Program 2011

Wednesday, February 23rd, 2011 
19:00Wine reception at Boerse Stuttgart
First Conference Day: Thursday, February 24th, 2011  
8:00Registration and welcome coffee at Boerse Stuttgart
9:00-9:15Welcome address: Christoph Lammersdorf (Chairman of Boerse Stuttgart)
9:15-9:25Opening remarks of the conference chairs: Prof. Ryan Riordan (Karlsruhe Institute of Technology)
Session 1: Retail Investor Products  
9:25-10:00Investors with too many options?
Daniel Dorn* (1)
(1): Drexel University, USA
Discussant: Alexander Schober
10:00-10:35The 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
10:35-11:00Coffee break
Session 2: Financial Advice  
11:00-11:35Financial advice: An improvement for worse?
Yigitcan Karabulut* (1)
(1): Goethe University Frankfurt, Germany
Discussant: Christoph Merkle
11:35-12:10Can 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
12:10-13:15Lunch break
13:15-14:00Round-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)
Session 3: Mutual Funds  
14:10-14:45The 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
14:45-15:20The 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
15:20-15:50Coffee break
Session 4: Behavioral Finance  
15:50-16:25Positive 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
16:25-17:00Individual investors’ speculative returns
Noah Stoffman* (1)
(1) Kelley School of Business, Indiana University, USA
Discussant: Christine Kaufmann
17:00-17:30Coffee break
17:30-18:05The 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
18:05-18:40How 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  
19:30Reception, Kunstmuseum (Kleiner Schlossplatz 1, first floor)
Introductory speech: Prof. Hans-Peter Burghof (University of Hohenheim)
20:00Gala Dinner, Restaurant Cube (Kleiner Schlossplatz 1, top floor)
Second Conference Day: Friday, February 25th, 2011  
8:00Registration and welcome coffee at Boerse Stuttgart
Session 5: Investment Decisions  
8:30-9:05The 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
9:05-9:40Individual 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
9:40-10:15Individual 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
10:15-10:45Coffee break
Session 6: Market Microstructure  
10:45-11:20Internalization, 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
11:20-11:55Risk 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
12:00-13:00Keynote: The behavior of individual investors
Professor Terrance Odean (Haas School of Business, University of California, Berkeley)
*Presenting author We expect all presenters to discuss another conference paper that will be assigned by the end of January.

The European Retail Investment Conference (ERIC)

The 1st European Retail Investment Conference was hosted at Boerse Stuttgart, Germany during February 23rd-25th 2011. The conference chairs invited to participate and discuss empirical and theoretical research that investigates retail investor products and services, the impact of technology on retail investors, investors’ decision-making, investor protection schemes, and market microstructure. The keynote was held by Professor Terrance Odean from the University of California, Berkeley who was talking about “The behavior of individual investors”.

You will find an overview of the program and the conference brochure with the abstracts of all presented papers here.

Prof. Hans-Peter
Conference Chair
Prof. Ryan
Conference Chair
Prof. Bruce
Conference Chair

Organizational Details

The first European Retail Investment Conference (ERIC) was sponsored by Boerse Stuttgart, Europe’s leading stock exchange organization for investment and leverage certificates, focusing on the needs of individual investors. The conference was hosted at the stock exchange in Stuttgart’s city center. Stuttgart is located in the south of Germany and is easily reachable by air, rail, or road. The chairs of the conference were Professor Hans-Peter Burghof (University of Hohenheim), Professor Ryan Riordan (Karlsruhe Institute of Technology), and Professor Bruce Weber (London Business School).