Details about Roman Kräussl
Access statistics for papers by Roman Kräussl.
Last updated 2025-02-07. Update your information in the RePEc Author Service.
Short-id: pkr39
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Working Papers
2024
- ESG as Protection Against Downside Risk
CEPR Discussion Papers, C.E.P.R. Discussion Papers 
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2023) View citations (1)
- Is ESG a Sideshow? ESG Perceptions, Investment, and Firms’ Financing Decisions
CEPR Discussion Papers, C.E.P.R. Discussion Papers
2023
- A review on ESG investing: Investors' expectations, beliefs and perceptions
CFS Working Paper Series, Center for Financial Studies (CFS) 
See also Journal Article A review on ESG investing: Investors’ expectations, beliefs and perceptions, Journal of Economic Surveys, Wiley Blackwell (2024) (2024)
- Art collectors as venture capitalists
CFS Working Paper Series, Center for Financial Studies (CFS)
- Biased auctioneers
CFS Working Paper Series, Center for Financial Studies (CFS) 
See also Journal Article Biased Auctioneers, Journal of Finance, American Finance Association (2023) (2023)
- Closed-end funds and discount control mechanisms
CFS Working Paper Series, Center for Financial Studies (CFS)
- Dark trading and financial markets stability
CFS Working Paper Series, Center for Financial Studies (CFS)
- Does family matter? Venture capital cross-fund cash flows
CFS Working Paper Series, Center for Financial Studies (CFS)
- Non-fungible tokens (NFTs): A review of pricing determinants, applications and opportunities
CFS Working Paper Series, Center for Financial Studies (CFS) 
See also Journal Article Non‐Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities, Journal of Economic Surveys, Wiley Blackwell (2024) (2024)
- The fundamental value of art NFTs
CFS Working Paper Series, Center for Financial Studies (CFS)
- The performance of marketplace lenders
CFS Working Paper Series, Center for Financial Studies (CFS) 
See also Journal Article The performance of marketplace lenders, Journal of Banking & Finance, Elsevier (2024) (2024)
- The pricing of digital art
CFS Working Paper Series, Center for Financial Studies (CFS)
2021
- Gendered Prices
Published Paper Series, Finance Discipline Group, UTS Business School, University of Technology, Sydney 
See also Journal Article Gendered Prices, The Review of Financial Studies, Society for Financial Studies (2021) View citations (6) (2021)
- Institutional Investors and Infrastructure Investing
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (10)
See also Journal Article Institutional Investors and Infrastructure Investing, The Review of Financial Studies, Society for Financial Studies (2021) View citations (10) (2021)
2020
- Machines and Masterpieces: Predicting Prices in the Art Auction Market
Working Papers, HAL View citations (1)
Also in HEC Research Papers Series, HEC Paris (2019)
2019
- Do "speed bumps" prevent accidents in financial markets?
CFS Working Paper Series, Center for Financial Studies (CFS)
- Machine learning, human experts, and the valuation of real assets
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (9)
2018
- Blockchain, fractional ownership, and the future of creative work
CFS Working Paper Series, Center for Financial Studies (CFS)
- Implied Volatility Sentiment: A Tale of Two Tails
Tinbergen Institute Discussion Papers, Tinbergen Institute 
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2017) 
See also Journal Article Implied volatility sentiment: a tale of two tails, Quantitative Finance, Taylor & Francis Journals (2020) View citations (2) (2020)
- Is gender in the eye of the beholder? Identifying cultural attitudes with art auction prices
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (15)
- Predictable biases in macroeconomic forecasts and their impact across asset classes
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
- Reliability and relevance of fair values: Private equity investments and investee fundamentals
CFS Working Paper Series, Center for Financial Studies (CFS) 
See also Journal Article Reliability and relevance of fair values: private equity investments and investee fundamentals, Review of Accounting Studies, Springer (2019) View citations (1) (2019)
- Signaling or marketing? The role of discount control mechanisms in closed-end funds
CFS Working Paper Series, Center for Financial Studies (CFS)
- Single Stock Call Options as Lottery Tickets - Overpricing and Investor Sentiment
Tinbergen Institute Discussion Papers, Tinbergen Institute 
See also Journal Article Single Stock Call Options as Lottery Tickets: Overpricing and Investor Sentiment, Journal of Behavioral Finance, Taylor & Francis Journals (2019) View citations (3) (2019)
- The Subsidy to Infrastructure as an Asset Class
NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2018) View citations (4) Research Papers, Stanford University, Graduate School of Business (2018) View citations (5)
- The performance of marketplace lenders: Evidence from lending club payment data
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (2)
2017
- Single stock call options as lottery tickets
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (2)
- The European sovereign debt crisis: What have we learned?
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
See also Journal Article The European sovereign debt crisis: What have we learned?, Journal of Empirical Finance, Elsevier (2016) View citations (14) (2016)
2016
- The winner's curse on art markets
CFS Working Paper Series, Center for Financial Studies (CFS)
2015
- Euro crash risk
CFS Working Paper Series, Center for Financial Studies (CFS) 
See also Journal Article Euro crash risk, Journal of Empirical Finance, Elsevier (2016) View citations (8) (2016)
- The "tone effect" of news on investor beliefs: An experimental approach
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
- Toward a pecking order theory of strategic resource deployment
CFS Working Paper Series, Center for Financial Studies (CFS)
2014
- Art as an Aternative Asset Class: Risk and Return Characteristics of the Middle Eastern & Northern African Art Markets
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg View citations (1)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2014) View citations (1)
- Emotions-at-Risk: An Experimental Investigation into Emotions, Option Prices and Risk Perception
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg View citations (1)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2014) View citations (1)
- Is there a Bubble in the Art Market?
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg View citations (8)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2014) View citations (5)
See also Journal Article Is there a bubble in the art market?, Journal of Empirical Finance, Elsevier (2016) View citations (31) (2016)
- News Media Sentiment and Investor Behavior
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg View citations (2)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2014) View citations (2)
- Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg View citations (1)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (4) CFS Working Paper Series, Center for Financial Studies (CFS) (2010) View citations (3)
See also Journal Article Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices, The Review of Financial Studies, Society for Financial Studies (2015) View citations (15) (2015)
- The 2011 European Short Sale Ban: An Option Market Perspective
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg View citations (3)
2013
- A Dynamic Model of Investor Decision-Making: How Adaptation to Losses affects Future Selling Decisions
Tinbergen Institute Discussion Papers, Tinbergen Institute View citations (2)
- Does it Pay to Invest in Art? A Selection-corrected Returns Perspective
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg View citations (1)
Also in Tinbergen Institute Discussion Papers, Tinbergen Institute (2013) View citations (5) CFS Working Paper Series, Center for Financial Studies (CFS) (2013) View citations (1)
See also Journal Article Does it Pay to Invest in Art? A Selection-Corrected Returns Perspective, The Review of Financial Studies, Society for Financial Studies (2016) View citations (45) (2016)
- Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985-2009*
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg 
Also in Working papers, Banque de France (2011) View citations (2) CFS Working Paper Series, Center for Financial Studies (CFS) (2012)
- The 2011 European short sale ban on financial stocks: A cure or a curse?
CFS Working Paper Series, Center for Financial Studies (CFS)
- The Effect of Anticipated and Experienced Regret and Pride on Investors Future Selling Decisions*
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg 
Also in Serie Research Memoranda, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics (2009)  CFS Working Paper Series, Center for Financial Studies (CFS) (2012)
- Washington Meets Wall Street: A Closer Examination of the Presidential Cylce Puzzle
LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg 
Also in Tinbergen Institute Discussion Papers, Tinbergen Institute (2008)  CFS Working Paper Series, Center for Financial Studies (CFS) (2010) 
See also Journal Article Washington meets Wall Street: A closer examination of the presidential cycle puzzle, Journal of International Money and Finance, Elsevier (2014) View citations (10) (2014)
2012
- Is venture capital a local business? A test of the proximity and local network hypotheses
CFS Working Paper Series, Center for Financial Studies (CFS)
2011
- An analysis of the effects of the severance payment reform on credit to Italian SMEs
Post-Print, HAL
Also in Tinbergen Institute Discussion Papers, Tinbergen Institute (2008) View citations (1)
See also Journal Article An analysis of the effects of the severance payment reform on credit to Italian SMEs, Journal of Financial Economic Policy, Emerald Group Publishing Limited (2011) View citations (1) (2011)
- Blockholder Dispersion and Firm Value
Tinbergen Institute Discussion Papers, Tinbergen Institute View citations (64)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2010) View citations (1)
See also Journal Article Blockholder dispersion and firm value, Journal of Corporate Finance, Elsevier (2011) View citations (62) (2011)
2010
- A call on Art investments
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
See also Journal Article A call on art investments, Review of Derivatives Research, Springer (2012) View citations (4) (2012)
- Are particular industries more likely to succeed? A comparative analysis of VC investment in the US and Europe
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
- Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?
Tinbergen Institute Discussion Papers, Tinbergen Institute 
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2010) 
See also Journal Article Cash Flow and Discount Rate Risk in Up and Down Markets: What Is Actually Priced?, Journal of Financial and Quantitative Analysis, Cambridge University Press (2012) View citations (15) (2012)
- Personality and investment: Personality differences affect investors' adaptation to losses
Serie Research Memoranda, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics
- Risk Aversion under Preference Uncertainty
Tinbergen Institute Discussion Papers, Tinbergen Institute 
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2010) 
See also Journal Article Risk aversion under preference uncertainty, Finance Research Letters, Elsevier (2012) View citations (1) (2012)
- Why do investors sell losers? How adaptation to losses affects future capitulation decisions
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
2008
- Constructing the true art market index: A novel 2-step hedonic approach and its application to the German art market
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (8)
2007
- An Analysis of the Effects of the Severance Pay Reform on Credit to Italian SMEs
CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy) View citations (2)
- Do markets love misery? Stock prices and corporate philanthropic disaster response
CFS Working Paper Series, Center for Financial Studies (CFS)
- Electronic trading systems and intraday non-linear dynamics: An examination of the FTSE 100 cash and futures returns
CFS Working Paper Series, Center for Financial Studies (CFS)
2006
- Credit Cycles and Macro Fundamentals
Tinbergen Institute Discussion Papers, Tinbergen Institute View citations (2)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2006) View citations (8)
See also Journal Article Credit cycles and macro fundamentals, Journal of Empirical Finance, Elsevier (2009) View citations (67) (2009)
- Does patience pay? Empirical testing of the option to delay accepting a tender offer in the US banking sector
CFS Working Paper Series, Center for Financial Studies (CFS)
- Revisiting the home bias puzzle: Downside equity risk
CFS Working Paper Series, Center for Financial Studies (CFS) 
See also Journal Article Revisiting the home bias puzzle: Downside equity risk, Journal of International Money and Finance, Elsevier (2007) View citations (21) (2007)
- Stock market interactions and the impact of macroeconomic news: Evidence from high frequency data of European futures markets
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
2003
- A Critique on the Proposed Use of External Sovereign Credit Ratings in Basel II
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (2)
Also in Working Papers, University of Crete, Department of Economics
- Do Changes in Sovereign Credit Ratings Contribute to Financial Contagion in Emerging Market Crises?
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (8)
Also in Working Papers, University of Crete, Department of Economics View citations (2)
- Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?
CFS Working Paper Series, Center for Financial Studies (CFS) View citations (5)
Also in Working Papers, University of Crete, Department of Economics View citations (1)
See also Journal Article Do credit rating agencies add to the dynamics of emerging market crises?, Journal of Financial Stability, Elsevier (2005) View citations (55) (2005)
- Sovereign Credit Ratings and Their Impact on Recent Financial Crises
International Finance, University Library of Munich, Germany View citations (1)
Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2000) View citations (6) Working Papers, University of Crete, Department of Economics (2003) View citations (3)
2000
- Sovereign Ratings and Their Impact on Recent Financial Crises
Working Papers, University of Crete, Department of Economics View citations (5)
See also Journal Article Sovereign ratings and their impact on recent financial crises, International Advances in Economic Research, Springer (2001) (2001)
Journal Articles
2024
- A review on ESG investing: Investors’ expectations, beliefs and perceptions
Journal of Economic Surveys, 2024, 38, (2), 476-502 
See also Working Paper A review on ESG investing: Investors' expectations, beliefs and perceptions, CFS Working Paper Series (2023) (2023)
- Non‐Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities
Journal of Economic Surveys, 2024, 38, (2), 555-574 
See also Working Paper Non-fungible tokens (NFTs): A review of pricing determinants, applications and opportunities, CFS Working Paper Series (2023) (2023)
- The performance of marketplace lenders
Journal of Banking & Finance, 2024, 162, (C) 
See also Working Paper The performance of marketplace lenders, CFS Working Paper Series (2023) (2023)
2023
- Biased Auctioneers
Journal of Finance, 2023, 78, (2), 795-833 
See also Working Paper Biased auctioneers, CFS Working Paper Series (2023) (2023)
2021
- Gendered Prices
(Can culture affect prices? A cross-cultural study of shopping and retail prices)
The Review of Financial Studies, 2021, 34, (8), 3789-3839 View citations (6)
See also Working Paper Gendered Prices, Published Paper Series (2021) (2021)
- Institutional Investors and Infrastructure Investing
(Pension fund asset allocation and liability discount rates)
The Review of Financial Studies, 2021, 34, (8), 3880-3934 View citations (10)
See also Working Paper Institutional Investors and Infrastructure Investing, CEPR Discussion Papers (2021) View citations (10) (2021)
- Strategic bias and popularity effect in the prediction of economic surprises
Journal of Forecasting, 2021, 40, (6), 1095-1117
2020
- Fractional Equity, Blockchain, and the Future of Creative Work
Management Science, 2020, 66, (10), 4594-4611 View citations (19)
- Implied volatility sentiment: a tale of two tails
Quantitative Finance, 2020, 20, (5), 823-849 View citations (2)
See also Working Paper Implied Volatility Sentiment: A Tale of Two Tails, Tinbergen Institute Discussion Papers (2018) (2018)
2019
- Reliability and relevance of fair values: private equity investments and investee fundamentals
Review of Accounting Studies, 2019, 24, (4), 1427-1449 View citations (1)
See also Working Paper Reliability and relevance of fair values: Private equity investments and investee fundamentals, CFS Working Paper Series (2018) (2018)
- Single Stock Call Options as Lottery Tickets: Overpricing and Investor Sentiment
Journal of Behavioral Finance, 2019, 20, (4), 385-407 View citations (3)
See also Working Paper Single Stock Call Options as Lottery Tickets - Overpricing and Investor Sentiment, Tinbergen Institute Discussion Papers (2018) (2018)
2017
- Media, sentiment and market performance in the long run
The European Journal of Finance, 2017, 23, (11), 1059-1082 View citations (20)
- Modifier words in the financial press and investor expectations
Journal of Economic Behavior & Organization, 2017, 138, (C), 85-98 View citations (5)
2016
- Does it Pay to Invest in Art? A Selection-Corrected Returns Perspective
The Review of Financial Studies, 2016, 29, (4), 1007-1038 View citations (45)
See also Working Paper Does it Pay to Invest in Art? A Selection-corrected Returns Perspective, LSF Research Working Paper Series (2013) View citations (1) (2013)
- Euro crash risk
Journal of Empirical Finance, 2016, 38, (PA), 417-428 View citations (8)
See also Working Paper Euro crash risk, CFS Working Paper Series (2015) (2015)
- Is there a bubble in the art market?
Journal of Empirical Finance, 2016, 35, (C), 99-109 View citations (31)
See also Working Paper Is there a Bubble in the Art Market?, LSF Research Working Paper Series (2014) View citations (8) (2014)
- The 2011 European short sale ban: A cure or a curse?
Journal of Financial Stability, 2016, 25, (C), 115-131 View citations (7)
- The European sovereign debt crisis: What have we learned?
Journal of Empirical Finance, 2016, 38, (PA), 363-373 View citations (14)
See also Working Paper The European sovereign debt crisis: What have we learned?, CFS Working Paper Series (2017) View citations (1) (2017)
2015
- Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices
The Review of Financial Studies, 2015, 28, (12), 3269-3302 View citations (15)
See also Working Paper Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices, LSF Research Working Paper Series (2014) View citations (1) (2014)
2014
- Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985–2009
European Financial Management, 2014, 20, (1), 179-205 View citations (1)
- Washington meets Wall Street: A closer examination of the presidential cycle puzzle
Journal of International Money and Finance, 2014, 43, (C), 50-69 View citations (10)
See also Working Paper Washington Meets Wall Street: A Closer Examination of the Presidential Cylce Puzzle, LSF Research Working Paper Series (2013) (2013)
2012
- A call on art investments
Review of Derivatives Research, 2012, 15, (1), 1-23 View citations (4)
See also Working Paper A call on Art investments, CFS Working Paper Series (2010) View citations (1) (2010)
- Cash Flow and Discount Rate Risk in Up and Down Markets: What Is Actually Priced?
Journal of Financial and Quantitative Analysis, 2012, 47, (6), 1279-1301 View citations (15)
See also Working Paper Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?, Tinbergen Institute Discussion Papers (2010) (2010)
- Risk aversion under preference uncertainty
Finance Research Letters, 2012, 9, (1), 1-7 View citations (1)
See also Working Paper Risk Aversion under Preference Uncertainty, Tinbergen Institute Discussion Papers (2010) (2010)
2011
- An analysis of the effects of the severance payment reform on credit to Italian SMEs
Journal of Financial Economic Policy, 2011, 3, (3), 243-261 View citations (1)
See also Working Paper An analysis of the effects of the severance payment reform on credit to Italian SMEs, Post-Print (2011) (2011)
- Blockholder dispersion and firm value
Journal of Corporate Finance, 2011, 17, (5), 1330-1339 View citations (62)
See also Working Paper Blockholder Dispersion and Firm Value, Tinbergen Institute Discussion Papers (2011) View citations (64) (2011)
- Risk and return characteristics of Islamic equity funds
Emerging Markets Review, 2011, 12, (2), 189-203 View citations (127)
- The Value of Corporate Philanthropy During Times of Crisis: The Sensegiving Effect of Employee Involvement
Journal of Business Ethics, 2011, 103, (2), 203-220 View citations (19)
2010
- Emerging art markets
Emerging Markets Review, 2010, 11, (4), 301-318 View citations (30)
2009
- Credit cycles and macro fundamentals
Journal of Empirical Finance, 2009, 16, (1), 42-54 View citations (67)
See also Working Paper Credit Cycles and Macro Fundamentals, Tinbergen Institute Discussion Papers (2006) View citations (2) (2006)
2007
- Revisiting the home bias puzzle: Downside equity risk
Journal of International Money and Finance, 2007, 26, (7), 1239-1260 View citations (21)
See also Working Paper Revisiting the home bias puzzle: Downside equity risk, CFS Working Paper Series (2006) (2006)
2005
- Do credit rating agencies add to the dynamics of emerging market crises?
Journal of Financial Stability, 2005, 1, (3), 355-385 View citations (55)
See also Working Paper Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?, CFS Working Paper Series (2003) View citations (5) (2003)
2001
- Sovereign ratings and their impact on recent financial crises
International Advances in Economic Research, 2001, 7, (2), 268-269 
See also Working Paper Sovereign Ratings and Their Impact on Recent Financial Crises, Working Papers (2000) View citations (5) (2000)
Books
2006
- Venture Capital in Europe
Elsevier Monographs, Elsevier View citations (22)
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