[VCEE Seminar] REMINDER: VCEE Seminar with Katrin Goedker - Invitation, June 1

[Mailing list of the VCEE seminar series]

Dear All,

You are invited to attend the VCEE seminar on Monday, June 1, from 11:30 to
13:00 hrs Vienna time. 

The seminar takes place in lecture hall 5 (ground floor) at
Oskar-Morgenstern-Platz 1.

We will have one speaker: Katrin Goedker (Bocconi University)

Webpage:  Katrin Gödker
<https://www.google.com/url?q=https://katringodker.com/&sa=D&source=calendar
&usd=2&usg=AOvVaw1cBvAetwRioqqtfV0XQwIA> 

 

Here is more information about the talk:

Title: Trading Narratives

 

Abstract:

Standard models of belief formation treat experience as a direct input to
expectations, but investors construct narratives around their experience
before forming beliefs. We study these narratives using a two-stage survey
among retail clients of a German online broker linked to transaction
records. Investors provide open-text narratives about recalled stock trades,
which we analyze using deterministic text coding, human annotation, and
large language models. Our design identifies narrative formation both across
randomized buy–sale treatments and within-investor changes in narratives
over time for the same realized trade. We document four findings. First,
investors disproportionately recall purchases over sales, even conditional
on realized trading. Second, buy and sale narratives diverge systematically:
buys emphasize fundamentals, future orientation, and broader context; sales
emphasize prices, rules, and circumstance.
Third, holding the trade fixed, investors reaffirm their thesis after
confirming outcomes but shift toward external attributions after
disconfirming ones, consistent with motivated reasoning. Fourth, the
tendency to recall purchases disproportionately and narratives that decay
into shorter, less elaborate forms over time are linked to confidence.
Investor beliefs depend not only on what happened, but on how investors
narrate what happened.


If you are interested in meeting Katrin (meeting slots of 30’) you can
register via this link:

https://nuudel.digitalcourage.de/CUKDWfHX4qWhZj7S

 

Best regards,

Sylvia

 

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