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, 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!

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:

Managing Director of the Society for Experimental Finance


After the international SARS-COV-2 pandemic necessitated the cancellation of the Society for Experimental Finance's 2020 annual meeting, the University of Innsbruck organized this year's meeting online via GatherTown. The attendees enjoyed a total of 88 paper presentations, 2 keynotes (by Annamaria Lusardi and Stefan Nagel) and 2 talks with a view (by Michael Kirchler and Roberto Weber). As part of the program, the society held its annual meeting, which elected a new managing board, with Sascha Füllbrunn as Secretary, Anita Kopanyi-Peuker as Treasurer and myself as Managing Director. I look forward to this responsibility and challenge.

My PhD student Josef Fink completes his degree with top grade


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!