Direkt zur Hauptnavigation springen Direkt zum Inhalt springen
info(at)avldigital.remove-this.de
Deutsch English
Filtern nach
Aktive Filter
Letzte Suchanfragen

Ergebnisse für *

Zeige Ergebnisse 1 bis 25 von 68.

  1. Financial returns to household inventory management
    Autor*in: Baker, Scott; Johnson, Stephanie; Küng, Lorenz
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    Households tend to hold substantial amounts of non-financial assets in the form of inventory. Households can obtain significant financial returns from strategic shopping and optimally managing these inventories of consumer goods. In addition, they... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    Households tend to hold substantial amounts of non-financial assets in the form of inventory. Households can obtain significant financial returns from strategic shopping and optimally managing these inventories of consumer goods. In addition, they choose to maintain liquid savings - household working capital - not just for precautionary motives but also to support this inventory management. We demonstrate that households earn high returns from inventory management at low levels of inventory, though returns decline rapidly as inventory levels increase. We provide evidence using scanner and survey data that supports this conclusion. High returns from inventory management that are declining in wealth offer a new rationale for poorer households not to participate in risky financial markets, while wealthier households invest in both financial assets and working capital

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 114
    Schlagworte: household working capital; stock market participation; financial returns; inventory; stockpiling
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
    Bemerkung(en):

    Identisch mit Swiss Finance Institute Research paper series No 20-70(!?) (August 2020)
  2. Correlation in state and local tax changes
    Autor*in: Baker, Scott; Janas, Pawel; Küng, Lorenz
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    We develop a comprehensive dataset of state and local taxes from 2000-2015 that includes personal income taxes, property taxes, corporate income taxes, sales taxes, estate taxes and excise taxes. We illustrate how state and local taxes have changed... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    We develop a comprehensive dataset of state and local taxes from 2000-2015 that includes personal income taxes, property taxes, corporate income taxes, sales taxes, estate taxes and excise taxes. We illustrate how state and local taxes have changed over time, in response to business cycles, and to what extent different taxes co-move within a state or locality. Across states and local jurisdictions, large differences in the mix of taxes are observed, and these differences have tended to become more pronounced over time. Moreover, we note that different types of taxes tend to co-move within a state or local jurisdiction, highlighting the importance for researches to take into account the entirety of the tax system, rather than just a single tax type, when examining household or firm responses to state and local tax changes. At both a state and local level, increases in tax rates of all types tend to increase tax revenue but worsen business conditions and employment

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 115
    Schlagworte: Local taxes; state taxes; income tax; corporate income tax; sales tax; property tax
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  3. Household Financial Transaction Data
    Autor*in: Baker, Scott; Küng, Lorenz
    Erschienen: 2021
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    The growth of the availability and use of detailed household financial transaction microdata has dramatically expanded the ability of researchers to understand both household decision-making as well as aggregate fluctuations across a wide range of... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    The growth of the availability and use of detailed household financial transaction microdata has dramatically expanded the ability of researchers to understand both household decision-making as well as aggregate fluctuations across a wide range of fields. This class of transaction data is derived from a myriad of sources including financial institutions, FinTech apps, and payment intermediaries. We review how these detailed data have been utilized in finance and economics research and the benefits they enable beyond more traditional measures of income, spending, and wealth. We discuss the future potential for this flexible class of data in firm-focused research, real-time policy analysis, and macro statistics

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: NBER working paper series ; no. w29027
    Schlagworte: Kundendaten; Wirtschaftsforschung; Privater Haushalt; Private Finanzplanung; Konsumentenverhalten; Data Analytics; USA; Kundendaten; Wirtschaftsforschung; Privater Haushalt; Private Finanzplanung; Konsumentenverhalten; Data Analytics; USA
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  4. What triggers stock market jumps?
    Autor*in: Baker, Scott; Bloom, Nicholas; Davis, Steven J.; Sammon, Marco
    Erschienen: [2021]
    Verlag:  Centre for Economic Performance, London School of Economics and Political Science, London

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 449
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Discussion paper / Centre for Economic Performance ; no. 1789 (August 2021)
    Schlagworte: Stock markets; upward and downward jumps; newspapers
    Umfang: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  5. Financial returns to household inventory management
    Autor*in: Baker, Scott; Johnson, Stephanie; Küng, Lorenz
    Erschienen: 22 August 2020
    Verlag:  Centre for Economic Policy Research, London

    Zugang:
    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP15191
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  6. Financial returns to household inventory management
    Autor*in: Baker, Scott; Johnson, Stephanie; Küng, Lorenz
    Erschienen: August 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (27740)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 27740
    Schlagworte: Privater Haushalt; Bestand; Private Finanzplanung
    Umfang: 45 Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  7. Financial returns to household inventory management
    Autor*in: Baker, Scott; Johnson, Stephanie; Küng, Lorenz
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    Households tend to hold substantial amounts of non-financial assets in the form of inventory. Households can obtain significant financial returns from strategic shopping and optimally managing these inventories of consumer goods. In addition, they... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    Households tend to hold substantial amounts of non-financial assets in the form of inventory. Households can obtain significant financial returns from strategic shopping and optimally managing these inventories of consumer goods. In addition, they choose to maintain liquid savings – household working capital – not just for precautionary motives but also to support this inventory management. We demonstrate that households earn high returns from inventory management at low levels of inventory, though returns decline rapidly as inventory levels increase. We provide evidence using scanner and survey data that supports this conclusion. High returns from inventory management that are declining in wealth offer a new rationale for poorer households not to participate in risky financial markets, while wealthier households invest in both financial assets and working capital

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 70
    Swiss Finance Institute Research Paper ; No. 20-70
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  8. Elections, political polarization, and economic uncertainty
    Autor*in: Baker, Scott; Baksy, Aniket; Bloom, Nicholas; Davis, Steven J.; Rodden, Jonathan
    Erschienen: 2020
    Verlag:  Stanford Institute for Economic Policy Research (SIEPR), Stanford, CA

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Keine Rechte
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Stanford Institute for Economic Policy Research (SIEPR) ; no. 20, 038 (October, 2020)
    Schlagworte: Wahl; Präsidentschaftswahl; Politische Instabilität; Wirtschaftspolitik; USA; Welt
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
    Bemerkung(en):

    Auch NBER working paper No. 27961: www.nber.org/papers/w27961
  9. Measuring customer churn and interconnectedness
    Autor*in: Baker, Scott; Baugh, Brian; Sammon, Marco C.
    Erschienen: August 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (27707)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 27707
    Schlagworte: Kundenrückgewinnung; Konsumentenverhalten; Kundenanalyse; Kundendaten; Unternehmenspolitik
    Umfang: 54 Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  10. Ambiguity and investor behavior
    Autor*in: Kostopoulos, Dimitrios; Meyer, Steffen; Uhr, Charline
    Erschienen: [2020]
    Verlag:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We relate time-varying aggregate ambiguity (V-VSTOXX) to individual investor trading. We use the trading records of more than 100,000 individual investors from a large German online brokerage from March 2010 to December 2015. We find that an increase... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 431
    Fernleihe:
    keine Fernleihe

     

    We relate time-varying aggregate ambiguity (V-VSTOXX) to individual investor trading. We use the trading records of more than 100,000 individual investors from a large German online brokerage from March 2010 to December 2015. We find that an increase in ambiguity is associated with increased investor activity. It also leads to a reduction in risk-taking which does not reverse over the following days. When ambiguity is high, the effect of sentiment looms larger. Survey evidence reveals that ambiguity averse investors are more prone to ambiguity shocks. Our results are robust to alternative survey-, newspaper- or market-based ambiguity measures.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/227742
    Schriftenreihe: SAFE working paper ; no. 297
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  11. Elections, political polarization, and economic uncertainty
    Autor*in: Baker, Scott; Baksy, Aniket; Bloom, Nicholas; Davis, Steven J.; Rodden, Jonathan
    Erschienen: October 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (27961)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 27961
    Schlagworte: Wahl; Präsidentschaftswahl; Politische Instabilität; Wirtschaftspolitik; USA; Welt
    Umfang: 24 Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  12. What triggers stock market jumps?
    Autor*in: Baker, Scott; Bloom, Nicholas; Davis, Steven J.; Sammon, Marco C.
    Erschienen: 2021
    Verlag:  Stanford Institute for Economic Policy Research (SIEPR), Stanford, CA

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Keine Rechte
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Stanford Institute for Economic Policy Research (SIEPR) ; no. 21, 028 (April, 2021)
    Schlagworte: Presseerzeugnis; Zeitung; Aktienindex; Börsenkurs; Volatilität; Welt
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
    Bemerkung(en):

    Erscheint auch als: NBER Working Paper No. 28687
  13. Economic uncertainty before and during the Covid-19 pandemic
    Autor*in: Altig, Dave; Baker, Scott; Barrero, Jose Maria; Bloom, Nicholas; Bunn, Philip; Chen, Scarlet; Davis, Steven J.; Leather, Julia; Meyer, Brent; Mihaylov, Emil; Mizen, Paul; Parker, Nicholas; Renault, Thomas; Smietanka, Pawel; Thwaites, Greg
    Erschienen: June 2020
    Verlag:  Bank of England, London

    Zugang:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 443
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Staff working paper / Bank of England ; no. 876
    Schlagworte: Forward-looking uncertainty measures; volatility; Covid-19; coronavirus
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  14. What Triggers Stock Market Jumps?
    Autor*in: Baker, Scott; Bloom, Nicholas; Davis, Steven J.; Sammon, Marco C.
    Erschienen: 2021
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We examine next-day newspaper accounts of large daily jumps in 16 national stock markets to assess their proximate cause, clarity as to cause, and the geographic source of the market-moving news. Our sample of 6,200 market jumps yields several... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We examine next-day newspaper accounts of large daily jumps in 16 national stock markets to assess their proximate cause, clarity as to cause, and the geographic source of the market-moving news. Our sample of 6,200 market jumps yields several findings. First, policy news - mainly associated with monetary policy and government spending - triggers a greater share of upward than downward jumps in all countries. Second, the policy share of upward jumps is inversely related to stock market performance in the preceding three months. This pattern strengthens in the postwar period. Third, market volatility is much lower after jumps triggered by monetary policy news than after other jumps, unconditionally and conditional on past volatility and other controls. Fourth, greater clarity as to jump reason also foreshadows lower volatility. Clarity in this sense has trended upwards over the past century. Finally, and excluding U.S. jumps, leading newspapers attribute one-third of jumps in their own national stock markets to developments that originate in or relate to the United States. The U.S. role in this regard dwarfs that of Europe and China

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: NBER working paper series ; no. w28687
    Schlagworte: Presseerzeugnis; Zeitung; Aktienindex; Börsenkurs; Volatilität; Welt
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  15. Smoking hot portfolios?
    overtrading from self-control failure
    Autor*in: Uhr, Charline; Meyer, Steffen; Hackethal, Andreas
    Erschienen: [2019]
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Psychology considers self-control failure, i.e., the inability to resist certain behaviors and impulses when seeking to achieve future goals as a major human pathology. The finance literature models and applies self-control failure to explain... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 431
    Fernleihe:
    keine Fernleihe

     

    Psychology considers self-control failure, i.e., the inability to resist certain behaviors and impulses when seeking to achieve future goals as a major human pathology. The finance literature models and applies self-control failure to explain time-inconsistent behavior such as under-saving and non-participation decisions as a result of present bias due to hyperbolic discounting. However, literature does not investigate whether and to what extent self-control failure affects investment behavior among those who have positive savings and stockholdings. We fill this gap by identifying smoking as the most socially accepted example of present-biased preferences and link it to trading records. We compare trading behavior in the investment portfolio between 3,553 smokers and 10,091 nonsmokers over six years and show that the proportion and demographic characteristics of smokers are consistent with German survey data and federal statistics. Smoking as a proxy for self-control failure is associated with a higher number of trades per month, higher trading volume, and higher portfolio turnover and not explained by other biases such as overconfidence, social contagion, sensation seeking, or attention grabbing. But we find that self-control failure exacerbates these other biases. We show that self-control failure is costly because it increases the gap between the gross and net returns of smokers relative to nonsmokers.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/204483
    Schriftenreihe: SAFE working paper ; no. 245
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  16. Taming models of prospect theory in the wild?
    estimation of Vlcek and Hens (2011)
    Autor*in: Jakusch, Sven Thorsten; Meyer, Steffen; Hackethal, Andreas
    Erschienen: [2019]
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Shortcomings revealed by experimental and theoretical researchers such as Allais (1953), Rabin (2000) and Rabin and Thaler (2001) that put the classical expected utility paradigm von Neumann and Morgenstern (1947) into question, led to the... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 431
    Fernleihe:
    keine Fernleihe

     

    Shortcomings revealed by experimental and theoretical researchers such as Allais (1953), Rabin (2000) and Rabin and Thaler (2001) that put the classical expected utility paradigm von Neumann and Morgenstern (1947) into question, led to the proposition of alternative and generalized utility func- tions, that intend to improve descriptive accuracy. The perhaps best known among those alternative preference theories, that has attracted much popu- larity among economists, is the so called prospect theory by Kahneman and Tversky (1979) and Tversky and Kahneman (1992). Its distinctive features, governed by its set of risk parameters such as risk sensitivity, loss aversion and decision weights, stimulated a series of economic and financial models that build on the previously estimated parameter values by Tversky and Kahne- man (1992) to analyze and explain various empirical phenomena for which expected utility does not seem to offer a satisfying rationale. In this paper, after providing a brief overview of the relevant literature, we take a closer look at one of those papers, the trading model of Vlcek and Hens (2011) and analyze its implications on prospect theory parameters using an adopted max- imum likelihood approach for a dataset of 656 individual investors from a large German discount brokerage firm. In contrast to existing literature, we find ev- idence that investors in our dataset are only moderately averse to large losses and display high risk sensitivity, supporting the main assumptions of prospect theory. Illustrating simulations show that, for those investors, who can be characterized by these parameter estimates, realized returns and roundtrip length statistically resembles those in our dataset.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/203302
    Schriftenreihe: SAFE working paper ; no. 146
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  17. Smoking hot portfolios?
    self-control and investor decisions
    Autor*in: Uhr, Charline; Meyer, Steffen; Hackethal, Andreas
    Erschienen: [2019]
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions but cannot be measured bias-free. We link the time-series of government-controlled tobacco prices to debit/credit card... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 431
    Fernleihe:
    keine Fernleihe

     

    Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions but cannot be measured bias-free. We link the time-series of government-controlled tobacco prices to debit/credit card transaction histories to identify smoking as a proxy for self-control failure and link it to investors' trading records. The share of smokers and their demographics are in line with German survey data and federal statistics and comparable to nonsmokers. We compare 3,553 smokers to 10,091 nonsmokers and show that self-control failure predicts trading activity. We distinguish our proxy from overconfidence, sensation seeking, attention grabbing, gambling preferences, and peer effects.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/203321
    Schriftenreihe: SAFE working paper ; no. 245
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
    Bemerkung(en):

    Datei gelöscht auf Wunsch der herausgebenden Institution
  18. State-level economic policy uncertainty
    Autor*in: Baker, Scott; Davis, Steven J.; Levy, Jeffrey A.
    Erschienen: March 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (ΕPU-S), one... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4
    Fernleihe:
    keine Fernleihe

     

    We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (ΕPU-S), one that captures national and international sources (EPU-N), and a composite index that captures both. EPU-S rises around gubernatorial elections and own-state episodes like the California electricity crisis of 2000-01 and the Kansas tax experiment of 2012. EPU-N rises around presidential elections and in response to 9-11, Gulf Wars I and II, the 2011 debt-ceiling crisis, the 2012 fiscal cliff episode, and federal government shutdowns. Close elections elevate policy uncertainty much more than the average election. The COVID-19 pandemic drove huge increases in policy uncertainty and unemployment, more so in states with stricter government-mandated lockdowns. VAR models fit to pre-COVID data imply that upward shocks to own-state EPU foreshadow weaker economic activity in the state.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/263372
    Schriftenreihe: Discussion paper series / IZA ; no. 15156
    Schlagworte: policy uncertainty; elections and uncertainty; COVID-19; state-level economic performance; unemployment
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  19. Fertility and Savings
    The Effect of China's Two-Child Policy on Household Savings
    Autor*in: Baker, Scott; Benmelech, Efraim; Yang, Zhishu; Zhang, Qi
    Erschienen: March 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    China's high household savings rate has attracted great academic interest but remains a puzzle. Potential explanations include demographic, policy, and financial causes. Yet a lack of reliable microlevel data on household finances makes it difficult... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    China's high household savings rate has attracted great academic interest but remains a puzzle. Potential explanations include demographic, policy, and financial causes. Yet a lack of reliable microlevel data on household finances makes it difficult to assess the relative importance of each factor. This paper uses individual income and spending transactions linked to demographic characteristics and financial information on loan applications and credit availability from a large Chinese bank in Inner Mongolia. We match a large subset of bank customers to administrative records covering marriage and births and obtain a unique view into consumption and saving patterns around important life events. Our results point toward identifying income growth, financial instability, and credit access, rather than such directives as the one-child policy, as the primary causes of high levels of savings among Chinese households

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w29856
    Schlagworte: Sparen; Privater Haushalt; Haushaltseinkommen; Fertilität; Familienplanung; China
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  20. State-Level Economic Policy Uncertainty
    Autor*in: Baker, Scott; Davis, Steven J.; Levy, Jeffrey A.
    Erschienen: 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (EPU-S), one... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (EPU-S), one that captures national and international sources (EPU-N), and a composite index that captures both. EPU-S rises around gubernatorial elections and own-state episodes like the California electricity crisis of 2000-01 and the Kansas tax experiment of 2012. EPU-N rises around presidential elections and in response to 9-11, Gulf Wars I and II, the 2011 debt-ceiling crisis, the 2012 fiscal cliff episode, and federal government shutdowns. Close elections elevate policy uncertainty much more than the average election. The COVID-19 pandemic drove huge increases in policy uncertainty and unemployment, more so in states with stricter government-mandated lockdowns. VAR models fit to pre-COVID data imply that upward shocks to own-state EPU foreshadow weaker economic activity in the state

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: NBER working paper series ; no. w29714
    Schlagworte: Wirtschaftspolitik; Risiko; Teilstaat; Indexberechnung; USA
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  21. Income fluctuations and firm choice
    Autor*in: Baker, Scott; Baugh, Brian; Küng, Lorenz
    Erschienen: 2019
    Verlag:  Swiss Finance Institute, Geneva

    How households shift spending across firms in response to income fluctuations is an important source of risk to individual firms. Using transaction-level data, we study how households interact with the universe of retailers following changes in... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    How households shift spending across firms in response to income fluctuations is an important source of risk to individual firms. Using transaction-level data, we study how households interact with the universe of retailers following changes in income. We find that increases in income, both within and across households, result in substitution towards retailers in a category that are higher quality, smaller, more profitable, and have higher labor intensity, R&D intensity, and equity betas. While not all shifts are economically large, they do not average out across retailers. Thus, retailer choice has implications for key financial and macroeconomic outcomes such as aggregate profitability and labor demand

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 29
    Swiss Finance Institute Research Paper ; No. 20-29
    Schlagworte: Haushaltseinkommen; Konsumentenverhalten; Einzelhandel; USA
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  22. Do household finances constrain unconventional fiscal policy?
    Autor*in: Baker, Scott; Küng, Lorenz; McGranahan, Leslie; Melzer, Brian T.
    Erschienen: 2018
    Verlag:  Swiss Finance Institute, Geneva

    When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the form of pre-announced consumption tax changes,... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the form of pre-announced consumption tax changes, has the potential to meaningfully shift durables purchases intertemporally and how it is affected by consumer credit. In particular, we test whether car sales react in anticipation of future sales tax changes, leveraging 57 pre-announced changes in state sales tax rates from 1999-2017. We find evidence for substantial tax elasticities, with car sales rising by over 8% in the month before a 1% increase in the sales tax rate. Responses are heterogeneous across households and sensitive to supply of credit. Consumers with high credit risk scores are most able to pull purchases forward. At the same time, other effects such as customer composition and attention lead to an even larger tax elasticity during recessions, despite these credit frictions. We discuss policy implications and the likely magnitudes of tax changes necessary for any substantive long-term responses

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 32
    Swiss Finance Institute Research Paper ; No. 20-32
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  23. The consumption effects of the disposition to sell winners and hold losers
    Autor*in: Loos, Benjamin; Meyer, Steffen; Pagel, Michaela
    Erschienen: January 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (26668)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 26668
    Schlagworte: Bewässerung; Pflanzenbau; Ernteertrag; Agrarberufe; Ruanda
    Umfang: 53 Seiten, 4 ungezählte Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  24. The unprecedented stock market impact of COVID-19
    Autor*in: Baker, Scott; Bloom, Nicholas; Davis, Steven J.; Kost, Kyle J.; Sammon, Marco C.; Viratyosin, Tasaneeya
    Erschienen: April 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (26945)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 26945
    Schlagworte: Infektionskrankheit; Epidemie; Coronavirus; Börsenkurs; Vergleich; USA
    Umfang: 7 Seiten, 5 ungezählte Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  25. How does household spending respond to an epidemic?
    consumption during the 2020 COVID-19 pandemic
    Autor*in: Baker, Scott; Farrokhnia, Robert A.; Meyer, Steffen; Pagel, Michaela; Yannelis, Constantine
    Erschienen: April 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (26949)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 26949
    Schlagworte: Coronavirus; Epidemie; Privater Konsum; USA
    Umfang: 33 Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe