Research
My research lies at the intersection of household finance and behavioural finance. I study how investors make decisions under uncertainty and ambiguity and how information is incorporated into prices.
Research interests
- Household finance and retail investor behaviour
- Decision-making under ambiguity and uncertainty
- Belief formation, probability weighting, and investor attention
Working papers
Information processing under ambiguity in financial markets
With Steffen Meyer and Charline Uhr
Working paper, June 2026
We show that ambiguity affects how information is incorporated into prices. Using earnings announcements of 624 S&P 500 firms from 2006 to 2024, we find underreac- tion to positive news and overreaction to negative news under high ambiguity, with price discounts of 8% to 35%. These effects are not driven by expected volatility and are robust to alternative ambiguity measures, highlighting a distinction between am- biguity and risk. We further show that these effects persist for at least 10 days but reverse within 30 days. This pattern suggests that ambiguity induces temporary price distortions rather than persistent post-earnings announcement drift.