Department of Economics
IV Workshop LABSI
on
Behavioral Finance: Theory and Experimental Evidence
PROGRAM
Thursday 6th April |
18:00-20:00 |
Registration and
Reception |
20:00 |
Dinner |
|
Friday
7th April |
9:00-9:30 |
Welcome and
Introduction |
9:30-10:15 |
Invited lecture
Gur
Huberman
(Columbia Business School)
“Talk
and Action: What Individual Investors Say and What they Do?”
![](pdfmid.gif)
(co-authored with Daniel Dorn) |
10:15-11:15 |
Plenary session A
Chair:
Alain
Chateauneuf
(Université Paris 1, Panthéon-Sorbonne) |
Massimo Massa* and Andrei Simonov** (*INSEAD and Cepr, **Stockholm
School of Economics)
“Shareholder Homogeneity and Firm Value. The Disciplining Role of
Non-Controlling Shareholders”![](pdfmid.gif)
Oded Braverman,* Shmuel Kandel,** and Avi Wohl* (*Tel
Aviv University, **Tel Aviv University, Wharton School, University of
Pennsylvania, and CEPR)
“The
(Bad?) Timing of Mutual Fund Investors”![](pdfmid.gif)
11:15-11:30 |
Coffee break |
11:30-13:00 |
Plenary session B
Chair:
Darren Duxbury (Leeds University Business School) |
Adelson Piñón*
and Martin
Weber** (*Universität Mannheim and Madrid
Autonomous University, **Universität
Mannheim and CEPR, London)
“The
Influence of Present and Prior Alternatives on Risk Aversion”![](pdfmid.gif)
Gerlinde Fellner
and Erik Theissen (University of Bonn)
“Short
sales constraints, divergence of opinion and asset values - Evidence from
the laboratory”![](pdfmid.gif)
Selima Ben
Mansour,* Elyès Jouini* and Clotilde Napp** (*Université
Paris-Dauphine. **Université Paris Dauphine and Crest)
“Is there
a pessimistic bias in individual beliefs?
Evidence from survey data”![](pdfmid.gif)
13:00-14:30 |
Lunch |
14:30-15:15 |
Invited lecture
Alain
Chateauneuf
(Université Paris 1, Panthéon-Sorbonne)
“From
Sure to Strong Diversification”![](pdfmid.gif)
(co-authored with Ghizlane Lakhnati) |
15:15-16:45 |
Parallel sessions C1 – C2 |
sessions
C1
Chair:
Angelo Melino (University of Toronto)
Richard
John
Fairchild
(University of Bath)
“The
effect of Managerial Overconfidence, asymmetric information, and moral
hazard on capital structure decisions”![](pdfmid.gif)
Barbara Alemanni *
and Alessandra Franzosi** (*Università di Genova,
**Borsa Italiana)
“Portfolio and psychology of high frequency online traders”![](pdfmid.gif)
Marie
Pfiffelmann
(Laboratoire de Recherche en Gestion et en Economie, Strasbourg)
“Which
optimal design for LLDAs?”![](pdfmid.gif)
sessions C2
Chair: Luigi Luini
(Università di Siena)
Arvind
Ashta,* Brice Corgnet,** Christophe Godlewski*** and Angela Sutan****
(*CEREN, Dijon, **University Carlos III, Madrid ***LARGE, Strasbourg, ****CEREN,
Dijon, and BETA, Strasbourg)
“The power of words in financial markets: soft versus hard
information, a strategy method experiment”![](pdfmid.gif)
Diego Salzman* and Emanuela Trifan** (*CORE,
Université
catholique de Louvain,
**Darmstadt University of Technology)
“Emotions,
Bayesian Inference, and Financial Decision Making”![](pdfmid.gif)
Philip S.
Marey
(Maastricht University)
“Interest
rate expectations: an experimental study”![](pdfmid.gif)
16:45-17:00 |
Coffee
break |
17:00-19:00 |
Parallel sessions D1 – D2 |
sessions
D1
Chair:
Marcello Basili (Università di Siena)
Simone
Bianco * and Roberto Renò** (*University of North Texas, **Università
di Siena)
“Dynamics
of intraday serial correlation in the Italian futures market”![](pdfmid.gif)
Martin
Ågren
(Uppsala
University)
“Loss
Aversion and Higher Moments”![](pdfmid.gif)
Philipp E.
Otto
and Nick Chater
(University College London)
“Note on
Ways of Saving: Mental Mechanisms as Tools for Self-Control?”![](pdfmid.gif)
Grzegorz Mardyla (Yokohama National University)
“Trigger-happy confidence”![](pdfmid.gif)
sessions
D2
Chair: Elyès Jouini (Université Paris-Dauphine)
Alexandra
Niessen*
and Stefan
Ruenzi** (*University of Cologne, **University of Cologne and CEFR, Cologne)
“Sex
Matters: Gender and Mutual Funds”![](pdfmid.gif)
Simone Alfarano,*
Iván Barreda** and Eva Camacho*** (*University of Kiel, **University of Castellón, ***University Autonoma of Madrid)
“On the
strategies of heterogeneous and imperfectly informed traders”![](pdfmid.gif)
Greg B.
Davies
(University College London)
“Dynamic
Reference Points: Investors as Consumers of Uncertainty”![](pdfmid.gif)
20:00 |
Social
Dinner |
|
Saturday 8th April |
9:00-9:45 |
Invited lecture
Darren
Duxbury
(Leeds University Business School)
“Peak
Impact: Financial risk perception and the peak of the return
distribution”![](pdfmid.gif)
(co-authored
with Barbara Summers) |
9:45-11:15 |
Plenary session E
Chair:
Andreas Ortmann (Cerge-Ei,
Prague and University of Trento) |
Brian
Kluger*
and Dan
Friedman** (*University of Cincinnati, **University of California at
Santa Cruz)
“Financial
Engineering and Rationality: Experimental Evidence Based on the Monty Hall
Problem”![](pdfmid.gif)
Luigi Guiso *
and Tullio Jappelli** (*University of Rome Tor Vergata, Ente
Luigi Einaudi and
CEPR, **University of Salerno, CSEF and CEPR)
“Information Acquisition, Overconfidence and Portfolio
Performance”![](pdfmid.gif)
Ugo Rigoni and Massimo Warglien (Università Cà Foscari, Venezia)
“Analogical transfer of experience and the misuse of diversification. A real
option investment experiment”![](pdfmid.gif)
11.15-11:30 |
Coffee break |
11:30-13.00 |
Plenary session F
Chair:
Gur Huberman (Columbia Business School) |
Thorsten
Hens and Martin Vlcek (University of Zurich)
“Does
Prospect Theory Explain the Disposition Effect?”![](pdfmid.gif)
Robin Pope,*
Reinhard Selten,* Sebastian Kube** and Jürgen von Hagen* (*Bonn University,
**University of Karlsruhe)
“Experimental Evidence on the Benefits of Eliminating Exchange Rate
Uncertainties and Why Expected Utility Theory causes Economists to Miss
Them”![](pdfmid.gif)
Gunduz Caginalp *
and Vladimira Ilieva**
(*University
of Pittsburgh, **The Institute of Behavioral Finance)
“The
Dynamics of Trader Motivations in Asset Bubbles”![](pdfmid.gif)
13.00-14.00 |
Closing lunch |
*****
|