Prof. Priv.-Doz. Dr. Thomas Stöckl

Deputy Head of Department & StudiesProfessor +43 512 2070 - 3111 thomas.stoeckl@mci.edu
Prof. Priv.-Doz. Dr. Thomas Stöckl


Veröffentlichungen in Fachzeitschriften (peer reviewed)
  • Schmidt, D., Stöckl, T., & Palan, S. (2024). Voting for insider trading regulation. An experimental study of informed and uninformed traders’ preferences. Journal of Banking and Finance, 169, 107295. doi: https://doi.org/10.1016/j.jbankfin.2024.107295
  • Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A., and the Management Science Reproducibility Collaboration (2023). Reproducibility in Management Science, Management Science, ahead of print. https://doi.org/10.1287/mnsc.2023.03556 (as member of the Management Science Reproducibility Collaboration)
  • Merl, R., Palan, S., Schmidt, D. & Stöckl, T. (2023). Insider trading regulation and trader migration. Journal of Financial Markets, 66, p. 100839. 10.1016/j.finmar.2023.100839
  • Huber, J., Hueber, L., Kleinlercher, D., & Stöckl, T. (2022). Acceptance or rejection of welfare migration — an experimental investigation. SN Bus Econ 2, 179. https://doi.org/10.1007/s43546-022-00356-6
  • Merl, R., Stöckl, T., & Palan, S. (2022). Insider trading regulation and shorting constraints. Evaluating the joint effects of two market interventions, Journal of Banking and Finance, https://doi.org/10.1016/j.jbankfin.2022.106490
  • Kleinlercher, D., & Stöckl, T. (2021). Thou shalt not trade -- An analysis of the violations of no-trade predictions in experimental asset markets. Journal of Behavioral and Experimental Finance, 32, 100590.
  • Hirota S., Huber J., Stöckl T., & Sunder S. (2022). Speculation, Money Supply and Price Indeterminacy in Financial Markets: An Experimental Study. Journal of Economic Behavior & Organization, 200, p. 1275-1296. https://doi.org/10.1016/j.jebo.2020.06.010
  • Stöckl, T., & Palan, S., (2018). Catch me if you can. On the ability of human subjects to identify insiders in asset markets. Journal of Economic Psychology, 67, 1-17.
  • Kleinlercher D. & Stöckl T. (2018), On the provision of incentives in finance experiments. Experimental Economics, 21(1), 154-179. doi:10.1007/s10683-017-9530-7
  • Palan, S., & Stöckl, T. (2017). When chasing the offender hurts the victim: The case of insider legislation. Journal of Financial Markets, 35, 104-129, https://doi.org/10.1016/j.finmar.2016.07.002.
  • Huber, J., Kirchler, M., & Stöckl, T. (2016). The influence of investment experience on market prices: laboratory evidence. Experimental Economics, 19 (2), 394-411, doi:10.1007/s10683-015-9445-0.
  • Stöckl, T. (2015). Dishonest or professional behavior? Can we tell? A comment on: Cohn et al. 2014, Nature 516, 86–89, Business culture and dishonesty in the banking industry. Journal of Behavioral and Experimental Finance, 8, 64-67, doi:10.1016/j.jbef.2015.10.003
  • Stöckl, T., Huber, J., Kirchler, M., & Lindner, F. (2015). Hot hand and gambler's fallacy in teams: Evidence from investment experiments. Journal of Economic Behavior & Organization, 117, 328-339. doi:10.1016/j.jebo.2015.07.004
  • Stöckl, T., Huber, J., & Kirchler, M. (2015). Multi-period experimental asset markets with distinct fundamental value regimes. Experimental Economics, 18(2), 314-334. doi:10.1007/s10683-014-9404-1
  • Stöckl, T., Huber, J., & Kirchler, M. (2015). Erratum to: Multi-period experimental asset markets with distinct fundamental value regimes. Experimental Economics, 18(4), 756-759. doi:10.1007/s10683-015-9441-4
  • Stöckl, T., & Kirchler, M. (2014). Trading behavior and profits in experimental asset markets with asymmetric information. Journal of Behavioral and Experimental Finance, 2, 18-30. doi:10.1016/j.jbef.2014.03.001
  • Stöckl, T. (2014). Price efficiency and trading behavior in limit order markets with competing insiders. Experimental Economics, 17(2), 314-334. doi:10.1007/s10683-013-9369-5
  • Kirchler, M., Huber, J., & Stöckl, T. (2012). Thar she bursts: Reducing confusion reduces bubbles. American Economic Review, 102(2), 865-883. doi:10.1257/aer.102.2.865
  • Huber, J., Kirchler, M., & Stöckl, T. (2010). The hot hand belief and the gambler's fallacy in investment decisions under risk. Theory and Decision, 68(4), 445-462. doi:10.1007/s11238-008-9106-2
  • Stöckl, T., Huber, J., & Kirchler, M. (2010). Bubble measures in experimental asset markets. Experimental Economics, 13(3), 284-298. doi:10.1007/s10683-010-9241-9
Kapitel in Fachbüchern
  • Schmidt, D., & Stöckl, T. (2022). Asset Market Experiments with Diverse Information. Chapter 24, 323-346, HANDBOOK OF EXPERIMENTAL FINANCE, Sascha Füllbrunn and Ernan Haruvy (eds), Edward Elgar Publishing.
  • Seeler J.M., Fuchs, A., Stöckl, T., & Sixl-Daniell, K. (2019). Whistleblowing and Culture - A Case for CSR in Developing Markets, in International Dimensions of Sustainable Management, Eds: Rene Schmidpeter, Nicholas Capaldi, Samuel O. Idowu, Anika Lotter, Springer International Publishing. Doi: 10.1007/978-3-030-04819-8.
Beitrag in Konferenzband (peer reviewed)
  • Stöckl, T. (2013). The influence of fundamental value information accuracy and emotional priming on laboratory asset market prices. ESA World Meeting 2013, July 11-14, Zurich, Switzerland.
  • Stöckl, T. (2013). The influence of fundamental value information accuracy and emotional priming on laboratory asset market prices. Experimental Finance Conference 2013, June 27-29, Tilburg, The Netherlands.
  • Stöckl, T. (2013). Price efficiency and trading behavior in limit order markets with competing insiders. 9th International Meeting of Experimental and Behavioral Economics IMEBE 2013, April 11-13, Madrid, Spain.
  • Stöckl, T. (2012). Price efficiency and trading behavior in limit order markets with competing insiders. 27th Workshop of the Austrian Working Group on Banking and Finance AWG 2012, November 23-24, Innsbruck, Austria.
  • Stöckl, T. (2012). How insiders shape a market - Evidence from experimental limit order markets. ESA World Meeting 2012, June 21-24, New York, New York, USA.
  • Stöckl, T. (2011). Insider trading in experimental limit order markets. Experimental Finance Conference 2011, September 22-24, Innsbruck, Austria.
  • Stöckl, T. (2011). Multi-period experimental asset markets with different fundamental value regimes. 11th Society for the Advancement of Economic Theory Conference SAET 2011, June 26 - July 1, Faro, Portugal.
  • Stöckl, T. (2010). The impact of communication and group decision making on behavioral biases in simple investment decision experiments. 5th Nordic Behavioral and Experimental Economics Conference 2010, November 12-13, Helsinki, Finland.
  • Stöckl, T. (2010). Trading strategies and trading profits in experimental asset markets with cumulative information. Experimental Finance Symposium 2010, October 7-9, Gothenburg, Sweden.
  • The impact of communication and group decision making on the hot hand belief and the gambler's fallacy - Evidence from stylized investment decision experiments. 4th Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.
  • Trading regulations and market efficiency - Experimental evidence from two different market models. 4th Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.
  • Dynamic trading strategies and profits in experimental asset markets with cumulative information. ESA - European Meeting, Innsbruck, Austria.
  • Trading regulations and market efficiency - Experimental evidence from two different market models. First International Workshop on Managing financial instability in capitalistic economies (MAFIN), Reykjavik, Iceland.
  • Bubble or no Bubble - The impact of market model on the formation of price bubbles in experimental asset markets. 23rd Workshop of the Austrian Working Group on Banking and Finance, Vienna, Austria.
  • Bubble or no Bubble - The impact of market model on the formation of price bubbles in experimental asset markets. 3rd Nordic Conference on Behavioral and Experimental Economics, Copenhagen, Denmark.
  • The Guru Game: Behavioural Anomalies in Random Walk Decisions. ESA World Meeting, LUISS Rome, Italy.
Präsentation eines Artikels auf einer Konferenz, Workshop, Seminar
  • Herrmann-Romero, M., Liegl, S., Angerer, M., & Stöckl, T. (2023). Golden Eye - How Traders Focus on and Select Information. Experimental Finance Conference 2023, Sofia, Bulgaria.
  • Schmidt, D., Stöckl, T., & Palan, S. (2023). Voting for insider trading regulation. Innsbruck Spring Summit - (Un)Ethical Behavior in Markets, Innsbruck, Austria.
  • Herrmann-Romero M., Liegl S., Angerer M., & Stöckl T. (presenter) (2022). Golden Eye - How Traders Screen Information in Experimental Asset Markets. 37th Workshop of the Austrian Working Group on Banking and Finance (AWG), September 23-24, Klagenfurt, Austria.
  • Merl, R., Stöckl, T. (presenter), & Palan, S. (2022). Insider trading regulation and shorting constraints. Evaluating the joint effects of two market interventions. Regulation Research Conference 2022, April 5-6, Universität Regensburg, Germany.
  • Merl, R., Palan, S., Schmidt, D., Stöckl T. (presenter) (2021). Insider trading regulation and trader migration. SEF Online Meeting 2021 (online), November 2021.
  • Stöckl, T. (presenter), Palan, N., & Palan, S. (2021). Analyzing concentration patterns in experimental asset markets. ESA Around-the-Clock Meeting 2021 (online), July 7-9.
  • Merl, R., Stöckl, T. (presenter), & Palan, S. (2021). Insider trading regulation and shorting constraints. Evaluating the joint effects of two market interventions. ESA Around-the-Clock Meeting 2021 (online), July 7-9.
  • Merl, R., Palan, S., Schmidt, D., & Stöckl T. (presenter) (2021). Insider trading regulation and trader migration. Experimental Finance Conference 2021, Innsbruck, Austria (online), June 16-18.
  • Stöckl, T. (2020). Analyzing concentration patterns in experimental asset markets. 35th Workshop of the Austrian Working Group on Banking and Finance (AWG), November 26-27, Graz (online), Austria.
  • Stöckl, T. (2019). Thou shalt not trade - A study analyzing violations of no-trade predictions in experimental asset markets. 34th Workshop of the Austrian Working Group on Banking and Finance (AWG), November 22-23, Liechtenstein.
  • Stöckl, T. (2018). Analyzing the concentration of endowments and trading activity among traders in experimental asset markets. Experimental Finance Conference 2018, June 20-22, Heidelberg, Germany.
  • Stöckl, T. (2015). Speculation and Price Indeterminacy in Financial Markets. Experimental Finance, June 8-10, Mannheim, Germany.
  • Stöckl, T. (2015). Speculation and Price Indeterminacy in Financial Markets. 30th Workshop of the Austrian Working Group on Banking and Finance AWG 2015, November 27-28, Graz, Austria.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Collateral damage from insider legislation. 9th Nordic Conference on Behavioral and Experimental Economics 2014, September 26-27, Aarhus, Denmark.
  • Stöckl, T. (2013). On the effects of insider trading legislation in asset market experiments. 28th Workshop of the Austrian Working Group on Banking and Finance (AWG) 2013, November 22-23, Vienna, Austria.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Collateral damage from insider legislation. Research Seminar University of Sussex, Brighton, United Kingdom.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Insider trading legislation and the risk of collateral damage. Research Seminar University of Trento, Trento, Italy.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Insider trading legislation and the risk of collateral damage. Research Seminar University of Vienna, Wien, Austria.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Insider trading legislation and the risk of collateral damage. Research Seminar University of Mannheim, Mannheim, Germany.
  • Stöckl, T., & Palan, S. (2014). On the effects of insider trading legislation in asset market experiments. Research Seminar in Financial Economics, Zürich, Switzerland: University of Zürich.
  • Stöckl, T. (2013). Price efficiency and trading behavior in limit order markets with competing insiders. Research Seminar in Finance, Vallendar, Germany.
  • Stöckl, T. (2010). Bubbles in experimental asset markets - A critical review of past experiments and an outlook on future research. Sowi research seminar, Salzburg, Austria: University of Salzburg.
Betreute Bachelorarbeiten
  • Simovska Maria (2025): Buy now, pay Later and Financial Behavior - Insights From European Generation Z
  • Klein Jannick Maximilian (2025): ARe we Shopping Differently? Cross-Cultural Comparisons of Augmented Reality on Consumer Behaviour in Online Retail.
  • Wüthrich Jakob (2025): Understanding Cryptocurrency Investment Intentions: A Technology Acceptance Model Analysis Among University Students in the DACH Region
  • Glanzer Sophia (2024): Campus on the Move: Exploring Students' Modal Choices in Higher Education Institutions
  • Hauswicka Monja (2024): From Home to Campus - Understanding Employees' Transportation Preferences in Higher Education Institutions
  • Altın Gülsen (2024): The Investment Behaviour of Young Adults
  • Rodcenkova Alina (2024): The Moderating Role of Financial Literacy: Investigating Its Influence on Heuristic Biases of Student Investors
  • Walcher Selina (2023): Generation Z and Cryptocurrency Investments - Applying TPB to Predict Investment Intention
  • Girardi Philipp (2023): The Impact of Inflation on Student's Purchasing Behavior
  • Larcher Verena (2022): Effects of Employees' Intrinsic Motivation on the Perception of Learning Organization-Specific Characteristics
  • Dopple Jakob (2022): Blockchain Technology Acceptance in Loyalty Programs - A Technology Acceptance Model Based on the UTAUT
  • Malinowski Wadim (2021): Applying TAM to Investigate the Effect of Risk Perception of COVID-19 on the Attitude and Intention Towards Online Shopping in Belarus
  • Lemp Sarah (2021): Shared Leadership as Arising Strategy to Cope With the Covid-19 Crisis
  • Tamalio Marco (2021): Die Finanztransaktionssteuer als effektiver Ansatz zur Eindämmung von Spekulationsgeschäften und zur Stabilisierung der Finanzmärkte. Eine kritische Analyse am Beispiel Italiens und mögliche Ansätze für Österreich.
  • Arsenović Gregor (2021): Die Nutzung von Smartphones als Zahlungsmöglichkeit in Österreich
  • Knöpfle Melanie (2020): Nachhaltige Unternehmen und ihr Verständnis von Sustainable Finance - Wie integrieren nachhaltig tätige Unternehmen nachhaltige Finanzwirtschaft?
  • Feichter Matthias (2020): Der Fachkräftemangel im Tiroler Handwerk als Folge des gesellschaftlichen Wertewandels - Employer Branding als nachhaltige Herangehensweise für Unternehmen
  • Stoffner Kerschbaumer Dana (2020): Sustainable Investment Behaviour of Retail Investors in Austria
  • Heitauer Maria Sofie (2019): Initial Coin Offerings - a serious new instrument for start-up financing?
  • Höpflinger Kilian (2019): Analysis of the private provision behaviour of Austrians between 15 and 35
  • Stock Felix (2019): Chancen und Risiken einer zentralen Administration von Derivatpositionen in Konzernen der Metallbranche
  • Hörtnagl Benjamin (2019): Auswirkungen von MiFID II auf die Beratung von Privatkunden
  • Schwaiger Antonia (2019): Financial performance indicators' influence on the decision-making process in Austrian based production sites of a global refractory supplier
  • Dengg Viktoria (2018): Interne Kontrollsysteme im Finanz- und Rechnungswesen von Non-Profit-Organisationen
  • Dengg Viktoria (2018): Interne Kontrollsysteme im Finanz- und Rechnungswesen von Non-Profit-Organisationen
  • Untergasser Melanie (2018): Nachhaltige Personalbindung als Erfolgsfaktor jedes Unternehmens
  • Untergasser Melanie (2018): Nachhaltige Personalbindung als Erfolgsfaktor jedes Unternehmens
  • Schwarz Martin (2018): Potentialanalyse zur Steigerung der Motivation von AußendienstmitarbeiterInnen in Beratungsunternehmen
  • Schwarz Martin (2018): Potentialanalyse zur Steigerung der Motivation von AußendienstmitarbeiterInnen in Beratungsunternehmen
  • Gammel Marina (2018): Optimierungsmaßnahmen des Budgetierungsprozesses am Beispiel Liebherr-Werk Nenzing GmbH
  • Gammel Marina (2018): Optimierungsmaßnahmen des Budgetierungsprozesses am Beispiel Liebherr-Werk Nenzing GmbH
  • Egger Manfred (2018): Datenschutzbewusstsein bei Studierenden mit betriebswirtschaftlichem Ausbildungsschwerpunkt
  • Egger Manfred (2018): Datenschutzbewusstsein bei Studierenden mit betriebswirtschaftlichem Ausbildungsschwerpunkt
  • Juri Andrea (2018): Stammkunden und ihre Reaktion auf eine Änderung der Wettbewerbsstrategie
  • Juri Andrea (2018): Stammkunden und ihre Reaktion auf eine Änderung der Wettbewerbsstrategie
  • Hinterberger Thomas (2017): Talent Management in Österreich
  • Hinterberger Thomas (2017): Talent Management in Österreich
  • Muglach Simon (2017): Outsourcing in Genossenschaftsbanken - Optimierung der Unternehmensorganisation am Beispiel von regionalen Raiffeisenbanken
  • Muglach Simon (2017): Outsourcing in Genossenschaftsbanken - Optimierung der Unternehmensorganisation am Beispiel von regionalen Raiffeisenbanken
  • Krismer Paul (2017): Optimierung des Investitionsprozesses in verbundenen Unternehmen. Am Beispiel der Fisser Bergbahnen GmbH & Seilbahn Komperdell GmbH Personenbeförderung OHG.
  • Krismer Paul (2017): Optimierung des Investitionsprozesses in verbundenen Unternehmen. Am Beispiel der Fisser Bergbahnen GmbH & Seilbahn Komperdell GmbH
  • Gschwentner Hannes (2017): Optimierung der Aufbauorganisation in kleinen Regional-Sparkassen
  • Gschwentner Hannes (2017): Optimierung der Aufbauorganisation in kleinen Regional-Sparkassen
  • Strobl Florian (2017): Scrum als agiler Projektmanagementansatz in international agierenden Unternehmen
  • Strobl Florian (2017): Scrum als agiler Projektmanagementansatz in international agierenden Unternehmen
  • Reiter Benjamin (2017): Von der Kameralistik zur Doppik. Herausforderungen bei der Erstellung kommunaler Eröffnungsbilanzen
  • Reiter Benjamin (2017): Von der Kameralistik zur Doppik. Herausforderungen bei der Erstellung kommunaler Eröffnungsbilanzen
Betreute Masterarbeiten
  • Lenning Johan (2024): From Boardroom to Stock Market: The Influence of Female Board Members on Stock Volatility in Nordic Companies
  • Plank Matthias (2022): Online Corporate Annual Reporting of ATX Prime & DAX Stock Companies: An Empirical Analysis
  • Pfizenmayer Simon (2021): Investigating Influencing Determinants of Financial Behavior of Students in Germany
  • Stock Felix (2021): Analysis of Price Drivers in Spot Secondary Copper Markets and Implications for Corporate Hedging Strategy
  • Glownia Dawid (2021): The Effects of Socio-economic Factors on Private Investors' Stock Portfolio Diversification: The Austrian Case
  • Hörtnagl Benjamin (2021): Environmental, Social, And Governance Criteria in the Investment Sector from the Perspective of Product Providers
  • Muglach Simon (2019): Merger of cooperative banks - preservation of independence illustrated by the example of Tyrolean Raiffeisen banks
  • Stark Anna (2019): Insider trading legislation & shorting constraints - Analyzing their impact on capital markets and their participants.
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