PROGRAM OVERVIEW RESEARCH IN BEHAVIORAL CONFERENCE AMSTERDAM 2018

DAY 1: Thursday September 20, 2018

Registration & Coffee in Foyer (08:30-09:00)

Welcome & Keynote Address 1 (09:00-10:00) Auditorium Reconciling Survey Expectations and Asset Prices Stefan Nagel

Coffee Break in Foyer (10:00-10:20)

Paper Session 1 (10:20-11:20) 1A Asset Pricing 1 1B Financial Illiteracy 1C Corporate Governance 1D Heterogenous Expectations 1E Money Illusion Auditorium 2A-24 2A-33 2A-36 2A-37 How Does Consumers’ Financial Vulnerability Don’t Ignore Inflation Ignorance: On the Heterogeneous Beliefs among Retail and Company Name Fluency and Stock Returns Relate to Positive and Negative Financial CEO Traits and Firm Outcomes: Do Early Relevance of Money Illusion for Economic Institutional Investors Martijn van den Assem, Maurizio Montone*, Outcomes? The Mediating Role of Individual Childhood Experiences Matter? Modeling Bart Frijns*, Thanh Huynh, Alireza Tourani-Rad, Remco Zwinkels Psychological Characteristics Irena Hutton*, Todd Henderson Nicole Branger, Henning Cordes, Thomas Joakim Westerholm Arvid Hoffmann, Simon McNair* Langer*

Stock Price Rewards to Corporate Responsibility on Climate Change: Evidence from the Trump What Do Employees Know? Employee Opinions Behavioral Heterogeneity in Return Engineering Lemons Interest Rates: Prices Hidden in Plain Sight Election in Firms Going Public Expectations across Equity Style Portfolios Petra Vokata* Mary Zaki* Stefano Ramelli*, Alexander Wagner, Alexandre Vikram Nanda*, Reza Farhadi Philip Stork, Milan Vidojevic*, Remco Zwinkels Ziegler, Richard Zeckhauser

The Efficiency of Marketing and Stock Returns Can Experience Sampling Restore Invariance in When Companies Use Their Wiggle Room, The Wisdom of the Crowd in Dynamic Money Illusion: A Rationale for the TIPS Puzzle Tze Chuan (Chewie) Ang, Tarun Chordia*, Van Financial Expectations? Which Investors Care? Economies Andrea Tarelli*, Abraham Lioui Anh (Vivian) Mai, Harminder Singh Zwetelina Iliewa*, Martin Weber Marco Ceccarelli* Filippo Massari*, Pietro Dindo

* = presenter, underlined = chair Coffee Break in Foyer (11:20-11:40)

Paper Session 2 (11:40-12:40) 2A Return Predictability 2B Financial Advice 1 2C Gender 2D Incentives 2E Factor Models Auditorium 2A-24 2A-33 2A-36 2A-37 … And Nothing Else Matters? On the Client Involvement in Expert Advice - Antibiotics CEO Incentives and Stock Price Dynamics: An P-hacking? Global Return Factors Tested Since Gender Effects in Crowdfunded Business Loan Dimensionality and Predictability of in Finance? Experimental Approach 1800 Campaigns International Stock Returns Andreas Hackethal, Christine Laudenbach, Te Bao, Edward Halim*, Charles Noussair, Eko Guido Baltussen, Laurens Swinkels*, Pim van Pomme Theunissen*, Matteo Millone Sebastian Müller*, Heiko Jacobs Steffen Meyer, Annika Weber* Riyanto Vliet

Gender and Misjudgement of Loan Repayment Oil Price Exposure, Earnings Announcements, Financial Advisors and Risk-Taking Financial Incentives Beat Social Norms: A Field Characteristics-Based Factors Ability: Evidence from Unsecured Consumer and Stock Return Predictability Experiment on Retirement Information Search Juhani Linnainmaa, Brian Melzer, Alessandro Loans Zhuo Chen*, Jianfeng Yu, Huijun Wang, Bibo Liu, Jordan Moore*, Mihail Velikov Previtero* Rob Bauer, Inka Eberhardt, Paul Smeets* Zhengwei Wang Irina Dyshko*

Psychological Barrier and Cross-firm Return Robo-advisers and Investor Behavior Mind the Gap: Gender Stereotypes and Economic and Psychological Incentives in Darts Asset Pricing: A Tale of Night and Day Predictability Benjamin Loos*, Alessandro Previtero, Entrepreneur Financing Bouke Klein Teeselink*, Rogier Potter van Loon, Terrence Hendershott, Dmitry Livdan, Dominik Shiyang Huang, Tse-Chun Lin, Hong Xiang* Sebastian Scheurle, Andreas Hackethal Camille Hebert* Martijn van den Assem, Dennie van Dolder Roesch*

Lunch & Poster Session in Foyer (12:40-14:10)

Poster Session (12:40-14:10)

Keynes’s Beauty Contest in Stock Markets: An Social Recognition and Investor Overconfidence Financial Complexity and Product Margins A Dynamic Model of Bank-Run: From Individual Cultural Biases in Equity Analysis Experimental Study to Collective Behavior Bastian Breitmayer, Mona Mensmann, Matthias Jonathan Krakow*, Marc Chesney, Felix Vesa Pursiainen* Shinichi Hirota, Takao Kusakawa*, Tatsuyoshi Pelster* Fattinger Dan Tran* Saijo, Yasuhiko Tanigawa

On Nudges and Signposts: The Effect of Smart Promoting Financial Inclusion for Savings Cognitive Biases and Perceived Wealth: Theory Self-Control Predict Financial Behavior and Altruism and Egoism in Investment Decisions Defaults and Pictographic Risk Information on Groups: Evidence from a Financial Education and Experiment Financial Well-Being Retirement Saving Investment Choices Daniel Brodback*, Nadja Guenster, David Programme in Rwanda Alberto Cardaci*, Tiziana Assenza, Domenico Camilla Strömbäck*, Therese Lind, Kenny Mezger Adrian Camilleri, Marie-Anne Cam*, Robert Annekathrin Schoofs* Delli Gatti Skagerlund, Gustav Tinghög, Daniel Västfjäll Hoffmann

Can Households with Limited Resources Finance Relying on Others’ Investment Skills: About the Large Investments? Repayment Behavior of Cognitive Thinking Styles and Susceptibility to Experts’ Versus Consumers’ Perception of Vagueness in Probabilities and Outcomes: The Dynamics of Relationships in Social Trading Borrowers of an Innovative Flexible Loan Framing Effects Financial Products Effect of Uncertainty on Market Prices Networks Product in Tanzania Thuy Chung Phan*, Marc Oliver RIeger Inga Jonaityte* Christoph Huber*, Julia Rose Julia Kapraun*, Matthias Pelster Friederike Lenel, Antonia Gohrmann*, Steffen Herbold

The Effect of Default Settings and Product Opportunity Cost Neglect in Consumer Goods Identifying Vulnerable Groups; An Application To Weather the Storm or Not? Volatility Order on Loan Choice when Using an Online Nominal Stock Price Investing and Other Domains to Financial Literacy Changes and the Disposition Effect Comparison Tool Ulrich Hammerich*, Christian Fieberg, Thorsten Kinga Posadzy*, Daniel Västfjöll, Gustav Kenneth de Beckker*, Kristof de Witte, Geert Ellapulli Vasudevan* Shane Timmons*, Féidhlim McGowan, Pete Poddig Tinghog van Campenhout Lunn

What Motivates Gambling? Experimental The Determinants of Discounting in Nonspeculative Bubbles Revisited and the Role Financial Literacy and Home Bias in Household Behavioral Aspects in Demand for Information: Evidence from Cross-section and Time Series on Intergenerational Decision-Making of Cognitive Efficiency Investments The Case of Precious Commodities Decisions under Risk Wolfgang Breuer, Torbjörn Müller, Eric Yilong Xu*, Steven Tucker Felix Bransch* Madmoud Qadan*, David Aharon Désirée-Jessica Pély* Sachsenhausen

The Readability of Finance Articles and the Being an Expert when there Are no Experts: The Motivated Saving: the Impact of Projections on Number of Citations: Can Articles Be Too Little The Effect of Futures Markets on the Price All that Glitters Is Not Gold: Salient Returns Impact of Knowledge Illusion on Probability Retirement Saving Intentions Complicated to Be Cited? Dynamics in Commodity Markets Misguide Investors Weighting George Smyrnis*, Susan Thorp, Hazel Bateman, Marc Berninger*, Florian Kiesel, Dirk Schierkeck, Johan de Jong*, Joep Sonnemans, Jan Tuinstra Katrin Goedker*, Moritz Lukas Maren Baars, Michael Goedde-Menke* Ben Newell, Isabella Dobrescu Eduard Gaar

Paper Session 3 (14:10-15:10) 3A Skewness Preferences 3B Retirement 3C Mutual Funds 1 3D Mispricing 3E Investor Behavior 1 Auditorium 2A-24 2A-33 2A-36 2A-37 How Much Pension Will You Get? The Probability Weighting and the Pricing of Introduction of a Pensions Dashboard in a Zero Lower Bound and Investors’ Risk Taking on Diversification in Lottery-Like Features and What Do Investors Learn from Advertisements? Skewed Assets Multi-Pillar System Fixed Income Mutual Funds Portfolio Pricing Discounts Ruben Cox*, Peter de Goeij Joost Driessen*, Sebastian Ebert, Joren Koëter Johannes Kasinger*, Tabea Bucher-Koenen, Woon Sau Leung*, Zhongyan Zhu Xin Liu* Andreas Hackethal, Christine Laudenbach

Winners, Losers, and Regulators in a Nascent The Retirement Belief Model: Understanding Financial Product Design and Catering: Lottery Characteristics and the Closed-End : Evidence from Chinese What Is Risk? the Search for Pension Information Evidence from the Global Mutual Fund Industry Fund Puzzle Brokerage Data Stefan Zeisberger* Wiebke Eberhardt, Lisa Brüggen, Thomas Post*, Mancy Luo* Maik Dierkes*, Sebastian Schroen Xindan Li, Avanidhar Subrahmanyam, Wuewei Chantal Hoet Yang*

Can the Market Divide and Multiply? A Case of The Framing of Options for Retirement: The Diversification Factor in Mutual Fund Does Probability Weighting Drive Skewness 807 Percent Mispricing under Short-Selling Experimental Tests for Policy Returns Price and Volume Dynamics in Bubbles Preferences? Constraints Pete Lunn*, Féidhlim McGowan, Deirdre Bernd Hanke, Aneel Keswani, Garret Quigley, Cameron Peng*, Jingchi Liao Ben Blau, Jared Delisle*, Ryan Whitby Marc Schauten, Martijn van den Assem, Dennie Robertson David Stolin*, Maxim Zagonov van Dolder*, Remco Zwinkels

Coffee Break in Foyer (15:10-15:30)

Paper Session 4 (15:30-16:30) 4A Asset Pricing 2 4B Aegon Session: Risk Aversion Elicitation 4C Mood 4D Risk and Uncertainty 4E Experiences 1 Auditorium 2A-24 2A-33 2A-36 2A-37 Research Quotient, Optimal R&D and Stock More Result, Less Effort; Investor Profiles that Deja Vu: Do Experienced Returns Affect Mutual The Role of Hormones in Financial Markets Trading Complex Risks Returns Include Loss Aversion through Gamification Fund Managers’ Investment Decisions? Subir Bose, Daniel Ladley*, Xin Li Felix Fattinger* Caterina Santi* Dennie van Dolder, Jurgen Vandenbroucke* Constantinos Antoniou, Shema Mitali*

Pricing Sin Stocks: Ethical Preference vs. Risk Pension Risk Preference Elicitation and Range and Sign Dependent Utility for Risk and On the Dynamics and Drivers of Countercyclical Experience Does Not Eliminate Overpricing: Aversion Collective Asset Allocation Time Risk Aversion Two Experiments Guiliano Curatola*, Stefano Colonnello, Gosse Alserda*, Benedict Dellaert, Laurens Manel Baucells*, Krzysztof Kontek, Michal Henning Cordes*, Sven Nolte, Judith Schneider Matthias Weber*, Anita Kopanyi-Peuker Alessandro Gioffrè Swinkels, Fieke van der Lecq Lewandowski

How Risk-Averse Are People Regarding Their Experience is the Best Teacher: Financial The Impact of Recency Effects on Stock Market Pension? Results from a Large-Stakes Investor Sleepiness and the Absolute Stock Anticipated Regret in Financial Decision Making Misconduct and White-Collar Crime Prices Incentivized Utility Elicitation among 20,000 Returns of Target Firms under Volatility Uncertainty Tobin Hanspal*, Steffen Andersen, Kasper Hannes Mohrschladt* Dutch Antonios Siganos* Yakup Eser Arisoy*, Turan Bali Miesner Nielsen Rogier Potter van Loon*

Meet in Foyer for Canal Cruise and Conference Dinner (16:35)

PROGRAM OVERVIEW RESEARCH IN BEHAVIORAL FINANCE CONFERENCE AMSTERDAM 2018

DAY 2: Friday September 21, 2018

Registration & Coffee in Foyer (09:00-09:30)

Keynote Address 2 (09:30-10:30) Auditorium Are Irrational Biases Smart? A Fuzzy-Trace Theory of Risky Decision Making Valerie Reyna

Coffee Break in Foyer (10:30-10:50)

Paper Session 5 (10:50-12:10) 5A Disposition Effect 5B Household Finance 5C Social Finance 5D Nudging 5E Attention in Markets Auditorium 2A-24 2A-33 2A-36 2A-37 Spatial Commitment Devices and Addictive Earning More Tomorrow: Overconfident Income Swimming with the Sharks: Entrepreneurial Sale or No Sale: The Impact of Individual Taxes Goods: Evidence from the Removal of Slot Stock Return Comovement When Investors Are Expectations and Consumer Indebtedness Investing Decisions and First Impression on Trading Behavior Machines from Bars Distracted: More, and More Homogeneous Antonia Grohmann, Lukas Menkhoff, Christoph Xing Huang, Zoran Ivkovich*, John Jiang, Isabel Melina Vosse* Vyacheslav Mikhed*, Barry Scholnick, Hyungsuk Michael Ehrmann*, David-Jan Jansen Merkle*, Renke Schmacker Wang Byun

Closing a Mental Account: The Realization Effect Charging International Customers in Their Who Wears the Pants? Gender Identity Norms Inattentive Search for Currency Fundamentals for Gains and Losses Does Finance Make Us Less Social? Home Currency: When a Default Option and Intra-Household Financial Decision Making Ralph Verhoeks*, Remco Zwinkels, Agnieszka Jan Müller-Dethard*, Christoph Merkle, Martin Henrik Cronqvist, Mitch Warachka*, Fang Yu Becomes Counterproductive Da Ke* Markiewicz, Willem Verschoor Weber Dirk Gerritsen*, Coen Rigtering

The Disposition Effect and Underreaction to Personality Traits and Financial Decisions of the When Paper Losses Get Physical: Domestic Reducing Credit Card Delinquency Using Attention and Sentiment in Cryptocurrency Private Information Households Violence and Stock Returns Broadcast Repayment Reminders Markets Dirk-Jan Janssen, Jiangyan Li, Jianying Qiu*, Utz Olga Goldfayn-Frank* Tse-Chun Lin*, Vesa Pursiainen Daniel Campbell, Andrew Grant, Susan Thorp* Matteo Milone, Leonard Wolk* Weitzel

Does the Relative Income of Peers Cause Sending out an SMS: The Impact of Financial Attention and the Disposition Effect Is Overconfidence a Macroeconomic Asset or Cross-Country Differences in Homeownership Financial Distress? Evidence from Lottery Automatically Enrolling Consumers into Liability? Rates: A Cultural Phenomenon? Nicolas Dierick, Dries Heyman, Koen Winners and Neighboring Bankruptcies Overdraft Alerts Inghelbrecht*, Hannes Stieperaere Scott Findley*, Shantanu Bagchi Stefanie Huber*, Tobias Schmidt Barry Scholnick* Jeroen Nieboer* * = presenter, underlined = chair Lunch in Foyer (12:10-13:20)

Paper Session 6 (13:20-14:40) 6A Experimental Finance 6B Expectations 6C Mutual Funds 2 6D Borrower Behavior

Auditorium 2A-24 2A-33 2A-36

Bubbles and Financial Professionals Stock Repurchasing Bias of Mutual Funds Ctrl+C Ctrl+Pay? Do People Mirror Payment Measuring Biases in Expectation Formation Utz Weitzel, Christoph Huber, Jürgen Huber, Mengqiao Du*, Alexandra Niessen-Ruenzi, Behaviour in Their Neighbourhood? Florian Peters, Simas Kucinskas* Michael Kirchler, Florian Lindner, Julia Rose* Terrance Odean Carin van der Cruijsen*, Joris Knoben

Measuring (In)Attention to Mutual Fund Fees: House Price History, Biased Expectations and Talking Your Book: Evidence from Stock Pitches Borrower Inattention, Price Sensitivity and Evidence from Experiments Credit Cycles at Investment Conferences Decisions Wenhao Yang, Hugh Kim* Alessia De Stefani* Huaizhi Chen*, Patrick Luo Joerg Weber*

Who Runs First in Bank Runs? An Experimental Predictable Biases in Macroeconomic Knowing Me, Knowing You? Similarity to the Analysis Forecasts and Their Impact across Asset Maturity Choice and Reference Points CEO and Fund Managers’ Investment Decisions Hubert János Kiss, Ismael Rodriguez-Iara, Alfonso Classes Moritz Lukas* Stefan Jasperson*, Peter Limbach Rosa-Garcia* Luiz Felix*, Philip Stork, Roman Kraussl

Personal Communication in a Fintech World: Texting while Trading… When Communication in Noise from Other Industries: Too Active for their Own Good: Fund Manager Evidence from Loan Payments Markets Promotes Informational Efficiency Overgeneralization and Analyst Belief Conviction and Investment Performance Christine Laudenbach*, Jenny Pirschel, Stephan Brice Corgnet, Mark Desantis*, David Porter Rex Wang* Liang Jin*, Arman Eshraghi, Richard Taffler Siegel

Coffee Break in Foyer (14:40-15:00)

Paper Session 7 (15:00-16:00) 7A Asset Pricing 3 7B Financial Advice 2 7C Investor Behavior 2 7D Information 7E Experiences 2 Auditorium 2A-24 2A-33 2A-36 2A-37 The Efficient Market Hypothesis and Investor Confirming Signals Are Hard to Resist: Blessing Is the Market Biased against Diverse Top Stock Returns and the Cross-Section of Investor The Kinks of Financial Journalism Behavior and Curse of Information under Confirmation Management Teams? Attention Andreas Hackethal, Christine Laudenbach, Diego Christo Pirinsky*, Vladimir Atanasov, Qinghai Bias Antonino Emanuele Rizzo, Alberto Manconi, Michael Ungeheuer* Garcia* Wang Stefanie Schraeder* Oliver Spalt*

Trust and Delegated Investing: A Money Household Portfolio Underdiversification and Are Disagreements Agreeable? Evidence from Are Market Reactions to M&As Biased by Childhood Experiences and Subsequent Doctors Experiment Probability Weighting: Evidence from the Field Information Aggregation Overextrapolation of Salient News? Financial Decision Making in Adulthood Maximilian Germann*, Benjamin Loos, Martin Stephen Dimmock, Roy Kouwenberg*, Olivia Dashan Huang, Jiangyuan Li*, Liyao Wang, Chi Liao*, Lisa Kramer Eliezer Fich, Guosong Xu* Weber Mitchell, Kim Peijnenburg Guofo Zhou

Experiences and Expectations in Asset Markets: Attention Driven Mispricing and Information Herding in Equity Crowdfunding An Experimental Study Short-Term Momentum Leakage: Evidence from Stock Information Diffusion and Speed Competition Manuel Fernandez, Thomas Astebro, Stefano Myrna Hennequin* Maik Schmeling, Mamdouh Medhat* Recommendations on Dutch Television Tony He*, Junqing Kang Lovo*, Nir Vulkan Ruben Cox, Peter de Goeij*

Keynote Address 3 (16:00-17:15) Auditorium Modeling Ignorance: Uncertainty or Complexity?

Closing Remarks & End of RBFC 2018 (17:15)