Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

 
 
Session Overview
Date: Wednesday, 11/June/2025
6:00pm Welcome Reception
Location: Stadhuis Maastricht
Please note that you cannot bring any bags to this location (handbags / purses are fine). Address: Maastricht Town Hall, Markt 78, 6211 CL Maastricht

Date: Thursday, 12/June/2025
8:00am Registration
8:30am
-
9:00am
Welcome + Award Ceremony
Location: Aula (Room A)
Chair: Stefan Palan
Chair: Peiran Jiao
9:00am
-
10:00am
Keynote: Itay Goldstein
Location: Aula (Room A)
Chair: Olga Rud
10:00am
-
10:30am
Coffee Break
10:30am
-
11:50am
P1-A: Asset Pricing
Location: Aula (Room A)
Chair: Olga Rud
 

An experimental analysis of the IPO pricing mechanism: The case of Book-building

Yukihiko Funaki, Jingru Wang, Ryuichiro Ishikawa, Yoshiaki Ogura



An experimental analysis of the IPO pricing mechanism: The case of auction method

Jingru Wang, Yukihiko Funaki, Ryuichiro Ishikawa, Yoshiaki Ogura



A Cross-Country Experimental Test of the Modigliani-Miller Theorem: Evidence from Spain and China

Tibor Neugebauer, Jason Shachat, Wiebke Szymczak



Does the manager’s gender influence shareholders' firm valuation?

Olga Rud, Jean Paul Rabanal, Lata Gangadharan, Eko Riyanto, Bernt Arne Ødegaard

P1-B: Risk 1
Location: H0.06 (Room B)
Chair: Rene Schwaiger
 

The Influence of Uncertain Environmental Impact on Risk Tolerance in Asset Allocation

Oliver Frensch, Olaf Korn, Holger Rau



Risk preferences and pro-environmental attitudes. An experiment

Wael Bousselmi, Johanne Trotin, Patricia Crifo



Myopic Learning Environment and Long-Term Goals

Maryam Nozari, Michael Ungeheuer



Unraveling Myopic Loss Aversion: The Role of Investment Flexibility Versus Information Feedback

Rene Schwaiger, Markus Strucks, Stefan Zeisberger

12:00pm
-
1:15pm
Lunch
Location: Mensa
1:15pm
-
2:15pm
P2-A: Asset Markets 1
Location: Aula (Room A)
Chair: Gökhan Aydogan
 

Mining Centralization in the Cryptocurrency Markets: a Laboratory Experiment

Alexander Usvitskiy



Skin conductance predicts earnings in a market bubble-and-crash scenario

Sandra Monika Andraszewicz



The Role of Noisy Coding and Serial Dependence in the Experience-Description Gap

Gökhan Aydogan, Maike Brandt, Saurabh Bedi, Philippe Tobler, Christian Ruff

P2-B: SRI 1
Location: H0.06 (Room B)
Chair: Stefan Zeisberger
 

Does ESG Framing Shift Investment Focus? Experimental Evidence on Myopic Investment Behavior

Marie Brière, Sébastien Duchêne, Felix Holzmeister, Michael Kirchler, Adrien Nguyen-Huu, Felipe Trillos



Information nudges vs. default nudges: Comparing approaches for promoting sustainable investments

Marcel Seifert, Stefan Palan, Florian Spitzer, Katharina Gangl



Nudging Investors Towards Sustainability – A Field Experiment

Lars Hornuf, Christoph Merkle, Stefan Zeisberger

2:15pm
-
2:30pm
Break
2:30pm
-
3:30pm
P3-A: SRI 2
Location: Aula (Room A)
Chair: YiLong Xu
 

What do Investors Learn from the Sustainable Investments of Others?

Lea Virginia Voigt



Spotting "Washing": Can Financial Experts Detect 'Say-Do Gap' in Banking Reports – An Experimental Investigation

Abigail Hurwitz, Sven Nolte, Lilah Shema- Zlatokrilov



A "Green Premium" or a "Brown Discount": Evidence from Experimental Asset Markets

Peiran Jiao, Kees Koedijk, YiLong Xu

P3-B: Household Finance
Location: H0.06 (Room B)
Chair: Abigail Hurwitz
 

A Little Nudge to Reduce Credit Card Debts

Hanlin Lou, Simin Tao, Hao Zhou



Egoistic Altruism: Framing Pension Contributions as Donations to Your Future Self

Heidi Reinson, Thomas Post, Janek Kretschmer, Sille-Liis Männik, Andero Uusberg



Health Shocks and Annuity Choices

Johannes Hagen, Michal Hodor, Abigail Hurwitz

3:30pm
-
4:00pm
Coffee Break
4:00pm
-
5:00pm
P4-A: Vernon Smith Awards
Location: Aula (Room A)
Chair: Christian König-Kersting
 

The opportunity cost of debt aversion

Alejandro Martinez Marquina, Mike Shi



The Effect of Anticipated Discrimination on Gender Differences in Entrepreneurial Finance

Alexander Reifschneider



Markets or Patents? A Comparative Study on Incentivising Collective Innovation.

Konstantinos Ioannidis

P4-B: Forecasting & Belief Formation
Location: H0.06 (Room B)
Chair: Artur Ehle
 

Revealing the Hidden Step: The Role of Intermediate Predictions in Expectation Formation

Joan Gasent, Simone Alfarano, Alba Ruiz-Buforn



Overreaction in Expectations: The Role of Expectation Feedback

Tanja Linta



Belief Formation in Stock Markets: Recency and Saliency of Past Returns

Colin F. Camerer, Artur Ehle, Hannes Mohrschladt, Sven Nolte, Judith C. Schneider

6:30pm SEF Scientific Board Dinner
Location: Brandsøn
Members of the SEF Scientific Board only. Address: Brandsøn, 2 Het Bat, 6211 EX Maastricht

Date: Friday, 13/June/2025
9:00am
-
10:00am
P5-A: Risk 2
Location: Aula (Room A)
Chair: Stephen Cheung
 

What’s in a Distribution? Rethinking Skewness Preferences Beyond Asymmetry

Melvin Marti, Jörg Rieskamp, Sebastian Olschewski



Return expectations and risk-taking with investment guarantees

Franca Glenzer, Helmut Gründl, Raimond Maurer



Who chooses to self-manage their investments?

Stephen Cheung, Allan Yip

P5-B: Metascience
Location: H0.06 (Room B)
Chair: Armando Holzknecht
 

Crowd Wisdom in Financial Advice: The influence of group size and age on retail investors

Monika Burckhardt, Martin Weber



Wisdom of the Crowd: Crowd Analysis Project

Christian König-Kersting, Yana Litovsky, Robert Böhm, Igor Grossman, Jürgen Huber, Michael Kirchler



#ManyDesignsCarbon: Do behavioral interventions increase support for a price of carbon?

Esther Blanco, Armando Holzknecht, Jürgen Huber, Michael Kirchler, Rene Schwaiger

10:00am
-
10:30am
Coffee Break
10:30am
-
11:50am
P6-A: Inflation Expectations & Choice Architecture
Location: Aula (Room A)
Chair: Jan Tuinstra
 

Direct Elicitation of Parametric Belief Distributions: An application to inflation expectations

Pedro Gonzalez-Fernandez, Ciril Bosch-Rosa, Thomas Meissner



Real Consumption Plans: the asymmetric effects of symmetric changes in inflation and nominal interest rates

Ciril Bosch-Rosa, Thomas Meissner



Preventing Search with Defaults

Andreas Ortmann, Dmitry Ryvkin, Tom Wilkening, Jingjing Zhang



Biased Trade-off Resolution: Gross Return Illusion and Fee Aversion in Fund Choice

Mikhail Anufriev, Valentyn Panchenko, Jan Tuinstra, Benjamin Young

P6-B: SRI 3
Location: H0.06 (Room B)
Chair: Markus Strucks
 

Corporate Actions as Moral Issues

Zwetelina Iliewa, Elisabeth Kempf, Oliver Spalt



Drivers of Green Investment Decisions in a Portfolio-Building Task

Sebastian Malte Peters, Michael Kirchler, Jürgen Huber



The structure of sustainable investment demand

Andrej Gill, Florian Hett, Marcel Spieske, Lea Voigt



Beyond the Basket: Do Responsible Consumers Build Sustainable Portfolios?

Marie Brière, Sébastien Duchêne, Karine Huynh, Adrien Nguyen-Huu, Markus Strucks, Felipe Trillos

12:00pm
-
1:15pm
Lunch
Location: Mensa
1:15pm
-
2:35pm
P7-A: Asset Markets 2
Location: Aula (Room A)
Chair: Yohanes Eko Riyanto
 

Depository Receipts and Arbitrage: an Experiment

Tibor M Neugebauer, YiLong Xu



Do Traders Believe that Public News Give Them an Edge?

Steve Heinke, Daniel Grosshans, Melvin Marti, Stefan Zeisberger



How do retail investors use order flow data?

Philipp Chapkovski, Mariana Khapko, Marius Zoican



AI vs. Humans: Are Large Language Models More Rational and Accurate in Financial Predictions?

Hongying Luo, Yohanes Eko Riyanto

P7-B: Bank Runs
Location: H0.06 (Room B)
Chair: Hubert Janos Kiss
 

Asset Prices and Bank Runs: Theory and Experimental Evidence

John Duffy



Bank Runs in Large Experimental Banks

Hubert Janos Kiss, Ismael Rodriguez Lara, Alfonso Rosa Garcia



Redemption Fees and Gates in the Lab

Hubert Janos Kiss, Alfonso Rosa García, Lukas Voellmy

2:35pm
-
2:45pm
Break
2:45pm
-
3:45pm
Keynote: Rosemarie Nagel
Location: Aula (Room A)
Chair: Peiran Jiao
3:45pm
-
4:10pm
Coffee Break
4:10pm
-
5:00pm
SEF General Assembly
Location: Aula (Room A)
6:00pm Boat Trip Conference Dinner
Please be at the boat / pier 2 on time at 18:00. Address: Maaspromenade 58, 6211 HS Maastricht

Date: Saturday, 14/June/2025
8:30am
-
10:00am
P8-A: (Portfolio) Choices
Location: Aula (Room A)
Chair: Julia Elisabeth Rose
 

Are complete markets too complex?

Jacopo Magnani, Yabin Wang



Autonomous better decisions: how to overcome choice overload with simple choice procedures

Agnieszka Tymula, Cid Campos, Paul Glimcher



The Fixed Disposition Effect

Qinglin Ouyang, Shumiao Ouyang



Choices, Axioms, and Reconciliations

Chen Li, Julia Elisabeth Rose, Peter Wakker, Fantine Xiao

P8-B: Asset Markets 3
Location: H0.06 (Room B)
Chair: Christoph Huber
 

Pricing Skewed Assets in Multi-Assets Experimental Markets

Shuchen Zhao



Beyond Aversion and Seeking: Examining Divergent Ambiguity Attitudes in experimental Asset Markets

Fan Rao



Do experimental asset market results replicate? High-powered preregistered replications of 17 claims

Christoph Huber, Felix Holzmeister, Magnus Johannesson, Christian König-Kersting, Anna Dreber, Jürgen Huber, Michael Kirchler



Information bias, communication networks, and financial markets

Anna Bayona, Jordi Brandts, Xavier Vives

10:00am
-
10:30am
Coffee Break
10:30am
-
11:50am
P9-A: Peer Effects & Delegation
Location: Aula (Room A)
Chair: Anita Kopanyi-Peuker
 

The Impact of Explainability on Robo-Advisory Recommendations: Evidence from a Field Experiment

Beatrice Boulu-Reshef, Alexis Direr, Mehdi Louafi



Information Processing: The Role of Expertise within Peer Effects

Lukas Mertes, Martin Weber



Social Influence in Sustainable Investments

Max Grossmann, Andreas Hackethal, Marten Laudi, Thomas Pauls



Disclosure of conflict of interest in long-run relationships

Valeria Burdea, Anita Kopanyi-Peuker

P9-B: Financial Planning & Insurance
Location: H0.06 (Room B)
Chair: Henrik von Hagen
 

The power of the right question: Financial goals and choice guidance

Minou van der Werf, Thomas Post, Lisa Brüggen, Elina Jaakkola, Jens Hogreve



What drives the dynamic inconsistency in planned versus actual risk-taking?

Ufuk Güçbilmez, Peiran Jiao, Jacopo Magnani, Tomás Ó Briain



Insurance as Commitment?

Andreas Johannes Dambaur, Johannes G. Jaspersen



Mandatory Insurance against Natural Hazards: Behavioral Implications of Risk Perception and Risk Reduction

Henrik von Hagen, Judith C. Schneider

11:50am
-
12:00pm
Break
12:00pm
-
1:00pm
P10-A: Risk 3
Location: Aula (Room A)
Chair: Beatrice Boulu-Reshef
 

Exploring the Impact of ESG Information on Asset Pricing: Laboratory Experimental Evidence

Fan Rao, Xiaolin Xie, Xu Zhang



Mood, Anxiety and Risk

Nathaniël Wilhelmus Adrianus Maria Voermans, Julia Elisabeth Rose, Jan Benjamin Engelmann, Bartłomiej Sadowski



Truthful reputation? Theory and Experiments in the Context of Investment Behavior

Beatrice Boulu-Reshef, Antoine Mandel, Bin Wang

P10-B: SRI 4
Location: H0.06 (Room B)
Chair: Peiran Jiao
 

Alternative emissions trading schemes: A large-scale lab-in-the-field experiment from China

Dongsheng Chen, Zhi Li, Da Zhang, Xiliang Zhang



Sustainable Investment May Backfire: Persistence of Sustainability Preferences

Peiran Jiao, Shuzhen Li, Yilong Xu



What Drives Green Investments? Understanding Investors’ Preferences

Andre Lot, Rabia Masood, Cornelius Schneider, Francisco Santos

1:00pm Lunch / End of Conference
Location: Mensa