The underpricing phenomenon of Initial Public Offerings (IPOs) has been widely studied across different stock markets around the world and has often been explained to be a result of asymmetrically distributed information and ex-ante uncertainty. However, as Ritter and Welch (2002) argue, these...

The overallotment or greenshoe option has become very popular in the German IPO market since its introduction in 1995 and is nowadays an important tool to stabilize IPOs or to issue additional shares in the case of excess demand. Besides providing evidence for the prevalence of price support...

Real-world portfolio composition is often far from being mean-variance optimal. One of the phenomena documented in investment portfolios is the home bias effect, that is, investors hold a higher-than-optimal portion of domestic assets. Analyzing hand-collected data from annual reports of German...

Demographic changes, tight public budgets, and reduced generosity of occupational pension plans shift the responsibility for an adequate retirement provision towards the individual. Applying the theoretical perspectives of Behavioral Finance and New Institutionalism to the domain of retirement...

The underpricing phenomenon of Initial Public Offerings (IPOs) has been widely studied across different stock markets around the world and has often been explained to be a result of asymmetrically distributed information and ex-ante uncertainty. However, as Ritter and Welch (2002) argue, these...

Prior research documents that many investors disproportionately hold on to losing stocks while selling stocks which have gained in value. This systematic behavior is labeled the quot;disposition effectquot;. The phenomenon can be explained by prospect theory's idea that subjects value gains and...

Prior research documents that many investors disproportionately hold on to losing stocks while selling stocks which have gained in value. This systematic behavior is labeled the quot;disposition effectquot;. The phenomenon can be explained by prospect theory's idea that subjects value gains and...

Prior research documents that many investors disproportionately hold on losing stocks while selling stocks which have gained value. These systematic behavior is labeled the quot;disposition effectquot;. The phenomenon can be explained by prospect theory's idea that subjects value gains and...

Recent research has shown that institutional herding is a relevant phenomenon in stock markets. Do institutional investors also follow each other in bond markets? This paper focuses on the German bond market and uses data from 57 German mutual funds that invest mainly in DM-denominated bonds,...

This paper reports the results of 16 experimental asset markets that explore the effects of trade transparency on the price formation process and its results using a more realistic design than related studies. The open orderbook does not improve informational efficiency and does not result in...