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Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin 害怕错过和加密货币矿工：来自狗狗币和莱特币的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-04-30 DOI: 10.1016/j.jbef.2025.101059
Geul Lee , Doojin Ryu
{"title":"Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin","authors":"Geul Lee ,&nbsp;Doojin Ryu","doi":"10.1016/j.jbef.2025.101059","DOIUrl":"10.1016/j.jbef.2025.101059","url":null,"abstract":"<div><div>We examine how fear of missing out (FoMO), defined as persistent anxiety that others might be enjoying valuable experiences from which one is absent, influences cryptocurrency miners’ behavior, focusing on Dogecoin (DOGE) and Litecoin (LTC). These two cryptocurrencies present a naturally developed experimental setting that allows us to investigate how FoMO-driven price fluctuations affect mining decisions without the need to account for additional variables such as mining costs. Our quantile vector autoregressive connectedness approach suggests that FoMO influences mining decisions. Returns influence DOGE-LTC mining participation more than vice versa when there are abrupt positive spikes in the DOGE price, whereas this tendency does not appear when LTC experiences price surges or when the DOGE price plunges. Given DOGE’s significantly stronger FoMO exposure, despite its other similarities to LTC, we interpret these findings as evidence that FoMO influences mining decisions.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101059"},"PeriodicalIF":4.3,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144088805","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
Fintech and corporate leverage manipulation: A new explanation from the perspective of capital demands 金融科技与企业杠杆操纵：资本需求视角下的新解释
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-04-25 DOI: 10.1016/j.jbef.2025.101055
Ruoyu Zhu , Kehu Tan , Xiaohui Xin , Qipo Wang
{"title":"Fintech and corporate leverage manipulation: A new explanation from the perspective of capital demands","authors":"Ruoyu Zhu ,&nbsp;Kehu Tan ,&nbsp;Xiaohui Xin ,&nbsp;Qipo Wang","doi":"10.1016/j.jbef.2025.101055","DOIUrl":"10.1016/j.jbef.2025.101055","url":null,"abstract":"<div><div>Leverage manipulation refers to fraudulent behavior in which a firm deliberately lowers its book leverage through various accounting techniques to achieve a variety of objectives. However, in the era of rapid growth of fintech, can it curb this fraudulent behavior? To answer this question, we investigate the impact of fintech on corporate leverage manipulation from the perspective of capital demands. We find that fintech can inhibit corporate leverage manipulation. Mechanism analysis demonstrates that fintech weakens firms’ incentives to manipulate leverage by lowering firms’ unreasonable excessive capital demands arising from inefficient investments and the satisfaction of management’s desires. Furthermore, the inhibiting effect of fintech on corporate leverage manipulation is more pronounced in firms with high financing constraints and in tech-industries. We shed light on the latent mechanism between fintech and corporate leverage manipulation.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101055"},"PeriodicalIF":4.3,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143902150","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
Leading safely: The impact of generalist CEOs on workplace safety 安全领导：多面手ceo对工作场所安全的影响
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-04-24 DOI: 10.1016/j.jbef.2025.101056
Tony Xiaochi Zhang , Alexander Molchanov , Harvey Nguyen , Mia Hang Pham
{"title":"Leading safely: The impact of generalist CEOs on workplace safety","authors":"Tony Xiaochi Zhang ,&nbsp;Alexander Molchanov ,&nbsp;Harvey Nguyen ,&nbsp;Mia Hang Pham","doi":"10.1016/j.jbef.2025.101056","DOIUrl":"10.1016/j.jbef.2025.101056","url":null,"abstract":"<div><div>Businesses are expected to operate as responsible corporate entities, with employee safety serving as a cornerstone of this responsibility. Executives, as corporate leaders, bear moral and ethical obligations to ensure the well-being of their workforce. Drawing on human capital and upper echelons theories, we examine the influence of executives' transferable skills on workplace safety outcomes. We find that chief executive officers (CEOs) with general managerial human capital significantly contribute to the creation of safer work environments. The relation is more pronounced in firms facing financing constraints or intense market competition. These CEOs improve safety outcomes by making more prudent labor investment decisions, reducing employee workloads, and maintaining high information quality. Overall, our study underscores the pivotal role of CEOs' general managerial human capital in promoting employee well-being and mitigating the potential adverse consequences of occupational hazards on firm performance. JEL classification: J28; M12; M54</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101056"},"PeriodicalIF":4.3,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903878","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
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
{"title":"Inter-industry risk spillovers in the Chinese stock market under epidemic outbreaks","authors":"Qianqian Feng ,&nbsp;Yiran Shen ,&nbsp;Jianping Li ,&nbsp;Xiaolei Sun","doi":"10.1016/j.jbef.2025.101054","DOIUrl":"10.1016/j.jbef.2025.101054","url":null,"abstract":"<div><div>This paper reviews six major epidemic outbreaks of the COVID-19 pandemic in China, with a particular focus on downside risk transmission among industry stock indices. Utilizing 136 Wind industry stock indices, this paper constructs marginal spillover networks and extracts transmission pathways during each outbreak, summarizing the risk accumulation and transmission characteristics. Empirical research findings indicate that during the outbreak of the pandemic, market downside risk initially spread in the healthcare sector and related industries such as pharmaceutical retail, life science tools and service. Due to the dual nature of silver as a crucial industrial raw material and a financial instrument, the silver index is more sensitive to the impact of the pandemic than is the gold index. Additionally, owing to variations in functional orientation and industry characteristics across cities, there are differences in downside risk spillovers among stock market industries following the outbreak of the pandemic.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101054"},"PeriodicalIF":4.3,"publicationDate":"2025-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143864339","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
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 ,&nbsp;Ha V. Dang ,&nbsp;Hung T. Nguyen ,&nbsp;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 &amp; 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
{"title":"The puzzle of left-handedness: Evidence from corporate innovation","authors":"Long Chen ,&nbsp;June Woo Park ,&nbsp;Albert Tsang ,&nbsp;Xiaofang Xu","doi":"10.1016/j.jbef.2025.101053","DOIUrl":"10.1016/j.jbef.2025.101053","url":null,"abstract":"<div><div>Left-handers represent a notable portion of the global population, yet their characteristics remain somewhat enigmatic. One key question is whether they are inherently more creative than their non-left-handed counterparts. Our study addresses this question by examining how firm innovation varies with the handedness of their CEOs. Using a novel sample of left-handed CEOs, we find that they tend to have greater innovation success than their counterparts. Using forced turnover as an exogenous shock, we conduct a CEO handedness change analysis and find that firms transitioning from a right-handed to a left-handed CEO tend to have more patents and citations, but not vice versa. We also identify a possible mechanism for this effect: left-handed CEOs tend to hire more immigrant inventors or serve as inventors themselves, which likely enhances the firm’s innovation output. Overall, our study highlights CEO handedness as an observable personal characteristic that could serve as a predictor of a firm’ creativity.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101053"},"PeriodicalIF":4.3,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855830","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 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
{"title":"Financial forecasting in the lab and the field: Qualified professionals vs. smart students","authors":"Te Bao ,&nbsp;Brice Corgnet ,&nbsp;Nobuyuki Hanaki ,&nbsp;Katsuhiko Okada ,&nbsp;Yohanes E. Riyanto ,&nbsp;Jiahua Zhu","doi":"10.1016/j.jbef.2025.101051","DOIUrl":"10.1016/j.jbef.2025.101051","url":null,"abstract":"<div><div>We compare the performance of financial professionals (CFAs) with university students in four financial forecasting tasks ranging from simple lab prediction tasks to longitudinal field prediction tasks. Although students and professionals performed similarly in the most artificial forecasting tasks, CFAs outperformed students in the field predictions. Differences in forecasting performance between finance professionals and students were explained by financial literacy, not cognitive ability.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101051"},"PeriodicalIF":4.3,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143851332","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
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
{"title":"How heterogeneous information induces market inefficiencies","authors":"Markus J. Rieder","doi":"10.1016/j.jbef.2025.101052","DOIUrl":"10.1016/j.jbef.2025.101052","url":null,"abstract":"<div><div>We attribute varying returns in a trading market to heterogeneously informed investors. A general framework to model asymmetric information is proposed and shown to result in closed-form solutions to problems that have not been solved analytically, including risk and return profiles across various information states. Under a non-cumulative, noise-free information gathering regime, we derive an analytic expression for expected returns that aligns with economic intuition. When noise is added, we observe an increase in market efficiency, contrary to the belief that such an improvement is achievable solely through valuable information. Assuming cumulative information gathering, we derive analytic return profiles that were previously obtained only through simulations or observed in market experiments.The proposed model for returns in closed trading markets may serve as a general framework for analyzing any kind of information distribution. It also challenges market efficiency since, without any additional assumptions on risk or utility, performance differences arise solely from heterogeneously informed investors.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101052"},"PeriodicalIF":4.3,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143829385","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 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 ,&nbsp;Keyuan Chen ,&nbsp;Li Yu ,&nbsp;Yinxi He ,&nbsp;Yun Hong ,&nbsp;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 ,&nbsp;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
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