I am a financial economist with research interests in the fields of behavioral and experimental finance, experimental economics and scientific methodology.

I am currently Associate Professor of Finance and head of the Institute of Banking and Finance at the University of Graz as well as lecturer at the University of Innsbruck and at Management Center Innsbruck. I am also editor-in-chief of the Journal of Behavioral and Experimental Finance (IF 6.6), managing director of the Society for Experimental Finance, coordinator of the Finance Research Platform Graz, and scientific director of the Max Jung Lab Graz

Institute of Banking and FinanceUniversity of GrazUniversitaetsstrasse 15/F28010 GrazAustria
E: stefan.palan@uni-graz.atT: +43(316)380-7306Born @ 333.40ppm CO2


Logo of Science magazine
Logo of Nature magazine
Logo of the Economist
Logo of Le Monde
Logo of Pro7
Logo of 163.com
Logo of Hitradio Ö3

Paper on sustainable investments


Together with researchers from Vienna, Stavanger and Brussels, I recently published a paper titled "Can information provision and preference elicitation promote ESG investments? Evidence from a large, incentivized online experiment" in the Journal of Banking and Finance. We study the role that providing information about financial returns and environmental, social, and governance (ESG) impacts plays in influencing investors' decisions towards sustainable investments.

Our research reveals that both financial return information and ESG impact information stimulate investors towards ESG investments. Interestingly, combining these two types of information does not enhance the effect beyond presenting either one alone. This insight is crucial for financial advisors and institutions looking to promote ESG investments among their clients, as it suggests a targeted approach to information provision can be effective.

Link to the paper (open access)

Paper on migration policy and labor market integration


In a bit of a departure from my usual research topics, I supervised the PhD project of Kerstin Mitterbacher. Together with co-supervisor Jürgen Fleiß, we conducted experiments studying the interaction between economic migrants and the citizens in the country the migrants move to. In the first paper on this topic that has now been published, we report clear evidence of reciprocity between the two groups - the more willing destination country citizens are to allow migrants to integrate (and refrain from discriminating against them), the more willing migrants are to contribute to the social security and welfare systems in the destination country.

Link to the paper (open access)

Cover image of Economic Analysis and Policy, a scientific journal.

Journal impact factor


The Journal of Behavioral and Experimental Finance (JBEF), which I have been co-editing since 2018, received an updated impact factor of 6.6 for 2022. This places the journal at rank 8 out of 111 finance journals and rank 30 out of 380 economics journals. In addition to the CiteScore of 9.0 (rank 18/302 in Finance) and ABDC-list ranking of "A", this is strong confirmation of the journal's very satisfying performance.

I wish to thank all associate editors, editorial board members, reviewers and authors who have made this amazing result possible!

Cover image of the Journal of Behavioral and Experimental Finance, showing the journal title, volume and issue information and listing the editors Elena Asparouhova and Stefan Palan.

Re-elected as Managing Director


The Society for Experimental Finance (SEF) held its 2023 conference in Sofia, Bulgaria. I am honored that the general assembly of members saw fit to re-elect Anita Kopányi-Peuker, Sascha Füllbrunn and myself to serve another two years as Treasurer, Secretary and Managing Director, respectively. We recently were able to sign a cooperation agreement between the SEF and the Journal of Behavioral and Experimental Finance and as the biggest project for our upcoming term, we have recently set in motion the process of designing a completely new website for the Society. The website will not only be much nicer to look at and offer a much more modern user experience, but will also centralize most of the Society's outward-facing IT services in one unified system.

Talking about sustainability at financial planner congress


I recently gave a talk at the Financial Planner Forum 2023, held at Merriott Hotel, Vienna. Speaking in front of around 300 financial professionals, I was able to present my joint research with Marcel Seifert, Florian Spitzer, Simone Haeckl, Alexia Gaudeul, Erich Kirchler and Katharina Gangl studying ways to promote sustainable investments in the wake of the EU's Green Deal Action Plan on Sustainable Finance. I was glad my remarks were so well-received and a number of participants reached out to me following my talk. Many thanks to Prof. Otto Lucius for inviting me to speak at this 10th anniversary of the Financial Planner Forum.

Stefan Palan, clad in a dark suit, standing on a stage in front of a rollup reading "Finanz Planer Forum" while giving a talk.
Photo: Fotostudio Huger