Program 2015

Wednesday, April 22, 2015  
19:00Wine reception at Boerse Stuttgart
First Conference Day: Thursday,
April 23, 2015
8:00Registration and welcome coffee at Boerse Stuttgart
9:00-9:25Welcome address
Session 1: Market Microstructure  
9:25-10:00Trading 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:
10:00-10:35Information 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
10:35-11:10Who 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
11:30-12:15Financial 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)
12:15-13:15Lunch break
Session 3:
Behavioral Finance
13:15-13:50The Power of Primacy: Alphabetic Bias, Investor Recognition, and Market Outcomes
Heiko Jacobs* (1), Alexander Hillert (1)
(1): University of Mannheim, Germany
Discussant: Elizaveta Mirgorodskaya
13:50-14:25Do Capital Markets discriminate against Analysts with foreign sounding Names?
Alexander Kerl* (1), Nils Schäfer (1)
(1): University of Giessen
Discussant: Alexander Hillert
14:25-15:00The 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
Session 4: Household Finance  
15:30-16:05Labor 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
16:05-16:40Think Twice or be Wise in Consumer Credit Choices
Christian D. Dick (1), Lena M. Jaroszek* (2)
(1): Centre for European Economic Research,
(2): University of Mannheim, Germany
Discussant: Elias Rantapuska
Session 5: Technical
Analysis and Retail
17:00-17:35The 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
17:35-18:10Trading 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  
19:30Reception, Kunstmuseum (Kleiner Schlossplatz 1,
first floor)
20:00Gala Dinner, Restaurant Cube (Kleiner Schlossplatz 1, top floor)
Day: Friday, April 24, 2015
8:00Registration and welcome coffee at Boerse Stuttgart
Session 6: Mutual Funds  
9:00-9:35The 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
9:35-10:10The 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
10:10-10:45Mutual 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
11:00-12:30Keynote: Search Data and Behavioral Finance
Prof. Joseph Engelberg (University of California at San
Diego, Rady School of Management)
Session 7: Investment Decisions  
13:15-13:50Financial 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
13:50-14:25Does 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
*Presenting author