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Stock Ownership and Political Behavior: Evidence from Demutualizations
(2013-12-12)
A setting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to salience of stock ownership. We use this shock to identify the effect of stock ownership on ...
Does Mood Affect Trading Behavior?
(2012-11-09)
We test whether investor mood affects trading with data on all stock market transactions in Finland, utilizing variation in daylight and local weather. We find some evidence that environmental mood variables (local weather, ...
Does Product Familiarity Matter for Participation?
(2015-05-19)
"Household access to financial products is often conditioned on previous use. However, banning access when learning is possible may be discriminatory or counterproductive. The ""experiment"" of German reunification ...
Control Thyself: Self-Control Failure and Household Wealth
(2014-10-09)
We examine the relationship between household wealth and self-control. Although self-control has been linked to consumption and financial behavior, its measurement remains an open issue. We employ a definition of self-control ...
The Impact of Long-Run Macroeconomic Experiences on Personality
(2016-08-01)
Using two datasets containing demographically representative samples of the Dutch population, I study how lifetime experiences of aggregate labor market conditions affect personality. Three sets of findings are reported. ...
Does feedback on personal investment success help?
(2016-12-06)
In a field study with more than 1.500 customers of an online-broker we test what happens when investors receive repeated feedback on their investment success in a monthly securities account report. The reports show investors’ ...
Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback
(2018-03-30)
This paper studies heterogeneity in the reaction to rank feedback. In a laboratory experiment, individuals take part in a series of dynamic real-effort contests with intermediate feedback. To solve the identification problem ...
Financial Education for the Disadvantaged? A Review
(2018-04-20)
In contrast to the popularity of financial education interventions worldwide, studies on the economic effects of those interventions report mixed results. With a focus on the effect on disadvantaged groups, we review both ...
Inflation Expectations and Choices of Households
(2019-04-01)
Do household inflation expectations affect consumption-savings decisions? We link survey data on quantitative inflation expectations to administrative data on income and wealth. We document that households with higher ...
The Trading Response of Individual Investors to Local Bankruptcies
(2020-03-20)
We use data from a German online brokerage and a survey to show that retail investors sharply reduce risk-taking in response to nearby firm bankruptcies, which are not predictive of returns. The effects on trading are ...