Journal of Behavioral and Experimental Finance最新文献

Inter-industry risk spillovers in the Chinese stock market under epidemic outbreaks 疫情背景下中国股市行业间风险溢出效应分析

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-20 DOI: 10.1016/j.jbef.2025.101054

Qianqian Feng , Yiran Shen , Jianping Li , Xiaolei Sun

引用次数: 0

Upholding integrity: The influence of executives’ backgrounds on corporate information environment 秉持诚信：高管背景对企业信息环境的影响

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-19 DOI: 10.1016/j.jbef.2025.101050

Ngan Hoang Vu , Ha V. Dang , Hung T. Nguyen , Mia Hang Pham

{"title":"Upholding integrity: The influence of executives’ backgrounds on corporate information environment","authors":"Ngan Hoang Vu , Ha V. Dang , Hung T. Nguyen , Mia Hang Pham","doi":"10.1016/j.jbef.2025.101050","DOIUrl":"10.1016/j.jbef.2025.101050","url":null,"abstract":"<div><div>Motivated by the roles of corporate management in shaping corporate decisions and the importance of stock liquidity in financial markets, we examine whether trust in management influences the liquidity costs of the firm that they manage. Using manually collected propriety data from several datasets, this study documents that firms led by ex-military CEOs are associated with higher stock market liquidity than firms run by non-military CEOs. Military CEOs influence stock liquidity by improving their firms’ information environment and reducing performance volatility. Firms led by military CEOs have higher social capital, higher levels of voluntary disclosure, fewer stock price delays, and lower levels of informed trading. In addition, firms run by military CEOs have lower costs of capital and default risk. Overall, consistent with behavioral consistency theory, our findings highlight the importance of executives’ early-life experience in reducing information frictions, fostering trust, and improving secondary market quality.</div><div>“I think of all the time I spent in the military and in law enforcement and the many times I saw someone do the right thing because it was the right thing to do. The essence of integrity is what you do in and of yourself — you must be true to yourself.”</div><div>---Patrick O’Toole, Director & Executive Vice President, HealthMarkets Insurance Agency.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101050"},"PeriodicalIF":4.3,"publicationDate":"2025-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143864338","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

The puzzle of left-handedness: Evidence from corporate innovation 左撇子之谜：来自企业创新的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-18 DOI: 10.1016/j.jbef.2025.101053

Long Chen , June Woo Park , Albert Tsang , Xiaofang Xu

引用次数: 0

Financial forecasting in the lab and the field: Qualified professionals vs. smart students 实验室和现场的财务预测：合格的专业人员vs.聪明的学生

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-15 DOI: 10.1016/j.jbef.2025.101051

Te Bao , Brice Corgnet , Nobuyuki Hanaki , Katsuhiko Okada , Yohanes E. Riyanto , Jiahua Zhu

引用次数: 0

How heterogeneous information induces market inefficiencies 异质信息如何导致市场效率低下

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-11 DOI: 10.1016/j.jbef.2025.101052

Markus J. Rieder

引用次数: 0

The asymmetric relationship between state media tone and the Chinese bond market during COVID-19: Evidence from a nonlinear ARDL model COVID-19期间中国债券市场与官方媒体语气的不对称关系：来自非线性ARDL模型的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-05 DOI: 10.1016/j.jbef.2025.101048

Chao Deng , Keyuan Chen , Li Yu , Yinxi He , Yun Hong , Yanhui Jiang

{"title":"The asymmetric relationship between state media tone and the Chinese bond market during COVID-19: Evidence from a nonlinear ARDL model","authors":"Chao Deng , Keyuan Chen , Li Yu , Yinxi He , Yun Hong , Yanhui Jiang","doi":"10.1016/j.jbef.2025.101048","DOIUrl":"10.1016/j.jbef.2025.101048","url":null,"abstract":"<div><div>In this study, we examine the asymmetric relationship between the tone of state media—China Central Television (CCTV)—and the bond market during the COVID-19 pandemic in China using a nonlinear autoregressive distributed lag model. We find a long-term cointegrated but asymmetric relationship between changes in the tone of CCTV News on COVID-19 and aggregate bond market returns, while the short-run analysis finds a stronger contemporaneous bond market reaction to negative CCTV tone changes than to positive ones. Sectoral bond market results indicate that both short- and long-term market reactions to changes in CCTV tone are stronger in bonds backed by the government, including treasury bonds, municipal bonds, and policy market bonds. Regarding bonds with different credit ratings, we document a nonsignificant long-term reaction to CCTV tone changes in the AAA credit rating group. Finally, for bonds with various maturities, we find that long-maturity treasury bonds are insensitive to changes in CCTV tone in both the short and long run.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101048"},"PeriodicalIF":4.3,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143828369","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

The perceived impact of current work–life balance on one’s financial future 当前工作与生活的平衡对个人未来财务状况的影响

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-05 DOI: 10.1016/j.jbef.2025.101047

Eyal Lahav , Tal Shavit

{"title":"The perceived impact of current work–life balance on one’s financial future","authors":"Eyal Lahav , Tal Shavit","doi":"10.1016/j.jbef.2025.101047","DOIUrl":"10.1016/j.jbef.2025.101047","url":null,"abstract":"<div><h3>Background</h3><div>In recent decades, the evolving job market has highlighted the importance of work-life balance (WLB), yet there remains ambiguity around individuals' awareness of WLB's future consequences and its influence on their choices.</div></div><div><h3>Methods</h3><div>This study introduces a novel method for assessing the perceived impact of three components of one's current WLB—stress and burnout, boundaries, and flexibility—on one’s future financial situation, future health, and future community relations. Additionally, we evaluate the validity of our approach by investigating how the perceived future impact affects decision making related to WLB and job compensation (salary; pension).</div></div><div><h3>Results</h3><div>We find large differences between the perceived impact of each WLB component on each future aspect of life. We then demonstrate the linkage between the perceived impact and individuals’ current financial decision-making processes regarding WLB management.</div></div><div><h3>Conclusions</h3><div>Our results offer managers insights for informed decision-making on allocating resources to WLB components in organizations.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101047"},"PeriodicalIF":4.3,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143816636","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

Tossed by the tides of emotion: The impact of online media sentiment on stock returns 情绪波动：网络媒体情绪对股票回报的影响

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-04-01 DOI: 10.1016/j.jbef.2025.101045

Liang Chang , Xiaojun Liang , Na Tan

{"title":"Tossed by the tides of emotion: The impact of online media sentiment on stock returns","authors":"Liang Chang , Xiaojun Liang , Na Tan","doi":"10.1016/j.jbef.2025.101045","DOIUrl":"10.1016/j.jbef.2025.101045","url":null,"abstract":"<div><div>This study examines the impact of online media sentiment on stock returns using a dataset of over 8.3 million online financial media reports covering Chinese A-share listed companies. The findings reveal that more positive media sentiment towards a company is associated with higher average monthly stock returns. A zero-investment arbitrage strategy, constructed by buying stocks with high media sentiment and selling those with low media sentiment, yields a significant monthly premium of 4%. These effects are particularly pronounced for stocks with higher investor attention and lower liquidity. Moreover, even after controlling for known risk factors or during IPO quiet periods when no new information is introduced, companies with positive media sentiment continue to exhibit higher stock returns. Further analysis shows that media sentiment can explain approximately 4% to 12% of various market anomalies, and the media sentiment premium exhibits return reversals. This research uncovers the unique mechanisms of media effects in emerging markets and provides robust support for the limited attention theory from behavioral finance.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101045"},"PeriodicalIF":4.3,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767807","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

Happiness and IPO performance 幸福感与IPO业绩

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-03-29 DOI: 10.1016/j.jbef.2025.101044

Konpanas Dumrongwong , Suwongrat Papangkorn

引用次数: 0

Presenting return charts in investment decisions 在投资决策中呈现回报图

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-03-27 DOI: 10.1016/j.jbef.2025.101040

Christoph Huber , Julia Rose

{"title":"Presenting return charts in investment decisions","authors":"Christoph Huber , Julia Rose","doi":"10.1016/j.jbef.2025.101040","DOIUrl":"10.1016/j.jbef.2025.101040","url":null,"abstract":"<div><div>An investment’s performance is often represented through charts, which are key components in making informed investment decisions but allow for discretion in how the information is presented. In a controlled, incentivized experiment that models an advisor–client setting, we specifically study the discretion in the charts’ vertical axis scale. Our findings reveal that advisors tend to present positive returns on a comparatively narrow scale – thereby enhancing the size of the return bars – while no distinct pattern is observed for negative returns. Advisors’ scaling choices do not vary with different incentive schemes. For positive returns, chosen scales are positively related to advisors’ forecasts. We therefore find no evidence that advisors use the chart’s axis scale to visually emphasize or de-emphasize investment performance in a strategic manner. Additionally, investors’ decisions and forecasts are not affected by different scales. This study extends the existing literature by exploring an interactive advisor–client setting and contributes to our understanding of how return information is presented in investment decisions.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101040"},"PeriodicalIF":4.3,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143747683","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