A. Oehler
YOU?
Author Swipe
View article: The effect of risk management disclosure on idiosyncratic risk: evidence from annual reports
The effect of risk management disclosure on idiosyncratic risk: evidence from annual reports Open
In this study, we analyze annual reports to explore the relationship between firms' risk management disclosures and idiosyncratic risk, measured as idiosyncratic volatility ( IVOL ). Our analysis focuses on companies listed on the German C…
View article: Contemporaneous ESG ratings and idiosyncratic stock risk: Empirical evidence on measures of market consensus and dispersion
Contemporaneous ESG ratings and idiosyncratic stock risk: Empirical evidence on measures of market consensus and dispersion Open
We analyze the relation between ESG ratings and idiosyncratic stock risk under consideration of the mean of the ratings of different agencies (market consensus) as well as measures of ESG rating dispersion (market dispersion). We include f…
View article: The relation between environmental awareness and stock returns
The relation between environmental awareness and stock returns Open
We analyze the green stock premium and assess if a measure of global environmental awareness can forecast the returns of stocks listed in the MSCI North America All Cap Index from 2010 to 2019. The E-pillar score of Sustainalytics’ ESG rat…
View article: Information Illusion: Different Amounts of Information and Stock Price Estimates
Information Illusion: Different Amounts of Information and Stock Price Estimates Open
We initiate a questionnaire‐based stock price forecast competition to analyze participants' perception of different amounts of information and the impact on stock price estimates. The results show that providing more information increases …
View article: Do transactions on social trading platforms predict the stock market behavior of the aggregate private sector?
Do transactions on social trading platforms predict the stock market behavior of the aggregate private sector? Open
We analyze the relation between virtual stock holding changes on a social trading platform and stock holding changes of all private investors in a national economy. Our data sources are the social trading platform wikifolio.com and the Sec…
View article: Households’ Decision on Capital Market Participation: What Are the Drivers? A Multi-Factor Contribution to the Participation Puzzle
Households’ Decision on Capital Market Participation: What Are the Drivers? A Multi-Factor Contribution to the Participation Puzzle Open
Stock market investments are in the spotlight of the household finance literature, although real-world households make other financial decisions of higher relevance. We widen the scope and include decisions related to, e.g., voluntary pens…
View article: The relationship of board diversity and stock performance in monistic and dualistic board structures: Results from Germany and UK
The relationship of board diversity and stock performance in monistic and dualistic board structures: Results from Germany and UK Open
The analysis of the relationship between board diversity and corporate performance is a well‐documented area of research. Our analysis of the stock market in Germany and the United Kingdom (UK) from 2005 to 2018 contributes to the literatu…
View article: Social trading: do signal providers trigger gambling?
Social trading: do signal providers trigger gambling? Open
Social trading—also referred to as copy trading—is an interactive platform-based innovation facilitating visibility and traceability of signal provider trading activities. Based on published portfolio transaction and return track records, …
View article: Investor Characteristics and their Impact on the Decision to use a Robo-advisor
Investor Characteristics and their Impact on the Decision to use a Robo-advisor Open
We survey 231 undergraduate students to analyze how retail investors’ characteristics influence their decision to use a robo-advisor. Characteristics such as the willingness to take risk, extraversion, and optimism are significant in univa…
View article: Tax Returns, Tax Deductibility of Costs of Studying and the Importance of Comprehensible Information – An Empirical Analysis
Tax Returns, Tax Deductibility of Costs of Studying and the Importance of Comprehensible Information – An Empirical Analysis Open
The German tax system allows tax deductibility of costs of studying either as special expenses or as work-related tax deductions. However, filing tax returns and utilizing tax deductibility of costs of studying are hampered if benefits are…
View article: FinTech for Consumers and Retail Investors: Opportunities and Risks of Digital Payment and Investment Services
FinTech for Consumers and Retail Investors: Opportunities and Risks of Digital Payment and Investment Services Open
Payments and investments are part of consumers’ everyday life and vital to society and its economic and social systems. As the evolution of FinTech has laid the foundation for the next generation of technical innovation in the financial se…
View article: Are Intraday Reversal and Momentum Trading Strategies Feasible? An Analysis for German Blue Chip Stocks
Are Intraday Reversal and Momentum Trading Strategies Feasible? An Analysis for German Blue Chip Stocks Open
The success of trading strategies that lead to abnormal excess returns based on annual/monthly investment periods has recently declined significantly. We adopt the original frameworks of De Bondt and Thaler (J Finance 40(3):793–808, 1985) …
View article: Automated Portfolio Rebalancing: Automatic Erosion of Investment Performance?
Automated Portfolio Rebalancing: Automatic Erosion of Investment Performance? Open
Robo-advisers enable investors to establish an automated rebalancing strategy for a portfolio usually consisting of stocks and bonds. Since households’ portfolios additionally include further frequently tradable assets like real estate fun…
View article: Behavioural portfolio theory revisited: lessons learned from the field
Behavioural portfolio theory revisited: lessons learned from the field Open
We examine the relation between households’ wealth and relative risk aversion (RRA) in two different frameworks: the Behavioural Portfolio Theory (BPT) and Merton’s consumption and portfolio choice model (CPCM). We apply the BPT to field d…
View article: Household Portfolio Optimization With XTFs? An Empirical Study Using the SHS-Base
Household Portfolio Optimization With XTFs? An Empirical Study Using the SHS-Base Open
XTFs are plain-vanilla Exchange Traded Funds (ETFs) which replicate a broad, internationally diversified market index. We question, if XTFs can optimize the performance of households’ portfolios when taking multiple relevant asset classes …
View article: Does personality drive price bubbles?
Does personality drive price bubbles? Open
Purpose The purpose of this study is to analyze whether differences in market-wide levels of investor personality influence experimental asset market outcomes in terms of limit orders, price levels and price bubbles. Design/methodology/app…
View article: Third Party Ownership Arrangements: Is a Ban in Football Really Appropriate?
Third Party Ownership Arrangements: Is a Ban in Football Really Appropriate? Open
Football companies (equivalent to professional sport teams) are increasingly challenged with raising capital. However, future athletic success is highly uncertain and associated cash flows are difficult to predict which makes it difficult …
View article: Third party ownership arrangements: An alternative financial instrument for sports companies apart from football?
Third party ownership arrangements: An alternative financial instrument for sports companies apart from football? Open
Sports companies (equivalent to professional sport teams) are increasingly confronted with difficulties in raising capital. On the one hand, they have to fulfill league- and association-linked infrastructure requirements. On the other hand…
View article: Third party ownership arrangements: Is a ban in football really appropriate?
Third party ownership arrangements: Is a ban in football really appropriate? Open
Football companies (equivalent to professional sport teams) are increasingly challenged with raising capital. However, future athletic success is highly uncertain and associated cash flows are difficult to predict which makes it difficult …