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Journal of Behavioral and Experimental Finance最新文献

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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
“Buy him some Tesla stocks for his baptism”: Gender differences among young savers "给他买点特斯拉股票作为洗礼"：年轻储蓄者的性别差异
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-05 DOI: 10.1016/j.jbef.2024.100996
Jeanette Carlsson Hauff , Cecilia Hermansson
{"title":"“Buy him some Tesla stocks for his baptism”: Gender differences among young savers","authors":"Jeanette Carlsson Hauff ,&nbsp;Cecilia Hermansson","doi":"10.1016/j.jbef.2024.100996","DOIUrl":"10.1016/j.jbef.2024.100996","url":null,"abstract":"<div><div>This paper investigates gender roles in children’s savings, specifically defined as differences pertaining to age, capital invested, financial activity and portfolio composition, using a sample of 58,000 children. We observe gender differences between young female and male account holders. The average age and activity level of boys are significantly higher whereas girls hold more capital in their accounts. We note that activity interacts with both gender, age and capital, and is decisive in explaining financial behaviour, especially that of boys. We conclude that girls have a lower share of saving in direct-owned stock already before the age of one and among teenagers, particularly ages 15–17 years. We discuss our findings applying structuration theory, differentiating between implicit and explicit parental impact prevailing among adolescents, and the definite caring regarding younger children. For policymakers and managers, awareness that gender differences regarding financial behaviour prevail is an important insight.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100996"},"PeriodicalIF":4.3,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423122","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
Google search and cross-section of cryptocurrency returns and trading activities 谷歌搜索与加密货币回报和交易活动的横截面
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-26 DOI: 10.1016/j.jbef.2024.100991
Lai Hoang , Duc Hong Vo
{"title":"Google search and cross-section of cryptocurrency returns and trading activities","authors":"Lai Hoang ,&nbsp;Duc Hong Vo","doi":"10.1016/j.jbef.2024.100991","DOIUrl":"10.1016/j.jbef.2024.100991","url":null,"abstract":"<div><div>This paper examines the effect of investor attention on the cross-section of cryptocurrency returns and trading activities. We find that cryptocurrencies associated with higher abnormal Google search volume subsequently exhibit higher returns, higher volatility, and higher trading volume. The results are robust to alternative sample periods and alternative search keywords, providing concrete support to the attention-induced price pressure hypothesis and consistent with prior studies on the equity market. The effect is more pronounced among larger cryptocurrencies. Only a partial reversal after the initial return increase is observed, implying that investor attention permanently impacts cryptocurrency prices.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100991"},"PeriodicalIF":4.3,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422768","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
Gender vs. personality: The role of masculinity in explaining cognitive style 性别与个性：男性气质在解释认知风格中的作用
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-26 DOI: 10.1016/j.jbef.2024.100995
Daria Plotkina , Arvid O.I. Hoffmann , Patrick Roger , Catherine D’Hondt
{"title":"Gender vs. personality: The role of masculinity in explaining cognitive style","authors":"Daria Plotkina ,&nbsp;Arvid O.I. Hoffmann ,&nbsp;Patrick Roger ,&nbsp;Catherine D’Hondt","doi":"10.1016/j.jbef.2024.100995","DOIUrl":"10.1016/j.jbef.2024.100995","url":null,"abstract":"<div><div>Cognitive style (reflective vs. intuitive) as measured with cognitive reflection tests (CRTs) is an important driver of financial decision-making and the rationality of individual behavior. Prior studies explain CRT score differences by gender, stipulating that women are more intuitive and less reflective than men. Recent work, however, raises doubts about such gender differences, suggesting that CRT score differences stem from gender-related role and personality instead. Accordingly, using survey data from 504 Belgian respondents, we examine which of these two individual difference factors better explains CRT scores. The results indicate that, on average, women indeed have a lower reflective cognitive style and a higher intuitive cognitive style. However, this effect is not only explained by gender per se, but also by self-perceived gender role and personality, that is, perceived masculinity. Indeed, perceived masculinity moderates the effect of gender, so that masculine females have higher reflective and lower intuitive CRT scores.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100995"},"PeriodicalIF":4.3,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423123","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 is in the eye of the investor: Cryptocurrency investors’ engagement with risk, regulatory advice, and regulatory institutions 风险在投资者眼中：加密货币投资者与风险、监管建议和监管机构的关系
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-24 DOI: 10.1016/j.jbef.2024.100994
Daphne Sobolev , Vasileios Kallinterakis
{"title":"Risk is in the eye of the investor: Cryptocurrency investors’ engagement with risk, regulatory advice, and regulatory institutions","authors":"Daphne Sobolev ,&nbsp;Vasileios Kallinterakis","doi":"10.1016/j.jbef.2024.100994","DOIUrl":"10.1016/j.jbef.2024.100994","url":null,"abstract":"<div><div>Despite regulators’ warnings that investing in cryptoassets is highly risky, cryptocurrency investments are prevalent. To explore investors’ engagement with regulatory risk advice, we conducted two surveys. Cryptocurrency investors residing in the UK and the US were asked about their interpretation of the notion of risk, awareness of regulatory risk advice, and attitudes towards the advice and the regulators. Investors were also asked whether they followed the advice. Qualitative content analysis of their answers suggests that people often invest in cryptocurrencies although they understand the risks involved and are aware of the regulators’ advice. They do so due to their risk propensity, self-reliance, criticism of the informativeness of the advice, or attitudes towards regulators. Furthermore, negative attitudes towards regulators often stem from lack of trust and the perception that regulators are dated. This study suggests that regulators could benefit investors by providing them with more informative advice and addressing their attitudes.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100994"},"PeriodicalIF":4.3,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357125","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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