The use of observed transaction sizes to differentiate between “small” and “large” investor trading patterns is widespread. A significant concern in such studies is spurious effects attributable to misclassification of transactions, particularly those originating from large investors....

This study investigates the influence of voluntary, unverifiable disclosures on investors’ decisions and their risk perception. We focus on Initial Coin Offerings (ICOs), in which start-ups and projects raise funds by issuing their own crypto tokens. Based on voluntary, unverifiable disclosure...

This paper experimentally investigates how fair value measurements of financial instruments affect the decision of nonprofessional investors to invest in a bank’s shares. Specifically, we assess how investors respond to variations in net income resulting from fair value adjustments in trading...