Call for papers

Invited Speakers





Program and Papers

Book of Abstracts




Certosa di

Department of Economics

IV Workshop LABSI
Behavioral Finance: Theory and Experimental Evidence




                                                  Thursday 6th April


Registration and Reception




                                                    Friday 7th April


Welcome and Introduction


Invited lecture

Gur Huberman (Columbia Business School)

“Talk and Action: What Individual Investors Say and What they Do?”

(co-authored with Daniel Dorn)


Plenary session A

Chair: Alain Chateauneuf (Université Paris 1, Panthéon-Sorbonne)


            Massimo Massa* and Andrei Simonov** (*INSEAD and Cepr, **Stockholm School of Economics)

“Shareholder Homogeneity and Firm Value. The Disciplining Role of Non-Controlling Shareholders”


            Oded Braverman,* Shmuel Kandel,** and Avi Wohl* (*Tel Aviv University, **Tel Aviv University, Wharton School, University of Pennsylvania, and CEPR)

“The (Bad?) Timing of Mutual Fund Investors”



Coffee break


Plenary session B

Chair: Darren Duxbury (Leeds University Business School)


            Adelson Piñón* and Martin Weber** (*Universität Mannheim and Madrid Autonomous University, **Universität Mannheim and CEPR, London)

“The Influence of Present and Prior Alternatives on Risk Aversion”


Gerlinde Fellner and Erik Theissen (University of Bonn)

“Short sales constraints, divergence of opinion and asset values - Evidence from the laboratory”


Selima Ben Mansour,* Elyès Jouini* and Clotilde Napp** (*Université Paris-Dauphine. **Université Paris Dauphine and Crest)

“Is there a pessimistic bias in individual beliefs? Evidence from survey data”





Invited lecture

Alain Chateauneuf (Université Paris 1, Panthéon-Sorbonne)

“From Sure to Strong Diversification”

 (co-authored with Ghizlane Lakhnati)


Parallel sessions C1 – C2


             sessions C1

   Chair: Angelo Melino (University of Toronto)


Richard John Fairchild (University of Bath)

“The effect of Managerial Overconfidence, asymmetric information, and moral hazard on capital structure decisions”


Barbara Alemanni * and Alessandra Franzosi** (*Università di Genova, **Borsa Italiana)

“Portfolio and psychology of high frequency online traders”


Marie Pfiffelmann (Laboratoire de Recherche en Gestion et en Economie, Strasbourg)

“Which optimal design for LLDAs?”



                   sessions C2

   Chair: Luigi Luini (Università di Siena)


            Arvind Ashta,* Brice Corgnet,** Christophe Godlewski*** and Angela Sutan**** (*CEREN, Dijon, **University Carlos III, Madrid ***LARGE, Strasbourg, ****CEREN, Dijon, and BETA, Strasbourg)

            “The power of words in financial markets: soft versus hard information, a strategy method experiment”


            Diego Salzman* and Emanuela Trifan** (*CORE, Université catholique de Louvain, **Darmstadt University of Technology)

“Emotions, Bayesian Inference, and Financial Decision Making”


Philip S. Marey (Maastricht University)

“Interest rate expectations: an experimental study”




Coffee break


Parallel sessions D1 – D2


                  sessions D1

                  Chair: Marcello Basili (Università di Siena)


Simone Bianco * and Roberto Renò** (*University of North Texas, **Università di Siena)

“Dynamics of intraday serial correlation in the Italian futures market”


Martin Ågren (Uppsala University)

“Loss Aversion and Higher Moments”


Philipp E. Otto and Nick Chater (University College London)

“Note on Ways of Saving: Mental Mechanisms as Tools for Self-Control?”


Grzegorz Mardyla (Yokohama National University)

“Trigger-happy confidence”



                  sessions D2

            Chair: Elyès Jouini (Université Paris-Dauphine)


Alexandra Niessen* and Stefan Ruenzi** (*University of Cologne, **University of Cologne and CEFR, Cologne)

“Sex Matters: Gender and Mutual Funds”


            Simone Alfarano,* Iván Barreda** and Eva Camacho*** (*University of Kiel, **University of Castellón, ***University Autonoma of Madrid)

“On the strategies of heterogeneous and imperfectly informed traders”


Greg B. Davies (University College London)

“Dynamic Reference Points: Investors as Consumers of Uncertainty”




Social Dinner


  Saturday 8th April


Invited lecture

Darren Duxbury (Leeds University Business School)

“Peak Impact: Financial risk perception and the peak of the return distribution”

 (co-authored with Barbara Summers)


Plenary session E

Chair: Andreas Ortmann (Cerge-Ei, Prague and University of Trento)


 Brian Kluger* and Dan Friedman** (*University of Cincinnati, **University of California at Santa Cruz)

 Financial Engineering and Rationality: Experimental Evidence Based on the Monty Hall Problem”


            Luigi Guiso * and Tullio Jappelli** (*University of Rome Tor Vergata, Ente Luigi Einaudi and CEPR, **University of Salerno, CSEF and CEPR)

“Information Acquisition, Overconfidence and Portfolio Performance”


Ugo Rigoni and Massimo Warglien (Università Cà Foscari, Venezia)

“Analogical transfer of experience and the misuse of diversification. A real option investment experiment”




Coffee break


Plenary session F

Chair: Gur Huberman (Columbia Business School)


Thorsten Hens and Martin Vlcek (University of Zurich)

“Does Prospect Theory Explain the Disposition Effect?


            Robin Pope,* Reinhard Selten,* Sebastian Kube** and Jürgen von Hagen* (*Bonn University, **University of Karlsruhe)

“Experimental Evidence on the Benefits of Eliminating Exchange Rate Uncertainties and Why Expected Utility Theory causes Economists to Miss Them”


                                                         Gunduz Caginalp * and Vladimira Ilieva** (*University of Pittsburgh, **The Institute of Behavioral Finance)

“The Dynamics of Trader Motivations in Asset Bubbles”



Closing lunch