PROGRAM OVERVIEW RESEARCH IN BEHAVIORAL FINANCE 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 Derivatives Market: 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