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  1. Information overload and confirmation bias
    Author: Götte, Lorenz; Han, Hua-Jing; Leung, Benson Tsz Kin
    Published: [2020]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VSP 1362
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Cambridge working paper in economics ; 2019
    Cambridge-INET working paper series ; no.: 2020, 06
    Subjects: information overload; belief formation; confirmation bias
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. Information illusion
    placebic information and stock price estimates
    Author: Oehler, Andreas; Horn, Matthias; Wendt, Stefan
    Published: 2020
    Publisher:  Verein für Socialpolitik, [Köln]

    This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that... more

    Access:
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DSM 13
    Inter-library loan:
    No inter-library loan

     

    This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that placebic information increases the perceived amount of relevant information. Individual participants' characteristics, such as gender, financial knowledge or overconfidence, do not affect these findings. Placebic information does not alter participants' stock price estimates and their accuracy, but it has an impact on individual expectations about the stock price forecast competition itself. The findings indicate that placebic information leads to information illusion. As reaction to the illusion, less overconfident investors decrease their expectations with regard to payoff and chances to win a prize in the competition. More overconfident participants do not show the latter behavior. Our findings provide implications for practitioners and researchers alike. Since the participants in our study serve as a proxy for economically educated young adults who are likely to invest in stocks in the future, both regulators and policy makers should consider that placebic information can significantly impact investors' perception and, therefore, regulation on information that is provided to retail investors should focus on relevant and avoid irrelevant information. Researchers should be aware that placebic information asymmetrically influences expectations of participants in experiments who show different levels of overconfidence.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/224575
    Series: Jahrestagung 2020 / Verein für Socialpolitik ; 64
    Subjects: Placebic information; information illusion; information overload; financial decision making; experiments; forecasting; investor survey
    Scope: 1 Online-Ressource (circa 87 Seiten), Illustrationen