• Consuming Dividends 

      Bräuer, Konstantin; Hackethal, Andreas; Hanspal, Tobin (2020-05-01)
      This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine administrative bank data linking customers’ consumption transactions and income to detailed portfolio ...
    • Risk Taking, Preferences, and Beliefs: Evidence from Wuhan 

      Bu, Di; Hanspal, Tobin; Liao, Yin; Liu, Yong (2020-03-24)
      We study risk taking in a panel of subjects in Wuhan, China - before, during the COVID-19 crisis, and after the country reopened. Subjects in our sample traveled for semester break in January, generating variation in ...
    • Smart (Phone) Investing? A Within Investor-Time Analysis of New Technologies and Trading Behavior 

      Kalda, Ankit; Loos, Benjamin; Previtero, Alessandro; Hackethal, Andreas (2021-02-02)
      Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones ...
    • Who Are the Bitcoin Investors? Evidence from Indirect Cryptocurrency Investments 

      Lammer, Dominique Marcel; Hanspal, Tobin; Hackethal, Andreas (2019-12-10)
      Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe ...