This paper studies how a preference for consistency can affect economic decision-making.We propose a two-period model where people have a preference for consistency becauseconsistent behavior allows them to signal personal and intellectual strength. We then presentthree experiments that study...

The predominant part of the literature states that women are more likely to donate tocharitable causes but men are more generous in terms of the amount given. The last resultgenerally derives from the focus on mean amount given...

Investitionsneutrale Steuersysteme haben keinen Einfluss auf unternehmerische Investitionsentscheidungen. Diese Eigenschaft besitzen die Besteuerung des ökonomischen Gewinns, die Cashflow–Steuer und die zinsbereinigte Steuer. Von diesen drei Systemen weist die zinsbereinigte Steuer die...

Vorliegendes Arbeitspapier beschreibt den entsprechenden Einsatz künstlicher Ameisen und diskutiert erste numerische Ergebnisse.

In this paper cluster analysis is used to construct homogeneous groups from 157 UK local markets using commercial property returns.

This paper focuses on egocentric biases in financial decisions. Subjects first design a portfolio, whereby each combination of assets yields the same expected return and variance of returns. (...)

Defined-contribution plans represent a major organizational form for investors´ retirement savings. Today more than one third of all workers are enrolled in 401K plans.(...)

This paper examines a continuous-time intertemporal consumption and portfoliochoice problem for an investor with Duffie and Epstein (1992a)’s recursive preferenceswho worries about model misspecification (model uncertainty) and wants toseek robust decision rules. The expected excess return of...

This paper shows that Economic Value Added (EVA) can be used to optimize theperformance of european share investements. Investing in the top third relative EVAperformers, leads to a significant outperformance. This is true for market and sektorinvestments. The best results were found for growth...

This paper investigates the returns and flows of German money marketfunds before and during the liquidity crisis of 2007/2008. The mainfindings of this paper are: In liquid times money market funds enhancedtheir returns by investing in less liquid papers. By doing so they outperformedother funds...