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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 ...
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Stock Ownership and Political Behavior: Evidence from Demutualizations 

Kaustia, Markku; Knüpfer, Samuli; Torstila, Sami (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 ...
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Household Debt and Social Interactions 

Georgarakos, Dimitris; Haliassos, Michalis; Pasini, Giacomo (2013-12-06)
Can concern with relative standing, which has been shown to influence consumption and labor supply, also increase borrowing and the likelihood of financial distress? We find that perceived peer income contributes to debt ...
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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, ...
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Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios 

Calvet, Laurent E.; Sodini, Paolo (2013-03-21)
This paper investigates risk-taking in the liquid portfolios held by a large panel of Swedish twins. We document that the portfolio share invested In risky assets is an increasing and concave function of financial wealth, ...
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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 ...
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Life Insurance Demand under Health Shock Risk 

Kraft, Holger; Schendel, Lorenz S.; Steffensen, Mogens (2015-06-03)
This paper studies the life cycle consumption-investment-insurance problem of a family. The wage earner faces the risk of a health shock that significantly increases his probability of dying. The family can buy long-term ...
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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 ...
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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 ...
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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 ...
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AuthorHackethal, Andreas (10)Hanspal, Tobin (7)Kraft, Holger (7)... View MoreResearch Area
Household Finance (68)
Macro Finance (7)Corporate Finance (2)... View MoreJEL ClassificationG11 (33)D14 (27)D91 (14)... View MoreTopicHousehold Finance (46)Saving and Borrowing (42)Monetary Policy (32)... View MoreKeywordhousehold finance (8)financial literacy (6)self-control (5)... View MoreDate Issued2015 (13)2018 (11)2016 (8)Has File(s)Yes (68)
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Leibniz Gemeinschaft
About  Data Protection