This paper develops a broad-based sentiment indicator for Germany and investigates whether investor sentiment can explain stock returns on the German stock market. Based on a principal component analysis, we construct a sentiment indicator that condenses information of several well-known...

Cryptocurrencies such as Bitcoin are a high-risk asset class where very high returns are offset by large losses. In a nationally representative online survey of 3,864 German citizens, 354 (9.2%) reported owning cryptocurrencies in March 2019. We analyze a subpopulation of 225 cryptocurrency...

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...

Historische Entwicklung und rechtliche Ausgestaltung von Vorzugsaktien -- Stimmrechtslose Vorzugsaktien als Finanzierungsquelle und als Anlageinstrument -- Ökonomische Analyse von Dual-Class-Strukturen -- Kursunterschiede, Renditen und Aktionärsstrukturen von Dual-Class-Unternehmen

Abstract: Die ökonomische Analyse der Vermögensverwaltung von deutschen Stiftungen ist ein noch wenig erforschtes Gebiet. Im Gegensatz zu den zahlreichen juristischen Studien haben finanzwirtschaftliche Untersuchungen noch immer Seltenheitswert. Die folgende Studie versucht dazu beizutragen,...

Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However,...

This paper investigates whether investor sentiment can explain stock returns on the German stock market. Based on a principal component analysis, we construct a sentiment indicator that condenses information of several well-known sentiment proxies. We show that this indicator explains the return...