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Brazilian investors' susceptibility to interpersonal influence: Impacts on risk tolerance and the disposition effect 巴西投资者对人际影响的敏感性：对风险承受能力和处置效应的影响
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-11-21 DOI: 10.1016/j.jbef.2024.101007
Vanessa Martins Valcanover , Newton da Costa Jr , Kelmara Mendes Vieira
{"title":"Brazilian investors' susceptibility to interpersonal influence: Impacts on risk tolerance and the disposition effect","authors":"Vanessa Martins Valcanover ,&nbsp;Newton da Costa Jr ,&nbsp;Kelmara Mendes Vieira","doi":"10.1016/j.jbef.2024.101007","DOIUrl":"10.1016/j.jbef.2024.101007","url":null,"abstract":"<div><div>Social interactions play an important role in the mindset of investors. Based on social finance, this study analyzes the effect of investors' susceptibility to interpersonal influence on financial risk tolerance and the disposition effect. A survey was conducted with Brazilian investors employing structural equation modeling. Investors' susceptibility to interpersonal influence had a direct and negative impact on the level of financial risk tolerance, whereas its influence on the disposition effect was indirect and negative, with financial risk tolerance as a mediator. Furthermore, financial risk tolerance had a direct and positive impact on the investors' disposition effect. This study advances in the field by discussing the effect of interpersonal influence on investments in a developing country. In a country with low savings rates, understanding how social interactions and norms affect investment decisions is vital when it comes to adopting strategies that prevent inexperienced investors from entering potentially harmful investments.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101007"},"PeriodicalIF":4.3,"publicationDate":"2024-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142722195","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
Navigating the financial fog: The impact of pandemic priming on economic decisions and future valuations 穿越金融迷雾：大流行对经济决策和未来估值的影响
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-11-19 DOI: 10.1016/j.jbef.2024.101004
Ya'akov M. Bayer , Offer Moshe Shapir , Michal H. Shapir-Tidhar , Zeev Shtudiner
{"title":"Navigating the financial fog: The impact of pandemic priming on economic decisions and future valuations","authors":"Ya'akov M. Bayer ,&nbsp;Offer Moshe Shapir ,&nbsp;Michal H. Shapir-Tidhar ,&nbsp;Zeev Shtudiner","doi":"10.1016/j.jbef.2024.101004","DOIUrl":"10.1016/j.jbef.2024.101004","url":null,"abstract":"<div><div>The COVID-19 pandemic drastically impacted financial decision-making by introducing significant uncertainty and an influx of often conflicting information about future outcomes. Our study investigates the effects of priming on financial decision-making during the pandemic, focusing on how priming influences time and risk preferences. Using a sizable and diverse sample, we demonstrate that even short-term exposure to specific stimuli through priming can significantly shape individuals’ perceptions and decisions in a globally unstable economic context. Our findings reveal a substantial effect of negative priming on these preferences, highlighting the critical role of external information in influencing financial decisions during uncertain times. This study has significant implications for economic theory and practical applications, as it enhances the understanding of financial decision making processes under the pressure of a global crisis.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101004"},"PeriodicalIF":4.3,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142721298","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
Coordination failure in experimental banks of different sizes 不同规模实验银行的协调失败
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-11-10 DOI: 10.1016/j.jbef.2024.101000
Federico Belotti , Eloisa Campioni , Vittorio Larocca , Francesca Marazzi , Luca Panaccione , Andrea Piano Mortari
{"title":"Coordination failure in experimental banks of different sizes","authors":"Federico Belotti ,&nbsp;Eloisa Campioni ,&nbsp;Vittorio Larocca ,&nbsp;Francesca Marazzi ,&nbsp;Luca Panaccione ,&nbsp;Andrea Piano Mortari","doi":"10.1016/j.jbef.2024.101000","DOIUrl":"10.1016/j.jbef.2024.101000","url":null,"abstract":"<div><div>We run a laboratory experiment to investigate how group size affects coordination in a bank-run game, in which participants choose simultaneously whether to withdraw or not and group members change over time. We find that bank size significantly affects the individual withdrawal probability, which is on average 12% higher in large than in small banks. In the initial round(s), all groups exhibit a similar withdrawal rate of about 40%; then, large and medium banks converge to the bank-run equilibrium, while small banks exhibit no systematic convergence. In all banks, experience and beliefs significantly affect the probability to withdraw and to experiment, i.e., to take in the current round the decision opposite to what was the best response in the previous one. We show that experimentation is a strategic choice, and interpret it as an attempt at promoting group convergence towards the efficient equilibrium.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101000"},"PeriodicalIF":4.3,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142697974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The relevance and influence of social media posts on investment decisions of young and social media-savvy individuals — An experimental approach based on Tweets 社交媒体帖子对精通社交媒体的年轻人投资决策的相关性和影响--基于推文的实验方法
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-11-09 DOI: 10.1016/j.jbef.2024.101005
Lars Kuerzinger, Philipp Stangor
{"title":"The relevance and influence of social media posts on investment decisions of young and social media-savvy individuals — An experimental approach based on Tweets","authors":"Lars Kuerzinger,&nbsp;Philipp Stangor","doi":"10.1016/j.jbef.2024.101005","DOIUrl":"10.1016/j.jbef.2024.101005","url":null,"abstract":"<div><div>We conducted an experiment to examine the role of positive and negative tweets (generated by AI) on investment behavior of young and social media-savvy individuals, comparing them with provided historical and fundamental financials. Through mediator analysis, we discovered that positive tweets have a significantly positive mediating effect on investment amounts, while negative tweets have a negative impact. Importantly, we found that this effect is not primarily driven by the perception of the tweets; rather, positive tweets influence individuals’ perception of a company’s financials which is the most influencing factor in individuals’ investment decision. In this manner our study contributes to the existing literature by (1) proving evidence for a causal effect of social media investor sentiment on investment behavior on capital markets and especially (2) focussing how the influence channels are built.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101005"},"PeriodicalIF":4.3,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142697971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Riding the waves of investor sentiment: Cryptocurrency price and renewable energy volatility during the pandemic-war era 顺应投资者的情绪波动：大流行病战争时代加密货币价格和可再生能源的波动性
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-28 DOI: 10.1016/j.jbef.2024.101001
A. Bouteska , Le Thanh Ha , M. Kabir Hassan , M. Faisal Safa
{"title":"Riding the waves of investor sentiment: Cryptocurrency price and renewable energy volatility during the pandemic-war era","authors":"A. Bouteska ,&nbsp;Le Thanh Ha ,&nbsp;M. Kabir Hassan ,&nbsp;M. Faisal Safa","doi":"10.1016/j.jbef.2024.101001","DOIUrl":"10.1016/j.jbef.2024.101001","url":null,"abstract":"<div><div>This study explores the interplay between cryptocurrency price volatility and renewable energy dynamics amid crises, particularly during the COVID-19 pandemic and the Russia-Ukraine conflict. Utilizing a Quantile Vector Autoregression (QVAR) model with daily data from April 1, 2015, to September 23, 2022, we assess the interconnectedness of cryptocurrency volatility, investor sentiment, and energy fluctuations. Our findings reveal a significant temporal variation in systemic connectedness influenced by recent global events. Overall, we observe approximately 30 % connectivity in the short run and 6 % in the long run. Notably, Bitcoin and the Fear and Greed Index shifted roles from net shock receivers to transmitters over various periods. Financial and macro uncertainties primarily acted as shock transmitters during 2017 to early 2022. Furthermore, investor sentiment transitioned from a shock transmitter before the pandemic to a shock receiver during it. The analysis underscores the substantial impact of extraordinary events e.g., the COVID-19 pandemic, the Russia-Ukraine conflict on market dynamics.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101001"},"PeriodicalIF":4.3,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142552816","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
What makes depression babies different: Expectations or preferences? 是什么让抑郁症婴儿与众不同？期望还是偏好？
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-28 DOI: 10.1016/j.jbef.2024.100998
Tomás Lejarraga , Jan K. Woike , Ralph Hertwig
{"title":"What makes depression babies different: Expectations or preferences?","authors":"Tomás Lejarraga ,&nbsp;Jan K. Woike ,&nbsp;Ralph Hertwig","doi":"10.1016/j.jbef.2024.100998","DOIUrl":"10.1016/j.jbef.2024.100998","url":null,"abstract":"<div><div>People who have experienced a financial crisis have been found to take less financial risk in their future lives. What causes this behavior? Have “depression babies” become more risk averse or are they more pessimistic about future market returns, that is, a preference or a belief change? To find out, we manipulated how experimental investors learned about a crisis – by experiencing it first-hand or by learning about it from graphs – and examined their subsequent propensity to take financial risk. Investors additionally revealed their expectations about the market by making incentivized predictions about its future value. Our findings replicated the depression-babies effect: On aggregate, people who experienced an experimental financial shock took less financial risk than people who learned about it from a symbolic description. Importantly, these aggregate changes in behavior were not accompanied by discernible changes in expectations or in risk preferences. Although we do not observe a clear causal link between risk taking and concurrent changes in belief or preference, linear models suggest that risk taking in the experiment has a significant relationship with elicited risk preferences but not with elicited expectations.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100998"},"PeriodicalIF":4.3,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142571489","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
Investor horizon, experience, and the disposition effect 投资者视野、经验和处置效应
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-28 DOI: 10.1016/j.jbef.2024.101003
Zhebin Fan , Suman Neupane
{"title":"Investor horizon, experience, and the disposition effect","authors":"Zhebin Fan ,&nbsp;Suman Neupane","doi":"10.1016/j.jbef.2024.101003","DOIUrl":"10.1016/j.jbef.2024.101003","url":null,"abstract":"<div><div>The disposition effect, characterized by the tendency to sell winning assets too soon and hold onto losing assets for too long, is a widely documented phenomenon among investors. Using granular trade-level data, we examine the disposition effect among different categories of foreign institutional investors (FIIs) in the context of an emerging market. Using survival analyses over several years, we find that short-term investors are most prone to disposition effects, while long-term investors are least prone. We also find that experience, as indicated by cumulative years in the market and the volume of stocks traded, mitigates the disposition effects, but only among long-term FIIs. While FIIs exhibit higher disposition effects during crisis periods, this effect is mitigated by experience, particularly among long-term FIIs. Our findings suggest that accounting for heterogeneity in institutional investors, rather than treating them as a whole, is important for a better understanding of financial markets.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101003"},"PeriodicalIF":4.3,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142552817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Luck in high-stakes firm lottery allocation: A natural experimental test of Coasean efficiency and invariance in a prominent sport finance setting 高风险公司彩票分配中的运气：在著名体育金融环境中对科斯效率和不变性的自然实验检验
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-26 DOI: 10.1016/j.jbef.2024.101002
Justin Ehrlich , Joel Potter , Shane Sanders
{"title":"Luck in high-stakes firm lottery allocation: A natural experimental test of Coasean efficiency and invariance in a prominent sport finance setting","authors":"Justin Ehrlich ,&nbsp;Joel Potter ,&nbsp;Shane Sanders","doi":"10.1016/j.jbef.2024.101002","DOIUrl":"10.1016/j.jbef.2024.101002","url":null,"abstract":"<div><div>The NBA Player-Draft is a prominent sport-finance setting, with large rents allocated to teams. Several properties make this setting ideal to study the Coase Theorem in a cartelized-firm setting, where the Theorem’s empirical credence and overall relevance to real-world financial settings continue to be questioned. Identification of a high-stakes, salient setting featuring exogenously-assigned property rights has proven elusive. While several studies examine the Coasean implications of professional sports league drafts, we find draft rights are endogenously-assigned. We cultivate, verify, specify, and examine an exogenously-assigned draft right—draft lottery luck—for the 2000–2015 NBA Drafts. Given its revealed exogeneity, we utilize variation in annual lottery luck as a natural experiment to study the Coase Theorem and find robust evidence for “instantaneous” Coasean efficiency (as in efficiency of the efficient market hypothesis) but also evidence that Coasean invariance, with respect to firm profits, fails. Secondary analysis reveals respective mechanisms and sport-financial implications.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101002"},"PeriodicalIF":4.3,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142552815","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
Religion and household saving behavior 宗教与家庭储蓄行为
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-18 DOI: 10.1016/j.jbef.2024.100999
Seiwoong Hong , Junyong Lee , Frederick Dongchuhl Oh , Donglim Shin
{"title":"Religion and household saving behavior","authors":"Seiwoong Hong ,&nbsp;Junyong Lee ,&nbsp;Frederick Dongchuhl Oh ,&nbsp;Donglim Shin","doi":"10.1016/j.jbef.2024.100999","DOIUrl":"10.1016/j.jbef.2024.100999","url":null,"abstract":"<div><div>We examine the effect of religion on household saving behavior. For a sample of 12,686 U.S. households between 2000 and 2016, we find that religious households (i.e., households that have a religious affiliation) are more likely to hold savings accounts than non-religious households. Furthermore, using religious upbringing as an instrument, we show that religion-induced economic attitudes, such as future time preference and risk aversion, increase household saving propensity. Finally, the positive association between religious affiliation and saving propensity is more pronounced for Catholics than Protestants. Overall, our study highlights the importance of religion in shaping households’ saving behavior. (JEL G51, Z12, D14, D91)</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100999"},"PeriodicalIF":4.3,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142535201","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
Portfolio framing and diversification in a disposition effect experiment 处置效应实验中的投资组合框架和多样化
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-11 DOI: 10.1016/j.jbef.2024.100997
Stephen L. Cheung, Nathan Rogut
{"title":"Portfolio framing and diversification in a disposition effect experiment","authors":"Stephen L. Cheung,&nbsp;Nathan Rogut","doi":"10.1016/j.jbef.2024.100997","DOIUrl":"10.1016/j.jbef.2024.100997","url":null,"abstract":"<div><div>We experimentally test an intervention designed to reduce investors’ disposition effect by prompting them to identify their worst asset, from the standpoint of its impact on future portfolio performance. We find that this intervention is mildly effective, and significantly more so for participants who correctly identify their worst asset, and/or sell the asset they identify. We also find that participants who correctly understand diversification in a financial literacy questionnaire exhibit larger disposition effects in the experiment. The latter finding raises concerns over the external validity of standard experimental paradigms used to study the disposition effect.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100997"},"PeriodicalIF":4.3,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142535200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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