Finance / CRC TR 224 Seminar SoSe 2019
Tuesday, 12:15-1:30 PM in the Faculty Lounge, Juridicum, Adenauerallee 24-42, 53113 Bonn
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April 16, 2019
Zwetelina Iliewa (Max Planck Institute)
"Wall Street Crosses Memory Lane: How Witnessed Returns Affect Professionals’ Expected Returns'"
Abstract: We examine data of a market-moving survey of financial professionals to demonstrate that when forming stock market expectations they extrapolate from the stock returns they have witnessed. Witnessed returns over two different domains predict professionals’ expectations: their lifetime and career in finance. Our results indicate that professionals’ first impressions of the stock market at the beginning of their career are particularly formative. Witnessing a financial crisis similar to 2008 during the first year, results in a bias which may not fully dissolve until retirement. The effects of witnessed returns on expected returns are inconsistent with informativeness and risk-adjustment.
April 30, 2019
Alexandra Niessen (Uni Mannheim)
May 14, 2019
Martin Oehmke (LSE)
May 21, 2019
Christine Laudenbach (Uni Frankfurt)
June 04, 2019
Luc Laeven (European Central Bank)
June 25, 2019
André Stenzel (Uni Mannheim)
July 09, 2019
Ralph de Haas (European Bank for Reconstruction and Development)
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April 02, 2019
Oliver Rehbein and Simon Rother (Uni Bonn)
"Why distance matters: The role of social connectedness and culture in bank lending"
Abstract: This paper empirically analyzes the role of social connectedness, cultural distance, and physical distance for bank lending outcomes based on a cross section of Facebook friendship links in the US and a new measure of cultural differences between counties. County-to-county loan volumes increase in social connectedness and decrease in cultural distance. The two variables significantly explain the decrease of loan volumes in physical distance. When exploiting the quasi-random staggered introduction of Facebook across the US as an instrument, loan volumes increase even more strongly in social connectedness, whereas the effect of physical distance disappears entirely. Moreover, our results indicate that the effect of social connectedness on loan volumes is driven by credit demand, but banks appear to hedge loans to culturally more distant and socially less connected areas. Our findings emphasize the importance of informal information channels in bank lending, reveal new ways to overcome the lending barriers posed by large physical distances and have implications for antitrust policies.
April 23, 2019
Christian Kubitza (Uni Bonn)
May 07, 2019
Simon Rother (Uni Bonn)
June 18, 2019
Julian Mitkov (Uni Bonn)
July 02, 2019