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Maier, Johannes K.; Fischer, Dominik Simon - 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/10012628736

Short-term price overreactions : identification, testing, exploitation

Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; … - 2014

This paper examines short-term price reactions after one-day abnormal price changes and whether they create exploitable profit opportunities in various financial markets. A t-test confirms the presence of overreactions and also suggests that there is an "inertia anomaly", i.e. after an...

Persistent link: https://www.econbiz.de/10010431281

Mental models of the stock market

Andre, Peter; Schirmer, Philipp; Wohlfart, Johannes - 2023

Investors' return expectations are pivotal in stock markets, but the reasoning behind these expectations remains a black box for economists. This paper sheds light on economic agents' mental models - their subjective understanding - of the stock market, drawing on surveys with the US general...

Persistent link: https://www.econbiz.de/10014383579

Competition for promotion can induce household specialization between equally competitive spouses

Bastani, Spencer; Dickmanns, Lisa; Giebe, Thomas; … - 2022

We analyze equally competitive spouses competing for promotion in their respective workplaces and show that an asymmetric equilibrium featuring household specialization can arise. Examples where the asymmetric equilibrium is welfare-superior to the symmetric equilibrium are highlighted. By...

Persistent link: https://www.econbiz.de/10013168051

Unleashing animal spirits : self-control and overpricing in experimental asset markets

Kocher, Martin; Lucks, Konstantin E.; Schindler, David - 2016

One possible determinant of overpricing on asset markets is a lack of self-control abilities of traders. Self-control is the individual capacity to override or inhibit undesired behavioral tendencies such as impulses and to refrain from acting on them. We implement the first experiment that is...

Persistent link: https://www.econbiz.de/10011444434

Selectivity, Market Timing and the Morningstar Star-Rating System

Antypas, Antonios; aporale, Guglielmo Maria; … - 2009

This paper evaluates the Morningstar mutual fund ranking system. We find that indeed higher Morningstar ratings are associated with higher returns on the portfolios including respectively five-, four-, three-, two- and one-star funds only (STAR5 to STAR1). We then perform an unconditional and...

Persistent link: https://www.econbiz.de/10003817961

Family job search, wage bargainings, and optimal unemployment insurance

Ek, Susanne; Holmlund, Bertil - 2010

The paper develops an equilibrium search and matching model where two-person families as well as singles participate in the labor market. We show that equilibrium entails wage dispersion among equally productive risk-averse workers. Marital status as well as spousal labor market status matter...

Persistent link: https://www.econbiz.de/10003935195

Taxing children: the re-distributive role of child benefits - revisited

Blumḳin, Tomer; Margaliyot, Yoram; Tsadḳah, Efrayim - 2010

In this paper, we challenge the conventional wisdom that due to the negative correlation between family size and … earning ability, family size can be used as a 'tagging' device, and calls for subsidizing children (via child allowances) to …

Persistent link: https://www.econbiz.de/10003940106

The political choice of social long term care transfers when family gives time and money

De Donder, Philippe; Leroux, Marie-Louise - 2015

parents have an intrinsic preference for help in time by family members. We first show that low (resp., high) income children … income class may give no family help at all, and its elderly members would be the main beneficiaries of the introduction of … most countries. First, social transfers are dominated by help in time by the family when the intrinsic preference of …

Persistent link: https://www.econbiz.de/10010528885

Self-enforcing family rules, marriage and the (non)neutrality of public intervention

Cigno, Alessandro; Komura, Mizuki; Luporini, Annalisa - 2016

We demonstrate that the notion of a "family constitution" (self-enforcing, renegotiation-proof family norm) requiring … family constitutions. …

Persistent link: https://www.econbiz.de/10011488072

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