University of Mannheim

About: University of Mannheim is a education organization based out in Mannheim, Germany. It is known for research contribution in the topics: Context (language use) & Politics. The organization has 4448 authors who have published 12918 publications receiving 446557 citations. The organization is also known as: Uni Mannheim & UMA.

Communicating asset risk: how name recognition and the format of historic volatility information affect risk perception and investment decisions.

Abstract: An experiment examined how the type and presentation format of information about investment options affected investors' expectations about asset risk, returns, and volatility and how these expectations related to asset choice. Respondents were provided with the names of 16 domestic and foreign investment options, with 10-year historical return information for these options, or with both. Historical returns were presented either as a bar graph of returns per year or as a continuous density distribution. Provision of asset names allowed for the investigation of the mechanisms underlying the home bias in investment choice and other asset familiarity effects. Respondents provided their expectations of future returns, volatility, and expected risk, and indicated the options they would choose to invest in. Expected returns closely resembled historical expected values. Risk and volatility perceptions both varied significantly as a function of the type and format of information, but in different ways. Expected returns and perceived risk, not predicted volatility, predicted portfolio decisions.

Estimation of quantile treatment effects with STATA

Abstract: WARNING: this page is no longer updated. Go to http://www.econ.brown.edu/fac/Blaise_Melly/ to find the current version of the codes. News: This paper will be published by the Stata Journal soon. Therefore, it can nolonger be downloaded from this page. In this paper, we discuss the implementation of various estimators proposed to estimate quantile treatment effects (QTE). We distinguish four cases: conditional and unconditional QTE with exogenous or endogenous treatment variable. Therefore, the ivqte command covers four different estimators: the classical quantile regression estimator of Koenker and Bassett (1978) extended to heteroskedasticity consistent standard errors, the IV quantile regression estimator of Abadie, Angrist, and Imbens (2002), the estimator for unconditional QTE proposed by Firpo (2007), and the IV estimator for unconditional QTE proposed by Frolich and Melly (2007). The implemented IV procedures estimate the causal effects for the sub-population of compliers and are well-suited for binary instruments only. This command also provides analytical standard errors and various options for nonparametric estimation. As a by-product, the command locreg implements local linear and local logit estimators for mixed data (continuous, ordered discrete, unordered discrete and binary regressors).

How Does Liquidity Affect Government Bond Yields

Abstract: The paper explores the determinants of yield differentials between sovereign bonds, using Euro area data. There is a common trend in yield differentials, which is correlated with a measure of aggregate risk. In contrast, liquidity differentials display sizeable heterogeneity and no common factor. We propose a simple model with endogenous liquidity demand, where a bond's liquidity premium depends both on its transaction cost and on investment opportunities. The model predicts that yield differentials should increase in both liquidity and risk, with an interaction term of the opposite sign. Testing these predictions on daily data, we find that the aggregate risk factor is consistently priced, liquidity differentials are priced for a subset of countries, and their interaction with the risk factor is in line with the model's prediction and crucial to detect their effect.

Intergroup attributions and affective consequences in majority and minority groups

Abstract: Three studies explored intergroup attributional bias. In Experiment 1, Muslims (majority) and Hindus (minority) in Bangladesh rated their explanations of in-group and out-group members' positive and negative acts on 4 causal dimensions: locus, stability, controllability by others, and globality. Both groups showed in-group-favoring attributions, but only Muslims were out-group derogating. Causal dimensions predicted affects primarily in in-group-outcome conditions. Experiment 2 showed that this bias for Muslims varied across crossed-categorization conditions. Causal dimensions predicted affect and self-esteem in certain conditions. Experiment 3 showed that this bias for Hindus was accentuated when social categorizations were made salient

The participation of older Europeans in volunteer work

Abstract: Today's discussion about the growing 'burden of ageing' must not neglect the substantial productive potential of the elderly population. Using micro-data from the new 'Survey of Health, Ageing and Retirement in Europe' (SHARE), we explore cross-national patterns of volunteering and the relationship between selected socio-demographic characteristics and participation in voluntary work among the population aged 50 and older in 10 countries. Our analysis reveals a clear spatial pattern of volunteering (with higher participation rates in Northern Europe and lower ones in the Mediterranean countries) and shows that particularly age, education, health, and involvement in other social activities matter greatly for the individual's propensity to engage in volunteer work. Our conclusions stress the need to maintain a contextual perspective in future research on volunteering, accounting for the role of institutions and culture, and support policies and programs designed to encourage elder citizens to make use of their productive potential – for the benefit of themselves and society.