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Do Personality Traits, Trust and Fairness Shape the Stock-Investing Decisions of an Individual?
(2023)
This thesis is comprised of three projects, all of which are fundamentally connected to the choices that individuals make about stock investments. Differences in stock market participation (SMP) across countries are large and difficult to explain. The second chapter focuses on differences between Germany (low SMP) and East Asian countries (mostly high SMP). The study hypothesis is that cultural differences regarding social preferences and attitudes towards inequality lead to different attitudes towards stock markets and subsequently to different SMPs. Using a large-scale survey, it is found that these factors can, indeed, explain a substantial amount of the country differences that other known factors (financial literacy, risk preferences, etc.) could not. This suggests that social preferences should be given a more central role in programs that aim to enhance SMP in countries like Germany. The third chapter documented the importance of trust as well as herding for stock ownership decisions. The findings show that trust as a general concept has no significant contribution to stock investment intention. A thorough examination of general trust elements reveals that in group and out-group trust have an impact on individual stock market investment. Higher out group trust directly influences a person's decision to invest in stocks, whereas higher in-group trust increases herding attitudes in stock investment decisions and thus can potentially increase the likelihood of stock investments as well. The last chapter investigates the significance of personality traits in stock investing and home bias in portfolio selection. Findings show that personality traits do indeed have a significant impact on stock investment and portfolio allocation decisions. Despite the fact that the magnitude and significance of characteristics differ between two groups of investors, inexperienced and experienced, conscientiousness and neuroticism play an important role in stock investments and preferences. Moreover, high conscientiousness scores increase stock investment desire and portfolio allocation to risky assets like stocks, discouraging home bias in asset allocation. Regarding neuroticism, a higher-level increases home bias in portfolio selection and decreases willingness to stock investment and portfolio share. Finally, when an investor has no prior experience with portfolio selection, patriotism generates home bias. For experienced investors, having a low neuroticism score and a high conscientiousness and openness score seemed to be a constant factor in deciding to invest in a well-diversified international portfolio
The global spread of the coronavirus pandemic has particularly dramatic consequences for the lives of migrants and refugees living in already marginalised and restricted conditions, whose ongoing crisis is at risk of being overlooked. But refugees are not only extremely vulnerable and at risk of infection, as several reports show, quickly develop their own protection measures like the production of hygienic products, the publication of their situation and calls for action and help. Therefore, this paper aims to research the effects of the coronavirus crisis on refugees in camp settings with a special ethnographic focus on how refugees actively deal with this crisis and if they, through already developed resilience, are capable of adapting to the restrictions as well as inventing strategies to cope with the difficult situation. To account for the variety of refugee camps as well as the different living conditions due to their locality, history and national asylum politics, we will look at three different locations, namely refugee asylum homes in Germany, hotspots on the Greek islands as well as one refugee camp in Kenya. The main questions will be how, under structurally and institutionally framed conditions of power and victimisation in refugee camps, forms of agency are established, made possible or limited. The goal is to show which strategies refugees apply to cope with the enhanced restrictions and exclusion, how they act to protect themselves and others from the virus and how they present and reflect their situation during the coronavirus pandemic. Finally, this discussion offers a new perspective to consider refugees not only as vulnerable victims, but also as actively engaged individuals.
Survey data can be viewed as incomplete or partially missing from a variety of perspectives and there are different ways of dealing with this kind of data in the prediction and the estimation of economic quantities. In this thesis, we present two selected research contexts in which the prediction or estimation of economic quantities is examined under incomplete survey data.
These contexts are first the investigation of composite estimators in the German Microcensus (Chapters 3 and 4) and second extensions of multivariate Fay-Herriot (MFH) models (Chapters 5 and 6), which are applied to small area problems.
Composite estimators are estimation methods that take into account the sample overlap in rotating panel surveys such as the German Microcensus in order to stabilise the estimation of the statistics of interest (e.g. employment statistics). Due to the partial sample overlaps, information from previous samples is only available for some of the respondents, so the data are partially missing.
MFH models are model-based estimation methods that work with aggregated survey data in order to obtain more precise estimation results for small area problems compared to classical estimation methods. In these models, several variables of interest are modelled simultaneously. The survey estimates of these variables, which are used as input in the MFH models, are often partially missing. If the domains of interest are not explicitly accounted for in a sampling design, the sizes of the samples allocated to them can, by chance, be small. As a result, it can happen that either no estimates can be calculated at all or that the estimated values are not published by statistical offices because their variances are too large.
For decades, academics and practitioners aim to understand whether and how (economic) events affect firm value. Optimally, these events occur exogenously, i.e. suddenly and unexpectedly, so that an accurate evaluation of the effects on firm value can be conducted. However, recent studies show that even the evaluation of exogenous events is often prone to many challenges that can lead to diverse interpretations, resulting in heated debates. Recently, there have been intense debates in particular on the impact of takeover defenses and of Covid-19 on firm value. The announcements of takeover defenses and the propagation of Covid-19 are exogenous events that occur worldwide and are economically important, but have been insufficiently examined. By answering open research questions, this dissertation aims to provide a greater understanding about the heterogeneous effects that exogenous events such as the announcements of takeover defenses and the propagation of Covid-19 have on firm value. In addition, this dissertation analyzes the influence of certain firm characteristics on the effects of these two exogenous events and identifies influencing factors that explain contradictory results in the existing literature and thus can reconcile different views.
The Covid-19 pandemic and the related border restrictions have had numerous social, economic and political consequences for border regions. The temporary border closures impacted not only the lives of borderlanders whose everyday practices are embedded in cross-border spaces, but also the func-tioning of institutional actors involved in cross-border activities. The aim here is to investigate the communication surrounding the pandemic and the reactions and (new) strategies of cross-border insti-tutional actors in the context of (re)bordering. Applying the concept of resilience, this paper explores coping mechanisms and modes of adaptation as well as strategies developed to adjust to new circum-stances. Against this backdrop, factors that enhanced or hindered the adaptation process were identi-fied. The German-Polish borderland serves here as a case study, although it will be situated within a wider European context.
The outbreak of the COVID-19 pandemic has also led to many conspiracy theories. While the origin of the pandemic in China led some, including former US president Donald Trump, to dub the pathogen “Chinese virus” and to support anti-Chinese conspiracy narratives, it caused Chinese state officials to openly support anti-US conspiracy theories about the “true” origin of the virus. In this article, we study whether nationalism, or more precisely uncritical patriotism, is related to belief in conspiracy theories among normal people. We hypothesize based on group identity theory and motivated reasoning that for the particular case of conspiracy theories related to the origin of COVID-19, such a relation should be stronger for Chinese than for Germans. To test this hypothesis, we use survey data from Germany and China, including data from the Chinese community in Germany. We also look at relations to other factors, in particular media consumption and xenophobia.
We study planned changes in protective routines after the COVID-19 pandemic: in a survey in Germany among >650 respondents, we find that the majority plans to use face masks in certain situations even after the end of the pandemic. We observe that this willingness is strongly related to the perception that there is something to be learned from East Asians’ handling of pandemics, even when controlling for perceived protection by wearing masks. Given strong empirical evidence that face masks help prevent the spread of respiratory diseases and given the considerable estimated health and economic costs of such diseases even pre-Corona, this would be a very positive side effect of the current crisis.
Digital technologies have become central to social interaction and accessing goods and services. Development strategies and approaches to governance have increasingly deployed self-labelled ‘smart’ technologies and systems at various spatial scales, often promoted as rectifying social and geographic inequalities and increasing economic and environmental efficiencies. These have also been accompanied with similarly digitalized commercial and non-profit offers, particularly within the sharing economy. Concern has grown, however, over possible inequalities linked to their introduction. In this paper we critically analyse the role of sharing economies’ contribution to more inclusive, socially equitable
and spatially just transitions. Conceptually, this paper brings together literature on sharing economies, smart urbanism
and just transitions. Drawing on an explorative database of sharing initiatives within the cross-border region of Luxembourg and Germany, we discuss aspects of sustainability as they relate to distributive justice through spatial accessibility, intended benefits, and their operationalization. The regional analysis shows the diversity of sharing models, how they are appropriated in different ways and how intent and operationalization matter in terms of potential benefits.
Results emphasize the need for more fine-grained, qualitative research revealing who is, and is not, participating and
benefitting from sharing economies.
The object of the current Thematic Issue is not to focus on the individuals (the cross-border commuters) but on the organization of the cross-border labor markets. We move from a micro perspective to a macro perspective in order to underline the diversity of the cross-border labor markets (at the French borders, for example) and shed light on the many aspects that impact cross-border supply or demand. Trying to understand the whole system that goes beyond the cross-border flows, the question we address in this thematic issue is about the organization of the labor markets: is the system organized in a cross-border way? Or do the borders still prevent a genuinely integrated cross-border labor market?
The present study covers the period from the late-ninth to the early-sixteenth centuries. Within this period, the late-thirteenth to mid-fourteenth centuries marked the decisive turning point, shaped more by attitudes and actions among the Christian majority than among Jewish agents. Our findings indicate an intensification of anti-Jewish tendencies, rooted in religious developments in Western Christendom. According to circumstances, however, these tendencies had a very varying impact across time and space. The frequent religious and ecclesiastical reform movements of Western Europe offer cases in point. In the 'German' Empire north of the Alps the monastic reforms of Saint Maximin and Gorze were by no means confined to the realm of monasticism; they were essential for shaping the historical circumstances in which the foundations of Ashkenazic Judaism were laid in the tenth and early-eleventh centuries. The concept of 'honor' was used by leading ecclesiastics such as bishop Rudiger of Speyer in 1084 to justify the settlement of Jews, but also by civic authorities such as those of Regensburg later on. It is significant for the long-term tendency, therefore, that the late-medieval expulsions from cities like Trier, Cologne, and Regensburg were eventually also legitimized by reference to the idea of honor.