Refine
Year of publication
Document Type
- Working Paper (38)
- Article (21)
- Part of Periodical (15)
- Report (4)
Has Fulltext
- yes (78)
Is part of the Bibliography
- no (78)
Keywords
- Deutschland (13)
- Household Finance (13)
- Interbankenabkommen (6)
- Bank (5)
- Corporate Governance (5)
- Household finance (5)
- Kreditwesen (5)
- Consumers (4)
- Coronavirus (4)
- Finanzierungsstruktur (4)
- Großbritannien (4)
- Household Crisis Barometer (4)
- Household income (4)
- Investor Protection (4)
- Japan (4)
- Kapitalstruktur (4)
- Private Investment (4)
- Schätzung (4)
- financial system (4)
- Financial Literacy (3)
- Frankreich (3)
- Monetary Policy (3)
- Pension (3)
- Pension Insurance (3)
- Retail investors (3)
- (dis-)intermediation (2)
- Aktienrückkauf (2)
- Ankündigungseffekt (2)
- Börsenkurs (2)
- Consumption (2)
- Demography (2)
- Financial Advice (2)
- Financial Decisions (2)
- Finanzintermediation (2)
- Finanzintermediäre (2)
- Germany (2)
- Inflation (2)
- Kapitalertrag (2)
- Kapitalflussrechnung (2)
- Lottery stocks (2)
- Publizitätspflicht (2)
- Securitization (2)
- Social System (2)
- capital market-based financial system (2)
- complementarity (2)
- financial advice (2)
- Aktienkurs (1)
- Anlageentscheidung (1)
- Anlegerschutz (1)
- Anpassung (1)
- Bankberatung (1)
- Bankensystem / Finanzsektor / Branchenentwicklung / Rentabilität / Strukturwandel / Sparkasse / Kreditgenossenschaft / Deutschland / 1970-2003 (1)
- Banking system (1)
- Bankruptcy Law (1)
- Banks (1)
- Beitragsgarantien (1)
- Binnenmarkt (1)
- Bitcoin (1)
- Bulgarien (1)
- Business Process Outsourcing (1)
- Capital Markets Union (1)
- Commercial banking (1)
- Complementarity (1)
- Consumer financial protection (1)
- Corporate Governance / Eigentümerstruktur / Universalbank / Finanzmarkt / Mitbestimmung / Deutschland (1)
- Corporate governance (1)
- Covid-19 (1)
- Cryptocurrencies (1)
- Digitalisierung (1)
- Discount Broker (1)
- Dividends (1)
- Einlagengeschäft (1)
- Europäische Gemeinschaften (1)
- Europäische Union (1)
- Excess sensitivity (1)
- Experimental Economics (1)
- Experimental Finance (1)
- Fin Tech (1)
- Financial Systems (1)
- Financial advice (1)
- Finanzbildung (1)
- Finanzwirtschaft (1)
- Fiscal Policies (1)
- Fiscal Stimulus Program (1)
- Fraud (1)
- Gambling (1)
- German banks (1)
- Geschichte 1980-1998 (1)
- Geschichte 1996-2006 (1)
- Handelsgeschäft (1)
- Haushaltskrisenbarometer (1)
- Helicoptergeld (1)
- Household Consumption (1)
- IT standardization (1)
- Incentives (1)
- Individual Investors (1)
- Individual investor (1)
- Inducements (1)
- Inflation Beliefs (1)
- Information Treatment (1)
- Informationstechnik (1)
- Investor behavior (1)
- Investor protection (1)
- Investors Heterogeneity (1)
- Kapitalmarkt (1)
- Kinderbonus (1)
- Kreditgeschäft / Unternehmenskooperation / Vertrag / Bank / Kreditrisiko / Rentabilität / Theorie (1)
- Leistungsbewertung (1)
- Market manipulation (1)
- Maximum Likelihood (1)
- Mehrwertsteuersenkung (1)
- Niedrigzinsen (1)
- Parameter Elicitation (1)
- Pensions Dashboard (1)
- Portfolio Choice (1)
- Private Altersvorsorge (1)
- Prospect Theory (1)
- Pump-and-dump schemes (1)
- Rendite (1)
- Rente (1)
- Rententransparenz (1)
- Riester-Rente (1)
- Risiko (1)
- Risikomaße (1)
- Risk Aversion (1)
- Risk Preferences (1)
- Russland (1)
- Securities regulation (1)
- Self-control (1)
- Sparkasse (1)
- Standardisierung (1)
- Stock market wealth (1)
- Structured retail products (1)
- Sustainable Finance (1)
- Unternehmenserfolg (1)
- Utility Theory (1)
- Wertpapierberatung (1)
- Wettbewerbsstrategie (1)
- Wiederkauf (1)
- bank-based financial system (1)
- bank-based financial systems (1)
- banking (1)
- banking system (1)
- betting (1)
- board of directors (1)
- capital market-based financial systems (1)
- client involvement (1)
- co-determination (1)
- consumer protection (1)
- convergence (1)
- cost and profit efficiency (1)
- credence goods (1)
- digital planning tool (1)
- discrimination (1)
- disintermediation (1)
- financial risk-taking (1)
- financial services (1)
- financial systems (1)
- fintech (1)
- firm characteristics (1)
- firm performance (1)
- functional finance approach (1)
- governance (1)
- household finance (1)
- human capital formationbank-based financial system (1)
- individual investor (1)
- individual investors (1)
- individuelle Altersvorsorge (1)
- investment behavior (1)
- investment biases (1)
- investment decisions (1)
- investor behavior (1)
- level playing field (1)
- lottery-type assets (1)
- peer effects (1)
- pension system (1)
- portfolio allocation (1)
- retirement planning (1)
- risk allocation (1)
- risk preference (1)
- saving behavior (1)
- savings banks (1)
- securitisation (1)
- self-control (1)
- social networks (1)
- spillover effects (1)
- stock market investment (1)
- trading behavior (1)
- trend chasing (1)
- financial literacy (1)
Institute
Using a field study at a German brokerage, we investigate advised individual investors’ behavior and outcomes after self-selecting into a flat-fee scheme (percentage of portfolio value) for mutual funds. In a difference-in-differences setting, we compare 699 switchers to propensity-score-matched advisory clients who remained in the commission-based scheme. Switchers increase their portfolio values, improve portfolio diversification, and increase their portfolio performance. They also demand more financial advice and follow more advisor recommendations. We argue that switchers attribute a higher quality to the unchanged advisory services.
We conduct a field experiment with clients of a German universal bank to explore the impact of peer information on sustainable retail investments. Our results show that infor-mation about peers’ inclination towards sustainable investing raises the amount allocated to stock funds labeled sustainable, when communicated during a buying decision. This effect is primarily driven by participants initially underestimating peers’ propensity to invest sustainably. Further, treated individuals indicate an increased interest in addi-tional information on sustainable investments, primarily on risk and return expectations. However, when analyzing account-level portfolio holding data over time, we detect no spillover effects of peer information on later sustainable investment decisions.
We study the redistributive effects of inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are unaware of nominal-debt erosion. Once they receive information on the debt-erosion channel, households update upwards their beliefs about nominal debt and their own real net wealth. These changes in beliefs causally affect actual consumption and hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to inflation once households are aware of the wealth effects of inflation.
WE STUDY REDISTRIBUTIVE EFFECTS OF INFLATION USING A RANDOMIZED INFORMATION EXPERIMENT ON BANK CLIENTS. ON AVERAGE, INDIVIDUALS ARE WELL INFORMED ABOUT CURRENT INFLATION AND ARE CONCERNED ABOUT ITS IMPACT ON WEALTH. YET, MOST INDIVIDUALS ARE NOT AWARE OF HOW INFLATION ERODES NOMINAL POSITIONS. ONCE THEY RECEIVE INFORMATION ON THIS EROSION CHANNEL, THEY UPDATE PERCEPTIONS AND EXPECTATIONS ABOUT OWN NET NOMINAL POSITIONS. LEARNING ABOUT THE INFLATION-INDUCED EROSION OF NOMINAL POSITIONS CAUSALLY AFFECTS CHOICES IN HYPOTHETICAL REAL-ESTATE TRANSACTIONS AND ACTUAL CONSUMPTION. THE FINDINGS SUGGEST THAT HOUSEHOLD WEALTH MEDIATES THE SENSITIVITY OF CONSUMPTION TO INFLATION ONCE HOUSEHOLDS ARE AWARE OF THE BALANCE-SHEET EFFECTS OF INFLATION.
Previous studies document a relationship between gambling activity at the aggregate level and investments in securities with lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records to examine whether gambling and trading act as substitutes or complements. We find that gamblers are more likely than the average investor to hold lottery stocks, but significantly less likely than active traders who do not gamble. Our results suggest that gambling behavior across domains is less relevant compared to other portfolio characteristics that predict investing in high-risk and high-skew securities, and that gambling on and off the stock market act as substitutes to satisfy the same need, e.g., sensation seeking.
Financial literacy affects wealth accumulation, and pension planning plays a key role in this relationship. In a large field experiment, we employ a digital pension aggregation tool to confront a treatment group with a simplified overview of their current pension claims across all pillars of the pension system. We combine survey and administrative bank data to measure the effects on actual saving behavior. Access to the tool decreases pension uncertainty for treated individuals. Average savings increase - especially for the financially less literate. We conclude that simplification of pension information can potentially reduce disparities in pension planning and savings behavior.
Peer effects can lead to better financial outcomes or help propagate financial mistakes across social networks. Using unique data on peer relationships and portfolio composition, we show considerable overlap in investment portfolios when an investor recommends their brokerage to a peer. We argue that this is strong evidence of peer effects and show that peer effects lead to better portfolio quality. Peers become more likely to invest in funds when their recommenders also invest, improving portfolio diversification compared to the average investor and various placebo counterfactuals. Our evidence suggests that social networks can provide good advice in settings where individuals are personally connected.
What does your personality reveal about your financial behavior? Evidence from a FinTech experiment
(2022)
We co-operate with a German financial account aggregator (FAA) and conduct a personality survey with 1,700 app users. We combine the survey results with their anonymized transaction data and investigate links between personality traits and spending behavior. Observing many lottery windfalls in our dataset and treating these incidents as real-life experiments, we ask: what do individuals do with unexpected income changes? Our findings suggest that highly extraverted individuals tend to overspend in response to lottery windfalls.