Since the 2008 crisis, the economics literature has shown a renewed interest in Keynes's "beauty contest" (BC) as a fundamental aspect of the functioning of financial markets. We argue that to understand the importance of the BC, psychological and informational factors are of small importance,...

Due to data limitations and the absence of testable, model-based predictions, theory and evidence on herd behavior are only loosely connected. This paper contributes towards closing this gap in the herding literature. We use numerical simulations of a herd model to derive new, theory-based...

This paper examines the herd behavior in six segmented markets on the Chinese stock markets. Using the OLS, GARCH, Quantile Regression, and State Space Models to examine the daily returns from 2003 to 2018, we find that herd behavior exists widely in all the segmented markets examined in China,...

Chapter 1. Introduction: what is equity crowdfunding and how can the decision-making process of retail investors be outlined? -- Chapter 2. About entrepreneurial finance and factors affecting crowd-investor preferences -- Chapter 3. Definition and description of the analytical process: a data...

Während institutionelle Investoren in stetig wachsenden Finanzmärkten seit Jahren unaufhaltsam an Bedeutung gewinnen, ist die Vorgehensweise dieser Marktakteure - insbesondere die der einflussreichen Untergruppe der Fondsmanager - bislang relativ unerforscht. Um diese Lücke zu schließen,...