Univ.-Prof. Dr. Michael Kirchler

Kirchler Mike

Professor of Finance
Visiting Professor, Centre for Finance, Department of Economics,
University of Gothenburg

Speaker of the SFB (Spezialforschungsbereich; Special Research Unit) "Credence Goods, Incentives and Behavior", 2017-2021
Recipient of the START-grant of the Austrian Science Fund (FWF) 2012
Head of the research centre "Financial Markets and Risk"

  +43 (0) 512 507 73014

  michael.kirchler@uibk.ac.at

  SOWI o.4.16

 upon request

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Google Scholar Citations  

 

  Research

  Research Interests

Behavioral Finance, Experimental Finance and Economics, Financial Professionals, Market Efficiency, Bubbles, Incentives and Rankings on Financial Markets, Morals and Markets, Transaction Taxes

  Publications

Selected Working Papers 

Kirchler, M., Lindner, F., Weitzel, U. (2018), Delegated decision making and social competition in the finance industry. Working Paper. >>article

Weitzel, U., Huber, C., Huber, J., Kirchler, M., Lindner, F., Rose, J. (2018), Bubbles and financial professionals. Working Paper. >>article

Schwaiger, R., Kirchler, M., Lindner, F., Weitzel, U. (2018), Determinants of investor expectations and satisfaction. A study with financial professionals. Working Paper >>article

Sutter, M., Huber, J., Kirchler, M., Stefan, M. (2018), Where to look for the morals in markets. 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

Publications

[44] Kirchler, M., Lindner, F., Weitzel, U. (2018), Rankings and risk-taking in the finance industry. Journal of Finance 73(5): 2271-2302. >>article

[43] Camerer, C.F., Dreber, A., Holzmeister, F., Ho, T.H., Huber, J., Johannesson, M., Kirchler, M., Nave, G., Nosek, B., Pfeiffer, T., Altmejd, A., Buttrick, N., Chan, T., Chen, Y., Forsell, E., Gampa, A., Heikensten, E., Hummer, L., Imai, T., Isaksson, S., Manfredi, D., Rose, J., Wagenmakers E.-J., Wu, H. (2018), Evaluating the replicability of social science experiments in Nature and Science. Nature Human Behaviour 2: 637-644. >>article

[42] Verschuere, B., Meijer, E.H., Jim, A. et al. (2018), Registered Replication Report on Mazar, Amir, and Ariely (2008). Advances in Methods and Practices in Psychological Science 1(3): 299-317. >>article

[41] McCarthy, R.J., Skowronski, J.J., Verschuere, B. et al. (2018), Registered Replication Report on Srull and Wyer (1979). Advances in Methods and Practices in Psychological Science 1(3): 321-336. >>article

[40] Stefan, M., Holzmeister, F., Müllauer, A., Kirchler, M. (2018), Ethnical discrimination in Europe: Field evidence from the finance industry. PLOS ONE. >>article

[39] Kirchler, M., Palan, S. (2018), Immaterial and monetary gifts in economic transactions. Evidence from the field. Experimental Economics 21(1): 205-230. >>article

[38] Benjamin, D.J., Berger, J.O., Johannesson, M., Nosek, B.A., Wagenmakers, E.-J. et al. (2017), Redefine statistical significance. Nature Human Behaviour 2: 6-10. >>article

[37] Razen, M., Huber, J., Kirchler, M. (2017), Cash inflow and trading horizon in asset markets. European Economic Review 92: 359-384. >>article >>Download software and STATA code

[36] Fang, D., Holmen, M., Kirchler, M., Kleinlercher, D. (2017), How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests. Journal of Economic Dynamics and Control 75: 1-27. >> article

[35] Kirchler, M., Andersson, D., Bonn, C., Johannesson, M., Sørensen, E., Stefan, M., Tinghög, G., Västfjäll, D. (2017), The effect of fast and slow decisions on financial risk taking. Journal of Risk and Uncertainty 54: 37-59. >>article

[34] Huber, J., Kirchler, M., Kleinlercher, D., Sutter, M. (2017), Market vs. residence principle: Experimental evidence on the effects of a financial transaction tax. Economic Journal 127: F610-631. >>article

[33] Tinghög, G., Andersson, D., Bonn, C., Johannesson, M., Kirchler, M., Koppel, L., Västfjäll, D. (2016), Intuition and moral decision-making – the effect of time pressure and cognitive load on moral judgment and altruistic behavior. PLOS ONE 11(10): e0164012. >>article

[32] Camerer, C.F., Dreber, A., Forsell, E., Ho, T.H., Huber, J., Johannesson, M., Kirchler, M., Almenberg, J., Altmejd, A., Chan, T., Heikensten, E., Holzmeister, F., Imai, T., Isaksson, S., Nave, G., Pfeiffer, T., Razen, M., Wu, H. (2016), Evaluating replicability of laboratory experiments in economics. Science 351(6280): 1433-1436. >>article

[31] Kirchler, M., Huber, J., Stefan, M., Sutter, M. (2016), Market design and moral behavior. Management Science 62(9): 2615-2625. >>article

[30] Huber, J., Kirchler, M., Stöckl, T. (2016), The influence of investment experience on market prices. Laboratory evidence. Experimental Economics 19(2): 394-411. >>article

[29] Stöckl, T., Huber, J., Kirchler, M., Lindner, F. (2015), Hot Hand and Gambler's Fallacy in teams: Evidence from investment experiments. Journal of Economic Behavior and Organization 117: 327-339. >>article

[28] Kirchler, M., Bonn, C., Huber, J., Razen, M. (2015), The 'Inflow-Effect' - Trader inflow and Price Efficiency. European Economic Review 77: 1-19. >>article

[27] Stöckl, T., Huber, J., Kirchler, M. (2015), Multi-period experimental asset markets with distinct fundamental value regimes. Experimental Economics 18(2): 314-334. >>article

[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 107B: 798-809. >>article

[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 2: 18-30. >>article

[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

[4] 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.

[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 Keynote Lectures and Invited Talks

08/2018

Keynote Speaker: What Drives Financial Professionals’ Behavior? Evidence from Framed Field Experiments BEAM-ABEE Workshop: Experimental and Behavioral Analyses in Macroeconomics and Finance, Amsterdam.

05/2018

Invited Speaker: Bubbles and Financial Professionals. Inaugural Conference of the Experimental Economics Group, Max-Planck Institute Bonn.

11/2017

Invited Speaker: Rankings and Risk-taking in the Finance Industry. CFF-AP2 conference: Incentives, Talent, Culture and Risk-Taking in the Finance Industry, Göteborg.

01/2017

Invited Speaker: The Winner takes it all - Tournament Incentives, Rankings, and Risk-Taking in the Finance Industry. Hållbara Finanser, Stockholm.

06/2016

Rankings and Risk-Taking in the Finance Industry. Workshop on Behavioral Economics of Financial Markets, Zürich.

05/2015

Rankings and Risk-Taking in the Finance Industry. Workshop "Sustainable Finance", Göteborg.

09/2014

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

10/2013

Keynote Speaker: Do Markets Erode Moral Values, Euregio Research Day, Bolzano.

08/2013

Invited Speaker: Do Markets Erode Moral Values, European Forum Alpbach.

12/2011

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.

10/2010

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


  Selected Media Coverage

The Guardian, Stern TV, 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, WDR, MDR, SRF, Salzburger Nachrichten, Süddeutsche Zeitung, Herald Sun

  Ad-hoc Referee

Journal of Finance, American Economic Review, Econometrica, Management Science, Review of Financial Studies, Economic Journal, European Economic Review, Review of Economics and Statistics, Journal of the European Economic Association, Games and Economic Behavior, International Economic Review, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Banking and Finance, Experimental Economics, Journal of the Economic Science Association, Economic Inquiry, Journal of Economic Psychology, Journal of Money, Credit and Banking, Journal of Behavioral Finance, Journal of Business Ethics, Physica A, Journal of Sport Management, Central European Journal of Operations Research, Economics E-journal, Austrian National Bank (Jubiläumsfonds), Social Sciences and Humanities Research Council of Canada (SSHRC), University of Arizona, Estonian Research Council (ETAg), Czech Science Foundation, University of Luxembourg, Swiss National Science Foundation.

  Grants, Prices and Awards

Grants

2017-2021

SFB (Special Research Unit): Credence Goods, Incentives and Behavior, Austrian Science Fund, Speaker of the SFB, EUR 3,580,000.-

2013-2018

START-Program, Austrian Science Foundation (FWF): Market Efficiency and Financial Market Regulations - An Experimental Approach, EUR 1,177,440.-

2010-2013

Research Grant, Austrian Science Foundation (FWF): The Tobin Tax in Financial Markets, 1 PhD candidate, EUR 121,640.-

2009-2012

Young Scientist Grant, University of Innsbruck: Asymmetric information and bubbles - An experimental study, 1 research assistant, EUR 43,000.-

2008

Research Grant, Chamber of Commerce and University of Innsbruck: Can a Tobin-Transaction-Tax reduce price volatility and speculative attacks on foreign exchange markets? An experimental study, EUR 3,400.-

2006

Research Grant, Hypo Tirol Bank and University of Innsbruck: The impact of different incentive structures on price bubbles and on the value of information in experimental asset markets, EUR 2,400.-


Awards

2016

Award for promoting the Dialog between Economics, Ethics and Religion (Pater Johannes Schasching SJ-Award)

2014

Research Award of the Foundation of the Südtiroler Sparkasse

2013

“Management Science Meritorious Service Award” for Reviewer

2013

Award of the Principality Liechtenstein for Research at the University of Innsbruck

2011

Recognition Award of the Jury of the “Preis der Landeshauptstadt Innsbruck”

2010

4th place “Teacher of the Year” at the faculties of Economics/Statistics and Business Administration, University of Innsbruck – Students’ votes

2008

3rd place “Teacher of the Year” at the faculties of Economics/Statistics and Business Administration, University of Innsbruck – Students’ votes

2006

Theodor Körner Award for Science and Art

2003

Award of the Chamber of Commerce for Diploma/Ph.D. Thesis

 

  Teaching (since 2013)

PhD course “Quantitative Research Methods” (in English)
Winter 2018, 2017, 2016, 2015

Seminar and lecture “Applied Behavioral Finance” – Master (in English)
Winter 2018, 2017, 2016, 2015

Lecture “Introduction to Behavioral Finance” – Master (in English)
Winter 2018, 2017, 2016, 2015, 2014

Lecture “Decision Making” – Bachelor
Sommer 2018, 2017, 2016, 2015, 2014, 2013

Seminar “Decision Making” – Bachelor
Sommer, 2016, 2015, 2014, 2013

Behavioral Finance – Master course at the University of Gothenburg (in English)
Sommer 2018, 2017, 2016, 2015, 2014, 2013,

Lecture Principles in Management: Financial Management
Sommer 2015, 2014, 2013

Seminar “Market Efficiency and Behavioral Finance” – Master (in English)
Winter 2013

Lecture “Research Methods and Models in Banking and Finance” – Master (in English)
Winter 2013

Seminar “Financial Management” – Bachelor
Sommer 2013

 

  Appointments and Education

 Appointments

2016–2018

Associate Editor des Journal of Economic Psychology

since 2013

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

2011–2013

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

20102017

Co-organizer of the Experimental Finance Conference (www.experimentalfinance.org)

20102011

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

20102011

Visiting lecturer, University of Aarhus

since 2009

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

since 2009

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

20042010

University Assistant at the Department of Banking and Finance, University of Innsbruck

 

  Education

2010

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

2006

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

2003

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