This paper provides evidence on the hypothesis that many behavioral finance patterns are so deeply rooted in human behavior that they are difficult to overcome by learning. We test this on a target group which has undoubtedly very strong incentives to learn efficient behavior, i.e. fund...

This paper provides evidence on the hypothesis that many behavioral finance patterns are so deeply rooted in human behavior that they are difficult to overcome by learning. We test this on a target group which has undoubtedly very strong incentives to learn efficient behavior, i.e. fund...

This article provides survey evidence on the influence of training on Behavioural Finance (BF) on professional fund managers' perception and investment behaviour. In particular, it examines whether 'trained' fund managers differ from the 'untrained' ones in their perception of markets and...

This paper provides survey evidence on the influence of training on behavioral finance on professional fund managers' perception and investment behavior. In particular, it examines whether "trained" fund managers differ from the "untrained" ones in their perception of markets and themselves as...

Nonlinear modeling of adjustments to purchasing power parity has recently gained much attention. However, a huge body of the empirical literature applies ESTAR models and neglects the existence of other competing nonlinear models. Among these, the Markov Switching AR model has a strong...

Apart from altruistic reasons, NGOs may engage in developing countries under conditions of conflict and war in order to secure funding and survive in the ‘market’ of humanitarian relief and development assistance. Applying a difference-in-difference-in-differences approach, we analyze...

This paper analyzes the state and impact of financial literacy in a so far largely neglected group: the middle class in emerging economies. This group is of increasing importance for implementing structural change, including the proper use of sophisticated financial products. We survey middle...

This year’s Nobel laureates in economics have a different understanding about the functioning of financial markets. However, this overall contradiction — which is even more pronounced in their policy statements — is no contradiction regarding scientific insights. In this respect they...

This paper provides novel evidence on exchange rate expectations of both chartists and fundamentalists separately. These groups indeed form expectations differently. Chartists change their expectations more often; however, all professionals' expectations vary considerably as they generally...

The ex ante theory of collateral states that better informed lenders, such as informal lenders, rely less on collateral. We test this by contrasting the use of collateral between formal and informal lenders in the same market. Indeed, formal lenders rely more often on collateral, controlling for...