Anzeige der Dokumente 1-20 von 68

    • A Life-Cycle Model with Ambiguous Survival Beliefs 

      Groneck, Max; Ludwig, Alexander; Zimper, Alexander (2015-10-02)
      Based on a cognitive notion of neo-additive capacities reflecting likelihood insensitivity with respect to survival chances, we construct a Choquet Bayesian learning model over the life-cycle that generates a motivational ...
    • Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education 

      Kosfeld, Michael; Schüwer, Ulrich (2016-07-11)
      We analyze the consequences of consumer education on prices and welfare in retail financial markets when some consumers are naive about shrouded addon prices and banks try to exploit this. Allowing for different information ...
    • Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation 

      Vogel, Edgar; Ludwig, Alexander; Börsch-Supan, Axel (2014-12-29)
      Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase ...
    • Ambiguity and Investor Behavior 

      Kostopoulos, Dimitrios; Meyer, Steffen; Uhr, Charline (2020-11-24)
      We relate time-varying aggregate ambiguity (V-VSTOXX) to individual investor trading. We use the trading records of more than 100,000 individual investors from a large German online brokerage from March 2010 to December ...
    • Asset Market Participation and Portfolio Choice Over the Life-Cycle 

      Fagereng, Andreas; Gottlieb, Charles; Guiso, Luigi (2015-06-01)
      We study the life cycle of portfolio allocation following for 15 years a large random sample of Norwegian households using error-free data on all components of households’ investments drawn from the Tax Registry. Both, ...
    • Client Involvement in Expert Advice: Antibiotics in Finance? 

      Hackethal, Andreas; Laudenbach, Christine; Meyer, Steffen; Weber, Annika (2018-07-23)
      We use minutes from 17,000 financial advisory sessions and corresponding client portfolio data to study how client involvement affects advisor recommendations and portfolio outcomes. We find that advisors confronted with ...
    • 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 ...
    • Consumption and Wage Humps in a Life-Cycle Model with Education 

      Kraft, Holger; Munk, Claus; Seifried, Frank Thomas; Steffensen, Mogens (2015-02-24)
      The observed hump-shaped life-cycle pattern in individuals’ consumption cannot be explained by the classical consumption-savings model. The consensus explanation is that the hump is caused by constraints and unspanned ...
    • Consumption Habits and Humps 

      Kraft, Holger; Munk, Claus; Seifried, Frank Thomas; Wagner, Sebastian (2015-07-10)
      We show that the optimal consumption of an individual over the life cycle can have the hump shape (inverted U-shape) observed empirically if the preferences of the individual exhibit internal habit formation. In the absence ...
    • Consumption-Investment Problems with Stochastic Mortality Risk 

      Schendel, Lorenz S. (2014-03-03)
      I numerically solve realistically calibrated life cycle consumption-investment problems in continuous time featuring stochastic mortality risk driven by jumps, unspanned labor income as well as short-sale and liquidity ...
    • Consumption-Portfolio Choice with Preferences for Cash 

      Kraft, Holger; Weiss, Farina (2018-07-12)
      This paper studies a consumption-portfolio problem where money enters the agent's utility function. We solve the corresponding Hamilton-Jacobi-Bellman equation and provide closed-form solutions for the optimal consumption ...
    • Control Thyself: Self-Control Failure and Household Wealth 

      Biljanovska, Nina; Palligkinis, Spyros (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 ...
    • Critical Illness Insurance in Life Cycle Portfolio Problems 

      Schendel, Lorenz S. (2014-03-03)
      I analyze a critical illness insurance in a consumption-investment model over the life cycle. I solve a model with stochastic mortality risk and health shock risk numerically. These shocks are interpreted as critical illness ...
    • Does feedback on personal investment success help? 

      Meyer, Steffen; Urban, Linda; Ahlswede, Sophie (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’ ...
    • Does Mood Affect Trading Behavior? 

      Kaustia, Markku; Rantapuska, Elias (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? 

      Fuchs-Schündeln, Nicola; Haliassos, Michael (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 ...
    • Does sophistication affect long-term return expectations? Evidence from financial advisers' exam scores 

      Kaustia, Markku; Lehtoranta, Antti; Puttonen, Vesa (2013-01-22)
      We use unique data fromfinancial advisers’ professional exam scores and combine it with other variables to create an index of financial sophistication. Using this index to explain long-term stock return expectations, we ...
    • Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods 

      Ludwig, Alexander; Schön, Matthias (2016-04-18)
      This paper investigates extensions of the method of endogenous gridpoints (ENDGM) introduced by Carroll (2006) to higher dimensions with more than one continuous endogenous state variable. We compare three different ...
    • Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments? 

      Vellekoop, Nathanael (2018-11-01)
      A number of recent studies have concluded that consumer spending patterns over the month are closely linked to the timing of income receipt. This correlation is interpreted as evidence of hyperbolic discounting. I re-examine ...
    • Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations 

      Hanspal, Tobin; Weber, Annika; Wohlfart, Johannes (2020-05-21)
      We survey a representative sample of US households to study how exposure to the COVID-19 stock market crash affects expectations and planned behavior. Wealth shocks are associated with upward adjustments of expectations ...