News

Substantial media echo on FiRe researcher's study

posted Aug 17, 2017, 2:33 AM by Stefan Palan

A new paper by FiRe researcher Stefan Palan, co-authored with Michael Kirchler from the University of Innsbruck, 
has been accepted at Experimental Economics. Titled "Immaterial and Monetary Gifts in Economic Transactions. Evidence from the Field.", the paper explores the effect of complimenting or tipping the salesperson in a fast-food restaurant on the amount of ice cream or the weight of durum doner provided. The twist about the design is that the authors give the compliment or tip prior to the product's preparation.

The study finds that giving a compliment results in about 10% more ice cream in the cone, and tipping (about 10%) results in about 17% more ice cream. In the picture to the right, the left-hand cone was ordered normally, while the right-hand cone resulted from ordering and adding the sentence "You have the best ice cream in town".

In the case of the durum doner, the effects are not as strong (it is harder to pack more ingredients into a fixed-size bread), but in the compliment treatment, they increase over time. When expeirmenters visit the same salesperson five days in a row, doner weight increases by 7% (23g) relative to the baseline when the experimenters compliment, while it stays relatively constant at 4% (17g) higher than in the baseline when they tip.

There has also been significant media reaction to the publication. A selection (see the full list on Stefan Palan's website):
Die Presse (German)
Handelsblatt (German)
Kronen Zeitung (German)
Der Standard (German)

See the published version (open access) for further information.

"Die Presse" reports on Palan's insider trading research

posted Jul 24, 2017, 12:54 AM by Stefan Palan

"Die Presse", one of Austria's leading daily newspapers, recently published an article on research conducted by platform member Stefan Palan and his co-author Thomas Stöckl. Palan and Stöckl investigated the effect of insider trading legislation on market efficiency and on informed and uninformed traders' profits. The findings show that forbidding insider trading reduces the informational efficiency of markets and does not benefit uninformed traders' profits. Palan and Stöckl's work is currently a
forthcoming paper in Journal of Financial Markets.

The German-language article in "Die Presse" is titled "Der Börse sind Paragraphen egal" and can be viewed on the newspaper's website.

Gerhard Lechner joins research platform

posted Jul 18, 2017, 2:30 AM by Stefan Palan   [ updated Jul 18, 2017, 2:58 AM ]

Gerhard Lechner has recently joined the research platform as our first member from the University of Applied Sciences Joanneum. Gerhard is Senior Lecturer at the Institute of Banking and Insurance there. He teaches economics, monetary policy and insurance in both the bachelor’s and master’s programmes. Gerhard studied Economics and Philosophy, gaining a PhD in Philosophy. His fields of research are monetary economics, ethical and social banking, alternative finance and financial economics. Prior to joining academia, he worked in the banking sector (Raiffeisen Zentralbank) as a financial market analyst and in the insurance sector (UNIQA) as an analyst in asset management.

Christian Schitter receives Marshall Plan scholarship

posted Jul 9, 2017, 2:00 PM by Graz FinanceResearch

Research platform member Christian Schitter is the recipient of a prestigious scholarship from the Austrian Marshall Plan Foundation. The foundation funds a three-month research stay of Christian at UC Berkeley this autumn. There, Christian will continue his research into behavioral determinants of honesty.

Christoph Rohner joins research platform

posted Jul 6, 2017, 11:22 AM by Graz FinanceResearch

 
Christoph Rohner today joined the research platform as our second member from the University of Klagenfurt. Christoph focused his master thesis on Cover's universal portfolio, comparing its performance using empirical and simulated random data. Christoph is currently working on directors' dealings and intends to focus his PhD thesis on market efficiency in low-liquidity markets.

Corinna Blasch joins research platform

posted Oct 25, 2016, 7:08 AM by Stefan Palan

Corinna Blasch recently joined the research platform after she accepted a position as a research assistant at the Department of Banking and Finance in April. Corinna has by now fully arrived in the group and starts teaching Banking Management this term. Given her background of Master's degrees in Economics and Law, she will focus on banking regulation in the first course she gives together with Erik Theissen.
Regarding her research, Corinna specializes in empirical finance research. Together with Roland Mestel and Erik Theissen, she forms the core of the team working on analyzing and aggregating the intraday data the department has recently obtained from the Vienna Stock Exchange (see our blog post "Successful cooperation talks with Vienna Stock Exchange"). Corinna is also involved in a grant application aiming to obtain external funding for this work.

We are happy to have Corinna in our team and look forward to (continue) working with her!

CEO of BKS Bank talks about future of banking

posted Oct 17, 2016, 4:10 AM by Stefan Palan   [ updated Oct 17, 2016, 5:57 AM ]

Stockbauer (BKS), Mestel, Palan (University of Graz), Gatschelhofer (SOWI-AV), and Schleifer (finance club)
From left: Roland Mestel (University of Graz), Eva Gatschelhofer (SOWI AV), Herta Stockbauer (BKS Bank AG), Stefan Palan (University of Graz), Manuel Schleifer (Finance Club Graz)
In a collaborative effort, the Department of Banking and Finance together with the SOWI-AV of alumni UNI graz and the Finance Club Graz managed to attract Dr. Herta Stockbauer, CEO of BKS Bank AG to the University of Graz on October 12, 2016, where she held a talk about "The Changing Business of Banking: Challenges and Strategies for the Future".

Speaking before a packed Festsaal of the picturesque Meerscheinschlössl, Stockbauer discussed issues of relevance for current and future banking like the low interest environment, capital efficiency, the digital revolution, the threat or opportunity offered by fin techs, the impact of crowd financing on banking, and the perpetual topic of banking regulation. Following a lively question and answer session, there was room for further in-depth discussions at the buffet.

FiRe member reelected to board of Society for Experimental Finance

posted Jun 13, 2016, 12:00 PM by Graz FinanceResearch   [ updated Jun 14, 2016, 4:54 AM ]

The Society for Experimental Finance (SEF) recently held its 7th conference, organized by the University of Mannheim, Germany. During this annual meeting, FiRe member Stefan Palan was reelected to continue serving as Secretary of the society. Stefan has served on the managing board of SEF since its founding at the University of Innsbruck in 2013.

The society has since grown to become the world's premiere association of experimental finance researchers. Today it counts more than 200 members and is most famous for hosting the Experimental Finance conferences, which boast keynote speakers like Colin Camerer, Ernst Fehr and Nobel laureate Vernon Smith.

New corporate design

posted Mar 18, 2016, 12:37 AM by Graz FinanceResearch

The corporate design of FiRe has recently been refreshed to give the platform website a new look.

The new dark grey and red design reflects the design colors of the University of Graz' website, to underline the connection to the university. The website header has similarly been reinvented to resemble the header of the university's website.

To insure continuity and brand recognition, the logo and text designs were only modified with regard to coloring, but retained both the layout and the characteristic "stock chart" element.

Exciting research day

posted Feb 9, 2016, 11:55 PM by Stefan Palan   [ updated Oct 25, 2016, 7:09 AM ]

On February 9, the platform organized the second FiRe research day. After a short introduction including a report on the activities since the last research day in November, the group heard presentations on a wide range of topics. Stefan Palan reported on an ongoing project studing the market valuation of socially responsible investments, Christian Schitter presented an outline of his dissertation, focusing on behavioral approaches to investigating the determinants of insurance fraud, Erik Theissen talked about a study of spillover effects in liquidity between spot and futures markets, Henryk Gurgul presented work on causal links between the Austrian, German and Polish stock exchanges, and Roland Mestel concluded with a short report on an applied project in pricing interest options in an environment of low or negative interest rates. 

Platform members can find the presentations on the corresponding meeting page.

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