International Society for Quantitative History

QH Webinar Series

Inflation and Investors’ Behavior: Evidence from the German Hyperinflation

16:00 | Thursday, November 19, 2020

English

Fabio Braggion

Fabio Braggion

Professor of Finance and Financial History, Tilburg School of Economics and Management

Bundesarchiv, Bild 183-R1215-506 / CC-BY-SA 3.0, CC BY-SA 3.0 DE

Inflation risk represents one of the most important economic risks faced by investors. In this Quantitative History Webinar, Fabio Braggion of Tilburg University will present his paper cowritten with Felix von Meyerinck (St. Gallen) and Nic Schaub (WHU), exploring how investors respond to inflation. Fabio and his coauthors introduce a unique dataset containing security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the famous German hyperinflation. In a within-person setting and controlling for the overall time trend, they find that investors buy less (sell more) stocks in times of rising local prices. This effect is more pronounced for less sophisticated investors. Their findings are consistent with investors being subject to money illusion.

Live on Zoom on November 19, 2020
16:00 Hong Kong/Beijing/Singapore | 17:00 Tokyo | 19:00 Sydney
08:00 London | 09:00 Tilburg

Thursday, November 19, 2020

Fabio Braggion

English

The Quantitative History Webinar Series aims to provide researchers, teachers, and students with an online intellectual platform to keep up to date with the latest research in the field, promoting the dissemination of research findings and interdisciplinary use of quantitative methods in historical research. The Series, now in its third year, is co-organized by the International Society for Quantitative History, HKU Business School, and Hong Kong Institute for the Humanities and Social Sciences. 量化歷史網上講座系列由香港大學陳志武和馬馳騁教授聯合發起,旨在介紹前沿量化歷史研究成果、促進同仁交流,推廣量化方法在歷史研究中的應用。本系列講座由國際量化歷史學會、香港大學經管學院和香港人文社會研究所全力支持和承辦。

Conveners: Professor Zhiwu Chen & Dr. Chicheng Ma (HKU Business School)

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