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Black Monday, globalization and trading behavior of stock investors
Kurz-Kim, Jeong-Ryeol - 2016
Using a simple sign test, we report new empirical evidence, taken from both the US and the German stock markets, showing that trading behavior substantially changed around Black Monday in 1987. It turned out that before Black Monday investors behaved more as in the momentum strategy; and after...
Persistent link: https://www.econbiz.de/10011486252
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Financial literacy and intra-household decision making : evidence from Rwanda
Grohmann, Antonia; Schoofs, Annekathrin - 2019
Research has consistently shown that women's involvement in household decision making positively affects household outcomes such as nutrition and education of children. Is financial literacy a determinant for women to participate in intra-household decision making? Using data on savings groups...
Persistent link: https://www.econbiz.de/10012108638
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Order exposure and liquidity coordination : does hidden liquidity harm price efficiency?
Cebirogly, Gökhan; Hautsch, Nikolaus; Horst, Ulrich - 2017
We show that the excessive use of hidden orders causes artificial price pressures and abnormal asset returns. Using a simple game-theoretical setting, we demonstrate that this effect naturally arises from mis-coordination in trading schedules between traders, when suppliers of liquidity do not...
Persistent link: https://www.econbiz.de/10011697233
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Unleashing animal spirits : self-control and overpricing in experimental asset markets
Kocher, Martin; Lucks, Konstantin; Schindler, David - 2018
One explanation for overpricing on asset markets is a lack of traders' self-control. Self-control is the individual capacity to override or inhibit undesired impulses that may drive prices. We implement the first experiment to address the causal relationship between self-control abilities and...
Persistent link: https://www.econbiz.de/10011899248
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Capitalization of capital gains taxes : (In)attention and turn-of-the-year returns
Eichfelder, Sebastian; Lau, Mona - 2015 - Version: October 2015
We argue that the tax capitalization effect is a function of the attention of market participants. Market reactions can therefore be driven not only by the announcement dates of tax events but also by factors influencing the dissemination of tax information, such as deadlines and media reports....
Persistent link: https://www.econbiz.de/10011405098
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Investor responses to information updates on peer behavior and public investment policy : the case of green investments
Alt, Marius; Berger, Marius; Bersch, Johannes - 2023 - This version: May, 2023
environmental attitudes of investors can explain whether investors engage in the energy industry. Regarding the effect of …
Persistent link: https://www.econbiz.de/10014311702
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The effect of incentives in non-routine analytical team tasks
Englmaier, Florian; Grimm, Stefan; Grothe, Dominik; … - 2023
incentives influence performance in these tasks. In a series of field experiments involving more than 5,000 participants, we … investigate how incentives alter behavior in teams working on such a task. We document a positive effect of bonus incentives on … for leadership. Exogenously increasing teams' demand for leadership results in performance improvements comparable to …
Persistent link: https://www.econbiz.de/10014487148
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The organization of knowledge in multinational firms
Gumpert, Anna - 2015
This paper provides the first in-depth study of the organization of knowledge in multinational firms. The paper develops a theoretical model that studies how firms optimally split knowledge between their headquarters and their production plants if communication costs impede the access of...
Persistent link: https://www.econbiz.de/10011373085
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Reciprocity in dynamic employment relationships
Fahn, Matthias - 2019
This paper explores the optimal provision of dynamic incentives for employees with reciprocal preferences. Building on … his career. I also show that more competition might magnify the use of reciprocity-based incentives, and that a formal …
Persistent link: https://www.econbiz.de/10012126237
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Firm organization with multiple establishments
Gumpert, Anna; Steimer, Henrike; Antoni, Manfred - 2019
How do geographic frictions affect firm organization? We show theoretically and empirically that geographic frictions increase the use of middle managers in multi-establishment firms. In our model, we assume that a CEO's time is a resource in limited supply, shared across headquarters and...
Persistent link: https://www.econbiz.de/10012034135