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Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions which has hardly been measurable in empirical research. We use cigarette addiction identified from checking account transactions to proxy for low self-control and compare over 5,000 smokers to 14,000 nonsmokers. Smokers self-directing their investment trade more frequently, exhibit more biases and achieve lower portfolio returns. We also find that smokers, some of which might be aware of their limited levels of self-control, exhibit a higher propensity than nonsmokers to delegate decision making to professional advisors and fund managers. We document that such precommitments work successfully.
Die Digitalisierung der Kommunikation: Gesellschaftliche Trends und der Wandel von Organisationen
(2019)
Die Publikation bieten einen Überblick zu den mit der Digitalisierung der Kommunikation zusammenhängenden gesellschaftlichen Trends wie Always-On Kultur, Shitstorm, Fake News und den Auswirkungen auf Schulen, Medien, Nichtregierungsorganisationen, Arbeitswelt und Sport.
Diese Publikation liegt auch als Science Policy Paper 6 in englischer Sprache vor (urn:nbn:de:hebis:30:3-478533).
Inhaltsverzeichnis:
Christian Reuter, Tanjev Schultz, Christian Stegbauer: Die Digitalisierung der Kommunikation: Gesellschaftliche Trends und der Wandel von Organisationen – Einleitung
Daniel Lambach: Digitale Welt und reale Welt – keine Gegensätze mehr
Leonard Reinecke: Schöne neue Smartphone-Welt? Psychologisches Wohlbefinden im Spannungsfeld von digitaler Autonomie und ständiger Vernetztheit
Christian Reuter: Fake News und manipulierte Meinungsbildung
Christian Stegbauer: Massenhafte Wutanfälle im Internet oder kann der Shitstorm jeden treffen?
Volker Schaeffer: „Wir haben schon immer in Bubbles gelebt“ – Chancen und Gefahren der Digitalisierung in den Medien
Angela Menig, Verena Zimmermann, Joachim Vogt: Die digitale Transformation der Arbeitswelt – Chance oder Risiko?
Stefan Aufenanger, Jasmin Bastian: Einsatz digitaler Technologie in Schulen
Angelika Böhling: Entwicklungszusammenarbeit goes digital– Chancen und Herausforderungen der digitalen Kommunikation von Nichtregierungsorganisationen
Josef Wiemeyer: Digitale Interaktion und Kommunikation im Sport
This publication aims to provide an overview on how digitalisation of communication results in societal trends such as an “always-on” culture, “shitstorms”, “fake news” and their effects on schools, media, non-governmental organisations, work and sports.
Table of Contents
Christian Reuter, Tanjev Schultz, Christian Stegbauer: Digitalisation and Communication: Societal Trends and the Change in Organisations — Preface
Daniel Lambach: Digital World and Real World – Opposites no more
Leonard Reinecke: Brave New Smartphone World? Psychological Wellbeing between Digital Autonomy and Constant Connectedness
Christian Reuter: Fake News and the Manipulation of Public Opinion
Christian Stegbauer: Tantrums on a Massive Scale, or: Could Anybody be a Victim of Social Media Outrage?
Volker Schaeffer: “We Have Always Been Living in Bubbles” The Opportunities and Risks in the Digitalisation of Media
Angela Menig, Verena Zimmermann, Joachim Vogt: Digital Transformation of the Workplace – Risk or Opportunity?
Stefan Aufenanger, Jasmin Bastian: Digital Technology in Schools
Angelika Böhling: Development Assistance Goes Digital - The Opportunities and Challenges Non-Governmental Organisations Face in Digital Communication
Josef Wiemeyer: Digital Interaction and Communication in Sports
A common prediction of macroeconomic models of credit market frictions is that the tightness of financial constraints is countercyclical. As a result, theory implies a negative collateralizability premium; that is, capital that can be used as collateral to relax financial constraints provides insurance against aggregate shocks and commands a lower risk compensation compared with non-collateralizable assets. We show that a longshort portfolio constructed using a novel measure of asset collateralizability generates an average excess return of around 8% per year. We develop a general equilibrium model with heterogeneous firms and financial constraints to quantitatively account for the collateralizability premium.
It has been documented that vertical customer-supplier links between industries are the basis for strong cross-sectional stock return predictability (Menzly and Ozbas (2010)). We show that robust predictability also arises from horizontal links between industries, i.e., from the fact that industries are competitors or offer products, which are substitutes for each other. These horizontally linked industries exhibit positively correlated fundamentals. The signal derived from this type of connectedness is the basis for significant alpha in sorted portfolio strategies, and informed investors take the related information into account when they form their portfolios. We thus provide evidence of return predictability based on a new type of economic links between industries not captured in previous studies.
We design, field and exploit survey data from a representative sample of the French population to examine whether informative social interactions enter householdsístockholding decisions. Respondents report perceptions about their circle of peers with whom they interact about Önancial matters, their social circle and the population. We provide evidence for the presence of an information channel through which social interactions ináuence perceptions and expectations about stock returns, and financial behavior. We also find evidence of mindless imitation of peers in the outer social circle, but this does not permeate as many layers of financial behavior as informative social interactions do.
Do competition and incentives offered to designated market makers (DMMs) improve market liquidity? Using data from NYSE Euronext Paris, we show that an exogenous increase in competition among DMMs leads to a significant decrease in quoted and effective spreads, mainly through a reduction in adverse selection costs. In contrast, changes in incentives, through small changes in rebates and requirements for DMMs, do not have any tangible effect on market liquidity. Our results are of relevance for designing optimal contracts between exchanges and DMMs and for regulatory market oversight.
Households buy life insurance as part of their liquidity management. The option to surrender such a policy can serve as a buffer when a household faces a liquidity need. In this study, we investigate empirically which individual and household specific sociodemographic factors influence the surrender behavior of life insurance policyholders. Based on the Socio-Economic Panel (SOEP), an ongoing wide-ranging representative longitudinal study of around 11,000 private households in Germany, we construct a proxy to identify life insurance surrender in the data. We use this proxy to conduct fixed effect regressions and support the results with survival analyses. We find that life events that possibly impose a liquidity shock to the household, such as birth of a child and divorce increase the likelihood to surrender an existing life insurance policy for an average household in the panel. The acquisition of a dwelling and unemployment are further aspects that can foster life insurance surrender. Our results are robust with respect to different models and hold conditioning on region specific trends; they vary however for different age groups. Our analyses contribute to the existing literature supporting the emergency fund hypothesis. The findings obtained in this study can help life insurers and regulators to detect and understand industry specific challenges of the demographic change.
Droughts threaten millions of people in Sub-Saharan Africa, leading to famines, water shortages, migration and casualties. Climate change will most probably exacerbate the devastating consequences as exceptional droughts are expected to occur more frequently. Conventional drought risk assessments however, do not provide adequate tools, as they often limit their focus to environmental parameters, ignoring social vulnerabilities. Integrated strategies are required to carry out holistic drought risk assessments that serve to find adapted technological and institutional solutions to ensure water and food security. This will contribute to the Sustainable Development Goals 1 “No Poverty”, 2 “Zero Hunger” and 6 “Clean Water and Sanitation”.
Over the life-cycle, wealth holdings tend to be highest in the early part of retirement. The quality of financial decisions among older adults is therefore an important determinant of their financial security during the asset drawdown phase. This paper assesses how financial literacy shapes financial decision-making at older ages. We devised a special module in the Singapore Life Panel survey to measure financial literacy to study its relationship with three aspects of household financial and investment behaviors: credit card debt repayment, stock market participation, and adherence to age-based investment glide paths. We found that the majority of respondents age 50+ has some grasp of concepts such as interest compounding and inflation, but fewer know about risk diversification. We provide evidence of a statistically significant positive association between financial literacy and each of the three aspects of suboptimal financial decision-making, controlling for many other factors, including education. A one-unit increase in the financial literacy score was associated with an 8.3 percentage point greater propensity to hold stocks, and a 1.7 percentage point higher likelihood of following an age-appropriate investment glide path. The financial literacy score is only weakly positively linked with timely credit card balance repayment, both in terms of statistical significance and estimate size.