18th Online Seminar in Finance: Stefan Palan, University of Graz 

The Institute of Finance at PUEB is pleased to announce the 18th Online Seminar in Finance.

Speaker: Stefan Palan, University of Graz

Title: Retail Investors’ Disposition Effect and Order Choices

Abstract: Studying controlled experiment data and extensive empirical trading data we show that the disposition effect (DE) affects investors’ order submissions. Where Linnainmaa (2010) argues that the use of limit orders biases the measured DE upward, we argue that high-DE investors display a greater propensity to submit sell orders in the gain domain than in the loss domain, and to set the sell limit price at or above the purchase price for positions at loss. DE levels are thus affected by hitherto unreported strategic or unconscious effects from order choices that reflect individuals’ intrinsic propensity to act in accordance with the DE.

Date: May 9th, 2025, 15:00 (Warsaw time)

Speaker’s bio: Stefan Palan is a financial economist with research interests in behavioral and experimental finance, experimental economics, and scientific methodology. He is currently Associate Professor of Finance and Head of the Department of Banking and Finance at the University of Graz. In addition, he lectures at the University of Innsbruck and at Management Center Innsbruck. He serves as Editor-in-Chief of the Journal of Behavioral and Experimental Finance (Impact Factor 4.3), Managing Director of the Society for Experimental Finance, Coordinator of the Finance Research Platform Graz, and Scientific Director of the Max Jung Lab Graz. His works has been published in top-tier journals, such as Journal of Financial and Quantitative Analysis or Journal and Banking and Finance, and covered by prime global media, including Science, Natura, and The Economist.

Place: Teams webinar.

To register, click here: https://forms.gle/tPS8oHK8yxxQDY1q9

Registration deadline: May 7, 2025, 20:00 (Warsaw time). The invitation to the Teams webinar will be sent on May 8, 2025.