We use an experiment to explore how subjects learn to play against computers which are programmed to follow one of a … play, imitation, reinforcement learning, and a trial & error process. We test whether subjects try to influence those … and that all learning algorithms are subject to exploitation with the notable exception of imitation. The experiment was …

laboratory experiment we test the different theories by systematically varying information conditions. We find significant …

experiment with more than 6000 subjects, including a subsample of 267 consultants from an international consulting firm. We also …

This paper studies the evolution of the greenium, i.e. a risk premium linked to firms' greenness and environmental … transparency, based on individual stock returns. We estimate an asset pricing model with time-varying risk premia, where the …

or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment … characterizes rare disasters, results in lower risk-taking at the beginning of working life, and is crucial in order to match the …

This paper contrasts the investment behavior of different financial institutions in debt securities as a response to … Statistics. Banks and investment funds respond in a pro-cyclical manner to past security-specific holding period returns. In …-cyclical investment behavior. …

Mutual fund risk-taking via active portfolio rebalancing varies both in the crosssection and over time. In this paper …, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet … information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage …

This study provides evidence on the existence of a negative Greenium, i.e. a green risk premium, based on European … portfolio exposure to climate risk and hedge against it. We estimate that even in a rather benign scenario, there would be …

Promoting investment in energy efficiency has become increasingly important over the past decade. It is heavily … European Investment Bank, we find that a lower and fixed interest rate, a lower collateral requirement and the provision of … technical assistance in the implementation of the project can significantly boost investment in energy efficiency. When …