Program 2013

April 24th, 2013
19:00Wine reception at Boerse Stuttgart
First Conference Day: Thursday, April 25th, 2013  
8:00Registration and welcome coffee at Boerse Stuttgart
9:00-9:15Welcome address: Dr. Christoph Boschan (Member of the Executive Board of Boerse Stuttgart)
9:15-9:25Opening remarks of the conference chairs: Prof. Ryan Riordan (University of Ontario Institute of Technology)
Session 1:
Finance I
9:25-10:00Media Makes Momentum
Alexander Hillert (1), Heiko Jacobs (1), Sebastian Müller* (1)
(1): University of Mannheim, Germany
Discussant: Yigitan Karabulut
10:00-10:35Can Facebook Predict Stock Market Activity?
Yigitcan Karabulut* (1)
(1): Goethe University Frankfurt, Germany
Discussant: Sebastian Müller
10:35-11:00Coffee break
11:00-11:45Round-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)
11:45-12:50Lunch break
Session 2: Behavioral Finance II  
12:50-13:25Investor Happiness
Christoph Merkle* (1), Daniel Egan (2), Greg Davies (2)
(1): University of Mannheim, Germany
(2): Barclays Plc
Discussant: Arvid Hoffmann
13:25-14:00What 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
Session 3:
14:10-14:45How 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
14:45-15:20Informed 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
15:20-15:50Coffee break
Session 4: Investment Decisions  
15:50-16:25The 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
16:25-17:00What 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
17:00-17:30Coffee break
Session 5: Investor Characteristics  
17:30-18:05Who 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
18:05-18:40Run, 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  
19:30Reception, 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, April 26th, 2013  
8:00Registration and welcome coffee at Boerse Stuttgart
Session 6:
Mutual Funds
8:30-9:05Analyst forecasts and European mutual fund trading
Alexander Frank (1), Alexander Kerl* (1)
(1): University of Giessen, Germany
Discussant: Maximilian Wimmer
9:05-9:40Tri-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  
9:40-10:15Designated Market Makers in Electronic Limit Order Books – A Closer Look
Erik Theissen (1), Christian Voigt (2), Christian
Westheide* (1)
(1): University of Mannheim, Germany
Fidessa plc
Discussant: Alexander Kerl
10:15-10:45Coffee break
10:45-11:45Keynote: Social Biases and Investor Behavior
Prof. Alok Kumar (University of Miami, Florida)