IN INCREASINGLY INTRANSPARENT, AMBIGUOUS AND COMPLEX FINANCIAL MARKETS
I am a doctoral researcher at the insurance science chair of the University of the German Federal Armed Forces and Lambsdorff fellow of the Friedrich Naumann Foundation for Freedom. Prior to my current research-related positions, I studied economics and business administration with a focus on finance and strategy at the University of St Andrews, Goethe University Frankfurt, Copenhagen Business School, London School of Economics and Peking Beida University. My previous dissertation Strategic Success Factors of German Life Insurance Undertakings - How to Avoid the Death of Life Insurers? identified the implications of the zero interest environment within the Eurozone, on the one hand, and the digitalisation within the financial sector, on the other, on the strategic positioning of life insurers, in general, as well as on the design of insurance-based investments products, in particular.
Linking to this, my present project in the field of behavioural finance and insurance lies at the intersection of economic decision-making processes under risk and ambiguity, cognitive psychology and financial market regulation. My interdisciplinary research aims at improving the quality of pension product choices by specifying an information architecture that enables representatives of the Millennial cohort to make voluntary decisions on old-age provision self-determined . Through self-developed and empirically verified debiasing and nudging elements, my findings will allow for a modification of the recently implemented key information documents for packaged retail investment and insurance-based investment product.
'Nudging through debiasing - Emotion regulation in voluntary retirement saving decisions under ambiguity'. Quarterly Journal for Economics Research (2018), Vol. 87 (2): 47-64. (together with Thomas Hartung)
Summary: The implementation of standardized key information documents at the beginning of 2018 targets the understanding and comparability of the characteristics of packaged retail investment and insurance-based products (PRIIP). Current regulatory standards do not consider any behavioral biases of the retirement planning phase. This may, however, endanger the achievement of the PRIIP regulatory objective triad. Contextspecific causes of behavioral anomalies are identified and behavioral biases are embedded into a behavioral scientific theoretical framework by this article. Finally, theoretical connecting factors for a holistic and behaviorally informed development of effective presentation standards of insurance investment products are derived.
'Modular old-age provision: Försiktig, balenserad or offensiv? An analysis of the investment strategy, asset allocation and performance of the Swedish Seventh National Pension Fund. Quarterly Journal for Economics Research (2019), Vol. 88 (1): 31-48. (together with Thomas Hartung)
Summary: The implementation of a capital-funded component within the first pillar of the Swedish pension system targets the generation of excess returns for premium pension savers, the diversification of risks as well as the optimization of the contributors’ customized asset allocation. The long-term viability of a capital-covered old- age protection is, particularly in the light of the financial crisis of the past decade, a frequent subject of political and regulatory debates. It has therefore to be inter alia clarified, to what extent disruptions on the financial markets affected the value development of premium pension assets and which mechanisms for volatility reduction actually exist. Hence, on the basis of the recently modified regulation, the investment strategy as well as the financial asset allocation of the seventh Swedish national pension fund are identified and evaluated by this article. Finally, the development of net returns, transaction costs and asset management costs of both state-managed equity and bond funds are analyzed and compared to equivalent parameters of the premium pension system in order to rank and assess the investment performance of the former.