Tobin Hanspal

Working Papers:

• Binary Bias and Stock Returns - with Felix Fattinger, Borys Koval, and Alina Steshkova.  (coming soon!)

• Local Returns and Beliefs about the Stock Market - with Clemens Wagner.
  Selected presentations:  SGF 2024, EFA 2023, DGF 2023
  SIX Best Paper Award, Annual Conference of the Swiss Society for Financial Market Research (SGF Conference), 2024 

• Do Gamblers Invest in Lottery Stocks? - with Emily Kormanyos and Andreas Hackethal. 

• Beliefs and the Disposition Effect - with Steffen Andersen, Jimmy Martinez-Correa, and Kasper Meisner Nielsen.

• Do Financial Misconduct Experiences Spur White-Collar Crime?  - with Steffen Andersen and Kasper Meisner Nielsen
  Selected presentations:  EFA 2020, Helsinki Finance 2019

Publications:

• Personal Financial Advice and Portfolio Quality - with Olga Balakina, Claes Bäckman, Andreas Hackethal, and Dominique M. Lammer. Review of Finance (2025). [SSRN] 

• Educating Investors about Dividends - with Andreas Hackethal, Samuel M. Hartzmark, and Konstantin Bräuer. Review of Financial Studies (2025). [SSRN]

• Participation and Losses in Multi-Level Marketing: Evidence from an FTC Settlement - with Claes Bäckman. Financial Planning Review (2022). [SSRN]

• Political Corruption, Trust, and Household Stock Market Participation  - with Di Bu and Yin Liao. Journal of Banking and Finance (2022). [SSRN]

• Consuming Dividends - with Konstantin Bräuer and Andreas Hackethal. Review of Financial Studies (2022).  [SSRN] 

• The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments - with Dominique M. Lammer, Andreas Hackethal, and Kevin Rink. Review of Finance (2022). [SSRN]

• Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing  - with Di Bu, Yin Liao, and Yong Liu. Journal of Financial and Quantitative Analysis (2022). [SSRN]

• Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations - with Annika Weber and Johannes Wohlfart. Review of Economics and Statistics (2021).   
  [Online appendix and survey instructions] [SSRN]

• Once Bitten, Twice Shy: The Power of Personal Experiences in Risk Taking - with Steffen Andersen and Kasper Meisner Nielsen.  Journal of Financial Economics (2019). [SSRN]

Resting Papers...

• Does Financial Technology Affect Household Savings Behavior? - with Gregor Becker.
  Revise and Resubmit Journal of Banking and Finance

• Risk Taking, Preferences, and Beliefs: Evidence from Wuhan - with Di Bu, Yin Liao, and Yong Liu
  [Presentation video] [CEPR Covid Economics Issue 5]
  Selected presentations: FMA 2021, SFS Cavalcade 2021,  Virtual Finance and Economics Conference, Finance in the Cloud III, Aarhus, SABE

• The Effect of Personal Financing Disruptions on Entrepreneurship
  Selected presentations: AFA 2018, SGF 2017, CEPR Entrepreneurship 2016, EEA 2016