Die Digitalisierung hat neue Kanäle für Finanztransaktionen eröffnet, die sich für Banken als echte Konkurrenz erweisen können. Digitale Beratungsangebote und Crowdlending bieten den Kunden Chancen, ihr Vermögen unabhängig von Banken zu verwalten und Kredite untereinander zu vergeben....

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...

We survey 231 undergraduate students to analyze how retail investors' characteristics influence their decision to use a robo-advisor. Characteristics such as the willingness to take risk, extraversion, and optimism are significant in univariate tests but the willingness to take risk and the...

Debt capital represents one of the most important means with which German companies finance their business. Yet, despite its importance, academics and practitioners alike typically analyze debt capital separately from other components of a firm's capital structure components. One important...

Herding behavior, i.e. the adjustment of a decision maker's behavior, opinion, or expectations due to real or illusionary (social) pressures, can be explained by numerous behavioral finance models, such as the cascade model or contagion. However, unambiguous empirical results are rare, mainly...

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...

We employ a conditional event study to analyze managers' motives to announce a share repurchase in the context of a model of economic factors that impact a firm's abnormal announcement return. Firms with greater free cash flow and less debt are more likely to initiate a repurchase. Share...