This paper examines the role of experts in an online crowdfunding market. Using a novel data set on individual investments in a crowdfunding market for mobile applications, we investigate whether early investments serve as signals of quality for later investors, and if the value of these signals differs depending on the identity of early investors. We find that while early investors have a sign...

This paper offers a quantitative description of European private equity markets and compares the recent development in these markets with the development of the US venture capital market. European markets for private equity vary considerably with respect to the investments in young high-technology enterprises, as well as with respect to the types of passive investors who invest capital in priva...

This paper uses daily observations on implied in‡ation expectations (di¤erence between nominal and real yields) derived from the US nominal and real Treasury securities to examine the properties of investors expectations for US CPI in‡ation. We assess whether in‡ation expectations are anchored, contained or unmoored. These concepts are often used in central bank communication and their presence...

This thesis looks at ways of measuring the inflation expectations of economic agents, by constructing a market-based measure from the inflation compensation of government bonds. Inflation compensation is defined as the difference in yields between nominal and index-linked government bonds leaving investors indifferent between holding the two. Inflation compensation is a true measure of expectat...

The Dopamine receptor D4 gene (DRD4) has been previously linked to financial risk-taking propensity. Past works demonstrated that individuals with a specific variant of the DRD4 gene (7R+) are more risk-seeking than people without it (7R-). The most prominent explanation for this effect is the fact that 7R+ individuals are less sensitive to dopamine and thus seek more stimulation to generate "n...

a r t i c l e i n f o Using high frequency intraday data, this paper investigates the herding behavior of institutional and individual investors in the Taiwan stock market. The study finds evidence of herding by both investors but a stronger herding tendency among institutional than among individual investors. Institutional investors herd more on firms with small capitalizations and lower turno...

Ana del Río * We wish to thank Juan Ayuso, Fernando Restoy and participants in the seminar held at the Banco de España, especially Liliana Toledo, for helpful comments and suggestions. Abstract Inflation-indexed bonds are fixed-income securities whose nominal cash flows are adjusted to an inflation index. In countries where these securities exist, inflation expectations are sometimes estimated ...

We present a new model of asset prices in which representative agent has extrapolative beliefs about stock market returns and Epstein-Zin preferences. The quantitatively explains facts prices, return expectations, cash-flow expectations. When the agent’s are calibrated to survey expectations investors, generates excess volatility predictability returns, high equity premium, low stable risk-free...