Investment clubs offer the opportunity to form a well-diversified portfolio with private investors being invested in that portfolio. Nevertheless, many investment clubs hold undiversified portfolios. We hypothesize that the clubs' composition and the characteristics of the decision making...

Unter dem Besitztumseffekt wird die Tatsache verstanden, daß Entscheider Alternativen bezüglich eines Referenzpunktes beurteilen und dabei Verluste stärker gewichten als Gewinne. Diese unterschiedliche Beurteilung spiegelt sich auch in einer starken Diskrepanz zwischen Kauf- und Verkaufspreis...

Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study we investigate if this willingness to accept and willingness to pay disparity sustains for state contingent claims. Contingent claims are defined using risky, ambiguous, and...