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Attention Utility : Evidence from Individual Investors

Quispe-Torreblanca, Edika - 2020

Attention utility is the hedonic pleasure or pain derived purely from paying attention to information. Using data on brokerage account logins by individual investors, we show that individuals devote disproportionate attention to already-known positive information about the performance of...

Persistent link: https://www.econbiz.de/10012841591

Decomposing the Disposition Effect

Maier, Johannes; Fischer, Dominik - 2021

We theoretically show that there is a fundamental disconnect between the disposition effect, i.e., investors’ tendency to sell winning assets too early and losing assets too late, and its common empirical measure, namely a positive difference between the proportion of gains and losses...

Persistent link: https://www.econbiz.de/10013324218

Application of stochastic optimal control to financial market debt crises

Stein, Jerome L. - 2009

This interdisciplinary paper explains how mathematical techniques of stochastic optimal control can be applied to the recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large literature in mathematical finance concerning optimal...

Persistent link: https://www.econbiz.de/10010276757

Money Is the Root of Asset Bubbles

Awaya, Yu; Iwasaki, Kohei; Watanabe, Makoto - 2024

This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is …

Persistent link: https://www.econbiz.de/10014534470

Disposed to Be Overconfident

Gödker, Katrin; Odean, Terrance; Smeets, Paul - 2023

We show that the disposition effect–the tendency of investors to hold losers and sell winners–can be a source of overconfidence. We find experimental evidence that individuals update beliefs about their own investment ability based on realized gains and losses rather than the overall...

Persistent link: https://www.econbiz.de/10014358104

Attention Utility: Evidence from Individual Investors

Quispe-Torreblanca, Edika; Gathergood, John; … - 2020

Persistent link: https://www.econbiz.de/10012179890

Decomposing the Disposition Effect

Maier, Johannes; Fischer, Dominik S. - 2021

We theoretically show that there is a fundamental disconnect between the disposition effect, i.e., investors' tendency to sell winning assets too early and losing assets too late, and its common empirical measure, namely a positive difference between the proportion of gains and losses realized....

Persistent link: https://www.econbiz.de/10012658040

Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments

Auer, Raphael; Tercero-Lucas, David - 2021

Employing representative data from the U.S. Survey of Consumer Payment Choice, we disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors show no differences in their level of...

Persistent link: https://www.econbiz.de/10013212264

Another Look at Cryptocurrency Bubbles

Gronwald, Marc - 2019

This paper deals with cryptocurrency bubbles. First, it points out that a number of recent papers on cryptocurrency … bubbles are awed due to an insufficient consideration of the fundamental value of cryptocurrencies. As even fiat money is said … to exhibit features of bubbles, the same applies to cryptocurrencies. Thus, any empirical investigation into either the …

Persistent link: https://www.econbiz.de/10012866076

Climate Policy, Stranded Assets, and Investors' Expectations

Sen, Suphi - 2019

Climate policies to keep global warming below 2℃ might render some of the world's fossil fuels and related infrastructure worthless prior to the end of their economic life time. Therefore, some energy-sector assets are at risk of becoming stranded. This paper investigates whether and how...

Persistent link: https://www.econbiz.de/10012859044

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