Projekt 1: The study conducts an online experiment employing a 2x2+1 between-subjects design. Participants assume the role of investors and have to invest a budget in two firms. For this purpose, the participants receive 1,000 coins they have to invest in two firms in steps of 1 coin. Before ending the experiment, participants answer follow-up questions. Participants are recruited from the crowdsourcing platform Prolific. Projekt 2: The study uses intraday stock returns in 5-minute intervals taken from kibot.com. Daily and monthly returns are taken from CRSP and data on company fundamentals from Compustat. Risk-free rates, the market factor, as well as the Fama-French factors are taken from the data library of Kenneth French. In addition, the study uses options data provided by Historical Option Data. Projekt 3: Monthly returns are taken from CRSP. Risk-free rates and the market factor are obtained from Kenneth French's data library. The study uses options data, which are sourced from Historical Option Data. In addition, the study employs firm characteristics, which can be downloaded from openassetpricing.com.