Program

See below for the program of the 1st European Retail Investment Conference. Presentations were 20 minutes, followed by 10 minutes discussion, and 5 minutes open questions. Discussants of the conference papers were duly assigned by organization committee. Please click here for a PDF version of the conference brochure.

Conference Days
 

Wednesday, February 23rd, 2011

 
 

19:00

Wine reception at Boerse Stuttgart

 
     
 

First Conference Day: Thursday, February 24th, 2011

 
 

8:00

Registration and welcome coffee at Boerse Stuttgart

 
 

9:00-9:15

Welcome address: Christoph Lammersdorf (Chairman of Boerse Stuttgart)

 
 

9:15-9:25

Opening remarks of the conference chairs: Prof. Ryan Riordan (Karlsruhe Institute of Technology)

 
 

Session 1: Retail Investor Products

 
 

9:25-10:00

Investors with too many options?
Daniel Dorn* (1)
(1): Drexel University, USA
Discussant: Alexander Schober

 
 

10:00-10:35

The pricing policy of banks on the German secondary market for leverage certificates: Interday and intraday effects
Oliver Entrop (1), Alexander Schober* (2), Marco Wilkens (3)
(1): University of Passau, Germany (2): Catholic University of Eichstätt-Ingolstadt, Germany
(3): University of Augsburg, Germany
Discussant: Daniel Dorn

 
 

10:35-11:00

Coffee break

 
 

Session 2: Financial Advice

 
 

11:00-11:35

Financial advice: An improvement for worse?
Yigitcan Karabulut* (1)
(1): Goethe University Frankfurt, Germany
Discussant: Christoph Merkle

 
 

11:35-12:10

Can unbiased financial advice steer retail investors towards efficient portfolios?
Utpal Bhattacharya (1), Andreas Hackethal (2), Simon Kaesler* (2), Benjamin Loos (2), Steffen Meyer (2)
(1): Kelley School of Business, Indiana University, USA (2): Goethe University Frankfurt, Germany
Discussant: Arvid O. I. Hoffmann

 
 

12:10-13:15

Lunch break

 
 

Round-Table

 
 

13:15-14:00

Round-Table: Retail investors and institutional investors – How wide is the gap?
Participants: Mark Cringle (Managing Director HSBC Trinkaus & Burkhardt), Sven Giegold
(MEP, Bündnis 90 / Die Grünen), Dr. Dirk Klee (Chairman BlackRock Asset Management
Germany), Prof. Roland Klose (DSW/Euroshareholders), Christoph Lammersdorf (Chairman
Börse Stuttgart), Prof. Martin Weber (University of Mannheim)
Moderator: Jeremy Grant (Financial Times)

 
 

14:00-14:10

Break

 
 

Session 3: Mutual Funds

 
 

14:10-14:45

The Wisdom of Crowds: Mutual Fund Investors` Aggregate Asset Allocation Decisions
John Chalmers (1), Aditya Kaul (2), Blake Phillips* (3)
(1): University of Oregon, USA (2): University of Alberta, Canada (3): University of Waterloo, Canada
Discussant: Patrick Herbst

 
 

14:45-15:20

The influence of buy-side analysts on mutual fund trading
Patrick Herbst* (1), Stefan Frey (2)
(1): University of Stirling, UK (2): Leibniz University Hannover, Germany
Discussant: Blake Phillips

 
 

15:20-15:50

Coffee break

 
 

Session 4: Behavioral Finance

 
 

15:50-16:25

Positive mood, risk attitudes, and investment decisions: Field evidence from comedy movie attendance in the U.S.
Gabriele M. Lepori* (1)
(1): Copenhagen Business School, Denmark
Discussant: Stefan Ruenzi

 
 

16:25-17:00

Individual investors’ speculative returns
Noah Stoffman* (1)
(1) Kelley School of Business, Indiana University, USA
Discussant: Christine Kaufmann

 
 

17:00-17:30

Coffee break

 
 

17:30-18:05

The impact of investor sentiment on the German stock market
Philipp Finter (1), Alexandra Niessen-Ruenzi (2), Stefan Ruenzi* (2)
(1): University of Cologne, Germany (2): University of Mannheim, Germany
Discussant: Gabriele M. Lepori

 
 

18:05-18:40

How much risk can I handle? The role of experience sampling and graphical displays on one`s investment
risk appetite and comprehension
Emily Haisley (1), Christine Kaufmann* (2), Martin Weber (2)
(1): Yale School of Management, USA (2): University of Mannheim, Germany
Discussant: Noah Stoffman

 
 

Gala Dinner

 
 

19:30

Reception, Kunstmuseum (Kleiner Schlossplatz 1, first floor)
Introductory speech: Prof. Hans-Peter Burghof (University of Hohenheim)

 
 

20:00

Gala Dinner, Restaurant Cube (Kleiner Schlossplatz 1, top floor)

 
     
 

Second Conference Day: Friday, February 25th, 2011

 
 

8:00

Registration and welcome coffee at Boerse Stuttgart

 
 

Session 5: Investment Decisions

 
 

8:30-9:05

The Beliefs of Others – Naive Realism and Investment Decisions
Daniel Egan (1), Christoph Merkle* (2), Martin Weber (2)
(1): Barclays London, UK (2): University of Mannheim, Germany
Discussant: Yigitcan Karabulut

 
 

9:05-9:40

Individual investors` option trading: Attention grabbing versus long-term strategies
Christof Beuselinck (1), Dries Heyman* (2), Maarten Pronk (3)
(1): Ghent University, Belgium (2): Tilburg University, Netherlands (3): Erasmus University Rotterdam, Netherlands
Discussant: Simon Kaesler

 
 

9:40-10:15

Individual investor perceptions, behavior, and performance during the financial crisis
Arvid O. I. Hoffmann* (1), Joost M. E. Pennings (1), Thomas Post (1)
(1): Maastricht University, Netherlands
Discussant: Dries Heyman

 
 

10:15-10:45

Coffee break

 
 

Session 6: Market Microstructure

 
 

10:45-11:20

Internalization, clearing & settlement, and stock market liquidity
Hans Degryse (1), Mark Van Achter* (2), Gunther Wutys (3)
(1): Tilburg University, Netherlands (2): Rotterdam School of Management, Erasmus University, Netherlands
(3): University of Leuven, Belgium
Discussant: Sunny X. Li

 
 

11:20-11:55

Risk sharing, costly participation, and monthly returns
Terrence Hendershott* (1), Sunny X. Li (2), Albert J. Menkveld (2), Mark S. Seasholes (3)
(1): U.C. Berkeley, USA (2): VU Amsterdam, Netherlands (3): HKUST, Hong Kong
Discussant: Mark Van Achter

 
 

11:55-12:00

Break

 
 

Keynote

 
 

12:00-13:00

Keynote: The behavior of individual investors
Professor Terrance Odean (Haas School of Business, University of California, Berkeley)

 
 

13:00

Lunch

 
  

End

 
 

*Presenting author

 
 

We expect all presenters to discuss another conference paper that will be assigned by the end of January.

 
 
 
*