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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/10015211339
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Disparities in financial literacy, pension planning, and saving behavior
Bucher-Koenen, Tabea; Hackethal, Andreas; Kasinger, Johannes - 2022
Financial literacy affects wealth accumulation, and pension planning plays a key role in this relationship. In a large field experiment, we employ a digital pension aggregation tool to confront a treatment group with a simplified overview of their current pension claims across all pillars of the...
Persistent link: https://www.econbiz.de/10013412958
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Disparities in financial literacy, pension planning, and saving behavior
Bucher-Koenen, Tabea; Hackethal, Andreas; Kasinger, Johannes - 2022
Financial literacy affects wealth accumulation, and pension planning plays a key role in this relationship. In a large field experiment, we employ a digital pension aggregation tool to confront a treatment group with a simplified overview of their current pension claims across all pillars of the...
Persistent link: https://www.econbiz.de/10013434183
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Do gamblers invest in lottery stocks?
Kormanyos, Emily; Hanspal, Tobin; Hackethal, Andreas - 2023
Previous studies document a relationship between gambling at the aggregate level and investments in securities with lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records to examine whether gambling and trading act as substitutes or...
Persistent link: https://www.econbiz.de/10013549653
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Households' response to the wealth effects of inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2023
concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are … 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 …
Persistent link: https://www.econbiz.de/10014340155
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Conform to the norm. Peer information and sustainable investments
Grossmann, Max; Hackethal, Andreas; Laudi, Marten; … - 2023
We conduct a field experiment with clients of a German universal bank to explore the impact of peer information on sustainable retail investments. Our results show that information about peers' inclination towards sustainable investing raises the amount allocated to stock funds labeled...
Persistent link: https://www.econbiz.de/10014446310
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Households' Response to the Wealth Effects of Inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas; … - 2023
concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are … 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 …
Persistent link: https://www.econbiz.de/10014469510
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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
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Households' response to the wealth effects of inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2024
assets, most are unaware of nominal-debt erosion. Once they receive information on the debt-erosion channel, households view … nominal debt more positively and increase estimates of their own real net wealth. These changes causally affect actual … consumption and hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to …
Persistent link: https://www.econbiz.de/10014543616
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Smoking hot portfolios? Overtrading from self-control failure
Uhr, Charline; Meyer, Steffen; Hackethal, Andreas - 2019
Psychology considers self-control failure, i.e., the inability to resist certain behaviors and impulses when seeking to achieve future goals as a major human pathology. The finance literature models and applies self-control failure to explain time-inconsistent behavior such as under-saving and...
Persistent link: https://www.econbiz.de/10012104990