{"title":"Managerial Strategic Earnings Disclosure via Social Media: Evidence from 18 Million Corporate Tweets","authors":"Xinyuan Tao, Shaoqing Zhang, Xuewu Wang","doi":"10.1080/15427560.2023.2184367","DOIUrl":"https://doi.org/10.1080/15427560.2023.2184367","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"50 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77669806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investor Confidence and Reaction to a Stock Market Crash","authors":"Aron Gottesman, M. Morey","doi":"10.1080/15427560.2023.2178434","DOIUrl":"https://doi.org/10.1080/15427560.2023.2178434","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"62 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74796047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investor’s Intrinsic Motives and the Valence of Word-of-Mouth in Sequential Decision-Making: Modeling of Triple Serial Mediation","authors":"Fawad Ahmad","doi":"10.1080/15427560.2022.2138392","DOIUrl":"https://doi.org/10.1080/15427560.2022.2138392","url":null,"abstract":"Word-of-Mouth (WoM) is a socially embedded process, and investors engage in social considerations to achieve self-motives. Investors attempt to share negative WoM (NWoM) to emotionally connect (self-affirm) to strengthen existing social ties following prior losses. In contrast, investors attempt to share positive WoM (PWoM) to self-enhance to attract others into developing new social ties. Thereby, this study aims to predict the impact of prior losses or gains on investors’ later decisions by engaging in the valence of WoM to achieve different underlying self-motives and social-motives. This study used experimental data and employed PROCESS tool model 6 to check the validity of the proposed triple serial mediation model. Findings support the viability of the triple mediation model that investors seek to achieve different underlying self-motives and social-motives manifested in PWoM or NWoM, following prior gains or losses. Investors seek to self-affirm by strengthening components of social-motives through engaging in NWoM, following prior losses. While investors seek to self-enhance to develop components of social-motives through sharing PWoM, following prior gains. Findings provide significant implications for researchers, managers, financial advisors, and analysts. Researchers, managers, and analysts can incorporate investors’ intrinsic factors in traditional economic models to better predict investors’ economic behavior. Financial advisors need to understand self-motives and social-motives that change clients’ risk attitude and frame investment advice to achieve particular clients’ self-motives and social-motives.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135499911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Dictators Use Information about Recipients","authors":"Joy A. Buchanan, L. Razzolini","doi":"10.1080/15427560.2022.2081971","DOIUrl":"https://doi.org/10.1080/15427560.2022.2081971","url":null,"abstract":"Abstract This paper explores the extent to which altruism is influenced by the salient features of the beneficiaries. We investigate how information presented to senders affects their perception of the recipient in a dictator game. In this environment, the starting endowment of a recipient can be inferred from choices the recipient made. Dictators give the same amount to all recipients regardless of the choices they made, despite the revealed preference to send more money to recipients who started with lower endowments. Dictators give very little when they are explicitly told that a recipient started with a high endowment. However, when dictators are only told that the recipient made a choice that indicates they started with a high endowment, dictators do not incorporate that information. Dictators are not more generous to others who made a similar financial choice to themselves, through in-group bias. An implication from our results is that charitable donors are influenced by salient information about recipients and do not try to infer deservingness beyond what is explicitly presented.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"19 1","pages":"408 - 426"},"PeriodicalIF":1.9,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83483788","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Mediating Effect of Trading Volume on the Relationship between Investor Sentiment and the Return of Tech Companies","authors":"Jesse Hoekstra, Derya Güler","doi":"10.1080/15427560.2022.2138394","DOIUrl":"https://doi.org/10.1080/15427560.2022.2138394","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"1 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72879341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investor Emotions and the Psychodynamics of Asset Pricing Bubbles: A Chinese Perspective","authors":"R. Taffler, X. Bellotti, V. Agarwal, Linglu Li","doi":"10.1080/15427560.2022.2138391","DOIUrl":"https://doi.org/10.1080/15427560.2022.2138391","url":null,"abstract":"This paper explores the powerful emotions unleashed during asset pricing bubbles. Adopting a psychoanalytic perspective, we develop a five-stage path-dependent model of such financial crises and test this empirically on the Chinese 2005 – 2008 and 2014 – 2016 stock market bubbles. Results are consistent with our underlying theory and demonstrate how investors experience a range of highly charged emotions directly related with different market states during such episodes. Our evidence suggests that if we wish properly to understand and explain such destructive events, we also need to recognize the fundamental role investor unconscious fantasies and market psychodynamic processes play in their etiology.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"10 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74530369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Confirmation Bias in Analysts’ Response to Consensus Forecasts","authors":"Huan Cai, Tong Yao, Xiaodi Zhang","doi":"10.1080/15427560.2022.2138395","DOIUrl":"https://doi.org/10.1080/15427560.2022.2138395","url":null,"abstract":"<p><b>Abstract</b></p><p>This paper provides evidence of confirmation bias by sell-side analysts in their earnings forecasts. We show that analysts tend to put higher weight on public information when the current forecast consensus is more consistent with their previous forecasts. We further find that analysts with better past forecasting performance, longer firm-specific experience, or forecasting earlier, tend to be more subject to confirmation bias, consistent with some of the existing cognitive and social psychology theories. The results remain significant after controlling for analyst incentives. Finally, we distinguish evidence of confirmation bias from that of other important behavioral biases such as conservative bias.</p>","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"5 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Letter from the Editor","authors":"Brian R. Bruce","doi":"10.1080/15427560.2022.2105340","DOIUrl":"https://doi.org/10.1080/15427560.2022.2105340","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"1 1","pages":"367 - 367"},"PeriodicalIF":1.9,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85036928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"High-Frequency Effects of Novel News on the EURUSD Exchange Rate","authors":"Miha Kebe, Matthias W. Uhl","doi":"10.1080/15427560.2022.2100386","DOIUrl":"https://doi.org/10.1080/15427560.2022.2100386","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"143 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79098154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Speculation, Cross-Market Sentiment and the Predictability of Gold Market Volatility","authors":"Zibo Niu, Rıza Demirer, M. Suleman, Hongwei Zhang","doi":"10.1080/15427560.2022.2109639","DOIUrl":"https://doi.org/10.1080/15427560.2022.2109639","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"8 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88855542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}