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The private equity premium puzzle revisited: new evidence on the role of heterogeneous risk attitudes

Fossen, Frank M. - 2008

The empirical finding that entrepreneurs tend to invest a large share of their wealth in their own firms despite comparably low returns and high risk has become known as the private equity premium puzzle. This paper provides evidence supporting the hypothesis that lower risk aversion of...

Persistent link: https://www.econbiz.de/10010271074

Home-Field Advantage or a Matter of Ambiguity Aversion? Local Bias Among German Individual Investors

Baltzer, Markus - 2014

This paper investigates if familiarity induced by ambiguity aversion can help explaining the local bias phenomenon among individual investors. Using geographic closeness as a proxy for investor familiarity, we find that investors pull out of (unfamiliar) remote stocks, and pour into (familiar)...

Persistent link: https://www.econbiz.de/10013065123

Home-Field Advantage or a Matter of Ambiguity Aversion? Local Bias Among German Individual Investors

Baltzer, Markus - 2016

We analyze the effect of geographic proximity on individual investors' portfolio choice. Using a unique data set which covers the common stockholdings of private households at regional banks in Germany, we document strong and consistent overinvestment in geographically close companies. Our...

Persistent link: https://www.econbiz.de/10012991017

Religious activity, risk-taking preferences and financial behaviour : empirical evidence from German survey data

Köbrich León, Anja; Pfeifer, Christian - 2013

Individual preferences with respect to risk taking play an important role in financial economic behaviour and, hence, in financial markets. Using German microdata, we argue that individual religiosity is a determinant of household willingness to take risks, since it shapes relevant individual...

Persistent link: https://www.econbiz.de/10009738212

Is local bias a cross-border phenomenon? : evidence from individual investors’ international asset allocation

Baltzer, Markus; Stolper, Oscar; Walter, Andreas - 2013

Extant literature consistently documents that investors tilt their domestic equity portfolios towards regionally close stocks (local bias). We hypothesize that individual investors’ local bias is not limited to the domestic sphere but instead also determines their international investment...

Persistent link: https://www.econbiz.de/10009740268

Home-field advantage or a matter of ambiguity aversion? : local bias among German individual investors

Baltzer, Markus; Stolper, Oscar; Walter, Andreas - 2011

We analyze the effect of geographic proximity on individual investors’ portfolio choice. Using a unique data set which covers the common stockholdings of private households at regional banks in Germany, we document strong and consistent overinvestment in geographically close companies. Our...

Persistent link: https://www.econbiz.de/10009354697

The private equity premium puzzle revisited : new evidence on the role of heterogeneous risk attitudes

Fossen, Frank M. (contributor) - 2008

Persistent link: https://www.econbiz.de/10003782603

Causal Effects of Linguistic Uncertainty on Risk Perception and Investment Behavior

Theil, Kilian; Daube, Jens; Stuckenschmidt, Heiner - 2022

include gender, age, income, extraversion, and neuroticism. Overall, we find causal evidence that the linguistic uncertainty …

Persistent link: https://www.econbiz.de/10013307955

Pension wealth and the gender wealth gap

Cordova, Karla; Grabka, Markus M.; Sierminska, Eva - 2022

We examine the gender wealth gap with a focus on pension wealth and statutory pension rights. By taking into account … rights reduces the gender wealth gap. The data for our analysis come from the German Socio-Economic Panel (SOEP), one of the … available in the SOEP for 2012 only. While the relative raw gender wealth gap is about 35% (or 31,000 euros) when analysing the …

Persistent link: https://www.econbiz.de/10013373281

Pension wealth and the gender wealth gap

Cordova, Karla; Grabka, Markus M.; Sierminska, Eva - 2022

Persistent link: https://www.econbiz.de/10013392164