Financial decision making - The role of realization, portfolio composition and biased belief formation

Müller-Dethard, Jan

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URN: urn:nbn:de:bsz:180-madoc-573008
Document Type: Doctoral dissertation
Year of publication: 2020
Place of publication: Mannheim
University: Universität Mannheim
Evaluator: Weber, Martin
Date of oral examination: 15 October 2020
Publication language: English
Institution: Business School > ABWL u. Bankbetriebslehre (Seniorprofessur) (Weber 2017-)
Subject: 330 Economics
Individual keywords (German): Realisationseffekt , Boom und Bust , Risikobereitschaft , Erwartungsbildung , Portfolio Zusammensetzung
Keywords (English): realization effect , boom and bust , risk-taking , belief formation , portfolio composition , experimental finance , behavioral finance
Abstract: The main goal of this dissertation thesis is to deepen the understanding of how investors make financial decisions. Each chapter consists of an experimental study in which the drivers of investment decisions are examined. The first study analyzes how realization affects the dynamics of risk-taking. The second study asks how the composition of winner and loser stocks of a portfolio influences the performance evaluation and willingness to invest in a portfolio. The third study evaluates how biased belief formation affects risk-taking in boom and bust markets. Finally, the forth study questions whether individuals follow a simple counting rule, implied by Bayes' Theorem, when updating their beliefs.

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