Program

See below for the program of the 3rd European Retail Investment Conference. The main conference took place from April 23 to 24, 2015 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 program please click here

 

Wednesday, April 22, 2015

 
 

19:00

Wine reception at Boerse Stuttgart

 
     
 

First Conference Day: Thursday, April 23, 2015

 
 

8:00

Registration and welcome coffee at Boerse Stuttgart 
 

9:00-9:25

Welcome address 
 

Session 1: Market Microstructure

 
 

9:25-10:00

Trading on Algos
Johannes A. Skjeltrop (1), Elvira Sojli* (2), Wing Wah Tham (3)
(1): Central Bank of Norway, Norway (2): Erasmus University Rotterdam, Netherlands (3): Erasmus University Rotterdam and Tinbergen Instiute, Netherlands
Discussant: Stephan Jank

 
 

Session 2: Momentum Trading

 
 

10:00-10:35

Information Percolation, Momentum, and Reversal
Daniel Andrei* (1), Julien Cujean (2)
(1): UCLA Anderson School of Management, United States (2): University of Maryland, United States
Discussant: Elvira Sojli

 
 

10:35-11:10

Who trades on Momentum?
Markus Baltzer (1), Stephan Jank* (2), Esad Smajlbegovic (3)
(1): Central Bank of Germany, Germany, (2): Frankfurt School of Finance and Management and CFR, Germany (3): University of Mannheim, Germany
Discussant: Daniel Andrei

 
 

11:10-11:30

Break

 
 

Round-Table

 
 

11:30-12:15

Financial System Complexity – The Role of Regulated Trading Venue
Participants: Jella Benner-Heinacher (Vice-President of Better Finance for all), Christoph Lammersdorf (Member of the Executive Board of Boerse Stuttgart), Niels Lemmers (Legal & Public Affairs Director, Dutch Investors’ Association VEB), Prof. Ryan Riordan (University of Queen’s, Queen’s School of Business)
Moderator: Andreas Scholz (Journalist)

 
 

12:15-13:15

Lunch break

 
 

Session 3: Behavioral Finance

 
 

13:15-13:50

The Power of Primacy: Alphabetic Bias, Investor Recognition, and Market Outcomes
Heiko Jacobs* (1), Alexander Hillert (1)
(1): University of Mannheim, Germany
Discussant: Elizaveta Mirgorodskaya

 
 

13:50-14:25

Do Capital Markets discriminate against Analysts with foreign sounding Names?
Alexander Kerl* (1), Nils Schäfer (1)
(1): University of Giessen
Discussant: Alexander Hillert

 
 

14:25-15:00

The Framing Effect of News on Investor Beliefs:An Experimental Approach
Ronald Bosman (1), Roman Kräussel (2), Elizaveta Mirgorodskaya* (2)
(1): VU University Amsterdam, Netherlands (2): Luxembourg School of Finance, Luxembourg
Discussant: Heiko Jacobs

 
 

15:00-15:30

Break

 
 

Session 4: Household Finance

 
 

15:30-16:05

Labor Market Experiences and Portfolio Choice: Evidence from the Finish Great Depression
Samuli Knüpfer (1), Elias Rantapuska* (2), Matti Savimäki (2)
(1): London Business School, United Kingdom (2): Aalto University, Finland
Discussant: Lena Jaroszek

 
 

16:05-16:40

Think Twice or be Wise in Consumer Credit Choices
Christian D. Dick (1), Lena M. Jaroszek* (2)
(1): Centre for European Economic Research, Germany (2): University of Mannheim, Germany
Discussant: Elias Rantapuska

 
 

16:40-17:00

Break

 
 

Session 5: Technical Analysis and Retail Investors

 
 

17:00-17:35

The Trend is your (Imaginary) Friend – A Behavioral Perspective on Technical Analysis
Sebastian Ebert* (1), Christian Hilpert (2)
(1): Tilburg University, Netherlands (2): University of Hamburg, Germany
Discussant: Steffen Meyer

 
 

17:35-18:10

Trading on Noise: Moving Average Trading Heuristics and Private Investors
Thomas Etheber* (1), Andreas Hackethal (1), Steffen Meyer (2)
(1): Goethe University Frankfurt, Germany (2): Leibniz University Hanover, Germany
Discussant: Stefan Ruenzi

 
 

Gala Dinner

 
 

19:30

Reception, Kunstmuseum (Kleiner Schlossplatz 1, first floor)

 
 

20:00

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

 
     
 

Second Conference Day: Friday, April 24, 2015

 
 

8:00

Registration and welcome coffee at Boerse Stuttgart

 
 

Session 6: Mutual Funds

 
 

9:00-9:35

The Impact of Scandals on Mutual Fund Performance, Money and Fees
Adrian Chapman-Davies (1), Jerry T. Parwada* (1), Kian M.Tan (1)
(1): University of New South Wales, Australia
Discussant: Markus Natter

 
 

9:35-10:10

The Benefits of Option use by Mutual Funds
Markus Natter* (1), Martin Rohleder (1), Dominik Schulte (1), Marco Wilkens (1)
(1): University of Augsburg, Germany
Discussant: Jerry Parwada

 
 

10:10-10:45

Mutual Fund Shareholder Letter Tone – Do Investors Listen?
Alexander Hillert* (1), Alexandra Niessen-Ruenzi (1), Stefan Ruenzi (1)
(1): University of Mannheim, Germany
Discussant: Alexander Kerl

 
 

10:45-11:00

Break

 
 

Keynote

 
 

11:00-12:30

Keynote: Search Data and Behavioral Finance
Prof. Joseph Engelberg (University of California at San Diego, Rady School of Management)

 
 

12:30-13:15

Lunch

 
 

Session 7: Investment Decisions

 
 

13:15-13:50

Financial Advice and Bank Profits
Daniel Hoechle (1), Stefan Ruenzi* (2), Nic Schaub (3), Markus Schmid (3)
(1): Zurich University of applied Sciences, Switzerland (2): University of Mannheim, Germany (3): University of St. Gallen, Switzerland
Discussant: Thomas Etheber

 
 

13:50-14:25

Does a personalized Feedback on Investment Success mitigate Investment Mistakes of Private Investors? Answers from a large natural Field Experiment
Steffen Meyer* (1), Linda Urban (2), Sophie Ahlswerde (2)
(1): Leibniz University Hanover, Germany (2): Goethe University Frankfurt, Germany
Discussant: Christian Hilpert

 
  

End

 
 

*Presenting author

 
   
 
 
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