Curriculum Vitae
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Uncertainty Avoidance, Loss Aversion and Stock Market Participation
Uncertainty avoidance, loss aversion and stock market participation Marc Oliver Rieger* January 28, 2020 Abstract Stock market participation differs a lot across countries. Cultural dimensions could be a potential factor for that. We show that indeed uncertainty avoidance (UAI) is linked to rates of stock market par- ticipation across countries. We can show even more that uncertainty avoidance has an indirect effect through loss aversion on stock market participation. The country level effects are confirmed on the individ- ual level using data from a recent large-scale international survey, but on individual level there is also a strong effect of UAI on stock mar- ket participation after controlling for loss aversion. These results are robust after controlling for ambiguity aversion, and economic and de- mographic variables. Finally, we find that UAI is related to negative attitudes about stock markets in general. Key words: Uncertainty avoidance; loss aversion; stock market participa- tion; cultural finance. ∗University of Trier, Department IV, 54296 Trier, Germany, [email protected]. 1 1 Introduction Financial decisions are influenced by cultural differences. This is nowadays well-established, although it took much longer in finance than in other fields of business administration to start taking this into account (Aggarwal & Goodell 2014). One of the most fundamental financial decision is whether to invest into stocks or not. This decision is clearly related to the huge literature on the equity premium puzzle (Mehra & Prescott 1985), but is also important on the level of the investor, as stock market participation leads to higher long-run returns and therefore is one of the most relevant factors for wealth accumulation. -
Asian FA-NFA 2008 International Conference the Mission of Financial Studies in Globalized Economy
Platinum Sponsors: ・Tokyo Commodity Exchange / Tokyo Grain Exchange / Japan Commodity Futures Industry Association ・Mizuho Securities Co., Ltd. ・Goldman Sachs Asset Management Co., Ltd. Gold Sponsors: ・Osaka Securities Exchange Co., Ltd.・Tokyo Financial Exchange Inc.・Tokyo Stock Exchange Group, Inc.・Nikko Asset Management Co., Ltd.・Nomura Securities Co., Ltd. ・Securities Analysts Association of Japan・Mitsubishi UFJ Trust & Banking Co. / Mitsubishi UFJ Trust Investment Technology Institute Co., Ltd. Supporting Sponsors: ・Nomura Research Institute, Ltd・Kinzai Institute for Financial Affairs, Inc.・Sumitomo Mitsui Asset Management Co., Ltd.・Sumitomo Trust & Banking Co., Ltd. ・PIMCO Japan Ltd. ・Japan Securities Investment Advisors Association・Barclays Global Investment Japan Ltd.・Ibbotson Associate Japan, Inc.・Mizuho-DL Financial Technology Co., Ltd. Sponsors: ・ORIX Corporation・Association for Real Estate Securitization Asian FA-NFA 2008 International Conference The Mission of Financial Studies in Globalized Economy Program Book TABLE OF CONTENTS Greetings ..............................................................................................................2 Program at a Glance ...........................................................................................4 Asian FA/NFA 2008 International Conference Committees ...........................6 International Blind Review Panel (AsianFA-NFA Nominations) ...................8 Special Session / Parallel Session .......................................................................9 -
2008Conferenceprogram.Pdf
Platinum Sponsors: ・Tokyo Commodity Exchange / Tokyo Grain Exchange / Japan Commodity Futures Industry Association ・Mizuho Securities Co., Ltd. ・Goldman Sachs Asset Management Co., Ltd. Gold Sponsors: ・Osaka Securities Exchange Co., Ltd.・Tokyo Financial Exchange Inc.・Tokyo Stock Exchange Group, Inc.・Nikko Asset Management Co., Ltd.・Nomura Securities Co., Ltd. ・Securities Analysts Association of Japan・Mitsubishi UFJ Trust & Banking Co. / Mitsubishi UFJ Trust Investment Technology Institute Co., Ltd. Supporting Sponsors: ・Nomura Research Institute, Ltd・Kinzai Institute for Financial Affairs, Inc.・Sumitomo Mitsui Asset Management Co., Ltd.・Sumitomo Trust & Banking Co., Ltd. ・PIMCO Japan Ltd. ・Japan Securities Investment Advisors Association・Barclays Global Investment Japan Ltd.・Ibbotson Associate Japan, Inc.・Mizuho-DL Financial Technology Co., Ltd. Sponsors: ・ORIX Corporation・Association for Real Estate Securitization Asian FA-NFA 2008 International Conference The Mission of Financial Studies in Globalized Economy Program Book TABLE OF CONTENTS Greetings ..............................................................................................................2 Program at a Glance ...........................................................................................4 Asian FA/NFA 2008 International Conference Committees ...........................6 International Blind Review Panel (AsianFA-NFA Nominations) ...................8 Special Session / Parallel Session .......................................................................9 -
Curriculum Vitae
Marc Oliver Rieger Curriculum Vitae Prof. Dr. Marc Oliver Rieger Date of Birth: 22 September 1974 Citizenship: German Marital Status: married, one child University of Trier University Department IV Email: [email protected] Universitätsring 15 http://www.banking-finance.uni-trier.de 54296 Trier, Germany Phone: +49-160-969242 Current Academic Positions University of Trier, Department IV, since April 2010 Business Administration Professor of Banking and Finance (W3), lectures on “Behavioral Finance”, “Financial Derivatives”, “Game and Decision Theory” and “Financial Economics”. Director of the Confucius Institute Trier since July 2018 Visiting professor at University of Zurich (Spring term 2019, fall term 2020) Adjunct professor at NCCU, Taipei (August 2018 – January 2019) Visiting professor at Xiamen University (September – December 2013) Previous Academic Positions and Education University of Zürich, ISB April 2007–March 2010 Assistant Professor (“Oberassistent”) in Financial Economics. Member of the NCCR Finrisk and of the University Priority Project “Finance and Financial Markets”. Lectures on “Advanced Microeconomics”, “Financial Economics” and “Banking: Structured Products”. University of Bielefeld Oct. 2008–March 2009 and June 2009 Visiting Professor (“Lehrstuhlvertretung”) in Mathematical Economics (former professorship of Prof. Reinhard Selten). Lectures within the QEM-Program (international master degree) on “Finance”, “Behavioral Decision Theory and Finance” and “Dynamic Financial Markets”. University of Zürich and ETH Zürich Sep. 2004–March 2007 Postdoctorial Associate and lecturer for “Numerics I” and “Advanced Microeconomics I+II” (game theory and decision theory) at the University of Zürich. Research visits at the University of Bonn, the Université de Savoie and the University of Bath. Scuola Normale Superiore, Pisa Sep. 2003–Aug. -
Curriculum Vitae
Marc Oliver Rieger Curriculum Vitae Prof. Dr. Marc Oliver Rieger Date of Birth: 22 September 1974 Citizenship: German Marital Status: married, one child University of Trier University Department IV Email: [email protected] Universitätsring 15 http://www.banking-finance.uni-trier.de 54296 Trier, Germany Phone: +49-160-969242 Current Academic Position University of Trier, Department IV, since April 2010 Business Administration Professor of Banking and Finance (W3), lectures on “Behavioral Finance”, “Financial Derivatives”, “Game and Decision Theory” and “Financial Economics”. Sabbatical at Xiamen University, China (September – December 2013) Previous Academic Positions University of Zürich, ISB April 2007–March 2010 Assistant Professor (“Oberassistent”) in Financial Economics. Member of the NCCR Finrisk and of the University Priority Project “Finance and Financial Markets”. Lectures on “Advanced Microeconomics”, “Financial Economics” and “Banking: Structured Products”. University of Bielefeld Oct. 2008–March 2009 and June 2009 Visiting Professor (“Lehrstuhlvertretung”) in Mathematical Economics (former professorship of Prof. Reinhard Selten). Lectures within the QEM-Program (international master degree) on “Finance”, “Behavioral Decision Theory and Finance” and “Dynamic Financial Markets”. University of Zürich and ETH Zürich Sep. 2004–March 2007 Postdoctorial Associate and lecturer for “Numerics I” and “Advanced Microeconomics I+II” (game theory and decision theory) at the University of Zürich. Research visits at the University of Bonn, the Université de Savoie and the University of Bath. Scuola Normale Superiore, Pisa Sep. 2003–Aug. 2004 Postdoctoral Researcher at the Scuola Normale Superiore. Research visit at the Instituto Superior Técnico, Lisbon. Carnegie Mellon University, Pittsburgh (USA) Sep. 2001–Aug. 2003 Research Scholar at the Center for Nonlinear Analysis.