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Experiential learning in finance education – Applying experimental finance methodology
In: To appear in the HANDBOOK OF EXPERIMENTAL FINANCE, Sascha Füllbrunn and Ernan Haruvy (eds), Edward Elgar Publishing
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Determinants of Financial Literacy and Behavioral Bias Among Adolescents
In: JBEF-D-23-00142
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On the role of monetary incentives in risk preference elicitation experiments
In: Journal of risk and uncertainty, Volume 66, Issue 2, p. 189-213
ISSN: 1573-0476
AbstractIncentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related real payments are considered necessary to reveal subjects' "true preferences." Using a systematic, large-sample approach with three subject pools of private investors, professional investors, and students, we test the effect of task-related monetary incentives on risk preferences in four standard experimental tasks. We find no significant differences in behavior between and within subjects in the incentivized and non-incentivized regimes. We discuss implications for academic research and forions in the field.
Cognitive Skills and Economic Preferences in the Fund Industry
In: The economic journal: the journal of the Royal Economic Society, Volume 132, Issue 645, p. 1737-1764
ISSN: 1468-0297
AbstractWe investigate the impact of cognitive skills and economic preferences on fund managers' professional decisions by running a battery of experiments with them. First, we find that fund managers' risk tolerance positively correlates with fund risk when accounting for fund benchmark, fund category and other controls. Second, we show that fund managers' ambiguity tolerance positively correlates with the funds' tracking error from the benchmark. Finally, we report that cognitive skills do not explain fund performance in terms of excess returns. However, we do find that fund managers with high cognitive reflection abilities compose funds at lower risk.
On the Role of Monetary Incentives in Risk Preference Elicitation Experiments
In: SAFE Working Paper No. 286
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Working paper
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Cognitive skills and economic preferences in the fund industry
By running a battery of incentivized and non-incentivized experiments with fund managers from four countries in the European Union, we investigate the impact of fund managers' cognitive skills and economic preferences on the dynamics of the mutual funds they manage. First, we find that fund managers' risk tolerance positively correlates with fund risk when accounting for fund benchmark, fund category, and other controls. Second, we show that fund managers' ambiguity tolerance positively correlates with the funds' tracking error from the benchmark. Finally, we report that cognitive skills do not explain fund performance in terms of excess returns. However, we do find that fund managers with high cognitive reflection abilities generate these returns at lower risk.
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Non-standard errors
In: IWH discussion papers 2021, no. 11 (November 2021)
In statistics, samples are drawn from a population in a datagenerating process (DGP). Standard errors measure the uncertainty in sample estimates of population parameters. In science, evidence is generated to test hypotheses in an evidencegenerating process (EGP). We claim that EGP variation across researchers adds uncertainty: non-standard errors. To study them, we let 164 teams test six hypotheses on the same sample. We find that non-standard errors are sizeable, on par with standard errors. Their size (i) co-varies only weakly with team merits, reproducibility, or peer rating, (ii) declines significantly after peer-feedback, and (iii) is underestimated by participants.
Non-Standard Errors
In: Tinbergen Institute Discussion Paper 2021-102/IV
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Computational Reproducibility in Finance: Evidence from 1,000 Tests
In: HEC Paris Research Paper No. FIN-2022-1467
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Nonstandard Errors
In: Journal of Finance, Volume 79, Issue 3, June 2024, Pages 2339-2390.
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