Retail Investor Sentiment and Behavior An Empirical Analysis
Investor sentiment and behavior play an important role in financial markets. Using a unique data set consisting of more than 36.5 million submitted retail investor orders over the course of five years, Matthias Burghardt constructs an innovative retail in
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GABLER RESEARCH
Matthias Burghardt
Retail Investor Sentiment and Behavior An Empirical Analysis
RESEARCH
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Dissertation Karlsruhe Institute of Technology, 2010
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Acknowledgements I am indebted to many people for their support throughout the preparation of this thesis. In particular, I am grateful to my advisor Prof. Dr. Christof Weinhardt who gave me his support and advice while granting me the freedom to explore different ways to combine academic rigor and practical relevance in interdisciplinary research. In addition, I would like to thank Prof. Dr. Marliese Uhrig-Homburg for co-advising this thesis. My thanks also go to Prof. Dr. Ute Werner and Prof. Dr. Ingrid Ott for serving on the board of examiners. I would like to thank my colleagues from the research group Information and Market Engineering at the Institute of Information Systems and Management (IISM) for many fruitful discussions and their valuable comments. I am grateful to Dr. Henner Gimpel who was always ready to discuss problems with me and to share his ideas how to solve them. I also thank Dr. Stefan Seifert for his advice on the direction of this work. Many thanks also go to Dr. Ryan Riordan for being my co-author on many papers and for providing me with encouragement and support. Ryan Riordan and Martin Wagener deserve special thanks for proofreading major parts of the thesis and for providing me with constructive comments. Parts of this research have been done while I enjoyed the hospitality of London Business School. I am grateful to Prof. Bruce Weber who made this possible. Finally, I would like to express my gratitude to Oliver Hans, Dr. Christoph Mura, and Christoph Lammersdorf for their constant support while I was a research fellow at Boerse Stuttgart. This work would not have been possible without their commitment and dedication to this project. Matthias Burghardt
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