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119 results, from 51
  • Diskussionspapiere 1645 / 2017

    Allais for the Poor: Relations to Ability, Information Processing and Risk Attitudes

    This paper complements evidence on the Allais paradox from advanced countries and educated people by a novel investigation in a poor rural area. The share of Allais-type behavior is indeed high and related to characteristics of “lacking ability”, such as poor education, unemployment, and little financial sophistication. Based on prospective reference theory, we extend these characteristics by biased ...

    2017| Tabea Herrmann, Olaf Hübler, Lukas Menkhoff, Ulrich Schmidt
  • Diskussionspapiere 1615 / 2016

    Financial Literacy: Thai Middle Class Women Do Not Lag behind

    This research studies the stylized fact of a “gender gap” in that women tend to have lower financial literacy than men. Our data which samples middle-class people from Bangkok does not show a gender gap. This result is not explained by men’s low financial literacy, nor by women’s high income and good education. Rather, it seems influenced by country characteristics on general gender equality and finance-related ...

    2016| Antonia Grohmann, Olaf Hübler, Roy Kouwenberg, Lukas Menkhoff
  • Diskussionspapiere 1608 / 2016

    Estimating Risky Behavior with Multiple-Item Risk Measures

    We compare seven established risk elicitation methods and investigate how they robustly explain eleven kinds of risky behavior with 760 individuals. Risk measures are positively correlated; however, their performance in explaining behavior is heterogeneous and, therefore, difficult to assess ex ante. To close this knowledge gap, greater diversification across risk measures is helpful. We do, indeed, ...

    2016| Lukas Menkhoff, Sahra Sakha
  • Diskussionspapiere 1582 / 2016

    Determinants of Risk Aversion over Time: Experimental Evidence from Rural Thailand

    We use a repeated incentivized risk experiment in rural Thailand to test determinants of changes in the level of individual risk aversion over time. We find that risk aversion significantly changes between 2008 and 2013 as a result of macro- andmicro-level shocks. Strong macroeconomic recovery following the 2007/08 financial crisis makes people more risk-seeking, whereas macroeconomic normalization ...

    2016| Lukas Menkhoff, Sahra Sakha
  • Diskussionspapiere 1562 / 2016

    Does Financial Education Impact Financial Literacy and Financial Behavior, and if So, When?

    In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for lowincome clients as well as in low and lower-middle ...

    2016| Tim Kaiser, Lukas Menkhoff
  • Diskussionspapiere 1552 / 2016

    Equity Premium Prediction: Are Economic and Technical Indicators Unstable?

    We show that technical indicators deliver stable economic value in predicting the U.S. equity premium over the out-of-sample period from 1966 to 2014. Results tentatively improve over time and beat alternatives over a large continuum of sub-periods. By contrast, economic indicators work well only until the 1970s, but thereafter they lose predictive power, even when the last crisis is considered. Translating ...

    2016| Fabian Baetje, Lukas Menkhoff
  • Diskussionspapiere 1518 / 2015

    When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries

    This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. ...

    2015| Marcel Fratzscher, Oliver Goede, Lukas Menkhoff, Lucio Sarno, Tobias Stöhr
  • Diskussionspapiere 1504 / 2015

    Childhood Roots of Financial Literacy

    Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic ...

    2015| Antonia Grohmann, Roy Kouwenberg, Lukas Menkhoff
  • Externe Monographien

    Financial Education Matters: Testing the Effectiveness of Financial Education Across 76 Randomized Experiments

    Do financial education programs affect financial knowledge and behaviors? We examine this question using a meta-analysis that incorporates studies from the past decade, which saw a rapid increase in financial education research. When examining data from 76 financial education randomized experiments across 33 countries covering over 160,000 individuals, we find that financial education improves both ...

    Denver: NEFE, 2022, 9 S.
    (Insights: Financial Capability ; April 2022)
    | Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, Carly Urban
  • Externe Monographien

    Geld, Kredit und Banken: Eine Einführung

    Berlin: Springer Spektrum, 2020, XX, 422 S. | Horst Gischer, Bernhard Herz, Lukas Menkhoff
119 results, from 51
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