Images and investment: Experimental evidence on the effects of visual stimuli on financial decisions

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2025-03-19 DOI:10.1016/j.jbef.2025.101041

Koen van Boxel , Philipp Decke , Sven Nolte , Judith C. Schneider

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引用次数: 0

Abstract

We investigate the effect of emotional images on financial decision-making in an incentivized and pre-registered experiment. Utilizing a set of images rated on the emotional dimensions of valence and arousal from the Open Affective Standardized Image Set (OASIS) (Kurdi et al., 2017), we develop an experimental framework that can be easily applied to other contexts such as the use of images in corporate reporting. Further, we introduce a set of nature-related images which are pervasive in the advertisement of sustainable investment products. We show that negative images cause lower investments in risky mutual funds compared to neutral images, while positive images do not exhibit the opposite effect. Nature-related images do not cause investors to invest more than comparable non-nature images. Our results offer insights for financial regulators who are concerned with the impact of selective company disclosure and providers of financial products about the influence on emotional images on financial decisions.

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图像与投资：视觉刺激对财务决策影响的实验证据

我们在一个激励和预注册的实验中研究了情绪图像对财务决策的影响。利用开放情感标准化图像集（OASIS）（Kurdi等人，2017）中对效价和唤醒的情感维度进行评级的一组图像，我们开发了一个实验框架，可以很容易地应用于其他环境，例如在公司报告中使用图像。进一步，我们引入了一组在可持续投资产品广告中普遍存在的与自然相关的图像。我们发现，与中性形象相比，负面形象会导致风险共同基金的投资减少，而正面形象则不会表现出相反的效果。与自然相关的图像并不会比类似的非自然图像引起投资者更多的投资。我们的研究结果为关注选择性公司披露影响的金融监管机构和金融产品提供商提供了有关情感形象对财务决策影响的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.