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Alumni

Research and Teaching Assistants

Dr. Anna-Lena Bauer

Anna-Lena Bauer has joined the Behavioral Finance Research Group as a research and teaching assistant in April 2017 until December 2021. She holds a bachelor's degree in European Business and International Business and Management with a specialization in finance from OTH Regensburg and Hanze University of Groningen and a master's degree in Financial Economics from the University of Glasgow. During several internships, she gained first professional experience in the finance and controlling departments of multinational companies in the United States, Luxembourg and Spain.

Research

Good brand image = good share?

The subject of a current research project by Anna-Lena Bauer and Prof. Dr. Stolper at the interface of brand management and investor behaviour is the question whether private households are influenced not only by their role as consumers but also by the brand image of a company in their investment decisions and thus a brand bias can be observed. In particular, it will be investigated whether and to what extent shares of companies whose products and services have a particularly good brand image among German consumers are significantly overweighted in the securities portfolios of private households in Germany.

How does narcissism affect fund management?

In the project "Fund manager narcissim" Anna-Lena Bauer investigates , in collaboration with Prof. Dr. Stolper and Dominik Scheld, how personality traits affect the investment decisions of professional investors. In this context, the project examines narcissistic tendencies of fund managers. Using verbatim transcribed interviews with US-American managers, the project aims to i) identify narcissistic characteristics of fund managers using text analytical methods, ii) analyze their effects on portfolio management (e.g. risk-return ratio) and iii) investigate if and to what extent investors react to narcissistic fund managers.

Which traits shape fund managers?

In the project "The Big5 in fund management" Anna-Lena Bauer investigates, in collaboration with Prof. Dr. Stolper and Dominik Scheld, the influence of the "Big 5" personality dimension on fund managers. In addition to a comprehensive typification of fund management, the project aims to quantify the influence of personality dimensions in the context of professional investments. The expected results of the project will allow insights on the "interiority" of fund managers and the potential connection between professional money management and psychological characteristics.
Publications

Scheld, D./Stolper, O./Bauer, A. (2022): Fund manager narcissism, SGF 2022.

Dr. Lukas Brenner

Dr. Lukas Brenner had joined the Behavioral Finance Research Group as an external research assistant in January 2018 and finished his doctoral studies in March 2020. After studying business administration with a major in finance at Reutlingen University of Applied Sciences (ESB) and Purdue University in Indiana, he has been working for the strategy consultancy Bain & Company since October 2015, advising companies in the industrial, banking and insurance sector as well as private equity companies.

Research

How do external influences, which do not emanate directly from the household itself, change the investment decisions and financial behaviour of private households?

In his cumulative dissertation, Dr. Lukas Brenner examines the effect of various aspects and factors on the investment behavior of private households. The focus of the research is on factors that are usually not actively influenced by the object of study (the private household). In particular, the essays examine influences that come from (i) family and friends (direct social environment), (ii) the consequences of fraud, and (iii) financial advisors.

What influence do financial contributions from family and friends have on the investment behaviour of private households?

Two studies conducted as part of the research programme deal with the topic of how financial contributions from family and friends influence the investment behaviour of private households. The first study examines how households that inherit or receive gifts deal with the transferred assets. How does such an inflow influence the financial decisions of households - especially with regard to saving for private retirement provision? Our findings suggest that heirs use some of the money they receive to increase their private pension provision, but there are significant differences between heir households. "Many households will come across the issue of inheritance over time. In Germany in particular, it will be interesting to see whether and how this inflow of funds influences citizens in their financial investment decisions - for example on the capital market or for old-age provision. It will be important for legislators, as well as for financial institutions, to correctly anticipate the financial decisions of thousands of affected households and to set the appropriate course". The second study addresses the issue of how (promised) financial support from the closest social circles influences the investment behaviour of private households. For example, do households that can rely on a social safety net from friends and family take a higher risk on the capital market? Building on current findings in the emerging field of social finance, the study suggests a link between such promised financial support and investment in high-risk asset classes.

What influence do negative experiences such as (consumer) fraud have on the financial well-being of private households?

This question is investigated in the study "Consumer Fraud Victimization and Financial Well-Being" in cooperation with Dr. Tobias Meyll (University of Gießen), Prof. Dr. Andreas Walter (University of Gießen) and Prof. Dr. Oscar Stolper. In the context of the financial situation of private households, the study deals with the far-reaching negative consequences of fraud on consumers. How does financial well-being change after an individual has become a victim of fraud? To what extent do the consequences go beyond the purely monetary loss and through what channels does such a negative event have an impact? Our empirical research operates at the interface between household finance, psychology and criminology. Our results suggest that fraud has a significant negative impact on the "financial self-confidence" of victims and therefore has serious, undesirable consequences for (future) financial decisions of individuals.

The study Consumer Fraud Victimization and Financial Well-Being (Brenner, Meyll, Stolper & Walter, 2020) documents the project and is published in Journal of Economic Psychology (76).

Do financial advisors influence the risk profile of private clients?

In collaboration with Prof. Dr. Oscar Stolper, this project investigates the influence of financial advisors on the investment behavior of private households. The central pillar of investment recommendations in standardized financial consulting is the process for the objective derivation of an investor's risk-bearing capacity profile by the financial consultant. This profile should be independent of the advisor and should be derived individually according to the life situation / asset situation as well as preferences and inclinations of the investor. However, findings of the study indicate that financial advisors (strongly) influence the risk profile of investors in the process. As a consequence, this leads to distorted product and investment recommendations by the advisor with far-reaching negative consequences for the investor.

Furthermore, Lukas Brenner has conducted research together with Dr. Tobias Meyll on the influence of Robo-Advisors. In the study "Robo-advisors: A substitute for human financial advice?" they investigate the connection between Robo-Advisor and the demand for personal customer advice. Findings of the study suggest that Robo-Advisors are considered a valid substitute for personal financial advice.

The study Robo-advisors: A substitute for human financial advice? (Brenner, Meyll, 2020) documents the project and is published in Journal of Behavioral and Experimental Finance (25).
Publications

Brenner, L./Stolper, O. (2020): Mind the gap: inheritance and inequality in retirement wealth, in: Intergenerational Justice Review 6(2), 63-72. Winner of the 2020 Intergenerational Justice Prize

Brenner L./Meyll T. (2020): Robo-Advisors: A Substitute for Human Financial Advice?.

Brenner L./Meyll T./Stolper O./Walter A. (2020): Consumer Fraud Victimization and Financial Well-Being.

Student Assistants

Alexander Becker

Alexander Becker has been working as student assistant since December 2018 until December 2020. After receiving his bachelor’s degree from the University of Bayreuth, he started studying the Master of Business Administration at the Philipps-University Marburg in October 2018.

Julia Gerlach

Julia Gerlach has been working as student assistant since April 2022 until September 2022.

Carolin Hanika

Carolin Hanika has been working as student assistant since September 2022 until March 2023. After her bachelor's degree at the Technical University Bergakademie in Freiberg in Business and Law, she started her master's degree in Business Administration with a focus on Accounting and Finance at Philipps-Universität Marburg in October 2021.

Vivian Kück

Vivian Kück has been working as student assistant since February 2021 until February 2022.

Saskia Müller

Saskia Müller has been working as student assistant since August 2022 until July 2023.

Fernando Neu

Fernando Neu has been working as student assistant since July 2023 until October 2023.

Jasmin Petersohn

Jasmin Petersohn has been working as student assistant since November 2019 until February 2020. She finished her master's degree in Business Administration at Philipps-University in Marburg in September 2020.

Lena Michelle Pfannstiel

Lena Pfannstiel has been working as student assistant since January 2021 until December 2022. After receiving her bachelor’s degree from the Philipps-University Marburg, she started studying the Master of Business Administration in October 2020.