2022-08: New publication: Füllbrunn, S., & Neugebauer, T. (forthcoming). Testing market regulations in experimental asset markets - The case of margin purchases. Journal of Economic Behavior & Organization

2022-08: We welcome Jorgo Goossens as a new member and Assistant Professor of the Chair of Finance!

2022-07: New publication in the Review of Financial Studies: Heeb, F., Kölbel, J.F., Paetzold, F., & Zeisberger, S. Do investors care about impact?

2022-06: New working paper: Bao, T., Füllbrunn, S., Pei, J., & Zong, J. Reading the Market? Expectation Coordination and Theory of Mind.

2022-06: New working paper: Eckel, C. Füllbrunn, S., Huber, C., & Weitzel, U. Heterogeneity of Beliefs and Trading Behavior - A reexamination.

2022-05: Sascha Füllbrunn – together with Stefan Trautmann and Wolfgang Luhan – received a grant from the Fritz Thyssen Foundation to cover travel, accommodation and catering costs for all active participants for their conference on "Risky Decision Making for Others - Cognition, responsibility and risk preferences" planned for October 2022 in Portsmouth.

2022-03: New publication: K. Fairley, J. Vyrastekova; U. Weitzel; A.G. Sanfey (2022). “Beyond lottery-evoked ambiguity aversion: the neural signature of the types and the sources of uncertainty”, Neuroimage. 251:119007 (OPEN ACCESS article)

2022-02: We are happy to announce that Jorgo Goossens will join our group later this year as a new assistant professor.

2021-12: We are hiring! Assistant Professor (tenure track)

2021-12: Sascha Füllbrunn's chapter for the Handbook of Experimental Finance together with Christoph Huber and Christian König-Kersting on Experimental Finance and Financial Professionals is available at SSRN (link).

2021-11: The first chapters for the Handbook of Experimental Finance edited by Sascha Füllbrunn and Ernan Haruvy are available as pre-print. Find a list of some chapters here. Among those is as well Sascha’s chapter on Decision Making for Others with Ola Kvaløy, and Wolfgang Luhan: "Investing other People’s Money" Pre-print available here.

2021-11: The #fincap project's paper "Non-Standard Errors", with Utz Weitzel in the project team and Sascha Füllbrunn, Sven Nolte, and Stefan Zeisberger as members of research teams, has been released at SSRN (link).

2021-11: The healthy brain project paper "Rationale and design of the Healthy Brain Study: an accessible resource for understanding the human brain and how it dynamically and individually operates in its bio-social context", with Sascha Füllbrunn in the project team, has been accepted at PlosONE (link to pre-print).

2021-11: New working paper: Füllbrunn, S., & Vyratekova, J.: "Trust under financial distress - An experimental study"

2021-10: New publication in the Review of Financial Studies: Bose, D., Cordes, H., Nolte, S., Schneider, J., Camerer, C.: "Decision Weights for Experimental Asset Prices based on Visual Salience"

2021-09: New publication in the Journal of Banking & Finance: Borsboom, C., Janssen, D.-J., Strucks, M., Zeisberger, S.: "History Matters: How Short-Term Price Charts Hurt Investment Performance"

2021-08: New publication in the Journal of Risk & Uncertainty: Zeisberger, S.: "Do people care about loss probabilities?"

2021-08: New working paper: Borsboom, C., Duxbury, D., & Zeisberger, S.: "Domain-dependent diversification: The influence of gain-loss domain and information aggregation on correlation choice"

2021-08: New working paper: Borsboom, C. & Füllbrunn, S.: "Stock Price Level Effect"

2021-08: We welcome Benjamin Hiepler as PhD student and junior lecturer and Bob Zoutenbier as junior lecturer at the Chair of Finance!

2021-08: Sascha Füllbrunn and Wolfgang Luhan successfully applied for an Economics Science Association session at the annual meeting of the Allied Social Science Associations (ASSA) in Boston 2022 (January 7-9). The speakers are Ciril Bosch-Rosa, Matteo Ploner, Homa Zarghamee, Sandro Ambuehl and Sascha Füllbrunn. The discussants are Georgia Buckle, Bernhard Ganglemair, John Ifcher, Levent Neyse, and Stefan Trautmann. Stefan Zeisberger got a paper presentation accepted.

2021-07: New Working paper: Kopányi-Peuker, A., & Weber, M.: "The Role of the End Time in Experimental Asset Markets"

2021-05: New working paper: Hoyer, K., Breugelman, S., Zeelenberg, M. & Zeisberger, S.: "A Culture of Greed: Bubble Formation in Experimental Asset Markets with Greedy and Non-Greedy Traders"

2021-02: We welcome Anita Kopányi-Peuker as a new member and Assistant Professor of the Chair of Finance!

2021-01: New publication: Hoyer, K., Zeisberger, S., Breugelmans, S., & Zeelenberg, M.: "Greed and Individual Trading Behavior in Experimental Asset Markets", Decision

2021-01: New publication: Lange, A., Schmitz, J., & Schwirplies, C. "Inequality, role reversal and cooperation in multiple group membership settings" Experimental Economics

2021-01: Sascha Füllbrunn, together with Ernan Haruvy, host a virtual Experimental Finance Workshop on January 13. For more information see www.ru.nl/imr/vefw3.

International Virtual Experimental Finance Workshop (vEFW)

Sascha Füllbrunn, together with Ernan Haruvy (McGill University, Montreal), hosted the first virtual Experimental Finance Workshop on November 11^th and November 18^th via zoom. On each day, eight speakers presented their current research projects accompanied by discussants. More than one-hundred participants each day listened to talks related to experimental finance methodology, which includes testing market anomalies, understanding trader’s and investor’s behavioural biases or testing decision models, among others.

On the first day, Martin Weber (University of Mannheim, Germany) gave the keynote on the relevance of experiments in finance.

Charles Noussair (University Arizona) held the second keynote about quantile preference together with his view on the methodology.

European participants were attending in the late afternoon, the West-coast US participants had to get up quite early, and Asia-Pacific participants had a long night. Sascha and Ernan used the meeting to talk about the setup of their planned Handbook of Experimental Finance. This meeting was co-presented by the hotspot Integrated Decision Making.

Due to the great success, they scheduled a third meeting on January 13^th 2021 with Brice Corgnet (EM-Lyin Business School) being the keynote speaker. Most of the speakers are already confirmed.

Minister of Finance delivered a research report from IMR researchers to the Tweede Kamer

The Dutch Minister of Finance Wopke Hoekstra delivered the research report “Niet-bancaire kredietverlening – een blik in de black box” by Sascha Füllbrunn, Dirk-Jan Janssen and Utz Weitzel to the Dutch House of Representatives (Tweede Kamer). The research project aimed to open the ‘black box’ of online credit provision in the Netherlands for small companies and self-employed people, for whom the consumer credit protection does not hold. The researchers analysed the web-pages of the credit providers, conducted a survey with the credit takers and the credit providers, and sent registered self-employed people to request credits from the online credit providers (Mystery Shopping).

They find the effective annual rate (jaarlijkse kostenpercentages) within a range of 8% and 421%, depending on the credit amount and duration. The relevant cost factors were often not clearly communicated such that the rates provided are still estimates for some of the credit providers. The credit takers only received detailed information after submitting personal information. Even though the credit providers advertise their background check to be quick and without the necessity to provide plenty of documents, the actual process did not always match the promise as mystery shoppers found out. However, the survey in line with earlier reports shows that the number of credit requests and credit needs was still below 25%. At the very end, those respondents requested regular bank loans often lacking further knowledge about alternative financing opportunities.

The Dutch Ministry of Finance commissioned this project. The researchers got valuable support from the AFM, Stichting MKB Financiering, the Ministry of Economic Affairs and Climate Policy, DYNATA, EXCAP and colleagues from the Institute for Management Research.

The report next to the letter of the Dutch Minister of Finance is available at

https://www.rijksoverheid.nl/documenten/kamerstukken/2020/10/27/onderzoeksrapport-niet-bancaire-kredietverlening

Five new innovative education 'proeftuinen' (experimental gardens) were awarded during a festive meeting on 13 June. All the winners will start working on their project in the area of ICT in education in the new academic year. The proeftuinen are facilitated by the ICT in Education programme. One of the winners is Dr Sascha Füllbrunn, Associate Professor of Financial Economics.

Experiential learning

Dr Sascha Füllbrunn will use his proeftuin for “learning by reflecting on what has been done”. In several of the courses within the Economy degree programme, the influence of behavioural prejudice or literacy (financial, risk, graphical) on human decision making is discussed.

Students now learn from theories, but with his proeftuin, Füllbrunn wants to create an environment in which students can experience situations in which they are required to make decisions. Depending on the decision taken, the student will receive feedback. This confronts them with the decision-making process that is related to the theory. This way, the student will gain a better understanding of where the decision-making deviates from optimal behaviour and will hopefully experience a “Eureka! moment”.