Working Papers
NEW: Decision Flexibility, Not Information Feedback,Explains Myopic Loss Aversion (2025) with R. Schwaiger and M. Strucks
NEW: Nudging Investors towards Sustainability: Evidence From a Field Experiment (2025) with L. Hornuf and M. Merkle
Come Rain or Come Shine - How Consistently Do Investors Act on Their Beliefs? (2025) with F. Langnickel and D. Grosshans
What is Risk? How Investors Perceive Risk in Return Distributions (2024)
Why Do People (Not) Invest? The Role of Return and Risk Expectations (2024) with M. Strucks
How Delegation affects Reciprocity and Trust? An Experiment with Human and Computerized Delegates (2024) with B. Hiepler, J. Schmitz and F. Schneider
Do changes in reporting frequency really influence investors’ risk taking behavior? Myopic loss aversion revisited (2015) with T. Langer and M. Weber
Key Publications
The Consequences of Narrow Framing for Risk-Taking: A Stress Test of Myopic Loss Aversion
Management Science (forthcoming) R. Schwaiger, M. Strucks and S. Zeisberger
Do Investors Care About Impact? (Lead Article)
The Review of Financial Studies (2023) F. Heeb, J. Koelbel and F. Paetzold and S. Zeisberger
What drives risk perception? A global survey with financial professionals and laymen
Management Science 66(9), pp. 3977-4002 (2020) F. Holzmeister, J. Huber, F. Lindner, M. Kirchler, U. Weitzel and S. Zeisberger
Improving Investment Decisions with simulated experience
Review of Finance 19, pp. 1019-1052 (2015) M. Bradbury, T. Hens and S. Zeisberger
Crowd-Authored Publications
Non-Standard Errors
Journal of Finance (forthcoming) with A. Menkveld, A. Dreber, F. Holzmeister, M. Johannesson, J. Huber, M. Kirchler, M. Razen, U. Weitzel, [...]
Competition and moral behavior: A meta-analysis of 45 crowd-sourced experimental designs
PNAS (accepted) crowd-authored project - with Huber, C., Dreber, A., Huber, J., Johannesson, M., Kirchler, M., Weitzel, U., [...]
All Publications (Peer-Reviewed Articles)
25. The Consequences of Narrow Framing for Risk-Taking: A Stress Test of Myopic Loss Aversion (forthcoming)
Management Science with R. Schwaiger and M. Strucks
24. Domain-dependent diversification: The influence of gain-loss domain and information aggregation on correlation choice
Journal of Economic Behavior & Organization (forthcoming) with C. Borsboom, D. Duxbury and A. Nieber
23. Non-Standard Errors
Journal of Finance (2024) crowd-authored project - with A. Menkveld, A. Dreber, F. Holzmeister, M. Johannesson, J. Huber, M. Kirchler, M. Razen, U. Weitzel, [...]
22. The Influence of Upward Social Comparison on Retail Trading Behavior
(Nature) Scientific Reports (2023) with S. Andraszewicza, D. Kaszás and C. Hölscher
21. Nomen est omen: How and when the fluency of company names affects return expectations
PLOS One (2023) with A. Fenneman, D.-J. Janssen, S. Nolte
20. Competition and moral behavior: A meta-analysis of 45 crowd-sourced experimental designs
PNAS (2023) crowd-authored project - with Huber, C., Dreber, A., Huber, J., Johannesson, M., Kirchler, M., Weitzel, U., [...]
19. A Culture of Greed: The Effect of Aggregate Greed on Bubble Formation in Experimental Asset Markets
Journal of Economic Behavior & Organization (2023) with S. Breugelman, K. Hoyer and M. Zeelenberg
18. Arbitrage on the Market for Cryptocurrencies (2023) with T. Crépellière and M. Pelster
Journal of Financial Markets
17. Do Investors Care About Impact? (Lead Article)
The Review of Financial Studies (2023) F. Heeb, J. Koelbel and F. Paetzold and S. Zeisberger
16. Do People Care about Loss Probabilities?
Journal of Risk and Uncertainty (2022)
15. History Matters: How Short-Term Price Charts Hurt Investment Performance
Journal of Banking & Finance (2022), C. Borsboom, D.J. Janssen, M. Strucks and S. Zeisberger
14. The effect of dispositional greed on individual trading behavior in experimental asset markets
Decision 8(2), pp. 80-96 (2021) K. Hoyer, S. Zeisberger, S. Breugelmans and M. Zeelenberg
13. What drives risk perception? A global survey with financial professionals and laymen
Management Science 66(9), pp. 3977-4002 (2020) F. Holzmeister, J. Huber, F. Lindner, M. Kirchler, U. Weitzel and S. Zeisberger
12. What makes an investment risky? An analysis of price path characteristics
Journal of Economic Behavior & Organization 169, pp. 92-125 (2020) C. Borsboom and S. Zeisberger
11. Does Investor Risk Perception Drive Asset Prices in Markets? Experimental Evidence
Journal of Banking & Finance 108 105635 (2019) J. Huber, S. Palan and S. Zeisberger
10. How Persistent are the Effects of Experience Sampling on Investor Behavior?
Journal of Banking & Finance 98, pp. 61-79 (2019) M. Bradbury, T. Hens and S. Zeisberger
9. All’s Well That Ends Well? On the Importance of how Returns are Achieved
Journal of Banking & Finance 87, pp. 397-410 (2018) D. Grosshans and S. Zeisberger
8. Do We Measure Overconfidence? A Closer Look at the interval Production Task
Journal of Economic Behavior & Organization 128, pp. 121-133 (2016) F. Langnickel and S. Zeisberger
7. Improving Investment Decisions with simulated experience
Review of Finance 19, pp. 1019-1052 (2015) M. Bradbury, T. Hens and S. Zeisberger
6. The impact of monetary policy on stock market bubbles and trading behavior: evidence from the lab
Journal of Economic Dynamics and Control 37, pp. 2104-2122 (2013) U. Fischbacher and T. Hens and S. Zeisberger
5. Measuring the Time Stability of Prospect Theory Preferences
Theory and Decision 72, pp. 359-386 (2012) S. Zeisberger, D. Vrecko and T. Langer
Download individual Cumulative Prospect Theory parameter data (Excel file)
4. Management Guidance – bevorzugen professionnelle Kapitalmarktteilnehmer wirklich Punktprognosen?
Journal of Management Control 21, 349-364 (2011) with Lammert, J. and C. Watrin
3. Why does myopia decrease the willingness to invest? Is it Myopic Loss Aversion or Myopic Loss Aversion Probability?
Theory and Decision 72, pp. 35-50 (2012) S. Zeisberger, T. Langer and M. Weber
2. Investment Horizon and the Attractiveness of Investment Strategies: A Behavioral Approach
Journal of Banking & Finance 34, pp. 1032-1046 (2010) M. Dierkes, C. Erner and S. Zeisberger
1. A Note on Myopic Loss Aversion and the Equity Premium Puzzle
Finance Research Letters 4, pp. 127-136 (2007) S. Zeisberger, M. Trede and T. Langer