Program

See below for the program of the 2nd European Retail Investment Conference. The main conference took place from April 25th to 26th, 2013 at Boerse Stuttgart, Germany. Presentations were 20 minutes, followed by 10 minutes discussion, and 5 minutes open questions. Discussants of the conference papers were duly assigned by the organization committee.

To download a PDF version of the conference brochure please click here.

 

Wednesday, April 24th, 2013

 
 

19:00

Wine reception at Boerse Stuttgart

 
     
 

First Conference Day: Thursday, April 25th, 2013

 
 

8:00

Registration and welcome coffee at Boerse Stuttgart

 
 

9:00-9:15

Welcome address: Dr. Christoph Boschan (Member of the Executive Board of Boerse Stuttgart)

 
 

9:15-9:25

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

 
 

Session 1: Behavioral Finance I

 
 

9:25-10:00

Media Makes Momentum
Alexander Hillert (1), Heiko Jacobs (1), Sebastian Müller* (1)
(1): University of Mannheim, Germany
Discussant: Yigitan Karabulut

 
 

10:00-10:35

Can Facebook Predict Stock Market Activity?
Yigitcan Karabulut* (1)
(1): Goethe University Frankfurt, Germany
Discussant: Sebastian Müller

 
 

10:35-11:00

Coffee break

 
 

Round-Table

 
 

11:00-11:45

Round-Table: Retail investors in a complex world
Participants: Dr. Christoph Boschan (Member of the Executive Board of Boerse Stuttgart), Prof. Ryan Riordan (University of Ontario Institute of Technology), Jean-Paul Servais (Chairman of the Financial Services and Markets Authority), Christian Vollmuth (Managing Director German Derivatives Association)
Moderator: Roland Klaus (Journalist)

 
 

11:45-12:50

Lunch break

 
 

Session 2: Behavioral Finance II

 
 

12:50-13:25

Investor Happiness
Christoph Merkle* (1), Daniel Egan (2), Greg Davies (2)
(1): University of Mannheim, Germany (2): Barclays Plc
Discussant: Arvid Hoffmann

 
 

13:25-14:00

What Makes Investors Optimistic, What Makes Them Afraid?
Arvid Hoffmann* (1), Thomas Post (1)
(1): Maastricht University, School of Business and Economics, Netherlands
Discussant: John Chalmers

 
 

14:00-14:10

Break

 
 

Session 3: Informed Trading

 
 

14:10-14:45

How Smart is Exchange Intermediated Money? Evidence from Listed Open-End Mutual Funds in Europe
William Li (1), Jerry Parwada* (1)
(1): University of New South Wales, Australia
Discussant: Keith Gamble

 
 

14:45-15:20

Informed Retail Investors: Evidence from Retail Short Sales
Keith Gamble* (1), Wei Xu (2)
(1): DePaul University, USA (2): HSBC School of Business, China
Discussant: Jerry Parwada

 
 

15:20-15:50

Coffee break

 
 

Session 4: Investment Decisions

 
 

15:50-16:25

The Performance of Individual Investors in Structured Financial Products
Oliver Entrop (1), Michael McKenzie (2), Marco Wilkens (3), Christoph Winkler* (3)
(1): University of Passau, Germany (2): University of Sydney, Australia (3): University of Augsburg, Germany
Discussant: Torsten Walther

 
 

16:25-17:00

What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?
John Chalmers* (1), Jonathan Reuter (2)
(1): University of Oregon, USA (2): Boston College, USA
Discussant: Gil-Bazo Javier

 
 

17:00-17:30

Coffee break

 
 

Session 5: Investor Characteristics

 
 

17:30-18:05

Who Buys the Worst Mutual Funds? Fund Performance and Investor Characteristics
Hang Dong (1), Gil-Bazo Javier* (2)
(1): Universidad Carlos III, Spain (2): Universitat Pompeu Fabra, Spain
Discussant: Christoph Winkler

 
 

18:05-18:40

Run, Walk, or Buy? Financial Literacy, Dual-Process Theory, and Investment Behavior
Markus Glaser (1), Torsten Walther* (1)
(1): LMU Munich, Germany
Discussant: Christoph Merkle

 
 

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, April 26th, 2013

 
 

8:00

Registration and welcome coffee at Boerse Stuttgart

 
 

Session 6: Mutual Funds

 
 

8:30-9:05

Analyst forecasts and European mutual fund trading
Alexander Frank (1), Alexander Kerl* (1)
(1): University of Giessen, Germany
Discussant: Maximilian Wimmer

 
 

9:05-9:40

Tri-criterion inverse portfolio optimization with application to socially responsible mutual funds
Sebastian Utz(1), Maximilian Wimmer* (1), Markus Hirschberger (2), Ralph E. Steuer (3)
(1): University of Regensburg, Germany (2): Munich Re (3): University of Georgia, USA
Discussant: Christian Westheide

 
 

Session 7: Market Microstructure

 
 

9:40-10:15

Designated Market Makers in Electronic Limit Order Books – A Closer Look
Erik Theissen (1), Christian Voigt (2), Christian Westheide* (1)
(1): University of Mannheim, Germany (2): Fidessa plc
Discussant: Alexander Kerl

 
 

10:15-10:45

Coffee break

 
 

Keynote

 
 

10:45-11:45

Keynote: Social Biases and Investor Behavior
Prof. Alok Kumar (University of Miami, Florida)

 
 

11:45

Lunch

 
  

End

 
 

*Presenting author

 
 
 
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