Free, online z-Tree course


I have spent the past weeks and months preparing a fully-fledged online z-Tree course, which is free for everyone (published under a CC-BY-SA license). It is designed to allow beginners with no prior z-Tree experience to learn all they need to start programming their own simple and not-so-simple experiments. I hope it will prove helpful to you and welcome any feedback you may have!

New video explaining tables and scope in z-Tree


Have you sometimes struggled to understand how tables and the scope operators work together in z-Tree? I am just in the process of preparing an online z-Tree course, putting my new recording studio equipment to good use. In the process of preparing this course I have prepared a short (16min) video, explaining this crucial z-Tree concept. Be sure to check it out below, and let me know if you have any feedback!

New paper studying the post-earnings-announcement drift


Together with Josef Fink and Erik Theissen, I have recently published a new working paper stuying the post-earnings-announcement drift (PEAD). In the first experimental study of this pricing anomaly, the three researchers show that autocorrelation in earnings surprises is not a necessary condition for PEAD. Rather, such autocorrelations strengthens a drift that is also present in its absence. The paper then goes on to document that the drift can be profitably exploited even after accounting for transaction costs, and that greater earnings surprises are connected to greater drift, likely due to investors underreacting to earnings autocorrelation.

Link to the paper:

New paper studying the disposition effect


I have just published a new working paper studying the disposition effect. Following a seminar presentation at the Université catholique de Louvain in October of last year, I joined the research project of Rudy De Winne and Nhung Luong, who study whether investors whose behavior exhibits the disposition effect choose different order types and different limit prices than investors less prone to the disposition effect. We are able to report strong evidence supporting this conjecture from a comprehensive analysis of a large dataset of millions of trades by thousands of Belgian retail investors. For the next version of the paper, we aim to run experiments to document causal relationships.

Link to the paper:

Short video explaining the review and publication process


I recently looked for a short video explaining how the review and publication process works at research journals. I intended to (and did) use it to give the students in one of my courses a short primer, before discussing some referee reports with them.

I found the following video, which does the job so nicely that I decided to share it with you:

Interview by TOP-Gewinn


I was recently interviewed by Martin Maier from GEWINN, a leading Austrian business magazine. We talked about my research with Jürgen Huber and Stefan Zeisberger into the factors driving risk perception and, indirectly, prices in capital markets. Read the full interview at:

PhD student receives grant from Austrian Academy of Sciences


The year started on a positive note when we learnt that Kerstin Mitterbacher, a PhD student of mine, was granted a 2-year DOC stipend by the Austrian Academy of Sciences. She will now be able to focus her full attention on her research in the project titled "Migration and Integration". The objective of Kerstin's work will be to show how the willingness of migrants to integrate into the society of their destination countries and the willingness of destination country citizens to welcome such migration and integration interact, and which factors promote successful outcomes. Kerstin will run laboratory experiments at the University of Graz' Max Jung Lab together with Jürgen Fleiß and myself.