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Journal of Behavioral and Experimental Finance最新文献

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Examining psychological barriers in exchange rates across various regimes and FX intervention
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-01-09 DOI: 10.1016/j.jbef.2025.101020
Mark J. Holmes , Ana María Iregui , Jesús Otero
{"title":"Examining psychological barriers in exchange rates across various regimes and FX intervention","authors":"Mark J. Holmes ,&nbsp;Ana María Iregui ,&nbsp;Jesús Otero","doi":"10.1016/j.jbef.2025.101020","DOIUrl":"10.1016/j.jbef.2025.101020","url":null,"abstract":"<div><div>This paper applies econometric techniques to explore the possibility of psychological barriers in exchange rate dynamics over different types of exchange arrangements. By analysing over fifty years of daily data for the Colombian peso-dollar exchange rate, we substantiate the presence of hypothesised barriers related to rounded digits, including 1000, 2000, etc., in the thousands of pesos per dollar range. Similarly, barriers are observed in relation to hundreds of pesos per dollar at digits such as 100, 200, etc. Additionally, barriers emerge in terms of tens of pesos per dollar at levels such as 110, 120, etc. However, much depends on the exchange rate regime present. Further results show that the behaviour of exchange rate returns differs both before and after breaches of hypothesised barriers, and it is possible to identify episodes where central bank foreign exchange (FX) interventions can make a difference to the behaviour of exchange rate returns and volatility at the barriers.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"45 ","pages":"Article 101020"},"PeriodicalIF":4.3,"publicationDate":"2025-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143161403","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
Does national culture affect macroprudential policy? An international investigation of regulatory behavior on macroprudential interventions
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-12-27 DOI: 10.1016/j.jbef.2024.101018
Simona Nistor , Ioana Georgiana Fărcaș
{"title":"Does national culture affect macroprudential policy? An international investigation of regulatory behavior on macroprudential interventions","authors":"Simona Nistor ,&nbsp;Ioana Georgiana Fărcaș","doi":"10.1016/j.jbef.2024.101018","DOIUrl":"10.1016/j.jbef.2024.101018","url":null,"abstract":"<div><div>Using an international sample covering more than 60 countries over 20 years, we provide evidence that national culture has a significant impact on macroprudential interventions. Our empirical findings indicate that regulators are more likely to tighten macroprudential policies in more uncertainty-avoiding countries. In contrast, prudential policies tend to be more relaxed in societies that value masculinity. The positive effect of uncertainty avoidance on macroprudential policy tightness is enhanced in countries with more independent or less forbearing supervisory agencies. Our results suggest that national cultural traits are key drivers of regulatory behavior and contribute to the policy debate on macroprudential toolkits and supervisory practices.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"45 ","pages":"Article 101018"},"PeriodicalIF":4.3,"publicationDate":"2024-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143161401","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
Cryptocurrency ownership and cognitive biases in perceived financial literacy
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-12-20 DOI: 10.1016/j.jbef.2024.101019
Santiago Carbó-Valverde , Pedro J. Cuadros-Solas , Francisco Rodríguez-Fernández
{"title":"Cryptocurrency ownership and cognitive biases in perceived financial literacy","authors":"Santiago Carbó-Valverde ,&nbsp;Pedro J. Cuadros-Solas ,&nbsp;Francisco Rodríguez-Fernández","doi":"10.1016/j.jbef.2024.101019","DOIUrl":"10.1016/j.jbef.2024.101019","url":null,"abstract":"<div><div>Acknowledging the potential threats posed to financial stability by owning cryptoassets combined with a lack of financial literacy, this paper investigates the relationship between financial literacy and cryptocurrency ownership using machine learning methods. Analyzing 2121 survey responses, it shows that financial literacy emerges as a crucial factor in cryptocurrency ownership, even when accounting for other factors such as age, income, and digital activity. A neural network model reveals that a unit increase in financial literacy reduces the probability of cryptocurrency ownership by 0.2. Causal forest analysis indicates that financial literacy bias positively impacts ownership likelihood (a point estimate of 75.30 %). However, the bias-corrected financial literacy measure has a negative effect of −25.40 % on ownership likelihood. This reveals that cognitive biases, particularly overconfidence, as a significant influence on cryptocurrency ownership. These results show that individuals with more financial literacy and with less biased self-assessments are less likely to hold cryptocurrencies.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"45 ","pages":"Article 101019"},"PeriodicalIF":4.3,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143161399","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
Preemptive signaling and the emergence of trust in entrepreneurial investments
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-12-11 DOI: 10.1016/j.jbef.2024.101008
Béatrice Boulu-Reshef , Graciela Kuechle
{"title":"Preemptive signaling and the emergence of trust in entrepreneurial investments","authors":"Béatrice Boulu-Reshef ,&nbsp;Graciela Kuechle","doi":"10.1016/j.jbef.2024.101008","DOIUrl":"10.1016/j.jbef.2024.101008","url":null,"abstract":"<div><div>Experimental and theoretical evidence suggests that principal–agent interactions in which the principal signals prosociality may achieve higher levels of trust and reciprocity if both parties care about social esteem. However, it is unclear what the characteristics of a separating equilibrium would be if the agent were to signal first. This is pertinent to interactions such as entrepreneurial investments, where the agent has incentives to signal prosociality first in order to secure financing. To establish conditions for an equilibrium in which prosocial individuals engage in higher levels of trust and reciprocity, we extend Berg et al.’s (1995) trust game by allowing the agent to choose the size of a donation to third parties in the initial move. We apply the social esteem model of Ellingsen and Johannesson (2008) and show that, in addition to social esteem and altruism towards the opponent, the separating equilibrium crucially depends on altruism towards third parties and the size of the donation.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"45 ","pages":"Article 101008"},"PeriodicalIF":4.3,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143161405","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
Tournament-type utility, absolute cumulative intra-quarter return, institutional feedback trading and return autocorrelation
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-12-05 DOI: 10.1016/j.jbef.2024.101010
Numan Ülkü , Justyna Dul
{"title":"Tournament-type utility, absolute cumulative intra-quarter return, institutional feedback trading and return autocorrelation","authors":"Numan Ülkü ,&nbsp;Justyna Dul","doi":"10.1016/j.jbef.2024.101010","DOIUrl":"10.1016/j.jbef.2024.101010","url":null,"abstract":"<div><div>We examine the behavioral basis of Johnson’s (2016) model of competition among asset managers with tournament type utility, offered to explain short-horizon reversals in stock market returns. First, we report that the intriguing pattern -the absolute cumulative intra-quarter return <span><math><mrow><mfenced><mrow><msubsup><mrow><mi>r</mi></mrow><mrow><mi>t</mi></mrow><mrow><mi>Q</mi></mrow></msubsup></mrow></mfenced></mrow></math></span> drives negative autocorrelation in S&amp;P500 returns-, by which Johnson (2016) supports the disagreement-about-persistence (DAP) mechanism in his model, pervasively holds in international stock markets. In contrast, we find limited evidence of institutional trading behavior consistent with the DAP mechanism, using data with institutional trader identities from Finland and S&amp;P500 futures position data. The pattern’s association with the DAP mechanism is doubtful. We document a new empirical fact, which provides a more robust alternative explanation compatible with the pervasiveness of this pattern: <span><math><mrow><mfenced><mrow><msubsup><mrow><mi>r</mi></mrow><mrow><mi>t</mi></mrow><mrow><mi>Q</mi></mrow></msubsup></mrow></mfenced></mrow></math></span> drives the intensity of aggregate institutional positive feedback trading, which in turn drives time-variation in return autocorrelation.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"45 ","pages":"Article 101010"},"PeriodicalIF":4.3,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143161400","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 incentives for delaying the public pension claiming age
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-11-30 DOI: 10.1016/j.jbef.2024.101009
Tomoki Kitamura , Kunio Nakashima
{"title":"Financial incentives for delaying the public pension claiming age","authors":"Tomoki Kitamura ,&nbsp;Kunio Nakashima","doi":"10.1016/j.jbef.2024.101009","DOIUrl":"10.1016/j.jbef.2024.101009","url":null,"abstract":"<div><div>We investigate whether financial incentives can prompt senior workers to delay claiming public pension benefits in Japan. We explore two types of incentives: increasing public pension benefits beyond actuarial adjustments and offering discounts on investments for short-term personal insurance products that provide a stable cash flow until the pension-claiming age. Utilizing choice experiments conducted through an original internet survey of Japanese employees, we demonstrate that these incentives effectively increase the pension-claiming age. Specifically, a 1.2 % increase in pension benefits or a 19.4 % additional yield on short-term personal insurance is necessary to delay claiming by one year on average. Moreover, incentives for insurance products are more cost-effective for the government. Our findings also reveal significant heterogeneity in financial incentive preferences among individuals, influenced by factors such as survival probabilities, trust in public pensions, and socioeconomic status.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"45 ","pages":"Article 101009"},"PeriodicalIF":4.3,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143160829","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
Does corporate environmental responsibility create value?: Evidence from supreme Court rulings
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-11-22 DOI: 10.1016/j.jbef.2024.101006
Taehyun Kim , Yongjun Kim
{"title":"Does corporate environmental responsibility create value?: Evidence from supreme Court rulings","authors":"Taehyun Kim ,&nbsp;Yongjun Kim","doi":"10.1016/j.jbef.2024.101006","DOIUrl":"10.1016/j.jbef.2024.101006","url":null,"abstract":"<div><div>We investigate the impact of corporate environmental responsibility (CER) actions on firm value, using two 5-to-4 Supreme Court rulings. Employing an event study approach, we find that firms expected to increase CER activities experience positive market reactions. The market reactions are greater for firms that are under more significant CER pressure from the Court decisions. These return patterns are more pronounced among firms located in states with Democratic state governments and in regions with high levels of social trust where stakeholders are more attentive to CER. Additionally, we examine the relationship between CER and corporate financial performance, and find that firms with strong CER policies tend to have a higher level of revenue, profitability, and ownership held by institutional investors with longer investment horizons. Our evidence suggests that the market views CER as essential for meeting the growing sustainability demands in today’s financial markets.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"45 ","pages":"Article 101006"},"PeriodicalIF":4.3,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143160830","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
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
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