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Exposure to the COVID-19 stock market crash and its effect on household expectations

Hanspal, Tobin; Weber, Annika; Wohlfart, Johannes - 2020

, desired working hours, and household debt, but have only small effects on expected spending. We provide correlational and …

Persistent link: https://www.econbiz.de/10012224934

Biases in information selection and processing: Survey evidence from the pandemic

Faia, Ester; Fuster, Andreas; Pezone, Vincenzo; Zafar, Basit - 2021

How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We conduct two survey experiments to shed light on...

Persistent link: https://www.econbiz.de/10012432073

Financial literacy and self-control in FinTech: Evidence from a field experiment on online consumer borrowing

Bu, Di; Hanspal, Tobin; Liao, Yin; Liu, Yong - 2020

online consumer debt. Our research design allocates individuals to either a financial literacy treatment, a self …

Persistent link: https://www.econbiz.de/10012181653

Cultivating Self-Control in FinTech : Evidence from a Field Experiment on Online Consumer Borrowing

Bu, Di - 2020

online consumer debt. Our research design allocates individuals to either a financial literacy treatment, a self …

Persistent link: https://www.econbiz.de/10012847318

Does sophistication affect long-term return expectations? Evidence from financial advisers' exam scores

Kaustia, Markku; Lehtoranta, Antti; Puttonen, Vesa - 2013

We use unique data fromfinancial advisers' professional exam scores and combine it with other variables to create an index of financial sophistication. Using this index to explain long-term stock return expectations, we find that more sophisticated financial advisers tend to have lower return...

Persistent link: https://www.econbiz.de/10010327827

Inflation and trading

Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2024

We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many...

Persistent link: https://www.econbiz.de/10014538732

Households' response to the wealth effects of inflation

Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2023

unaware of nominal-debt erosion. Once they receive information on the debt-erosion channel, households update upwards their … beliefs about nominal debt and their own real net wealth. These changes in beliefs causally affect actual consumption and … hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to inflation once …

Persistent link: https://www.econbiz.de/10014340155

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/10014426895

Does sophistication affect long-term return expectations? : evidence from financial advisers' exam scores

Kaustia, Markku; Lehtoranta, Antti; Puttonen, Vesa - 2013

Persistent link: https://www.econbiz.de/10010226116

An Optimist Gets the Job Done? Financial Advisers’ Sophistication and Stock Return Expectations

Kaustia, Markku - 2017

We use data from financial advisers' professional exam scores and other variables to build an index of financial sophistication. A one standard deviation reduction in sophistication increases long-term expected returns quoted to clients by 1.1 percentage points, and twice as much for emerging...

Persistent link: https://www.econbiz.de/10012974753