Michael Kirchler

 

Univ.-Prof. Dr. Michael Kirchler

Professor of Finance, Department of Banking and Finance, University of Innsbruck
Visiting Professor, Centre for Finance, Department of Economics, University of Gothenburg
Recipient of the START-grant of the Austrian Science Fund (FWF) 2012
Executive Board Member of the "Society for Experimental Finance"
Born: 08.04.1977
Citizenship: Austrian
Tel: +43 (0)512 507 7587
E-mail: michael.kirchler AT uibk.ac.at
Consultation Hours: Tuesday, 16.00 - 17.00 (only during semester)
Address: Universitätsstrasse 15, A-6020 Innsbruck, Room: o.4.16
 

Papers in refereed journals

[27] Stöckl, T., Huber, J., Kirchler, M. (2014), Multi-period experimental asset markets with distinct fundamental value regimes. Experimental Economics (forthcoming).

[26] Huber, J., Kirchler, M., Stefan, M. (2014), Experimental evidence on varying uncertainty and skewness in laboratory double-auction markets. Journal of Economic Behavior and Organization (forthcoming).

[25] Kleinlercher, D., Huber, J., Kirchler, M. (2014), The impact of different incentive schemes on asset prices. European Economic Review 68: 137-150. >>article

[24] Stöckl, T., Kirchler, M. (2014), Trading strategies and trading profits in experimental asset markets with cumulative information. Journal of Behavioral and Experimental Finance (forthcoming).

[23] Holmen, M., Kirchler, M., Kleinlercher, D. (2014), Do option-like incentives induce overvaluation? Evidence from experimental asset markets. Journal of Economic Dynamics and Control 40: 179-194. >>article

[22] Dijk, O., Holmen, M., Kirchler, M. (2014), Rank matters. The impact of social competition on portfolio choice. European Economic Review 66: 97-110. >>article

[21] Angerer, M., Huber, J., Kirchler, M. (2014), Trader performance in a market experiment with human and computerized traders. Schmalenbach Business Review 66: 224-244.

[20] Tinghög, G., Andersson, D., Bonn, C., Böttiger, H., Josephson, C., Lundgren, G., Västfjäll, D., Kirchler, M., Johannesson, M. (2013), Intuition and cooperation reconsidered. Nature 498: E1-E2. >>article >>online appendix

[19] Huber, J., Kirchler, M. (2013), Corporate Campaign Contributions and abnormal stock returns after presidential elections. Public Choice 156(1): 285-307. >>article

[18] Hanke, M., Kirchler, M. (2013), Football Championships and sponsors' stock prices - An empirical investigation. The European Journal of Finance 19: 228-243. >>article

[17] Kirchler, M., Huber, J., Stöckl, T. (2012), Thar she bursts – Reducing confusion reduces bubbles.  American Economic Review 102(2): 865-883.  >>article

[16] Sutter, M., Huber, J., Kirchler, M. (2012), Bubbles and information: An experiment. Management Science 58: 384-393.  >>article

[15] Huber, J., Kleinlercher, D., Kirchler, M. (2012), The Impact of a Financial Transaction Tax on stylized facts of price returns – Evidence from the lab. Journal of Economic Dynamics and Control 36: 1248-1266. >>article

[14] Huber, J., Kirchler, M. (2012), The impact of instructions and procedure on reducing confusion and bubbles in experimental asset markets. Experimental Economics 15: 89-105. >>article

[13] Kirchler, M., Huber, J., Kleinlercher, D. (2011), Market microstructure matters when imposing a Tobin Tax – Evidence from laboratory experiments. Journal of Economic Behavior and Organization 80: 586-602. >>article

[12] Huber, J., Angerer, M., Kirchler, M. (2011), Experimental asset markets with endogenous choice of costly asymmetric information. Experimental Economics14: 223-240. >>article

[11] Stöckl, T., Huber, J., Kirchler, M. (2010), Bubble measures in experimental asset markets. Experimental Economics13: 284-298. >>article

[10] Kirchler, M. (2010), Partial knowledge is a dangerous thing - On the value of asymmetric fundamental information in asset markets. Journal of Economic Psychology 21: 643-658.>>article

[9] Huber, J., Kirchler, M., Stöckl, T. (2010), The Hot Hand Belief and the Gambler's Fallacy  in investment decisions under risk. Theory and Decision 68: 445-462. >>abstract >>article

[8] Hanke, M., Huber, J., Kirchler, M., Sutter, M. (2010), The economic consequences of a Tobin tax - An experimental analysis. Journal of Economic Behavior and Organization 74: 58-71. >>abstract >>article

[7] Kirchler, M., Huber, J. (2009), An exploration of commonly observed stylized facts with data from experimental asset markets. Physica A 388: 1631-1658. >>abstract >>article

[6] Kirchler, M. (2009), Underreaction to fundamental information and asymmetry in mispricing between Bullish and Bearish markets. An experimental study. Journal of Economic Dynamics and Control 33: 491-506. >>abstract >>article

[5] Huber, J., Kirchler, M., Sutter, M. (2008), Is more information always better? Experimental financial markets with cumulative information. Journal of Economic Behavior and Organization 65: 86-104. >>abstract >>article

[4] Kirchler, M., Huber, J. (2007), Fat tails and volatility clustering in experimental asset markets. Journal of Economic Dynamics and Control 31: 1844-1874. >>abstract >>article

[3] Toth, B., Scalas, E., Huber, J., Kirchler, M. (2007), The value of information in a multi-agent market model - The luck of the uninformed. European Physical Journal B 55: 115-120. >>abstract >>article

[2] Huber, J., Kirchler, M., Sutter, M. (2006), Vom Nutzen zusätzlicher Information auf Märkten mit unterschiedlich informierten Händlern – Eine experimentelle Studie. Zeitschrift für betriebswirtschaftliche Forschung 58: 188-211. >>abstract

[1] Scalas, E., Kaizoji, T., Kirchler, M., Huber, J., Tedeschi, A. (2006), Waiting times between orders and trades in double-auction markets. Physica A 366: 463-471. >>abstract >>article

 

Contributions to books

[5] Hauser, F., Huber J., Kirchler, M. (2009), Comparing laboratory experiments and Agent-Based Simulations: The value of information and market efficiency in a market with asymmetric information. in: Hernández, C., et al., Artificial Economics: The Generative Method in Economics. Heidelberg, Springer: 199-210.

[4] Huber J., Kirchler, M. (2009), Why increased knowledge does not necessarily improve trading success: A Monte-Carlo simulation. in: Hurlington, C.W., Economic dynamics: Theory, games and empirical studies. New York, Nova Science Publishers: 201-210.

[3] Huber, J., Kirchler, M. (2008), When more information can be harmful: Evidence from experimental asset markets. in: Hanke, M., Huber, J., Information, interaction and (In)Efficiency in financial markets. Wien, Linde International: 62-94.

[2] Huber, J., Kirchler, M., Sutter, M. (2007), Does the level of information matter for traders? On the usefulness of information in experimental asset markets. in: Oda, S., Developments on experimental economics. Heidelberg, Springer Verlag: 251-256.

[1] Huber, J., Kirchler, M., Sutter, M. (2005), On the marginal benefits of additional information in markets with heterogenously informed agents - an experimental study. in: Lux, T., et al., Nonlinear dynamics and heterogeneous interacting agents. Heidelberg, Springer: 41-52.

 

Selected Working papers

Kirchler, M., Bonn, C., Huber, J., Razen, M. (2014), The Inflow-Effect - Trader inflow and bubble formation in asset markets. Working Paper. >>article

Huber, J., Kirchler, M., Kleinlercher, D., Sutter, M. (2014), Market vs. residence principle: Experimental evidence on the effects of a financial transaction tax. IZA Discussion Paper No. 7978. >>article

Stöckl, T., Huber, J., Kirchler, M., Lindner, F. (2014), Hot Hand Belief and Gambler's Fallacy in team: Evidence from investment experiments. Working Paper. >>article

Kirchler, M., Huber, J., Stöckl, T. (2010), Bubble or no Bubble - The impact of market model on the formation of price bubbles in experimental asset markets. Working Paper. >>article

 

Selected Grants and Awards

Research Award of the Foundation of the Südtiroler Sparkasse, October 2014

Management Science Meritorious Service Award” for Reviewer, September 2013

Award of the Principality Liechtenstein for Research at the University of Innsbruck, April 2013 >>link

START-grant of the Austrian Science Fund (FWF), June 2012 >>link

Recognition Award of the Jury of the “Preis der Landeshauptstadt Innsbruck”, December 2011

Research Grant, Austrian Science Foundation (FWF), October 2009 >>link

Research Grant, Chamber of Commerce and University of Innsbruck, March 2008 >>link

Young Scientist Grant, University of Innsbruck, January 2008 >>link

Research Grant, Hypo Tirol Bank and University of Innsbruck, November 2006 >>link

Theodor Körner Award for Science and Art, April 2006

Award of the Tyrolean Chamber of Commerce for Diploma/Ph.D. Thesis in Economics, November 2003

 

Ad-hoc Referee

Journal of Finance, American Economic Review, Management Science, Economic Journal, European Economic Review, Review of Economics and Statistics, Journal of the European Economic Association, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Experimental Economics, Journal of Economic Psychology, Journal of Behavioral Finance, Journal of Business Ethics, Physica A, Journal of Sport Management, Central European Journal of Operations Research, Economics E-journal

 

Selected Media coverage

The Harvard Law School Forum on Corporate Governance and Financial Regulation, Der Standard, Kurier, ORF, Ö1, Die Presse, European Forum Alpbach, Handelsblatt, Die Zeit, WirtschaftsWoche, FAZ, Frankfurter Allgemeine Sonntagszeitung, Heureka, Universum Magazin, Tiroler Tageszeitung

"Das risikoreiche Turnier der Händler": DerStandard, online and print, 25.02.2014: >>link

"Mice, Maser, Markets, Morals"; European Forum Alpbach: >>link

"(Un-)Moral auf Märkten: Wie wichtig das Design ist"; DiePresse, online and print: >>link

"Corporate Campaign Contributions and Abnormal Stock Returns after Presidential Elections"; The Harvard Law School Forum on Corporate Governance and Financial Regulation, 27.12.2012: >>link

"US-Wahlkampfspenden rentabel für Firmen"; ORF Science, 30.10.2012: >>link

"Verwirrte Händler erzeugen Preisblasen"; in: webpage, University of Innsbruck, 24.04.2012: >>link

"Spannende Steuer"; in: Zukunft Forschung, 0110:  >>link

"Spekulationen mit Politik steuern"; in: Der Standard, 18.08.2010: >>link

"Aufblasen und platzen lassen - der Krise auf der Spur"; in: Handelsblatt, 26.03.2010: >>link

"Alles über Fußball-onomics"; in: WirtschaftsWoche, 10.06.2008: >>link

"Alles über Fußball-onomics"; in: Handelsblatt, 10.06.2008: >>link

"Börsenprognosen leicht gemacht!?!"; in: webpage, University of Innsbruck, 24.01.2008: >>link

"Wer nichts weiss, wird reich"; in: Die Zeit online, 08.08.2007: >>link

"Wer zu spät kommt, zahlt die Zeche"; in: FAZ.NET, 26.06.2007: >>link

"Selig sind die Ahnungslosen"; in: Frankfurter Allgemeine Sonntagszeitung, 03.12.2006: p. 56 >>link

"Schlecht informierten Händlern nützt Wissen nichts"; in: Die Presse, 17.05.2004: p. 18

 

Keynote Lectures and Invited Talks

Keynote Speaker: Do Incentives Influence Trader Behavior and Market Prices? 2014 LabSi Workshop on Behavioral and Experimental Finance, Siena, 09/2014.

Keynote Speaker: Do Markets Erode Moral Values? Euregio Research Day, Bolzano, 10/2013.

Invited Speaker: Do Markets Erode Moral Values? European Forum Alpbach, Alpbach, 08/2013.

Keynote Lecture: Bubbles in experimental asset markets, Economic Science Association Asia Pacific Meeting and second annual international workshop on experimental economics and finance at WISE, Xiamen, 12/2011.

Invited Speaker: Thar she bursts - A critical investigation of bubble experiments, Conference on Quantifying and Understanding Dysfunctions of Financial Markets, Leuven, 10/2010.

 

Selected Presentations

Research Seminar, University of Zürich, 2014; 8th Nordic Conference on Behavioral and Experimental Economics 2013, Stockholm; Experimental Finance 2013, Tilburg; European Forum Alpbach 2013; Experimental Finance 2012, Luxembourg; ESA 2012 World Meeting, New York City; Research Seminar NTNU 2011, Trondheim; Experimental Finance 2010, Gothenburg; Conference on Quantifying and Understanding Dysfunctions of Financial Markets 2010, Leuven; 5th Nordic Conference on Behavioral and Experimental Economics 2010, Helsinki; ESA 2010 World Meeting (Economic Science Association), Copenhagen; Tinbergen Research Seminar 2010, Amsterdam; 4th Nordic Conference on Behavioral and Experimental Economics 2009, Oslo; MAFIN (Managing Financial (In)stability in Capitalistic Economies) 2009, Reykjavik; 3rd Nordic Conference on Behavioral and Experimental Economics 2008, Copenhagen; Economics and Psychology of Football 2008, Innsbruck; AWG 2007 (Austrian Working Group on Banking and Finance), Innsbruck; ESA 2007 World Meeting, Rome; WEHIA 2006 (Annual Workshop on Economics with Heterogeneous Interacting Agents), Bologna; Complexity 2006, Aix-en-Provence; ESA 2005, Alessandria; WEHIA 2005, Colchester; NoeG 2005 (Nationalökonomische Gesellschaft), Innsbruck; AWG 2004, Innsbruck; WEHIA 2004 (Annual Workshop on Economics with Heterogeneous Interacting Agents), Kyoto.

 

Fields of research

Experimental Finance/Economics, Behavioral Finance/Economics, Bubbles, Information Economics, Market Efficiency, Morals and Markets, Agent-Based Models

 

Education, academic appointments and professional activities

2013 -                   Full Professor at the Department of Banking and Finance, University of Innsbruck

2013 -                   Editorial Board member of the Journal of Behavioral and Experimental Finance

2011 - 2013          Associate Professor at the Department of Banking and Finance, University of Innsbruck

2011 -                  Co-Founder and Executive Board Member of the "Society for Experimental Finance", SEF

2010                     Habilitation (venia docendi) in Business Administration, University of Innsbruck

2010 –                   Head of the research centre “Financial Markets and Risk” at the University of Innsbruck

2010 - 2011          Visiting lecturer, University of Aarhus

2010 - 2011          Assistant Professor at the Department of Banking and Finance, University of Innsbruck

2009 -                   Visiting Professor (part-time) at the Department of Ecnomics, Centre for Finance, University of Gothenburg (Sweden)

2006                     Ph.D. (Doctoral Study) in Finance, University of Innsbruck

2004 - 2010          University Assistant at the Department of Banking and Finance, University of Innsbruck

2003                     Master (Diploma Study) of Business Administration, University of Innsbruck

 

Teaching

Course evaluation