Journal of Behavioral and Experimental Finance最新文献_第2页

CEO overconfidence and payout policy: The moderating power of governance mechanisms CEO过度自信与薪酬政策：治理机制的调节作用

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-02-18 DOI: 10.1016/j.jbef.2026.101157

Artem Anilov, Irina Ivashkovskaya

{"title":"CEO overconfidence and payout policy: The moderating power of governance mechanisms","authors":"Artem Anilov, Irina Ivashkovskaya","doi":"10.1016/j.jbef.2026.101157","DOIUrl":"10.1016/j.jbef.2026.101157","url":null,"abstract":"<div><div>This paper examines the moderating role of corporate governance in the relationship between Chief Executive Officer (CEO) overconfidence and corporate payout decisions. Using a panel dataset of 713 S&P 1500 firms from 2010 to 2019, we contribute to the behavioral corporate finance literature in several important ways. First, building on agency theory and upper echelons theory, we find that both external governance enhancements driven by the implementation of Dodd-Frank Act provisions, and internal governance mechanisms, including gender diversity and board independence mitigate the adverse effects of CEO overconfidence on cash dividends, while the moderating effects on share repurchases are less significant. For example, DF provisions attenuate the negative effect of overconfidence on dividend payouts by approximately one-third. Second, we uncover a context-dependent limitation: in innovative firms, governance mechanisms appear less effective in moderating overconfidence, suggesting that shareholders may tolerate or even encourage overconfident behavior to support risk-intensive innovation strategies. Lastly, our findings are robust across multiple measures of overconfidence and various estimation techniques, including instrumental variables, matching estimation, and staggered Difference-in-Differences. Overall, the results highlight the importance of tailoring governance frameworks to account for managerial behavioral traits, thereby enabling firms to harness the potential benefits of CEO overconfidence while safeguarding shareholder interests.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101157"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147396465","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

Passing the torch: Second-generation successor involvement and ESG performance of family firms 传宗接代：家族企业第二代接班人参与与ESG绩效

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-02-23 DOI: 10.1016/j.jbef.2026.101160

Jie Gao , Kexin Yan , Qingmei Tan

{"title":"Passing the torch: Second-generation successor involvement and ESG performance of family firms","authors":"Jie Gao , Kexin Yan , Qingmei Tan","doi":"10.1016/j.jbef.2026.101160","DOIUrl":"10.1016/j.jbef.2026.101160","url":null,"abstract":"<div><div>As the initial stage of generational succession, second-generation successor involvement refers to successors entering the firm as non-core senior managers to gain operational experience and prepare for future leadership. This foundational step is vital for a smooth succession process. Using a sample of listed Chinese family firms from 2010 to 2023, this study shows that second-generation successor involvement significantly improves family firms’ ESG performance. However, this positive effect is attenuated when family members are heavily involved in strategic decision-making. Mechanism tests suggest that second-generation successor involvement enhances the preservation of extended socioemotional wealth and alleviates both type I and type II agency conflicts, thereby improving ESG performance. Further analysis reveals that the positive effect is more evident in the Social and Governance dimensions. Heterogeneity analysis indicates that the positive effect is amplified for family firms in highly dynamic environments marked by substantial uncertainty, rapidly shifting opportunities, and persistent competitive threats.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101160"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147396469","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

Do global bond market sentiments transmit to green bonds? Evidence from a quantile connectedness framework 全球债券市场的情绪会传导到绿色债券吗？来自分位数连通性框架的证据

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.jbef.2026.101151

Rishman Jot Kaur Chahal , Hemant Bidasaria , Hera Asif Khan , Wasim Ahmad

{"title":"Do global bond market sentiments transmit to green bonds? Evidence from a quantile connectedness framework","authors":"Rishman Jot Kaur Chahal , Hemant Bidasaria , Hera Asif Khan , Wasim Ahmad","doi":"10.1016/j.jbef.2026.101151","DOIUrl":"10.1016/j.jbef.2026.101151","url":null,"abstract":"<div><div>Bond market sentiment plays a crucial role in shaping global financial interconnectedness; however, little is known about how sentiment-driven transmission operates across different market conditions and its influence on green bond (GB) markets. Using sentiment indicators from six major economies and global GB returns from 2015 to 2023, we explore a quantile VAR connectedness framework to capture the spillover across normal, bearish, and bullish quantiles. We find asymmetric connectedness across quantiles, with GBs acting as net transmitters in normal and bearish markets and becoming net receivers in bullish phases. There is strong evidence of dominant spillover effects, with the USA and China acting as net transmitters of sentiment shocks, while Japan emerges as a net receiver. From hedging perspective, GBs help reduce the portfolio risk by 27.74 % compared to an unhedged portfolio. Overall, the findings are useful for fund managers looking to invest in global markets and utilise the opportunity of GBs in conjunction with conventional bond markets.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101151"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188862","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

Gambling on Bitcoin options? 赌比特币期权？

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.jbef.2026.101142

Matthew Flynn, Yifan Liu

引用次数: 0

Biodiversity risk disclosures and stock price crash risk 生物多样性风险披露与股价崩盘风险

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.jbef.2026.101146

Donglai Ning, Yukihiro Yasuda

引用次数: 0

How individuals use generative AI for personal financial management 个人如何使用生成式人工智能进行个人财务管理

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.jbef.2026.101145

Tae-Young Pak

{"title":"How individuals use generative AI for personal financial management","authors":"Tae-Young Pak","doi":"10.1016/j.jbef.2026.101145","DOIUrl":"10.1016/j.jbef.2026.101145","url":null,"abstract":"<div><div>This study provides a comprehensive analysis of how individuals use large language models (LLMs) like ChatGPT for everyday financial management. Using survey data from 2170 Korean adults aged 25–59, this study examines the breadth and depth of LLM use across ten domains of personal finance, including budgeting, savings, investment, tax filing, debt, insurance, housing, fraud detection, financial literacy, and psychological support. Results indicate that 67.8 % of respondents have used LLMs for at least one financial task, and 58.7 % have engaged with them across two or more domains. About 15 % reported using LLMs for all ten financial tasks, while 32.2 % indicated that they have never used LLM for financial purposes. The most common applications were stock investment (50.3 %), savings planning (48.2 %), budget management (47.6 %), and tax filing and planning (46.5 %). Usage was significantly higher among men, younger adults, those with higher education, and full-time workers, whereas differences by income, wealth, and home ownership were not significant. Individuals most often used LLM as an <em>on-demand tutor</em> - seeking explanations of terms, concepts, and processes - or as a <em>search engine</em> to retrieve targeted information and compare financial products, though some utilized it for <em>personalized advice</em> or even <em>emotional support</em>. Overall, this study shows that LLMs are already widely used in personal finance, though adoption varies across financial tasks and demographic groups.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101145"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146077933","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

Loss aversion in investment: A bibliometric and network visualization analysis 投资中的损失厌恶：文献计量和网络可视化分析

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-02-06 DOI: 10.1016/j.jbef.2026.101155

Siddhesh S. Soman , Abhijit Chirputkar , Krunal K. Punjani

{"title":"Loss aversion in investment: A bibliometric and network visualization analysis","authors":"Siddhesh S. Soman , Abhijit Chirputkar , Krunal K. Punjani","doi":"10.1016/j.jbef.2026.101155","DOIUrl":"10.1016/j.jbef.2026.101155","url":null,"abstract":"<div><div>Loss aversion is widely considered one of the most influential behavioral biases among investors and has been studied by several researchers over the years. However, a bibliometric study on the topic of ‘Loss Aversion in Investment’ does not exist. To address this gap, we present the first-ever bibliometric and network visualization analysis based on 427 research articles published from 1996 to October 2025. A comprehensive bibliometric protocol was followed, covering document selection, bibliometric analysis, network analysis, and content analysis. Data extracted from ‘Scopus’ database was analyzed using ‘Bibliometrix’ tool. Key indicators included annual research output, citation patterns, co-authorship, co-citation, bibliographic coupling, thematic trends, and keyword analysis. Network visualization was conducted using ‘VOSviewer’, while thematic analysis utilized Biblioshiny to identify emerging research themes. These analyses reveal key clusters in behavioral finance theories and emerging themes in asset allocation. The findings provide theoretical insights, practical implications, and directions for future research.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101155"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188866","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

Corrigendum to “Higher order risk attitudes of financial experts” [J. Behav. Exp. Finance 34 (2022) 100658] 金融专家的高阶风险态度[J]。Behav。财政34 (2022)100658]

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2025-12-06 DOI: 10.1016/j.jbef.2025.101124

Anna Bottasso , Sébastien Duchêne , Eric Guerci , Nobuyuki Hanaki , Charles N. Noussair

引用次数: 0

Emotional dynamics and knowledge spillover in collaborative innovation 协同创新中的情感动力与知识溢出

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-01-11 DOI: 10.1016/j.jbef.2026.101143

Zhen Che , Wenke Yang , Changqi Wu , Qin Gao

{"title":"Emotional dynamics and knowledge spillover in collaborative innovation","authors":"Zhen Che , Wenke Yang , Changqi Wu , Qin Gao","doi":"10.1016/j.jbef.2026.101143","DOIUrl":"10.1016/j.jbef.2026.101143","url":null,"abstract":"<div><div>This study examines the impact of emotional factors and knowledge spillover on the behavioral tendencies of firms, universities, and research institutions within dynamic collaborative innovation environments. Drawing on Rank-Dependent Expected Utility (RDEU) theory with integrated emotional functions, we develop a collaborative innovation model to investigate how knowledge spillovers and emotions shape cooperative dynamics. The results show that players’ emotional states exert a nonlinear influence on strategic decisions, with outcomes determined not by optimism or pessimism alone, but by the intensity of emotions and mutual expectations. Furthermore, knowledge spillovers condition these dynamics by weakening cooperative incentives among optimistic players, while strengthening the willingness of more cautious players to sustain collaboration, with cooperative stability evolving across different stages of interaction. These findings provide new insights into the strategic processes of collaborative innovation from both emotional and knowledge spillover perspectives, offering governance implications for enhancing cooperation among industry, universities, and research institutions.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101143"},"PeriodicalIF":4.7,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145977828","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

Attention to detail: Learning about mergers 注意细节：了解合并

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2026-03-01 Epub Date: 2026-02-27 DOI: 10.1016/j.jbef.2026.101163

Adam L. Aiken , Choonsik Lee

引用次数: 0