Finance Group at Radboud University

Peer-Reviewed Journal Publications 2014 to Today

Main Publications

J. Qiu, G. van de Kuilen, U. Weitzel, Y. Xu (forthcoming): Irrational Beliefs May Drive the Disposition Effect: Evidence from Financial Professionals, Journal of Financial and Quantitative Analysis

R. Schwaiger, M. Strucks, S. Zeisberger (2025). The Consequences of Narrow Framing for Risk-Taking: A Stress Test of Myopic Loss Aversion. Management Science

Moran, F.P. Pijpers, U. Weitzel, J.-P. Bouchaud, D. Panja (2025): Critical Fragility in Socio-Technical Systems, Proceedings of the National Academy of Sciences of the USA

Pérignon, O. Akmansoy, C. Hurlin, A. Dreber, F. Holzmeister, J. Huber, M. Johannesson, M. Kirchler, A.J. Menkveld, M. Razen, U. Weitzel (2024): Computational Reproducibility in Finance: Evidence from 1,000 Tests, The Review of Financial Studies

A. Menkveld, A. Dreber, F. Holzmeister, J. Huber, M. Johannesson, M. Kirchler, S. Neusüss, M. Razen, U. Weitzel (coordinators), and 332 research team coauthors including S. Füllbrunn, S. Nolte, S. Zeisberger (2024): “Non-Standard Errors.” Journal of Finance (crowd-authored project)

Dreber, A., Holzmeister, F., Huber, C. Huber, J., Johannesson, M., Kirchler, M., Weitzel, U., (coordinators), and research team authors including Schmitz, J., Zeisberger, S. (2023): Competition & Moral Behavior: A Meta-Analysis of 45 Crowd-Sourced Experimental Designs. Proceedings of the National Academy of Sciences of the USA

Heeb, F., Kölbel, J.F., Paetzold, F., & Zeisberger, S. (2023). Do investors care about impact? Review of Financial Studies

Bose, D., Cordes, H., Nolte, S., Schneider, J., Camerer, C. (2022). Decision Weights for Experimental Asset Prices based on Visual Salience Review of Financial Studies

Kopányi-Peuker, A., & Weber, M. (2021). Experience does not eliminate bubbles: Experimental evidence. Review of Financial Studies

Schmitz, J. (2021). Is Charitable Giving a Zero Sum Game?-The Effect of Competition Between Charities on Giving Behavior. Management Science

Weitzel, U., Huber, C., Huber, J., Kirchler, M., Lindner, M., Rose, J. (2020): Bubbles and Financial Professionals. Review of Financial Studies

Holzmeister, F., Huber, J., Kirchler, M., Lindner, F., Weitzel, U. & Zeisberger, S. (2020). What Drives Risk Perception? A Global Survey with Financial Professionals and Lay People. Management Science

Kirchler, M., Lindner, F., & Weitzel, U. (2018). Rankings and risk-taking in the finance industry. Journal of Finance

Eckel, C. C., & Füllbrunn, S. C. (2015). Thar she blows? Gender, competition, and bubbles in experimental asset markets. American Economic Review

Bradbury, M. A., Hens, T., & Zeisberger, S. (2015). Improving investment decisions with simulated experience. Review of Finance

All publications

2025 and forthcoming

J. Qiu, G. van de Kuilen, U. Weitzel, Y. Xu (forthcoming): Irrational Beliefs May Drive the Disposition Effect: Evidence from Financial Professionals, Journal of Financial and Quantitative Analysis

Cordes, H., Decke, P., Nolte, S. & Schneider, J.C. (2025). Effects of price path shapes and decision frames on emotions and investment decisions: Experimental evidence. The Journal of Behavioral Finance

van Boxel, K., Decke, P., Nolte, S. & Schneider, J.C. (2025). Images and investment: Experimental evidence on the effects of visual stimuli on financial decisions. Journal of Behavioral and Experimental Finance

Moran, F.P. Pijpers, U. Weitzel, J.-P. Bouchaud, D. Panja (2025): Critical Fragility in Socio-Technical Systems, Proceedings of the National Academy of Sciences of the USA

R. Schwaiger, M. Strucks, S. Zeisberger (forthcoming). The Consequences of Narrow Framing for Risk-Taking: A Stress Test of Myopic Loss Aversion. Management Science

2024

Arts, S., Ong, Q., & Qiu, J. (forthcoming). Measuring Decision Confidence. Experimental Economics

Bao, T., Füllbrunn, S., Pei, J., Zong, J. (2024). Reading the Market? Expectation Coordination and Theory of Mind. Journal of Economic Behavior and Organization

Borsboom, C., Duxburry, D., Nieber, A., & Zeisberger, S. (2024). Domain-Dependent Diversification: The Influence of Gain-Loss Domain on Correlation Choice. Journal of Economic Behavior & Organization

Brown, M., Schmitz, J., & Zehnder, C. (2024). Communication and Hidden Action: A Credit Market Experiment. Journal of Economic Behavior & Organization

Brown, M., Schmitz, J., & Zehnder, C. (2024). Moral constraints, social norm enforcement and strategic default in weak and strong economic conditions. Journal of Money, Credit & Banking

Fisar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A., Goossens, J., Kopányi-Peuker, A., Nolte, S., et al. [multi-authored] (2024). Reproducibility in Management Science. Management Science

S. Füllbrunn, C. Huber, C. Eckel, U. Weitzel (2024): Heterogeneity of Beliefs and Trading Behavior — A Reexamination. Journal of Financial and Quantitative Analysis

Moran, M. Romeijnders, P. Le Doussal, F.P. Pijpers, U. Weitzel, D. Panja, J.-P. Bouchaud (2024) Timeliness criticality in complex systems, Nature Physics

T. Artiga González, G.D. Granic, F. Heinicke, S. Rosenkranz, U. Weitzel (2024): Incentivized choice in large-scale voting experiments, Political Science Research and Methods

B. Westbrock, S. Rosenkranz, S. Rezaei, U. Weitzel (2024): Social Preferences on Networks. Journal of Public Economics

A. Menkveld, A. Dreber, F. Holzmeister, J. Huber, M. Johannesson, M. Kirchler, S. Neusüss, M. Razen, U. Weitzel (coordinators), and 332 research team coauthors including S. Zeisberger (2024): “Non-Standard Errors.” Journal of Finance

2023

Andraszewicz, S., Kaszás, D., Zeisberger, S., & Hölscher, C. (2023). The influence of upward social comparison on retail trading behavior. Scientific Reports (Nature)

Arifovic, J., Hommes, C., Kopányi-Peuker, A., and Salle, I. (2023). Ten Isn't Large! Group Size and Coordination in a Large-Scale Experiment. American Economic Journal: Microeconomics

Dreber, A., Holzmeister, F., Huber, C. Huber, J., Johannesson, M., Kirchler, M., Weitzel, U., Schmitz, J., Zeisberger, S., et al. (2023). Competition & Moral Behavior: A Meta-Analysis of 45 Crowd-Sourced Experimental Designs. Proceedings of the National Academy of Sciences

Fenneman, A., Nolte, S., Janssen, D.-J., & Zeisberger, S. (2023). Nomen est omen? How and when company name fluency affects return expectations. PLOS ONE

Füllbrunn, S. & Vyrastekova, J. (in press). Does trust break even? A trust-game experiment with negative endowments. Journal of Behavioral and Experimental Economics

Hanaki, N., Hommes, C. Kopányi, D., Kopányi-Peuker, A., & Tuinstra, J. (2023). Forecasting returns instead of prices exacerbates financial bubbles. Experimental Economics

Hoyer, K., Zeisberger, S., Breugelmans, S. and Zeelenberg, M. (2023). A Culture of Greed: Bubble Formation in Experimental Asset Markets with Greedy and Non-Greedy Traders. Journal of Economic Behavior & Organization

M. Kirchler, U. Weitzel (2023): Experiments in finance, Journal of Banking and Finance

U. Weitzel, M. Kirchler (2023): The Banker’s Oath and Financial Advice. Journal of Banking and Finance

Ong, Q. & Qiu, J. (2023). Paying for randomization and indecisiveness. Journal of Risk and Unvertainty

R. Schwaiger, J. Huber, M. Kirchler, D. Kleinlerchner, U. Weitzel (2022): Unequal Opportunities, Social Groups, and Redistribution: Evidence from Germany, Journal of Behavioral and Experimental Economic

Cordes, H., Nolte, S., & Schneider, J.C. (2023). Dynamics of stock market developments, financial behavior, and emotions. Journal of Banking & Finance

2022

Crépellière T., and Pelster, M. and Zeisberger, S. (conditionally accepted). Arbitrage on the Market for Cryptocurrencies Journal of Financial Markets

Fenneman, A., Füllbrunn, S., Goldbach, C., & Pitz, T. (forthcoming). Psychological price perception may exert a weaker effect on purchasing decisions than previously suggested: results from a large online experiment fail to reproduce either a left-digit or perceptual-fluency effect. Plos One

Füllbrunn, S., & Neugebauer, T. (2022). Testing market regulations in experimental asset markets - The case of margin purchases. Journal of Economic Behavior & Organization, Volume 200, August 2022, pages 1160 - 1183

Füllbrunn, S., Huber, C., Eckel, C., & Weitzel, U. (forthcoming). Heterogeneity of Beliefs and Trading Behavior - A reexamination. Journal of Financial and Quantitative Analysis

Heeb, F., Kölbel, J.F., Paetzold, F., & Zeisberger, S. (forthcoming). Do investors care about impact? Review of Financial Studies

Bose, D., Cordes, H., Nolte, S., Schneider, J., Camerer, C. (forthcoming). Decision Weights for Experimental Asset Prices based on Visual Salience Review of Financial Studies

Zeisberger, S. (forthcoming). Do people care about loss probabilities? Journal of Risk and Uncertainty

Fairley, K., Vyrastekova, J., Weitzel, U., Sanfey, A. (2022). Beyond lottery-evoked ambiguity aversion: the neural signature of the types and the sources of uncertainty, Neuroimage

Borsboom, C., Janssen, D.-J., Strucks, M., Zeisberger, S. (2022). History Matters: How Short-Term Price Charts Hurt Investment Performance. Journal of Banking & Finance

2021

Buckle, G., Füllbrunn, S., Luhan, W. (2021). Lying for others: The impact of agency on misreporting. Economics Letters

Chu, X., Qiu, J. (2021). Forecasting stock returns using first half an hour order imbalance. International Journal of Finance & Economics

Fenneman, A., Sickmann, J., Sanfey, A. (2021). Two distinct and separable processes underlie individual differences in algorithm adherence: Differences in predictions and differences in trust thresholds. Plos one

Göette, L., Jiang, Z., Schmitz, J., Schubert, R. (2021). The Effects of Upward and Downward Social Comparisons on Energy Consumption Behavior: Evidence from a Field Study on Air-Conditioning Usage. Sustainability and Environmental Decision Making

Grieder, M., Kistler, D., Schmitz, J. (2021). Environmental Decision Making in Small Companies: A Behavioral Economics Perspective. Sustainability and Environmental Decision Making

Hommes, C., Kopányi-Peuker, A., & Sonnemans, J. (2021). Bubbles, crashes and information contagion in large-group asset market experiments. Experimental Economics

Hoyer, K., Zeisberger, S., Breugelmans, S., & Zeelenberg, M. (2021). Greed and Individual Trading Behavior in Experimental Asset Markets. Decision

Kopányi-Peuker, A., & Weber, M. (2021). Experience does not eliminate bubbles: Experimental evidence. The Review of Financial Studies

Lange, A., Schmitz, J., Schwirplies, C. (2021). Inequality, role reversal and cooperation in multiple group membership settings. Experimental Economics

Lindner, F., Kirchler, M., Rosenkranz, S., Weitzel, U. (2021). Social Motives and Risk-Taking in Investment Decisions. Journal of Economic Dynamics & Control

Schmitz, J. (2021). Is Charitable Giving a Zero Sum Game?-The Effect of Competition Between Charities on Giving Behavior. Management Science

2020

Weitzel, U., Huber, C., Huber, J., Kirchler, M., Lindner, M., Rose, J. (2020): Bubbles and Financial Professionals. The Review of Financial Studies

Borsboom, C. & Zeisberger, S. (2020). What makes an investment risky? An analysis of price path characteristics. Journal of Economic Behavior & Organization

Kirchler, M., Lindner, F., Weitzel, U. (2020). Delegated Investment Decisions and Rankings Journal of Banking and Finance

Brülisauer, M., Goette, L., Jiang, Z., Schmitz, J., & Schubert, R. (2020). Appliance-specific feedback and social comparisons: Evidence from a field experiment on energy conservation. Energy Policy

Buckle, G.E., Füllbrunn, S.C. & Luhan, W.J. (in press). Lying for Others: The Impact of Agency on Misreporting. Economics Letters

Füllbrunn, S., Luhan, W. (2020). Responsibility and Limited Liability in Decision Making for Others - An experimental consideration. Journal of Economic Psychology

Füllbrunn, S., Luhan, W. & Sanfey, A. (2020). Current Issues in Decision Making for Others. Journal of Economic Psychology

Füllbrunn, S. & Neugebauer, T. (2020). Testing market regulations in experimental asset markets - the case of margin purchases. Journal of Economic Behavior & Organization

Ghesla, C., Grieder, M., Schmitz, J., & Stadelmann, M. (2020). Pro-Environmental Incentives and Loss Aversion: A Field Experiment on Electricity Saving Behavior. Energy Policy

Janssen, D.-J., Li, J., Qiu, J., Weitzel, U. (2020): The Disposition Effect and Underreaction to Private Information. Journal of Economic Dynamics and Control

Razen, M., Kirchler, M., Weitzel, U. (2020): Domain-specific risk-taking among finance professionals. Journal of Behavioral and Experimental Finance

Schwaiger, R., Kirchler, M., Lindner, F., Weitzel, U. (2020): Determinants of investor expectations and satisfaction. A study with financial professionals. Journal of Economic Dynamics and Control

2019

Bradbury, M., Hens, T., Zeisberger, S. (2019). How Persistent are the Effects of Experience Sampling on Investor Behavior? Journal of Banking & Finance

Delsen, L., Füllbrunn, S. & Vyrastekova, J. (2019) Chapter 7 - Experimental Economics: A Test-Bed for the Unconditional Basic Income? In Empirical Research on an Unconditional Basic Income in Europe (pp. 171-199). Springer, Cham

Fairley, K., Vyrastekova, J., Weitzel, U., Sanfey, A.G. (2019): Subjective beliefs about trust and reciprocity activate an expected reward signal in the ventral striatum. Frontiers in Neuroscience

Füllbrunn, S., Janssen, D.-J., & Weitzel, U. (2019). Risk Aversion and Overbidding in First Price Sealed Bid Auctions: New Experimental Evidence. Economic Inquiry

Füllbrunn, S., Nicklisch, A. & Neugebauer, T. (2019). Underpricing of initial public offerings in experimental asset markets. Experimental Economics

Ghesla, C., Grieder, M. & Schmitz, J. (2019). Nudge for Good? Choice Defaults and Spillover Effects. Frontiers in Psychology

Heinicke, F., Rosenkranz, S., Weitzel, U. (2019): The Effect of Pledges on the Distribution of Lying Behavior: an Online Experiment. Journal of Economic Psychology

Huber, J., Palan, S., Zeisberger, S. (2019). Does Investor Risk Perception Drive Asset Prices in Markets? Experimental Evidence. Journal of Banking & Finance

Janssen, D.-J., Füllbrunn, S. & Weitzel, U. (2019). Individual Speculative Behavior and Overpricing in Experimental Asset Markets. Experimental Economics

Kopányi-Peuker, A. (2019). Yes, I’ll do it: A large-scale experiment on the volunteer’s dilemma. Journal of Behavioral and Experimental Economics

Rigtering, C., Muehlfeld, K., Weitzel, U. (2019). Increasing Quantity Without Compromising Quality: How Managerial Framing Affects Intrapreneurship. Journal of Business Venturing

Schmitz, J. (2019). Temporal Dynamics of Pro-Social Behavior - An Experimental Analysis. Experimental Economics

Schmitz, J. (2019). When two become one: How group mergers affect solidarity. Games

Westbrock, B., Muehlfeld, K., Weitzel, U. (2019). Selecting Legal Advisors in M&As: Organizational Learning and the Role of Multiplicity of Mental Models. Journal of Management

2018

Kirchler, M., Lindner, F., & Weitzel, U. (2018). Rankings and risk-taking in the finance industry. Journal of Finance

Füllbrunn, S. and Carin van der Cruijsen (2018), Zahlungsverhalten in den Niederlanden – eine Fallstudie. In: Lempp J., Pitz T., Sickmann J. (eds) Die Zukunft des Bargelds. Springer Gabler, Wiesbaden.

Grosshans, D., & Zeisberger, S. (2018). All’s well that ends well? On the importance of how returns are achieved. Journal of Banking & Finance

Kopányi-Peuker, A., Offerman, T., & Sloof, R. (2018). Team production benefits from a permanent fear of exclusion. European Economic Review

Mohrschladt, H., & Nolte, S. (2018). A new risk factor based on equity duration. Journal of Banking & Finance

Nolte, S., & Schneider, J. C. (2018). How price path characteristics shape investment behavior. Journal of Economic Behavior & Organization

Weitzel, U., & Kling, G. (2018). Sold below value? Why takeover offers can have negative premiums. Financial Management

Westbrock, B., Muehlfeld, K., Weitzel, U. (2018). Selecting Legal Advisors in M&As: Organizational Learning and the Role of Multiplicity of Mental Models. Journal of Management

2017

Danakol, S. H., Estrin, S., Reynolds, P., & Weitzel, U. (2017). Foreign direct investment via M&A and domestic entrepreneurship: blessing or curse?. Small Business Economics

Doerrenberg, P. & Schmitz, J. (2017). Tax compliance and information provision - A field experiment with small firms, Journal of Behavioral Economics for Policy

Eckel, C. C., & Füllbrunn, S. C. (2017). Hidden vs. known gender effects in experimental asset markets. Economics Letters

Fairley, K., & Weitzel, U. (2017). Ambiguity and risk measures in the lab and students’ real-life borrowing behavior. Journal of Behavioral and Experimental Economics

Füllbrunn, S. C., & Luhan, W. J. (2017). Decision making for others: The case of loss aversion. Economics Letters

Gerritsen, D. F., & Weitzel, U. (2017). Security analyst target prices as reference point and takeover completion. Journal of Behavioral and Experimental Finance

Goyal, S., Rosenkranz, S., Weitzel, U., & Buskens, V. (2017). Information Acquisition and Exchange in Social Networks. The Economic Journal

Kopányi-Peuker, A., Offerman, T., & Sloof, R. (2017). Fostering cooperation through the enhancement of own vulnerability. Games and Economic Behavior

Nolte, S., & Schneider, J. C. (2017). Don’t lapse into temptation: a behavioral explanation for policy surrender. Journal of Banking & Finance

Weitzel, U., & Kling, G. (2017). Sold below value? Why takeover offers can have negative premiums. Financial Management

Westbrock, B., Muehlfeld, K., & Weitzel, U. (2017). Selecting Legal Advisors in M&As: Organizational Learning and the Role of Multiplicity of Mental Models. Journal of Management

2016

Fairley, K., Sanfey, A., Vyrastekova, J., & Weitzel, U. (2016). Trust and risk revisited. Journal of Economic Psychology

Kubera, B., Klement, J., Wagner, C., Rädel, C., Eggeling, J., Füllbrunn, S., & Peters, A. (2016). Differences in fairness and trust between lean and corpulent men. International Journal of Obesity

Langnickel, F., & Zeisberger, S. (2016). Do we measure overconfidence? A closer look at the interval production task. Journal of Economic Behavior & Organization

McCarthy, K. J., Dolfsma, W., & Weitzel, U. (2016). The first global merger wave and the enigma of Chinese performance. Management and Organization Review

Qiu, J., & Weitzel, U. (2016). Experimental evidence on valuation with multiple priors. Journal of Risk and Uncertainty

2015

Eckel, C. C., & Füllbrunn, S. C. (2015). Thar she blows? Gender, competition, and bubbles in experimental asset markets. American Economic Review

Bradbury, M. A., Hens, T., & Zeisberger, S. (2015). Improving investment decisions with simulated experience. Review of Finance

Braam, G., Nandy, M., Weitzel, U., & Lodh, S. (2015). Accrual-based and real earnings management and political connections. The International Journal of Accounting

Füllbrunn, S., Kreiner, S., & Palan, S. (2015). The value of a fallback option. Central European Journal of Operations Research

Langer, T., & Nolte, S. (2015). Eine Frage der Disziplin? Entscheidungen

Muehlfeld, K., Urbig, D., & Weitzel, U. (2015). Entrepreneurs’ exploratory perseverance in learning settings. Entrepreneurship Theory and Practice

Schmitz, J. & Schrader, J. (2015). Corporate Social Responsibility: A Microeconomic Review of the Literature. Journal of Economic Surveys

2014

Beck, A., Kerschbamer, R., Qiu, J., & Sutter, M. (2014). Car mechanics in the lab––Investigating the behavior of real experts on experimental markets for credence goods. Journal of Economic Behavior & Organization

De Jaegher, K., Rosenkranz, S., & Weitzel, U. (2014). Economic principles in communication: An experimental study. Journal of theoretical biology

Füllbrunn, S., & Haruvy, E. (2014). The takeover game. Journal of Behavioral and Experimental Finance

Füllbrunn, S., Rau, H. A., & Weitzel, U. (2014). Does ambiguity aversion survive in experimental asset markets?. Journal of Economic Behavior & Organization

Goedde-Menke, M., Lehmensiek-Starke, M., & Nolte, S. (2014). An empirical test of competing hypotheses for the annuity puzzle. Journal of Economic Psychology

Kling, G., Ghobadian, A., Hitt, M. A., Weitzel, U., & O'Regan, N. (2014). The Effects of Cross‐border and Cross‐industry Mergers and Acquisitions on Home‐region and Global Multinational Enterprises. British Journal of Management

Weitzel, U., Kling, G., & Gerritsen, D. (2014). Testing the fire-sale FDI hypothesis for the European financial crisis. Journal of International Money and Finance