Welcome to the Academic Website of Stefan Palan
I am a financial economist with research interests in the fields of behavioral and experimental finance, experimental economics and scientific methodology.
I am currently associate professor of finance at the University of Graz and lecturer at the University of Innsbruck and at Management Center Innsbruck. I am also editor-in-chief of the Journal of Behavioral and Experimental Finance, a founder and officer of the Society for Experimental Finance, coordinator of the Finance Research Platform Graz, and scientific director of the Max Jung Lab Graz.
This website aims to give an overview of my areas of academic interest and job experience. I am glad for any and all comments!
Associate Professor of FinanceInstitute of Banking and FinanceUniversity of GrazUniversitaetsstrasse 15/F28010 GrazAustria
E: firstname.lastname@example.orgT: +43(316)380-7306W: academic.palan.biz
My PhD student Josef Fink completes his degree with top grade07.05.2021
Today Josef Fink completed his doctoral studies with a dissertation defense that the committee graded "Sehr gut", the top grade in the Austrian grading system. Josef's dissertation, titled "Experiments on the Post-Earnings-Announcement Drift", was also graded "Sehr gut". In its core, it is made up of three papers studying the phenomenon of stock prices drifting in the direction of the surprise component of a company's announced earnings for up to four quarters following the initial announcement.
In his first paper, titled "A Review of the Post-Earnings-Announcement Drift" and published in the Journal of Behavioral and Experimental Finance, Josef provides the most comprehensive (by a wide margin) review of the literature on the PEAD phenomenon to date. In his second paper, titled "Earnings Autocorrelation and the Post-Earnings-Announcement Drift", Josef studies the role of autocorrelation in the earnings process on the drift. In his third paper, titled "Trading Frictions and the Post-Earnings-Announcement Drift", Josef investigates the role of frictions (i.e., a short-selling ban and transaction fees) on the drift.
I am proud of Josef and congratulate him to this impressive achievement!
New working papers out31.03.2021
The first quarter of the year has been a busy one, with two papers submitted and two new working papers published. In "Trading frictions and the post-earnings-announcement drift", Josef Fink, Erik Theissen and I study the effect of a short selling ban and transaction fees on the post-earnings-announcement drift. We find evidence for lower trading activity and higher asset prices in the presence of these types of frictions.
In "A Critical Perspective on the Conceptualization of Risk in Behavioral and Experimental Finance", Felix Holzmeister, Christoph Huber and I discuss the conceptualization of "risk" in finance, urging researchers to clearly distinguish between risk preferences, risk perceptions, and risk taking.
I welcome all thoughts and comments on these papers and topics!