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Cultural Finance cover
Also available at Amazon and Kobo

 

This book provides a comprehensive overview of the emerging field of cultural finance. It summarizes research results of cultural differences in financial decision making and financial markets. Many of the results have been published in leading academic journals over the last ten years but some are presented here for the first time. The book is based on an international survey on risk and time preferences — the INTRA study, conducted in 53 countries worldwide. Applications to financial markets include the equity premium puzzle, the value premium, dividend payout policies and asset allocations.

 

Sample Chapter(s)
Chapter 1: Introduction — Experiences from a Global Survey

 

Contents:

  • Introduction — Experiences from a Global Survey
  • Time:
    • How Time Preferences Differ: Evidence from 53 Countries
    • What Do We Measure When We Measure Time Discounting? The Impact of Wealth, Growth Rate and Financial Market Accessibility
    • How Politics Affects Time Preferences: The Case of Eastern Europe
    • Time Preferences and Migration
  • Risk:
    • Risk Preferences Around the World
    • The Impact of Culture on Loss Aversion
    • Estimating Cumulative Prospect Theory Parameters from an International Survey
    • Too Risk-Averse for Prospect Theory?
    • Risk Preferences in Eastern and Western Europe
    • How Gender Effects Differ Between Countries
  • Financial Markets:
    • International Evidence on the Equity Premium Puzzle and Time Discounting
    • Can Ambiguity Aversion Solve the Equity Premium Puzzle? Survey Evidence from International Data
    • The Fundamental Equity Premium and Ambiguity Aversion in an International Context
    • Time Discounting and the Value Premium
    • Impacts of Ambiguity Aversion and Information Uncertainty on Momentum: An International Study
    • The Behavioral Foundations of Corporate Dividend Policy a Cross-Country Analysis
    • Corporate Cash Holdings and Ambiguity Aversion
    • Home Bias and Ambiguity Aversion
    • On the Determinants of Household Debt Maturity Choice
  • Epilogue: Applications and Alternative Measures

 

Readership: For researchers and students who are interested in behavioural economics, behavioural finance, culture and business, and decision theory.