PANDA Survey

After the completion of our global INTRA study (International Test on Risk Attitudes) with nearly 7000 subjects in 53 countries (joint work with Prof. Thorsten Hens, we want to broaden the view to more diverse economic decisions, but focus on a particularly interesting region of the world: East Asia. To this aim we have conducted several studies in Japan, Taiwan, China, Hong Kong, and Vietnam, but also in Germany and Estonia (for comparison). The main survey has been finished in April 2019 and the winners (one from Germany, one from Japan and two from China) have been informed.

PANDA stands for Preferences, Attitudes, Norms and Decisions in Asia. It consists of a number of surveys (online and offline) and experiments that will be conducted at various partner universities in these countries.

The project is coordinated by Prof. Marc Oliver Rieger and Prof. Mei Wang (WHU - Otto Beisheim School of Management).

Researchers helping with this survey are (among others):

Prof. Bodo Vogt, Universität Magdeburg

Prof. Chen Nai-Shing, NCCU

Prof. Gong Yujing, Zhongnan University of Economics and Law, Wuhan

Prof. Ken Iwatsubo, Kobe University

Prof. Koji Abe, Kobe University

Frau Liu Yang, Hochschule Trier

Prof. Rao Yulei, Central South University, Changsha

Prof. Seng Geng, Xiamen University

Prof. Shen Junyi, Kobe University

Prof. Takeshi Momi, Doshisha University, Kyoto

Prof. Xie Xiaofei, Peking University

Prof. Yuan Shuonan, Xi’an Polytechnic University

Prof. Zhuang Zili, Hong Kong Chinese University

and many others...

Involved PhD students, students and student assistants are:

Berens, David
Bosl, Katharina

Emering, Tobias Peter

Hepke, Silas

He-Ulbricht, Yanping
Höfer, Jan
Kersch, Luisa Regina

Knobloch, Jonas
Korngiebel, Marco

Kroll, Kristian

Massloch, Max

Mattil, Jannik

Phan Chung Thuy
Reitz, Sebastian
Reinhardt, Denis
Scherf, Matthias

Shi, Xinyi

Toan Luu Duc Huynh

Ye, Fen

Yousefi, Masoud

In our main survey alone, more than 3000 subjects participated. The data collection will go on during the first half of 2019. Working papers and publications based on these data will be linked here.  For now, we refer to our publications on the INTRA study:

Breuer, W.; Rieger, M. O.; Soypak, K. C. (2017): Corporate Cash Holdings and Ambiguity Aversion. In: Review of Finance Vol. 21 (Iss. 5), pp. 1933–1974.

Breuer, W.; Rieger, M. O.; Soypak, K. C. (2014): The behavioral foundations of corporate dividend policy a cross-country analysis" (with Wolfgang Breuer and K. Can Soypak), Journal of Banking and Finance, 42, pp. 247-265.

Rieger, M.; Bui, T. (2011): Too risk averse for prospect theory?, Modern Economy, Vol. 2, Issue 4, pp. 691-700.

Rieger, M. O.; Wang, M. (2012): Can ambiguity aversion solve the equity premium puzzle? Survey evidence from international data", Finance Research Letters, 9(2), pp. 63-72.
Rieger, M. O.; Wang, M.; Hens, T. (2017): Estimating Cumulative Prospect Theory Parameters from an International Survey. In: Theory and Decision Vol. 82 (Issue 4), pp. 567–596.

Rieger, M. O.; Wang, M.; Hens, T. (2015): Risk Preferences Around the World, Management Science, Vol. 61, Issue 3, pp. 637-648.

Rieger, M. O.; Wang, M.; Hens, T. (2013): International evidence on the equity premium puzzle and time discounting, Multinational Finance Journal, 17(3/4), pp. 149-163, 2013.

Wang, M.; Rieger, M. O.; Hens, T. (2017): The Impact of Culture on Loss Aversion. In: Journal of Behavioral Decision Making Vol. 30 (Iss. 2), pp. 270–281.

Wang, M.; Rieger, M. O.; Hens, T. (2016): How Time Preferences Differ: Evidence from 53 Countries, Journal of Economic Psychology, Vol. 52, pp. 115–135.