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  1. How do humans respond to huge financial losses?
    Author: Mujcic, Redzo; Powdthavee, Nattavudh
    Published: September 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    In a controlled field setting, in which the majority of people in our sample lose more than £90,000 ($120,000), we examine how human beings respond to major financial losses. University ethics boards would not allow this kind of huge-loss phenomenon... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 4
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    In a controlled field setting, in which the majority of people in our sample lose more than £90,000 ($120,000), we examine how human beings respond to major financial losses. University ethics boards would not allow this kind of huge-loss phenomenon to be studied with normal social-science experiments. Yet the scientific and practical issues at stake are unusually important ones. In our setting, individuals are handed £100,000 in cash. They then have to make risky decisions. Facing a sequence of seven questions, individuals are required to distribute their cash endowment over a set of possible answers. Participants lose any cash placed on a wrong answer. We find evidence of risk reduction after people suffer a loss in the previous decision round. A prior financial loss of £10,000 is estimated to increase the propensity to fully diversify by 6 percentage points. In terms of proportional losses, a loss of 50% or more of the remaining cash endowment increases diversification rates by approximately 13 percentage points. The fixed-effects panel data estimates are robust to the remaining cash endowment, previous diversification strategy, relative difficulty of questions, the ability level of participants, and other personal traits. The findings support a prospect theory-based model with a coefficient of loss aversion that is increasing in past losses. Our study appears to be the first to be able to calculate systematically how human beings react to enormous and unrecoverable financial losses.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/265757
    Series: Discussion paper series / IZA ; no. 15536
    Subjects: risk taking; prior losses; diversification; large stakes; field evidence
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  2. The road to entrepreneurship: the effect of China's broadband infrastructure construction
    Author: Huang, Zhuo; Tao, Yunqing; Zhang, Qidi; Ye, Yongwei
    Published: 2022-11-08
    Publisher:  National School of Development, Peking University, [Beijing]

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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: Working paper series / China Center for Economic Research ; $lE 2022, 019
    Subjects: information infrastructure; entrepreneurship; information acquisition; knowledge spillover; risk taking
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  3. Monetary policy, macroprudential policy and financial stability
    Author: Laeven, Luc; Maddaloni, Angela; Mendicino, Caterina
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Recent research developed under the ECB research task force on Monetary Policy, Macroprudential Policy and Financial Stability highlights the existence of trade-offs and spillovers that monetary policy and macroprudential authorities face when... more

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    DS 534
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    Recent research developed under the ECB research task force on Monetary Policy, Macroprudential Policy and Financial Stability highlights the existence of trade-offs and spillovers that monetary policy and macroprudential authorities face when deciding on their policy interventions, Monetary policy measures are key to support the supply of credit to the economy, but they could also have unintended consequences on financial stability risks. Macroprudential policies are instead effective in limiting financial stability risks, but they could also reduce the length of economic expansions by preventing credit from flowing to productive economic activities, In addition, since monetary and macroprudential policies transmit to the broad economy via the financial system, they unavoidably affect each other's effectiveness, Taking these factors into account is key for the design and implementation of both policies.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949804
    Other identifier:
    hdl: 10419/261181
    Series: Array ; no 2647 (February 2022)
    Subjects: risk taking; financial frictions; systemic risk; policy trade-offs
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  4. Monetary policy and risk-taking
    evidence from Thai corporate bond markets
    Author: Warinthip Worasak; Nuwat Nookhwun; Pongpitch Amatyakul
    Published: [2022]
    Publisher:  [Puey Ungphakorn Institute for Economic Research], [Bangkok]

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 785
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / Puey Ungphakorn Institute for Economic Research ; no. 186 (August 2022)
    Subjects: monetary policy; interest rate; risk taking; search for yield; corporate bond; underpricing of risk; excess bond premium
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen