The disposition effect among mutual fund participants : a re- examination

Using information on mutual fund trades executed from 1998 to 2017 by 31,513 individual investor clients of a major Portuguese financial institution, we study the relationship between the disposition effect, financial literacy and trading experience. We find that mutual fund investors exhibit strong disposition effect. The tendency to hold losers is partially offset with literacy: not only holding a university degree reduces the propensity to hold on to loser funds but also higher financial knowledge and stronger math skills reduce the disposition effect. Literacy also plays a role in shaping the way experience affects this bias. Evidence of the disposition effect persists after accounting for redemption fees, bad emotions, irrational beliefs, market sentiment and the existence of someone to blame.info:eu-repo/semantics/publishedVersio

Should voters be afraid of hard budget constraint legislation? fiscal responsibility law in brazilian municipalities

This manuscript demonstrates that voters have nothing to be afraid of when new hard budgetconstraint legislation is implemented. Our claim is that this kind of legislation reduces theasymmetry of information between voters and incumbents over the budget and, as aconsequence, the latter have incentives to increase the supply of public goods. As anationwide institutional innovation, the Fiscal Responsibility Law (FRL) is exogenous to allmunicipalities; therefore, there is no self-selection bias in its implementation. We show thatpublic goods expenditure increases after the FRL. Second, this increase occurs inmunicipalities located in the country’s poorest region. Third, our findings can be extended tothe supply of public goods because the higher the expenditure with health and education, thegreater the probability of incumbents being re-elected. Finally, there exists a “de facto”higher supply of public goods in education (number of per capita classrooms) after the FRL.

Happiness, Economic Well-being, Social Capital and the Quality of Institutions

Since Jeremy Bentham, utilitarians have argued that happiness, not just income or wealth, is the maximand of individual and social welfare. By contrast, Rawls and followers argue that to share a common perception of living in a just society is the “ultimate good” and that individuals have a moral ability to evaluate just institutions. In this paper we argue that just institutions, apart from their intrinsic value, also have an instrumental value, both in economic performance and in happiness. Thus happiness -- or subjective well being -- is analyzed as being a function of economic well-being, the quality of public institutions and social ties. Cross section individual data from citizens in OECD countries show that income, education and the perceived quality of institutions have the highest impact on life satisfaction, followed by social capital. Country analysis shows a non linear but positive influence of per capita GDP on life satisfaction, but also that unemployment and inflation reduce average happiness, the former effect being stronger. Finally, better quality public institutions and having more social capital also bring more happiness. We conclude with some policy implications.Happiness; Democracy; Social Capital; Quality of Institutions

Efectes de les temperatures del foc en les cendres produïdes per algunes espècies vegetals mediterrànies

L'objectiu d'aquest treball és estudiar els efectes de la temperatura a les cendres produïdes per algunes espècies mediterrànies a través de simulacions d'incendi al laboratori i així estimar els efectes de les cremes controlades. Els resultats indiquen que la mateixa temperatura té una severitat més elevada en els Pinus que en els Quercus. D?altra banda, s'ha demostrat que a temperatures reduïdes pot haver un increment del percentatge de carboni total (TC) i nitrogen total (TN), que disminueix a temperatures més elevades. S'ha comprovat també una reducció significativa de la relació C/N en totes les especies (amb excepció del Quercus suber) i un augment significatiu del pH i conductivitat elèctrica (CE) amb la temperatura d'exposició. A les cendres recollides a la crema controlada, s'ha identificat una reducció del TC i C/N i un increment del TN, pH i CE de les cendres.Efectos de las temperaturas del fuego en las cenizas producidas por algunas especies vegetales mediterráneas. El objetivo de este trabajo es estudiar los efectos de la temperatura en las cenizas producidas por algunas especies mediterráneas a través de simulaciones de incendio en el laboratorio y estimar los efectos de las quemas controladas. Los resultados indican que la misma temperatura tiene una severidad más elevada en los Pinus que en los Quercus. Por otra parte, se comprueba que a temperaturas reducidas puede haber un incremento del porcentaje de carbono total (TC) y nitrógeno total (TN), disminuyendo a temperaturas más elevadas. Se ha podido ver una reducción significativa de la relación C/N en todas las especies (con excepción del Quercus suber) y un aumento significativo del pH y conductividad eléctrica (CE). En las cenizas recogidas en la quema controlada, se ha identificado una reducción significativa del TC y del C/N y un aumento del TN, pH y CE de las cenizas.The effects of the fire?s temperature in ashes produced by some Mediterranean plants. The aim of this work is study the effects of the temperature on the ash produced from some Mediterranean species throughout laboratory fire simulations and estimate the effects of prescribed burning. The results show that at the same temperature the severity is higher in Pinus than in Quercus species. Also we observed that at reduced temperatures the % of Total Carbon (TC) and Total Nitrogen (TN) could increase, being reduced at higher temperatures. It was observed a significative reduction of the C/N in all species (with exception of Quercus suber) and a significant increase of pH and Electrical Conductivity (EC). In the ash collected in the prescribed fire, it was identified a significative reduction of TC and C/N and an increase of ash TN, pH and EC