Journal of Behavioral and Experimental Finance最新文献

Utility maximization of a household with smooth ambiguity and consumption habit 具有平滑歧义和消费习惯的家庭效用最大化

IF 3.9 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-09-01 Epub Date: 2026-08-24 DOI: 10.1016/j.jbef.2026.101238

Wenbo Zhang, Tao Wang

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引用次数: 0

Ownership structure and the persistence of behavioral trading states: Evidence from the Moroccan stock market 股权结构与行为交易状态的持续性：来自摩洛哥股票市场的证据

IF 3.9 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-09-01 Epub Date: 2026-08-21 DOI: 10.1016/j.jbef.2026.101236

Yousra Imezda, Zakaria Firano

{"title":"Ownership structure and the persistence of behavioral trading states: Evidence from the Moroccan stock market","authors":"Yousra Imezda, Zakaria Firano","doi":"10.1016/j.jbef.2026.101236","DOIUrl":"10.1016/j.jbef.2026.101236","url":null,"abstract":"<div><div>This paper examines whether persistent behavioral trading states can be identified in an emerging equity market and whether ownership structure is associated with their persistence. Using 1072 stock-year observations for 73 firms listed on the Casablanca Stock Exchange over 2004–2025, we construct four market-based behavioral proxies capturing sentiment, disposition, herding, and residual momentum, and classify stock-years using fuzzy c-means. The evidence supports two broad behavioral states-speculative and depressed-although the underlying structure is best characterized as a continuous behavioral gradient driven primarily by a sentiment-disposition-momentum triad. Both states are more persistent than a marginal-preserving random benchmark, though depressed states are only modestly more persistent and the two are not statistically distinguishable. Cross-firm evidence shows that predominantly depressed stocks have significantly lower institutional ownership (7.4% vs. 12.9%); free float and strategic concentration separate the states only among the most persistent anchors. Behavioral-state membership adds modest incremental information for future volatility, but not beyond the raw behavioral proxies and not for returns; its value is thus as a parsimonious, interpretable measurement of behavioral orientation rather than a predictive signal. Overall, institutional ownership is associated with the long-run behavioral orientation of stocks in an emerging market.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"51 ","pages":"Article 101236"},"PeriodicalIF":3.9,"publicationDate":"2026-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148854041","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

Speculative investment preferences and personality traits under positive emotion states 积极情绪状态下的投机投资偏好与人格特征

IF 3.9 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-09-01 Epub Date: 2026-08-21 DOI: 10.1016/j.jbef.2026.101240

Md Shabbir Alam, Deepak Kumar Behera

{"title":"Speculative investment preferences and personality traits under positive emotion states","authors":"Md Shabbir Alam, Deepak Kumar Behera","doi":"10.1016/j.jbef.2026.101240","DOIUrl":"10.1016/j.jbef.2026.101240","url":null,"abstract":"<div><div>Why do some investors chase high-risk assets while others stay on the sidelines? This study argues that the answer may lie not only in stable personality traits, but also in how those traits are contingent upon transient emotional states. We propose that the influence of Big Five personality traits on financial decision-making is conditional and high-intensity positive emotions act as a catalyst. Using a controlled lab experiment, we employed a between-subjects design (n = 158) and randomly assigned participants into either a high-intensity (via humorous clips) or mild (via nature documentaries) positive emotion group. The duration of the emotion induction was 20 min using video clips. The affect manipulation was measured using state-modified SPANE, pre- and post-emotion induction. We then measured their willingness to invest in volatile assets like cryptocurrencies and startups. A multinomial logistic regression revealed a statistically significant interaction: under high-intensity emotion, Openness predicted a greater preference for speculative investments, while Agreeableness predicted the opposite. However, these associations were not observed in the mild positive condition. Our findings provide preliminary empirical support for an integrated view of the Affect Infusion Model, Dual System Theory, and Trait Activation Theory (TAT).</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"51 ","pages":"Article 101240"},"PeriodicalIF":3.9,"publicationDate":"2026-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148854042","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

Risk preferences at the time of COVID-19: An experiment with professional traders and students COVID-19时期的风险偏好：专业交易员和学生的实验

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-06-01 Epub Date: 2026-05-13 DOI: 10.1016/j.jbef.2026.101185

Marco Angrisani , Marco Cipriani , Antonio Guarino , Ryan Kendall , Julen Ortiz De Zarate Pina

引用次数: 0

Trust in robo-advisory services: A mixed-methods study 对机器人咨询服务的信任：一项混合方法研究

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-06-01 Epub Date: 2026-05-27 DOI: 10.1016/j.jbef.2026.101193

Yingting Chen , Eugene Cheng-Xi Aw , Garry Wei-Han Tan , Chung-Wha (Chloe) Ki

{"title":"Trust in robo-advisory services: A mixed-methods study","authors":"Yingting Chen , Eugene Cheng-Xi Aw , Garry Wei-Han Tan , Chung-Wha (Chloe) Ki","doi":"10.1016/j.jbef.2026.101193","DOIUrl":"10.1016/j.jbef.2026.101193","url":null,"abstract":"<div><div>This study examines how trust is formed in robo-advisory services through a two-study mixed-methods design. Study 1 uses PLS-SEM with cIPMA to analyse the effects and optimisation priorities of trust antecedents, while Study 2 employs semi-structured interviews to deepen and validate the findings. Results show that autonomy and intelligence enhance algorithm interpretability, interactivity, and structural assurance, whereas anthropomorphism has no significant effect. Autonomy is a necessary condition for effective uncertainty reduction, and both interactivity and structural assurance are necessary for perceptions of competence and warmth. Algorithm interpretability functions as a prerequisite to these perceptions. Both warmth and competence increase trust, but only competence is a necessary prerequisite. The qualitative insights provide contextual depth, revealing mechanisms and boundary conditions often missed in quantitative work. By integrating human-like characteristics and uncertainty-reduction strategies into a unified framework, this study advances understanding of trust formation in emerging financial services and offers insights for strengthening digital financial inclusion.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"50 ","pages":"Article 101193"},"PeriodicalIF":4.7,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148167593","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

Betting against Bitcoin: Evidence from spot Bitcoin ETFs 做空比特币：来自现货比特币etf的证据

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-06-01 Epub Date: 2026-05-17 DOI: 10.1016/j.jbef.2026.101191

Olena Onishchenko

引用次数: 0

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

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

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

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

引用次数: 0