Academic Website

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, managing director 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!

Best regards,
Stefan Palan.


Associate Professor of FinanceInstitute of Banking and FinanceUniversity of GrazUniversitaetsstrasse 15/F28010 GrazAustria
E: stefan.palan@uni-graz.atT: +43(316)380-7306W: academic.palan.biz Born @ 333.40ppm CO2
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New Paper on Insider Trading and Short Selling Regulation

21.04.2022

Modern capital markets are subject to many interventions and regulations, some of which curtail the implementation of specific trading strategies in a market. While we understand much of these regulations’ individual effects, the picture is less clear about their joint effects. A new paper, jointly authored by Robert Merl (University of Graz), Thomas Stöckl (MCI Management Center Innsbruck) and myself considers the interaction of two regulations, namely rules limiting shorting of assets and cash, and rules limiting insider trading. For these regulations, prior research shows spikes in short-selling activity around the revelation of insider information, which different studies trace to different causes. Among other results, we find that both allowing short positions and allowing informed trading causes informed traders to increase their market activity and causes mispricing and spreads to diminish. Nevertheless, we find no evidence for significant interaction effects between the two regulations.

Merl, R., Stöckl, T., Palan, S., 2022. "Insider trading regulation and shorting constraints. Evaluating the joint effects of two market interventions", Journal of Banking and Finance, 106490, DOI: https://doi.org/10.1016/j.jbankfin.2022.106490.

Member of the G53 Financial Literacy and Personal Finance Research Network

07.12.2021

I am honored to have been asked to become a founding member of the G53 Financial Literacy and Personal Finance Research Network (G53 Network). Founded by Annamaria Lusardi, the Director of the Global Financial Literacy Excellence Center (GFLEC) and a pioneer in financial literacy research, the G53 network aims to promote research into financial literacy and personal finance along the lines of - but in a more globalized manner than - an NBER research program. The G53 network is named after the JEL code for research into financial literacy and was - fittingly - started with 53 researchers.

Taking part in first large-scale crowd research project in finance

23.11.2021

I am proud to announce that together with my colleague Andrea Schertler, I am participating in the Finance Crowd Analysis Project, the first crowd-sourced community paper in Economics/Finance. Together, more than 160 research teams analyzed a dataset of 720 million trades and crafted a joint paper reporting the results. Learn more in the video below or in the working paper.