We present new descriptive evidence on the immigrant-native gap in risk and time preferences in Germany, one of the most preferred host countries for immigration. Using the recent waves of the Socio-Economic Panel (SOEP) dataset, we find that the immigrant-native gap in risk preferences has...

Capital protected products are a special type of structured retail products that guarantee a minimum amount of payment at maturity. They were the earliest type of structured products and are very popular with risk averse investors, but nevertheless have become rare in the past years. Using a...

Financial (il-)literacy and its effects have been studied extensively in recent years. The measurement of this concept is, however, tricky and numerous measurement instruments exist. In this paper, we study the connection between these measures empirically. We find that these measures are often...

The worldwide COVID-19 pandemic puts countries and their governments in an unprecedented situation. Strong countermeasures have been implemented in most places, but how much do people trust their governments in handling this crisis? Using data from a worldwide survey, conducted between March...

Wir untersuchen die Effekte von Basel II auf Kredite, die in den Jahren 2006 und 2007 (also vor und nach Inkrafttreten der neuen Regulierungen) an schweizer Städte und Gemeinden vergeben wurden. In einer empirischen Analyse bewerteten wir deren jeweilige Bonität, sowie die Margen ihrer...

This paper investigates corporate hedging under regret aversion. Regret-averse firms try to avoid deviations of their hedging policy from the ex post best policy, an intuitive consideration if one has to justify one's decisions afterward. The study presents a model of a firm that faces uncertain...

We present results from the rst large-scale international surveyon risk preferences, conducted in 45 countries. We show substantialcross-country dierences in risk aversion, loss aversion and probabilityweighting. Moreover, risk attitudes in our sample depend not only oneconomic conditions, but...

We study a number of large international military conflicts sinceWorld War II where we establish a news analysis as a proxy for theestimated likelihood that the conflict will result in a war. We findthat in cases when there is a pre-war phase, an increase in the warlikelihood tends to decrease...

Cohn et al. (2019) designed the field experiment about the lost wallets across 40 countries to examine whether people attempt to contact the owners to return the 17,000 wallets. We discussed the design flaw in their experimental settings by reanalyzing the relationship between the rates of...

Based on the APARCH model and two outlier detection methods, we computereliable time series of volatility asymmetry for 49 countries with relatively few ob-servations. Results show a steady increase in the asymmetry over the years for mostcountries. We nd that economic development and market...