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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

Client involvement in expert advice: Antibiotics in finance?

Hackethal, Andreas; Laudenbach, Christine; Meyer, Steffen; … - 2018

We use minutes from 17,000 financial advisory sessions and corresponding client portfolio data to study how client involvement affects advisor recommendations and portfolio outcomes. We find that advisors confronted with acquiescent clients stick to standards and recommend expensive but well...

Persistent link: https://www.econbiz.de/10011892404

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 - 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

Who are the Bitcoin investors? Evidence from indirect cryptocurrency investments

Lammer, Dominique Marcel; Hanspal, Tobin; Hackethal, Andreas - 2020

Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe the investment behavior of individuals who invest in cryptocurrencies with...

Persistent link: https://www.econbiz.de/10012218963

Consuming dividends

Bräuer, Konstantin; Hackethal, Andreas; Hanspal, Tobin - 2020

This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine …

Persistent link: https://www.econbiz.de/10012224935

Fiscal policies and household consumption during the COVID-19 pandemic: A review of early evidence

Hackethal, Andreas; Weber, Annika - 2020

We review early evidence on how household consumption behavior has evolved over the pandemic and how different groups of households have responded to fiscal stimulus programs. Due to the scarcity of evidence for Europe, our review focuses on evidence from the US. Notwithstanding the...

Persistent link: https://www.econbiz.de/10012319101

Good peers, good apples? Peer effects in portfolio quality

Balakina, Olga; Bäckman, Claes; Hackethal, Andreas; … - 2022

Peer effects can lead to better financial outcomes or help propagate financial mistakes across social networks. Using unique data on peer relationships and portfolio composition, we show considerable overlap in investment portfolios when an investor recommends their brokerage to a peer. We argue...

Persistent link: https://www.econbiz.de/10013333570

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

Disparities in financial literacy, pension planning, and saving behavior

Bucher-Koenen, Tabea; Hackethal, Andreas; Kasinger, Johannes - 2022

Persistent link: https://www.econbiz.de/10013434183