Der Einführungszeitpunkt der Abgeltungsteuer zum 1.1.2009 war schon lange in der Öffentlichkeit bekannt. Der Kapitalmarkttheorie folgend wäre bei vollständiger Verarbeitung der bekannten Informationen zu erwarten gewesen, dass die Marktteilnehmer die mit der Abgeltungsteuer verbundene...

Recent studies have found correlations between risk attitudes and several sociodemographic characteristics. In this paper, we deploy an artefactual fi eld experiment and study whether subjects - non-professionals and financial professionals - are aware of these correlations. This is largely...

Der Einführungszeitpunkt der Abgeltungsteuer zum 1.1.2009 war schon lange in der Öffentlichkeit bekannt. Der Kapitalmarkttheorie folgend wäre bei vollständiger Verarbeitung der bekannten Informationen zu erwarten gewesen, dass die Marktteilnehmer die mit der Abgeltungsteuer verbundene...

This experimental study measures three types of overconfidence in the decision behavior of participants from Germany and Japan. In the first stage of the experiment subjects completed a Raven Progressive Matrices test and subsequently assessed their test performance in absolute and relative...

Advice is important for decision making, especially in the financial sector. We investigate how individuals assess risk preferences of others given sociodemographic information or pictures. Both non-professionals and financial professionals participate in this artefactual field experiment....

Recent studies have found correlations between risk attitudes and several sociodemographic characteristics. In this paper, we deploy an artefactual field experiment and study whether subjects - non-professionals and -financial professionals - are aware of these correlations. This is largely...

This paper analyses the link between the VDAX as a proxy for European financial uncertainty and the number of terror incidents in Western Europe. Considering data of the Global Terrorism Database, the number of terror incidents does - on average - not affect financial uncertainty. In contrast,...

This paper analyses the link between the VDAX as a proxy for European financial uncertainty and the number of terror incidents in Western Europe. Considering data of the Global Terrorism Database, the number of terror incidents does – on average – not affect financial uncertainty. In...

By comparing the trading behavior of individual investors in different market conditions, this paper tests the theory that attribution bias - inflated confidence in one's own skill - creates overconfident traders. In a bull market, investors incorrectly attribute trading successes (luck) to...

Traditional finance explains individual investors' behavior and financial decision-making based on economic incentives and rationality. Modern finance, however, takes a holistic view and searches for not only economic but also biological, psychological, and social factors that shape...