21 cm, 146 g
    Notes:

    Literaturverzeichnis: Seite 22-25
  7. Reduzierung der Algorithm Aversion durch Erfahrung
    Author: Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; Spiwoks, Markus
    Published: 2021
    Publisher:  sofia, Sonderforschungsgruppe Institutionenanalyse, Wolfsburg

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    C 284328
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    Ostfalia Hochschule für angewandte Wissenschaften, Bibliothek
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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    ISBN: 9783941627864; 3941627864
    Other identifier:
    9783941627864
    Series: Sofia-Diskussionsbeiträge zur Institutionenanalyse ; Nr. 21, 1
    Subjects: Anlageverhalten; Management-Informationssystem; Börsenkurs; Prognoseverfahren; Algorithmus; Lernprozess; Innovationsakzeptanz; Angst; Experiment; algorithm aversion; overconfidence; operating experience; stock market forecasting; behavioral finance; experiments
    Scope: 28, XIV Seiten, Diagramme, 29 cm x 21 cm, 140 g
    Notes:

    Literaturverzeichnis: Seite 21-23
  8. Smart(Phone) Investing?
    A within Investor-time Analysis of New Technologies and Trading Behavior
    Author: Kalda, Ankit; Loos, Benjamin; Previtero, Alessandro; Hackethal, Andreas
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase purchasing of riskier... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase purchasing of riskier and lottery-type assets and chasing past returns. After the adoption of smartphones, investors do not substitute trades across platforms and buy also riskier, lottery-type, and hot investments on other platforms. Using smartphones to trade specific assets or during specific hours contributes to explain our results. Digital nudges and the device screen size do not mechanically drive our results. Smartphone effects are not transitory

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: NBER working paper series ; no. w28363
    Subjects: Mobiltelefon; Anlageverhalten; Deutschland
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  9. Kindleberger Cycles & Economic Growth
    Method in the Madness of Crowds?
    Author: Morck, Randall
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Because positive spillovers give investment in innovation a social rate of return several times higher than its internal rate of return to innovators, innovation is chronically underfunded. Recurrent manias, panics and crashes in stock markets... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Because positive spillovers give investment in innovation a social rate of return several times higher than its internal rate of return to innovators, innovation is chronically underfunded. Recurrent manias, panics and crashes in stock markets inundate "hot" new technologies with capital. To the extent that manias compensate for chronic underinvestment in innovation, competition at the economy-level may favor institutions and behavioral norms conducive to innovation-related bubbles despite ultimately low returns to the hindmost investors

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28411
    Subjects: Innovation; Konjunktur; Wirtschaftswachstum; Anlageverhalten
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  10. Portfolios for Long-Term Investors
    Author: Cochrane, John H.
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    How should long-term investors form portfolios in our time-varying, multifactor and friction-filled world? Two conceptual frameworks may help: looking directly at the stream of payments that a portfolio and payout policy can produce, and including a... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    How should long-term investors form portfolios in our time-varying, multifactor and friction-filled world? Two conceptual frameworks may help: looking directly at the stream of payments that a portfolio and payout policy can produce, and including a general equilibrium view of the markets' economic purpose, and the nature of investors' differences. These perspectives can rationalize some of investors' behaviors, suggest substantial revisions to standard portfolio theory, and help us to apply portfolio theory in a way that is practically useful for investors

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: NBER working paper series ; no. w28513
    Subjects: Portfolio-Management; CAPM; Anlageverhalten; Kapitalanlage; Portfolio-Investition
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  11. Regulation and Security Design in Concentrated Markets
    Author: Babus, Ana; Hachem, Kinda
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Regulatory debates about centralized trading assume security design is immune to market structure. We consider a regulator who introduces an exchange to increase liquidity, understanding that security design is endogenous. For a given security,... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Regulatory debates about centralized trading assume security design is immune to market structure. We consider a regulator who introduces an exchange to increase liquidity, understanding that security design is endogenous. For a given security, investors would like to trade in a larger market and, for a given market structure, they would like to trade a safer security. We show that financial intermediaries design riskier securities after the exchange is introduced, even when the exchange leads to the origination of safer underlying assets. The results reflect a relative dilution of investor market power and motivate coordinated policies to improve investor welfare

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28764
    Subjects: Wertpapier; Wertpapierhandel; Kapitalanlage; Anlageverhalten; Regulierung; Marktstruktur
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  12. VIX assets
    applications and implications
    Author: Posselt, Anders Merrild
    Published: January 2021
    Publisher:  Aarhus BSS, Aarhus University, Department of Economics and Business Economics, Aarhus

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    Edition: This version: May 13, 2021
    Series: Array
    Subjects: Portfolio-Management; Anlageverhalten; Mean Reversion; Wertpapierhandel; Theorie
    Scope: 1 Online-Ressource (circa 134 Seiten), Illustrationen
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    Dissertation, Aarhus University, 2021
  13. A horizon-based decomposition of mutual fund value added using transactions
    Author: Binsbergen, Jules H. van; Han, Jungsuk; Ruan, Hongxun; Xing, Ran
    Published: [2021]
    Publisher:  Rodney L. White Center for Financial Research], [Philadelphia, PA

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [Working papers / Rodney L. White Center for Financial Research ; 02, 21]
    Subjects: Kapitaleinkommen; Portfolio-Management; Anlageverhalten; Investmentfonds; Dauer; Dekompositionsverfahren; USA
    Scope: 1 Online-Ressource (circa 55 Seiten)
  14. In Search of the Origins of Financial Fluctuations
    The Inelastic Markets Hypothesis
    Author: Gabaix, Xavier; Koijen, Ralph S. J.
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We develop a framework to theoretically and empirically analyze the fluctuations of the aggregate stock market. Households allocate capital to institutions, which are fairly constrained, for example operating with a mandate to maintain a fixed equity... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We develop a framework to theoretically and empirically analyze the fluctuations of the aggregate stock market. Households allocate capital to institutions, which are fairly constrained, for example operating with a mandate to maintain a fixed equity share or with moderate scope for variation in response to changing market conditions. As a result, the price elasticity of demand of the aggregate stock market is small, and flows in and out of the stock market have large impacts on prices Using the recent method of granular instrumental variables, we find that investing $1 in the stock market increases the market's aggregate value by about $5. We also develop a new measure of capital flows into the market, consistent with our theory. We relate it to prices, macroeconomic variables, and survey expectations of returns We analyze how key parts of macro-finance change if markets are inelastic. We show how general equilibrium models and pricing kernels can be generalized to incorporate flows, which makes them amenable to use in more realistic macroeconomic models and to policy analysis Our framework allows us to give a dynamic economic structure to old and recent datasets comprising holdings and flows in various segments of the market. The mystery of apparently random movements of the stock market, hard to link to fundamentals, is replaced by the more manageable problem of understanding the determinants of flows in inelastic markets. We delineate a research agenda that can explore a number of questions raised by this analysis, and might lead to a more concrete understanding of the origins of financial fluctuations across markets

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28967
    Subjects: Aktienmarkt; Volatilität; Anlageverhalten; Kapitalmarkttheorie
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  15. Consumption-based asset pricing when consumers make mistakes
    Author: Anderson, Christopher
    Published: March 12, 2021
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Finance and economics discussion series ; 2021, 015
    Subjects: CAPM; Anlageverhalten; Risikoprämie; Theorie
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  16. The dynamics of individual investors' selling behavior
    Author: Bernard, Sabine Esther
    Published: [2021?]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    A 281547
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    Universitätsbibliothek Mannheim
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    2021 A 2344
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    Source: Union catalogues
    Contributor: Weber, Martin (AkademischeR BetreuerIn)
    Language: English
    Media type: Dissertation
    Format: Print
    Subjects: Anlageverhalten; Verhaltensökonomik; Spekulation; Erwartungsnutzen; Prospect Theory; Schätzung; Deutschland; Erwartungsnutzen; disposition effect; skewness
    Scope: viii, 141 Seiten, Illustrationen, Diagramme
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    Dissertation, Universität Mannheim, 2021
  17. Do Intermediaries Matter for Aggregate Asset Prices?
    Author: Haddad, Valentin; Muir, Tyler
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Poor financial health of intermediaries coincides with low asset prices and high risk premiums. Is this because intermediaries matter for asset prices, or simply because their health correlates with economy-wide risk aversion? In the first case,... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Poor financial health of intermediaries coincides with low asset prices and high risk premiums. Is this because intermediaries matter for asset prices, or simply because their health correlates with economy-wide risk aversion? In the first case, return predictability should be more pronounced for asset classes in which households are less active. We provide evidence supporting this prediction, suggesting that a quantitatively sizable fraction of risk premium variation in several large asset classes such as credit or MBS is due to intermediaries. Movements in economy-wide risk aversion create the opposite pattern, and we find this channel also matters

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28692
    Subjects: Finanzintermediation; Risikoprämie; Börsenkurs; Kapitalanlage; Anlageverhalten
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  18. The Distribution of Investor Beliefs, Stock Ownership and Stock Returns
    Author: Hardouvelis, Gikas A.; Karalas, Georgios; Vayanos, Dimitri
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We study theoretically and empirically the relationship between investor beliefs, ownership dispersion and stock returns. We find that high dispersion, measured by high breadth or low Herfindahl index, forecasts returns positively for large stocks,... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    We study theoretically and empirically the relationship between investor beliefs, ownership dispersion and stock returns. We find that high dispersion, measured by high breadth or low Herfindahl index, forecasts returns positively for large stocks, as in Chen, Hong and Stein (2002), but negatively for small stocks. We explain that relationship in a difference-of-opinion model in which stocks differ in the size of investor disagreements and the extent of belief polarization. These differences are characterized by range and kurtosis, respectively. Proxying investor beliefs by analyst forecasts, we find that range and kurtosis affect ownership dispersion in the way that our model predicts

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28697
    Subjects: Aktienmarkt; Konzentrationsrate; Aktionäre; Kapitalmarktrendite; Anlageverhalten; Börsenkurs; Eigentümerstruktur; Kapitalanlage
    Scope: 1 Online-Ressource, illustrations (black and white)
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  19. Fearless Woman
    Financial Literacy and Stock Market Participation
    Author: Bucher-Koenen, Tabea; Alessie, Rob; Lusardi, Annamaria; Rooij, Maarten van
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond "do not know" to questions measuring... more

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    Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond "do not know" to questions measuring financial knowledge, but when this response option is unavailable, they often choose the correct answer. We estimate a latent class model and predict the probability that respondents truly know the correct answers. We find that about one-third of the financial literacy gender gap can be explained by women's lower confidence levels. Both financial knowledge and confidence explain stock market participation

     
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    Source: Union catalogues
    Language: English
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    Series: NBER working paper series ; no. w28723
    Subjects: Finanzwissen; Frauen; Anlageverhalten; Experiment
    Scope: 1 Online-Ressource, illustrations (black and white)
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  20. Portfolios for long-terminvestors
    Author: Cochrane, John H.
    Published: 2021
    Publisher:  SIEPR Stanford Institute for Economic Policy Research, Stanford, CA

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    Language: English
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    Series: Working paper / SIEPR Stanford Institute for Economic Policy Research ; no. 21, 014 (February, 2021)
    Subjects: Portfolio-Management; CAPM; Anlageverhalten; Kapitalanlage; Portfolio-Investition
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  21. Political uncertainty and household stock market participation
    Author: Agarwal, Vikas; Aslan, Hadiye; Huang, Lixin; Ren, Honglin
    Published: 2021
    Publisher:  Centre for Financial Research, Cologne

    Using micro-level panel data and a difference-in-differences identification strategy, we study the effect of political uncertainty on household stock market participation. We find that households significantly reduce their participation and... more

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    Using micro-level panel data and a difference-in-differences identification strategy, we study the effect of political uncertainty on household stock market participation. We find that households significantly reduce their participation and reallocate funds to safer assets during periods of increased political uncertainty. The decline in participation is related to households’ response to elevated asset risk and their incentive to hedge increased labor income risk. In situations where uncertainty remains high after elections, pre-election reduction in participation is only partially reversed, reflecting a prolonged distortion in household stock investments, which can have implications for households, firms, and the economy in general.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/234114
    Series: CFR working paper ; no. 21, 06
    Subjects: Wahl; Privater Haushalt; Anlageverhalten; Aktienmarkt; Differenz von Differenzen; USA; Political uncertainty; Stock market participation; Portfolio choice; Labor income risk; Asset risk
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  22. Reducing algorithm aversion through experience
    Author: Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; Spiwoks, Markus
    Published: January 2021
    Publisher:  Ostfalia Hochschule für Angewandte Wissenschaften, Fakultät Wirtschaft, Wolfsburg

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    Series: Wolfsburg working papers ; no. 21, 01
    Subjects: Anlageverhalten; Management-Informationssystem; Börsenkurs; Prognoseverfahren; Algorithmus; Lernprozess; Innovationsakzeptanz; Angst; Experiment; Algorithm aversion; overconfidence; operating experience; stock market forecasting; behavioral finance; experiments
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  23. The tragedy of algorithm aversion
    Author: Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; Spiwoks, Markus
    Published: February 2021
    Publisher:  Ostfalia Hochschule für Angewandte Wissenschaften, Fakultät Wirtschaft, Wolfsburg

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    Series: Wolfsburg working papers ; no. 21, 02
    Subjects: Anlageverhalten; Management-Informationssystem; Algorithmus; Innovationsakzeptanz; Angst; Prospect Theory; Experiment; Algorithm aversion; technology adoption; framing; behavioral economics; experiments
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  24. Hüftsteife Aktienmarktanalysten
    Author: Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; Spiwoks, Markus
    Published: 2021
    Publisher:  sofia, Sonderforschungsgruppe Institutionenanalyse, Wolfsburg

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    C 284330
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    Ostfalia Hochschule für angewandte Wissenschaften, Bibliothek
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    WE C 039 (2021,3)
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    Content information
    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    ISBN: 9783941627895; 3941627899
    Other identifier:
    9783941627895
    Series: Sofia-Diskussionsbeiträge zur Institutionenanalyse ; Nr. 21, 3
    Subjects: Finanzanalyse; Börsenkurs; Prognose; Systematischer Fehler; Anlageverhalten; Schätzung; Aktienmarkt; Deutschland; stock market forecasting; forecasting bias; variability of reality; conservatism of predictors
    Scope: 38, XIV Seiten, Illustrationen, 29 cm x 21 cm, 170 g
  25. Experience Effects in Finance
    Foundations, Applications, and Future Directions
    Author: Malmendier, Ulrike
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This article establishes four key findings of the growing literature on experience effects in finance: (1) the long-lasting imprint of past experiences on beliefs and risk taking, (2) recency effects, (3) the domain-specificity of experience effects,... more

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This article establishes four key findings of the growing literature on experience effects in finance: (1) the long-lasting imprint of past experiences on beliefs and risk taking, (2) recency effects, (3) the domain-specificity of experience effects, and (4) imperviousness to information that is not experience-based. I first discuss the neuroscientific foundations of experience-based learning and sketch a simple model of its role in the stock market based on Malmendier et al. (2020a,b). I then distill the empirical findings on experience effects in stock-market investment, trade dynamics, and international capital flows, highlighting these four key features. Finally, I contrast models of belief formation that rely on "learned information" with models accounting for the neuroscience evidence on synaptic tagging and memory formation, and provide directions for future research

     
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    Language: English
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    Series: NBER working paper series ; no. w29074
    Subjects: Portfolio-Management; Lernprozess; Lernen; Anlageverhalten
    Scope: 1 Online-Ressource, illustrations (black and white)
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