Markus Glaser

Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)

Schackstraße 4

Munich, 80539

Germany

  • Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)

SCHOLARLY PAPERS

23

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112

Scholarly Papers (23)

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1.

Overconfidence and Trading Volume

Downloads 3,471 ( 2,771)
Citation 51

Overconfidence and Trading Volume

AFA 2004 San Diego Meetings
Number of pages: 55 Posted: 04 Dec 2003
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 1,617 (9,925)
Citation 11

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Overconfidence, Differences of Opinion, Trading Volume, Individual Investors, Investor Behavior, Correlation of Economic and Psychologic Variables, Combination of Experimental and Field Data

Overconfidence and Trading Volume

Geneva Risk and Insurance Review 32(1), June 2007, 1-36.
Number of pages: 51 Posted: 28 Mar 2007 Last Revised: 26 Oct 2007
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 1,083 (18,603)

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Overconfidence, Differences of Opinion, Trading Volume, Individual Investors, Investor Behavior, Correlation of Economic and Psychological Variables, Combination of Psychometric Measures of Judgment Biases and Field Data

Overconfidence and Trading Volume

AFA 2004 San Diego Meetings
Number of pages: 55 Posted: 04 Feb 2005
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 727 (32,928)
Citation 3

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Overconfidence, Differences of Opinion, Trading Volume, Individual Investors, Investor Behavior, Correlation of Economic and Psychologic Variables, Combination of Experimental and Field Data

Overconfidence and Trading Volume

CEPR Discussion Paper No. 3941
Number of pages: 58 Posted: 13 Aug 2003
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 44 (412,021)
Citation 66
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Overconfidence, differences of opinion, trading volume, individual investors, investor behaviour, correlation of economic and psychological variables, combination of psychometric measures of judgement biases and field data

2.

True Overconfidence in Interval Estimates: Evidence Based on a New Measure of Miscalibration

Journal of Behavioral Decision Making, Forthcoming
Number of pages: 36 Posted: 03 May 2005 Last Revised: 26 Jun 2012
Markus Glaser, Martin Weber and Thomas Langer
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance and University of Muenster - Finance Center
Downloads 1,900 (7,749)
Citation 19

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overconfidence, miscalibration, judgment biases, individual differences, reliability, expert judgment, interval estimates

3.

Managerial Optimism and Corporate Investment: Is the CEO Alone Responsible for the Relation?

AFA 2008 New Orleans Meetings Paper
Number of pages: 45 Posted: 05 Mar 2008 Last Revised: 31 Oct 2008
Markus Glaser, Philipp Schäfers and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), WestLB and University of Mannheim - Department of Banking and Finance
Downloads 1,898 (7,768)
Citation 12

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Optimism, corporate investment, investment-cash flow sensitivity, behavioral corporate finance

4.

Individual Investor Sentiment and Stock Returns - What Do We Learn from Warrant Traders?

Number of pages: 34 Posted: 25 Mar 2005 Last Revised: 07 Oct 2009
Markus Glaser, Philipp Schmitz and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Applied Sciences Aachen and University of Mannheim - Department of Banking and Finance
Downloads 1,731 (9,050)
Citation 1

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Sentiment, Bank-issued Warrants, Covered Warrants, Individual Investors, Investor Behavior, VAR models, Return Predictability, Stock Index Returns

5.

Why Inexperienced Investors Do Not Learn: They Do Not Know Their Past Portfolio Performance

Downloads 1,570 ( 10,630)

Why Inexperienced Investors Do Not Learn: They Do Not Know Their Past Portfolio Performance

Finance Research Letters, Vol. 4, No. 4, 2007
Number of pages: 27 Posted: 22 Jul 2007 Last Revised: 28 Sep 2008
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 1,570 (10,429)
Citation 19

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Return Estimation, Portfolio Return, Perceived Returns, Self-Assessment, Better Than Average Effect, Overconfidence, Financial Education, Financial Literacy, Learning, Experience

Why Inexperienced Investors do not Learn: They do not Know Their Past Portfolio Performance

Finance Research Letters, Vol. 4, No. 4, pp. 203-216, 2007
Posted: 01 Dec 2007
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance

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Return estimation, Portfolio return, Perceived returns, Self-assessment, Better than average effect, Overconfidence, Financial education, Financial literacy, Learning, Experience

6.

Opening the Black Box: Internal Capital Markets and Managerial Power

Journal of Finance 68, 2013, 1577-1631 , EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 112 Posted: 25 Mar 2008 Last Revised: 30 Jan 2015
Markus Glaser, Florencio Lopez de Silanes and Zacharias Sautner
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), SKEMA Business School and Frankfurt School of Finance & Management gemeinnützige GmbH
Downloads 1,510 (11,290)
Citation 23

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Internal Capital Markets, Capital Budgeting, Managerial Power, Corporate Politics

7.

Online Broker Investors: Demographic Information, Investment Strategy, Portfolio Positions, and Trading Activity

Number of pages: 42 Posted: 30 Mar 2007
Markus Glaser
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)
Downloads 1,181 (16,621)
Citation 10

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Individual Investor, Online Broker Investor, Online Trading, Trading Volume, Investor Behavior

8.

Momentum and Turnover: Evidence from the German Stock Market

Downloads 1,150 ( 17,296)
Citation 11

Momentum and Turnover: Evidence from the German Stock Market

EFA 2002 Berlin Meetings Presented Paper
Number of pages: 35 Posted: 04 Mar 2002
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 1,103 (18,072)
Citation 3

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Momentum and Turnover: Evidence from the German Stock Market

CEPR Discussion Paper No. 3353
Number of pages: 36 Posted: 06 Jun 2002
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 47 (400,771)
Citation 6
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Asset pricing, momentum strategies, return predictability, turnover

Momentum and Turnover: Evidence from the German Stock Market

Schmalenbach Business Review, Vol. 55, pp. 108-135, 2003
Posted: 06 Jun 2003 Last Revised: 18 Apr 2011
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance

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Asset Pricing, Momentum, Momentum Strategies, Return Predictability, Turnover, Trading Volume

9.

Scale Dependence of Overconfidence in Stock Market Volatility Forecasts

Number of pages: 9 Posted: 27 Jun 2007
Markus Glaser, Martin Weber, Thomas Langer and Jens Reynders
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance, University of Muenster - Finance Center and Siemens Management Consulting
Downloads 1,025 (20,525)
Citation 1

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Volatility forecast, confidence interval, individual investor, overconfidence

10.

Run, Walk, or Buy? Financial Literacy, Dual-Process Theory, and Investment Behavior

Number of pages: 75 Posted: 02 Nov 2012 Last Revised: 28 Apr 2014
Markus Glaser and Torsten Walther
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)
Downloads 979 (21,971)

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Individual Investors, Investor Behavior, Online Broker, Financial Literacy, Dual-Process Theories, Rational-Experiential Inventory

11.

Framing Effects in Stock Market Forecasts: The Difference between Asking for Prices and Asking for Returns

Downloads 961 ( 22,574)

Framing Effects in Stock Market Forecasts: The Difference between Asking for Prices and Asking for Returns

AFA 2007 Chicago Meetings Paper
Number of pages: 40 Posted: 10 Nov 2005
Markus Glaser, Martin Weber, Thomas Langer and Jens Reynders
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance, University of Muenster - Finance Center and Siemens Management Consulting
Downloads 961 (22,188)
Citation 20

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Return forecast, volatility forecast, confidence interval, individual investor, overconfidence, expertise, financial education, financial literacy, framing effect, investor surveys

Framing Effects in Stock Market Forecasts: The Difference between Asking for Prices and Asking for Returns

Review of Finance, Vol. 11, pp. 325-357, 2007
Posted: 13 Jun 2007
Markus Glaser, Martin Weber, Thomas Langer and Jens Reynders
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance, University of Muenster - Finance Center and Siemens Management Consulting

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Return forecast, volatility forecast, confidence interval, individual investor, overconfidence, expertise, financial education, financial literacy, framing effect, investor surveys

12.

Which Past Returns Affect Trading Volume?

Journal of Financial Markets, Vol. 12, pp. 1-31, 2009
Number of pages: 38 Posted: 21 Mar 2005 Last Revised: 18 Apr 2011
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 793 (29,707)
Citation 44

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Individual investors, investor behavior, trading volume, stock returns and trading volume, overconfidence, differences of opinion, discount broker, online broker, online banks, panel data, count data

13.

On the Trend Recognition and Forecasting Ability of Professional Traders

Downloads 647 ( 39,100)
Citation 8

On the Trend Recognition and Forecasting Ability of Professional Traders

Number of pages: 49 Posted: 18 Jun 2007 Last Revised: 21 Jan 2008
Markus Glaser, Martin Weber and Thomas Langer
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance and University of Muenster - Finance Center
Downloads 615 (41,289)
Citation 1

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trend recognition, forecasting, conservatism, overconfidence, professionals, financial modeling

On the Trend Recognition and Forecasting Ability of Professional Traders

CEPR Discussion Paper No. 3904
Number of pages: 34 Posted: 27 Jun 2003
Markus Glaser, Martin Weber and Thomas Langer
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance and University of Muenster - Finance Center
Downloads 32 (463,375)
Citation 13
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Trend recognition, forecasting, conservatism, overconfidence, professionals, financial modelling

On the Trend Recognition and Forecasting Ability of Professional Traders

Decision Analysis, Vol. 4, No. 4, pp. 176-193, 2007
Posted: 16 Jan 2008
Markus Glaser, Martin Weber and Thomas Langer
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance and University of Muenster - Finance Center

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trend recognition, forecasting, conservatism, overconfidence, professionals, financial modeling

14.

Thinking about Prices versus Thinking about Returns in Financial Markets

Journal of Finance, Forthcoming, Paris December 2016 Finance Meeting EUROFIDAI - AFFI
Number of pages: 112 Posted: 20 Mar 2016 Last Revised: 06 Nov 2018
Markus Glaser, Zwetelina Iliewa and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), Max Planck Institute for Research on Collective Goods and University of Mannheim - Department of Banking and Finance
Downloads 554 (48,008)
Citation 4

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expected returns, information presentation, question format, judgmental forecasting, professional forecasters

15.

Causal Evidence on Regular Internet Use and Stock Market Participation

Number of pages: 86 Posted: 14 Mar 2012 Last Revised: 30 Dec 2013
Markus Glaser and Alexander Klos
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Kiel - Institute for Quantitative Business and Economics Research (QBER)
Downloads 547 (48,762)

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Stock market participation, transaction costs, Internet, financial literacy

16.

Opening the Black Box: From an Individual Bias to Portfolio Performance

Number of pages: 46 Posted: 01 Aug 2009 Last Revised: 16 Mar 2012
Alen Nosic, Martin Weber and Markus Glaser
affiliation not provided to SSRN, University of Mannheim - Department of Banking and Finance and Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)
Downloads 540 (49,570)
Citation 2

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Overreaction, Underreaction, Overconfidence, Miscalibration, Portfolio Performance, Portfolio Risk, Risk Taking, Sharpe Ratio

17.

September 11 and Stock Return Expectations of Individual Investors

Downloads 530 ( 50,769)
Citation 15

September 11 and Stock Return Expectations of Individual Investors

Review of Finance, Vol. 9, No. 2, p. 243-279, 2005
Number of pages: 52 Posted: 01 Dec 2005 Last Revised: 12 Feb 2009
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance
Downloads 530 (50,166)
Citation 15

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Return Expectations, Volatility Forecasts, Overconfidence, Differences of Opinion, Confidence Intervals, Forecasting, Individual Investors, September 11

September 11 and Stock Return Expectations of Individual Investors

Review of Finance, Vol. 9, No. 2, pp. 243-279, 2005
Posted: 01 Sep 2008
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance

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18.

What Determines How Top Managers Value Their Stock Options?

Number of pages: 34 Posted: 04 Jul 2008 Last Revised: 12 Sep 2010
Zacharias Sautner, Martin Weber and Markus Glaser
Frankfurt School of Finance & Management gemeinnützige GmbH, University of Mannheim - Department of Banking and Finance and Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)
Downloads 474 (58,476)
Citation 4

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Executive Stock Options, Subjective Option Values, Optimism, Overconfidence, Miscalibration

19.

Is the Diversification Discount Caused by the Book Value Bias of Debt?

Journal of Banking and Finance, Forthcoming
Number of pages: 40 Posted: 20 Feb 2010
Markus Glaser and Sebastian Müller
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and German Graduate School of Management and Law
Downloads 401 (71,607)
Citation 10

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Diversification, Diversification discount, Conglomerate discount, Internal capital markets, Option pricing, Debt valuation, Merton model, Corporate governance, Ownership structure

20.

The Influence of Team Composition and Decision Processes on Investment Portfolios: The Case of Investment Clubs

Number of pages: 51 Posted: 15 Apr 2014 Last Revised: 30 May 2014
Markus Glaser, Florian Haagen and Torsten Walther
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), TeamInvest GmbH and Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)
Downloads 89 (282,287)

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Investor Behavior, Diversification, Group Decision Making, Investment Clubs

21.

Internal Capital Market Studies in Empirical Banking: Biases Due to Usage of Assets Instead of Risk Capital?

Finance Research Letters, Vol. 11, No. 1, 2014
Posted: 29 Jan 2014 Last Revised: 28 Jun 2019
Markus Glaser and Jan Riepe
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Tuebingen - Department of Banking

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Internal Capital Allocation, Banks, Segmental Reporting, Risk Weighted Assets

22.

Overconfidence

BEHAVIORAL FINANCE: INVESTORS, CORPORATIONS, AND MARKETS, pp. 241-258, H. K. Baker and J. Nofsinger, eds., John Wiley & Sons, Inc., 2010
Posted: 28 May 2011
Markus Glaser and Martin Weber
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and University of Mannheim - Department of Banking and Finance

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miscalibration, better-than-average effect

23.

Behavioral Finance

HANDBOOK OF JUDGMENT AND DECISION MAKING, D.J. Koehler, N. Harvey, eds., pp. 527-546, Blackwell Publishers, 2004
Posted: 01 Dec 2005
Markus Glaser, Martin Weber and Markus Noeth
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), University of Mannheim - Department of Banking and Finance and University of Hamburg

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Behavioral Finance, Overconfidence, Investor Behavior