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Journal of Behavioral and Experimental Finance最新文献

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Financial inclusion and stock price synchronicity: A cross-country study 金融普惠与股价同步性：一项跨国研究
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-02-16 DOI: 10.1016/j.jbef.2026.101156
Thanh Ngo , Axel Grossmann
{"title":"Financial inclusion and stock price synchronicity: A cross-country study","authors":"Thanh Ngo ,&nbsp;Axel Grossmann","doi":"10.1016/j.jbef.2026.101156","DOIUrl":"10.1016/j.jbef.2026.101156","url":null,"abstract":"<div><div>Using a sample of 142,313 firm-year observations across 38 countries from 2005 to 2022, we document a statistically significant negative association between financial inclusion and stock price synchronicity, consistent with a richer market informational environment. The results are robust to several approaches that mitigate endogeneity concerns and are not driven by developing countries. The relationship is more pronounced for firms with higher trading activity, in line with liquidity’s role in facilitating firm-level price discovery. Conversely, the result is weaker in industries dominated by a few large firms or where earnings strongly co-move. Further, the association is stronger in countries characterized by higher levels of uncertainty avoidance and masculinity, where investors tend to emphasize firm-specific information to reduce ambiguity or to gain informational advantages. In contrast, the relationship is weaker in high power distance cultures and in countries with stronger governance, where institutional mechanisms already promote limited herding and transparency.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101156"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147396468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Testing axiomatizations of ambiguity aversion 测试歧义厌恶的公理化
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2025-12-18 DOI: 10.1016/j.jbef.2025.101134
Daniel L. Chen
{"title":"Testing axiomatizations of ambiguity aversion","authors":"Daniel L. Chen","doi":"10.1016/j.jbef.2025.101134","DOIUrl":"10.1016/j.jbef.2025.101134","url":null,"abstract":"<div><div>The study of choice under uncertainty has advanced through key “paradoxes,” such as the Ellsberg paradox. We implement Machina’s (2014) three-outcome extension, in which four major ambiguity-aversion theories (multiple priors, rank-dependent, smooth ambiguity, variational) all predict indifference between two ambiguous acts. Contrary to these predictions, we find most participants do not express indifference. Our design elicits each subject’s certainty equivalent (CE) for an embedded 50–50 lottery and uses that CE in the Machina acts. Under lottery independence—i.e., if individuals apply standard (von Neumann–Morgenstern) expected utility to each objective lottery—these acts map to the same distribution of payoffs and thus should be evaluated identically. Yet we document a robust preference for one act over the other. This preference is associated with violations of lottery independence (e.g., Allais inconsistencies), as well as with disappointment aversion. Our results highlight that Machina’s three-outcome paradox is at least as much about failing independence over lotteries as it is about ambiguity aversion.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101134"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Targeting, beliefs in own potential and subsequent investments: Theory and evidence from a framed field experiment 目标，对自己潜力的信念和随后的投资：理论和证据从一个有框架的现场实验
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-31 DOI: 10.1016/j.jbef.2026.101150
Elisa van Dongen , Robert Lensink , Mark Treurniet
{"title":"Targeting, beliefs in own potential and subsequent investments: Theory and evidence from a framed field experiment","authors":"Elisa van Dongen ,&nbsp;Robert Lensink ,&nbsp;Mark Treurniet","doi":"10.1016/j.jbef.2026.101150","DOIUrl":"10.1016/j.jbef.2026.101150","url":null,"abstract":"<div><div>While increased pressure on development finance budgets may require to reduce spending on anti-poverty transfers, new technical possibilities allow for more precise targeting. Yet, how targeting affects development outcomes remains an open question. We introduce a behavioral mechanism: if transfers are targeted to low-income individuals, recipients may interpret this as a signal of lacking earning potential, and consequently reduce investments. Using a framed field experiment in rural Uganda, we study how the targeting of anti-poverty transfers – compared to universal provision – affects subsequent investment behavior. Consistent with our hypotheses, we find that targeted recipients reduce their investments, which may reduce their earnings.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101150"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial literacy, robo-advising, and the demand for human financial advice: Evidence from Italy 金融知识、机器人咨询和对人类金融咨询的需求：来自意大利的证据
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2025-11-29 DOI: 10.1016/j.jbef.2025.101125
David Aristei, Manuela Gallo
{"title":"Financial literacy, robo-advising, and the demand for human financial advice: Evidence from Italy","authors":"David Aristei,&nbsp;Manuela Gallo","doi":"10.1016/j.jbef.2025.101125","DOIUrl":"10.1016/j.jbef.2025.101125","url":null,"abstract":"<div><div>This paper investigates the influence of objective, subjective, and digital financial literacy on individuals’ propensity to utilise online services for automated financial advice. Exploiting microdata from the Bank of Italy’s 2023 Survey on Financial Literacy of Italian Adults, we find that individuals with greater objective financial literacy are less inclined to rely on robo-advisory services. Conversely, subjective and digital financial literacy enhance the likelihood of utilising robo-advisors. Behavioural factors, such as trust in financial innovation, the propensity to save and take risks, and engagement with digital financial services, also emerge as significant predictors of robo-advisory usage. Furthermore, we examine the interplay between robo-advising and different forms of human financial advice. While robo-advisory services appear to substitute for non-independent human advice, our results indicate a significant complementarity with independent professional advice. These findings underscore the importance of hybrid approaches in delivering financial advisory services.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101125"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
CEO overconfidence and payout policy: The moderating power of governance mechanisms CEO过度自信与薪酬政策：治理机制的调节作用
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-02-18 DOI: 10.1016/j.jbef.2026.101157
Artem Anilov, Irina Ivashkovskaya
{"title":"CEO overconfidence and payout policy: The moderating power of governance mechanisms","authors":"Artem Anilov,&nbsp;Irina Ivashkovskaya","doi":"10.1016/j.jbef.2026.101157","DOIUrl":"10.1016/j.jbef.2026.101157","url":null,"abstract":"<div><div>This paper examines the moderating role of corporate governance in the relationship between Chief Executive Officer (CEO) overconfidence and corporate payout decisions. Using a panel dataset of 713 S&amp;P 1500 firms from 2010 to 2019, we contribute to the behavioral corporate finance literature in several important ways. First, building on agency theory and upper echelons theory, we find that both external governance enhancements driven by the implementation of Dodd-Frank Act provisions, and internal governance mechanisms, including gender diversity and board independence mitigate the adverse effects of CEO overconfidence on cash dividends, while the moderating effects on share repurchases are less significant. For example, DF provisions attenuate the negative effect of overconfidence on dividend payouts by approximately one-third. Second, we uncover a context-dependent limitation: in innovative firms, governance mechanisms appear less effective in moderating overconfidence, suggesting that shareholders may tolerate or even encourage overconfident behavior to support risk-intensive innovation strategies. Lastly, our findings are robust across multiple measures of overconfidence and various estimation techniques, including instrumental variables, matching estimation, and staggered Difference-in-Differences. Overall, the results highlight the importance of tailoring governance frameworks to account for managerial behavioral traits, thereby enabling firms to harness the potential benefits of CEO overconfidence while safeguarding shareholder interests.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101157"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147396465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Passing the torch: Second-generation successor involvement and ESG performance of family firms 传宗接代：家族企业第二代接班人参与与ESG绩效
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-02-23 DOI: 10.1016/j.jbef.2026.101160
Jie Gao , Kexin Yan , Qingmei Tan
{"title":"Passing the torch: Second-generation successor involvement and ESG performance of family firms","authors":"Jie Gao ,&nbsp;Kexin Yan ,&nbsp;Qingmei Tan","doi":"10.1016/j.jbef.2026.101160","DOIUrl":"10.1016/j.jbef.2026.101160","url":null,"abstract":"<div><div>As the initial stage of generational succession, second-generation successor involvement refers to successors entering the firm as non-core senior managers to gain operational experience and prepare for future leadership. This foundational step is vital for a smooth succession process. Using a sample of listed Chinese family firms from 2010 to 2023, this study shows that second-generation successor involvement significantly improves family firms’ ESG performance. However, this positive effect is attenuated when family members are heavily involved in strategic decision-making. Mechanism tests suggest that second-generation successor involvement enhances the preservation of extended socioemotional wealth and alleviates both type I and type II agency conflicts, thereby improving ESG performance. Further analysis reveals that the positive effect is more evident in the Social and Governance dimensions. Heterogeneity analysis indicates that the positive effect is amplified for family firms in highly dynamic environments marked by substantial uncertainty, rapidly shifting opportunities, and persistent competitive threats.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101160"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147396469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do global bond market sentiments transmit to green bonds? Evidence from a quantile connectedness framework 全球债券市场的情绪会传导到绿色债券吗？来自分位数连通性框架的证据
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.jbef.2026.101151
Rishman Jot Kaur Chahal , Hemant Bidasaria , Hera Asif Khan , Wasim Ahmad
{"title":"Do global bond market sentiments transmit to green bonds? Evidence from a quantile connectedness framework","authors":"Rishman Jot Kaur Chahal ,&nbsp;Hemant Bidasaria ,&nbsp;Hera Asif Khan ,&nbsp;Wasim Ahmad","doi":"10.1016/j.jbef.2026.101151","DOIUrl":"10.1016/j.jbef.2026.101151","url":null,"abstract":"<div><div>Bond market sentiment plays a crucial role in shaping global financial interconnectedness; however, little is known about how sentiment-driven transmission operates across different market conditions and its influence on green bond (GB) markets. Using sentiment indicators from six major economies and global GB returns from 2015 to 2023, we explore a quantile VAR connectedness framework to capture the spillover across normal, bearish, and bullish quantiles. We find asymmetric connectedness across quantiles, with GBs acting as net transmitters in normal and bearish markets and becoming net receivers in bullish phases. There is strong evidence of dominant spillover effects, with the USA and China acting as net transmitters of sentiment shocks, while Japan emerges as a net receiver. From hedging perspective, GBs help reduce the portfolio risk by 27.74 % compared to an unhedged portfolio. Overall, the findings are useful for fund managers looking to invest in global markets and utilise the opportunity of GBs in conjunction with conventional bond markets.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101151"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Gambling on Bitcoin options? 赌比特币期权？
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.jbef.2026.101142
Matthew Flynn, Yifan Liu
{"title":"Gambling on Bitcoin options?","authors":"Matthew Flynn,&nbsp;Yifan Liu","doi":"10.1016/j.jbef.2026.101142","DOIUrl":"10.1016/j.jbef.2026.101142","url":null,"abstract":"<div><div>Bitcoin options have rapidly emerged as a major derivatives market built on an underlying asset characterized by extreme volatility and high levels of speculation. This setting provides a natural environment to study how gambling related preferences influence investor behavior. Specifically, this study examines how state-level gambling propensity drives investor attention to Bitcoin options and affects market outcomes. Through the collection of Google Trends search volumes, we find that local gambling propensity significantly increases attention to Bitcoin options. Exploiting staggered sports betting legalization, we find low-friction gambling substitutes reduce Bitcoin option attention in high-gambling states, consistent with substitution among entertainment venues. Gambling propensity increases option volume, open interest, and preference for out-of-the-money contracts, while attention increases underlying Bitcoin volatility. These findings highlight distinct behavioral channels through which gambling motives and attention shocks influence Bitcoin options and spot markets.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101142"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146037913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Biodiversity risk disclosures and stock price crash risk 生物多样性风险披露与股价崩盘风险
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.jbef.2026.101146
Donglai Ning, Yukihiro Yasuda
{"title":"Biodiversity risk disclosures and stock price crash risk","authors":"Donglai Ning,&nbsp;Yukihiro Yasuda","doi":"10.1016/j.jbef.2026.101146","DOIUrl":"10.1016/j.jbef.2026.101146","url":null,"abstract":"<div><div>This study investigates whether biodiversity risk disclosures reduce stock price crash risk, leveraging the early adopter announcements of the Taskforce on Nature-related Financial Disclosures (TNFD) in January 2024. Using a difference-in-differences framework, we find that TNFD adoption significantly reduces crash risk. The effect is pronounced in firms with high biodiversity exposure, strong governance, and high retail investor presence, consistent with risk-materiality, agency problem, and behavioral channels, respectively. We further show that TNFD provides incremental crash-risk reduction for firms that had previously adopted the framework of the Taskforce on Climate-related Financial Disclosures (TCFD), with benefits strongest among early TCFD adopters. Overall, our findings highlight the value of nature-related disclosures in enhancing transparency and mitigating downside risk, offering timely insights for regulators and investors as biodiversity reporting frameworks continue to evolve.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101146"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146077931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How individuals use generative AI for personal financial management 个人如何使用生成式人工智能进行个人财务管理
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.jbef.2026.101145
Tae-Young Pak
{"title":"How individuals use generative AI for personal financial management","authors":"Tae-Young Pak","doi":"10.1016/j.jbef.2026.101145","DOIUrl":"10.1016/j.jbef.2026.101145","url":null,"abstract":"<div><div>This study provides a comprehensive analysis of how individuals use large language models (LLMs) like ChatGPT for everyday financial management. Using survey data from 2170 Korean adults aged 25–59, this study examines the breadth and depth of LLM use across ten domains of personal finance, including budgeting, savings, investment, tax filing, debt, insurance, housing, fraud detection, financial literacy, and psychological support. Results indicate that 67.8 % of respondents have used LLMs for at least one financial task, and 58.7 % have engaged with them across two or more domains. About 15 % reported using LLMs for all ten financial tasks, while 32.2 % indicated that they have never used LLM for financial purposes. The most common applications were stock investment (50.3 %), savings planning (48.2 %), budget management (47.6 %), and tax filing and planning (46.5 %). Usage was significantly higher among men, younger adults, those with higher education, and full-time workers, whereas differences by income, wealth, and home ownership were not significant. Individuals most often used LLM as an <em>on-demand tutor</em> - seeking explanations of terms, concepts, and processes - or as a <em>search engine</em> to retrieve targeted information and compare financial products, though some utilized it for <em>personalized advice</em> or even <em>emotional support</em>. Overall, this study shows that LLMs are already widely used in personal finance, though adoption varies across financial tasks and demographic groups.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101145"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146077933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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