Logo of Humboldt-Universität zu BerlinLogo of Humboldt-Universität zu Berlin
edoc-Server
Open-Access-Publikationsserver der Humboldt-Universität
de|en
Header image: facade of Humboldt-Universität zu Berlin
View Item 
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.
All of edoc-ServerCommunity & CollectionTitleAuthorSubjectThis CollectionTitleAuthorSubject
PublishLoginRegisterHelp
StatisticsView Usage Statistics
All of edoc-ServerCommunity & CollectionTitleAuthorSubjectThis CollectionTitleAuthorSubject
PublishLoginRegisterHelp
StatisticsView Usage Statistics
View Item 
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
2021-08Diskussionspapier DOI: 10.18452/23242
Optimism gone bad? The persistent effects of traumatic experiences on investment decisions
Kim, Chi Hyun
Philosophische Fakultät
Do memories of highly emotional stock market crashes permanently affect the investment decisions of households? The Initial Public Offerings of Deutsche Telekom during 1996-2000 provide an optimal base to address this question, as it is known for its emotional character and is reputedly “the last time Germans invested in stocks.” Using Socio-Economic Panel (SOEP) household survey data, I show that having experienced this event leads to persistently lower stock market participation in the future. In addition, this effect is greater for households that had directly invested in Telekom shares, those being more likely to have high emotional experiences. Finally, I also show that such traumatic experiences on investment decisions have intergenerational consequences, significantly affecting how the next generation invests in the financial market.
Files in this item
Thumbnail
SPPWP_32_2021_Kim.pdf — Adobe PDF — 779.1 Kb
MD5: 5686299dbc7aed86fb9cd1259204bfe9
Cite
BibTeX
EndNote
RIS
InCopyright
Details
DINI-Zertifikat 2019OpenAIRE validatedORCID Consortium
Imprint Policy Contact Data Privacy Statement
A service of University Library and Computer and Media Service
© Humboldt-Universität zu Berlin
 
DOI
10.18452/23242
Permanent URL
https://doi.org/10.18452/23242
HTML
<a href="https://doi.org/10.18452/23242">https://doi.org/10.18452/23242</a>