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Dr Thies Lindenthal

Thies Lindenthal

Title of research: Behavioural Biases as an Indicator for Asset Value Uncertainty

Buyers and sellers of heterogeneous goods in thin  markets are brave: despite the lack of long histories of transactions and the absence  of sufficiently high numbers of comparable sales, they still form opinions on values, agree to trade and thereby serve as trailblazers for subsequent transactions. Without hard data and economic models at hand, these pioneering investors are hypothesized to be more susceptible to behavioural biases and price heuristics than investors in markets where more and better information is available.

This project empirically investigates whether behavioural biases are more widespread in markets with relatively high uncertainty regarding fundamental asset values. As some of these biases are easy to observe, their prevalence can serve as a readily available indicator for asset value uncertainty.

Project Update - August 2019

Project Update - April 2019

Project Update - August 2018

Project Update - April 2018

Project Update - August 2017

Project Update - April 2017

Project Update - July 2016

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CERF Fellow Dr. Bang Dang Nguyen - paper will be presented at the AFA Annual Meeting 2020 in San Diego

Sep 26, 2019

Political Connections and Firm Value: Evidence from Close Gubernatorial Elections, joint with Q.A. Do (SciencesPo Paris) and Yen-Teik Lee (Curtin University), is accepted and will be presented at the AFA Annual Meeting 2020 in San Diego.

CERF Scholar Shiqi Chen presented her paper at Leeds University Business School

Jun 28, 2019

Shiqi Chen presented her paper entitled “Financial Policies and Internal Governance with Heterogeneous Risk Preferences” (joint with Bart Lambrecht) in the Accounting and Finance seminar at Leeds University Business School, the Finance seminar at Essex Business School, CERF Lunch Seminar at Cambridge Judge Business School, and at the 2019 Annual Real Options Conference in London.

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