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Covariates of behavioral consistency among adolescents 青少年行为一致性的相关因素
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-21 DOI: 10.1016/j.jbef.2024.100986
Marco Aschenwald , Armando Holzknecht , Michael Kirchler , Michael Razen
{"title":"Covariates of behavioral consistency among adolescents","authors":"Marco Aschenwald ,&nbsp;Armando Holzknecht ,&nbsp;Michael Kirchler ,&nbsp;Michael Razen","doi":"10.1016/j.jbef.2024.100986","DOIUrl":"10.1016/j.jbef.2024.100986","url":null,"abstract":"<div><div>Building on cross-sectional data for Austrian high school students from fifth to twelfth grade (N = 771), we investigate the covariates of adolescents’ behavioral consistency for which we propose a novel measure focusing on the susceptibility to a battery of behavioral biases. Most importantly, we find that behavioral consistency significantly correlates with sense of future financial security, which demonstrates the practical relevance of the ability to make consistent decisions. Moreover, self-reported parental financial education relates positively to behavioral consistency. Our results also reveal an increase in behavioral consistency from students in lower secondary education to those in upper secondary education, paired with school-type effects in the latter group.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100986"},"PeriodicalIF":4.3,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423121","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
Revisiting financial fragility during the COVID-19 pandemic: Evidence from Taiwan 重新审视 COVID-19 大流行期间的金融脆弱性：来自台湾的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-21 DOI: 10.1016/j.jbef.2024.100993
Hung-Ling Chen , Yuan-Lin Hsu , Chi-Yang Lu
{"title":"Revisiting financial fragility during the COVID-19 pandemic: Evidence from Taiwan","authors":"Hung-Ling Chen ,&nbsp;Yuan-Lin Hsu ,&nbsp;Chi-Yang Lu","doi":"10.1016/j.jbef.2024.100993","DOIUrl":"10.1016/j.jbef.2024.100993","url":null,"abstract":"<div><div>This study examines the impact of self-control and financial literacy on financial fragility during the COVID-19 pandemic in Taiwan. The findings indicate that both cognitive (financial literacy) and non-cognitive/affective (self-control) factors are significantly associated with individuals' financial fragility. Notably, self-control exerts a stronger impact on financial fragility than financial literacy. Individuals with low self-control exhibit significantly lower financial literacy compared to their high self-control counterparts. Additionally, respondents with both high self-control and high financial literacy experience the lowest likelihood of financial fragility. These results are robust after assessing for omitted variables and endogeneity.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100993"},"PeriodicalIF":4.3,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142327882","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 sustainably managed pension savings foster sustainable investments? Evidence from a field experiment 可持续管理的养老金储蓄能促进可持续投资吗？来自实地实验的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-20 DOI: 10.1016/j.jbef.2024.100976
Julia Meyer
{"title":"Do sustainably managed pension savings foster sustainable investments? Evidence from a field experiment","authors":"Julia Meyer","doi":"10.1016/j.jbef.2024.100976","DOIUrl":"10.1016/j.jbef.2024.100976","url":null,"abstract":"<div><div>Pension funds increasingly consider sustainability issues in their asset allocation, and, in general, beneficiaries have been shown to approve of this shift in their pension savings. We assess the prevalence of spillover effects once beneficiaries learn about the sustainability orientation of their pension assets using beneficiaries of a Swiss-based pension fund (n=573). Our results suggest a strong priming effect, with participants investing significantly more in a sustainable investment option after being made aware of the general importance of sustainability. However, when we additionally inform them that their pension fund pursues a distinct sustainable investment strategy, allocations to the sustainable option decrease to levels of a control group without additional information available. This finding indicates that explicitly communicating the sustainability strategy of pension funds can lead to a rebound effect in the form of licensing among beneficiaries.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100976"},"PeriodicalIF":4.3,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311843","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
Using machine learning to predict investors’ switching behaviour 利用机器学习预测投资者的转换行为
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-16 DOI: 10.1016/j.jbef.2024.100992
Paul Nixon , Evan Gilbert
{"title":"Using machine learning to predict investors’ switching behaviour","authors":"Paul Nixon ,&nbsp;Evan Gilbert","doi":"10.1016/j.jbef.2024.100992","DOIUrl":"10.1016/j.jbef.2024.100992","url":null,"abstract":"<div><p>Individual investors’ decisions to switch investments very often lead to significantly lower investment returns so having an effective predictive model of these switches would be of value to clients, advisors and investment managers. A random forest algorithm was applied to a new dataset of over 20 million observations relating to 95,685 clients on Momentum Investments’ platform between 2018 and 2024. It identified a combination of investor characteristics (number of holdings, past switching behaviour, total assets) and external features (past returns, macroeconomic variables) as the key features of investor switch behaviour. This model exceeds commercially accepted standards in respect of the AUC and Gini metrics showcasing the model’s strength in its ranking capability. It can thus provide a useful basis for client segmentation and engagement by financial advisors.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100992"},"PeriodicalIF":4.3,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271491","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
Impression management in the boardroom: How CEO facial trustworthiness influences turnover risk 会议室中的印象管理：首席执行官的面部可信度如何影响离职风险
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-16 DOI: 10.1016/j.jbef.2024.100978
Ly Vi , Huy Xuan Dang , Nam Thanh Vu
{"title":"Impression management in the boardroom: How CEO facial trustworthiness influences turnover risk","authors":"Ly Vi ,&nbsp;Huy Xuan Dang ,&nbsp;Nam Thanh Vu","doi":"10.1016/j.jbef.2024.100978","DOIUrl":"10.1016/j.jbef.2024.100978","url":null,"abstract":"<div><p>This paper examines the effect of perceived trustworthiness on the turnover of Chief Executive Officers (CEOs) and its moderating role in the relationship between firm performance and CEO turnover. We employ a unique dataset comprising headshots of male CEOs in US-listed firms from 2010 to 2019 and a machine learning-based facial landmark detector to construct a composite facial trustworthiness index. Our results show that CEOs exhibiting high facial trustworthiness experience a lower turnover risk. We also find that facial trustworthiness strongly influences the link between firm performance and CEO turnover. Well-performing executives have a lower risk of being dismissed from their positions, and the dismissal risk is even lower among CEOs perceived as having a high facial trustworthiness. Conversely, underperforming CEOs are more likely to be dismissed, and the dismissal probability is greater among CEOs who have been perceived as being highly trustworthy. Our findings are consistent with the predictions of the expectancy violation theory, which posits that trustworthy-looking executives are more likely to be punished if they do not live up to the expectations held by the board of directors.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100978"},"PeriodicalIF":4.3,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142242075","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
Exploring impression management through eye-tracking: A study on the influence of photographs in financial reporting 通过眼动追踪探索印象管理：关于财务报告中照片影响的研究
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-14 DOI: 10.1016/j.jbef.2024.100987
Andreas Hellmann , Simone D. Scagnelli , Lawrence Ang , Suresh Sood
{"title":"Exploring impression management through eye-tracking: A study on the influence of photographs in financial reporting","authors":"Andreas Hellmann ,&nbsp;Simone D. Scagnelli ,&nbsp;Lawrence Ang ,&nbsp;Suresh Sood","doi":"10.1016/j.jbef.2024.100987","DOIUrl":"10.1016/j.jbef.2024.100987","url":null,"abstract":"<div><p>The objective of financial reporting is to provide decision-useful information for a wide range of existing and potential stakeholders. However, the lack of regulation regarding the use of visual imagery may enable companies to engage in impression management and subtly influence the reader’s judgments through careful selection of images and how they obfuscate or clarify information. This study utilizes eye-tracking technology to experimentally examine how non-explanatory photographs influence the performance judgments of non-professional investors comprising business students and auditors. Participants were exposed to an excerpt of the management summary of a fictitious company’s annual report. The findings suggest while a non-explanatory photograph attracts attention in a text-image combination, the information search process and performance-related judgments are free of influences from the photograph. This implies other photographic attributes, such as triggering emotional influences or providing explanatory information, may be more relevant for impression management in influencing judgments over attentional influences.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100987"},"PeriodicalIF":4.3,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142243441","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
Understanding sentiment shifts in central bank digital currencies 了解央行数字货币的情绪变化
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-13 DOI: 10.1016/j.jbef.2024.100988
Thomas Conlon , Shaen Corbet , Yang (Greg) Hou , Yang Hu , Charles Larkin , Les Oxley
{"title":"Understanding sentiment shifts in central bank digital currencies","authors":"Thomas Conlon ,&nbsp;Shaen Corbet ,&nbsp;Yang (Greg) Hou ,&nbsp;Yang Hu ,&nbsp;Charles Larkin ,&nbsp;Les Oxley","doi":"10.1016/j.jbef.2024.100988","DOIUrl":"10.1016/j.jbef.2024.100988","url":null,"abstract":"<div><div>This paper investigates the motivations behind Central Banks’ issuance of digital currencies (CBDC) and the associated risks, including potential misuse and distrust from international actors. Non-issuance of CBDC could hinder financial innovation, while issuance might introduce risks related to cybercriminality and misuse by rogue nations. This study balances these motives by assessing whether sentiment provides significant insights for policymakers and regulators. Utilising social media data, we analyse the impact of CBDC-related central bank releases, severe negative events, and contagion effects from traditional financial markets on CBDC sentiment. Our findings reveal that central bank announcements generally boost positive sentiment towards CBDCs through the provision of reassurance, whereas major geopolitical events trigger significant fluctuations in sentiment. The research highlights the critical role of sentiment analysis in understanding external influences on the development and implementation of CBDCs.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100988"},"PeriodicalIF":4.3,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142319030","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
Is financial literacy a protection tool from online fraud in the digital era? 金融知识是数字时代防范网络欺诈的工具吗？
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-10 DOI: 10.1016/j.jbef.2024.100977
Eleonora Isaia, Noemi Oggero, Davide Sandretto
{"title":"Is financial literacy a protection tool from online fraud in the digital era?","authors":"Eleonora Isaia,&nbsp;Noemi Oggero,&nbsp;Davide Sandretto","doi":"10.1016/j.jbef.2024.100977","DOIUrl":"10.1016/j.jbef.2024.100977","url":null,"abstract":"<div><p>Cybercrime increased dramatically during the Covid-19 pandemic, when people’s online exposure rose significantly. In this paper, we analyze the relation between being a victim of online financial fraud and financial literacy, using representative Italian data collected in 2020. We find that basic financial knowledge is negatively associated with the probability of being defrauded online, while individuals who are overconfident about their level of financial literacy are more likely to fall victim to fraud. Moreover, those who were forced to work remotely because of the pandemic experienced a higher risk of fraud, that was reduced by financial literacy. Our findings suggest that financial literacy may provide protection against online fraud even in a context of high online exposure.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100977"},"PeriodicalIF":4.3,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142243442","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
Preferences for government regulation of pensions: What I want for myself and what I want for others 政府对养老金监管的偏好：我对自己的要求和对他人的要求
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-03 DOI: 10.1016/j.jbef.2024.100970
Carmen Sainz Villalba , Kai A. Konrad
{"title":"Preferences for government regulation of pensions: What I want for myself and what I want for others","authors":"Carmen Sainz Villalba ,&nbsp;Kai A. Konrad","doi":"10.1016/j.jbef.2024.100970","DOIUrl":"10.1016/j.jbef.2024.100970","url":null,"abstract":"<div><p>This paper analyzes how financial literacy and the perception of own eccentricity in pension preferences relates to citizens’ desire to make own choices or to delegate these to the government. It also considers how these factors relate to what regulation citizens want for their co-citizens, and to what extent the regulation they want for themselves relates to the regulation they want for others. We find that respondents with more financial knowledge want less government regulation. Furthermore, those that perceive themselves as having different preferences than the average population want less government regulation. The amount of regulation that respondents want for themselves is highly correlated with what they want for others. However, some respondents hold different preferences for themselves than for others. Specifically, those that want less government regulation for themselves and have more financial knowledge want, on average, more government regulation for others.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100970"},"PeriodicalIF":4.3,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000856/pdfft?md5=0f3ba1c48c80d859da54deb725679748&pid=1-s2.0-S2214635024000856-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142151779","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
The power of play in microfinance: Examining the effect of gamification on customer relationship management performance 小额信贷中游戏的力量：研究游戏化对客户关系管理绩效的影响
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-02 DOI: 10.1016/j.jbef.2024.100972
Aiping Liu , Elena Urquía-Grande , Pilar López-Sánchez , Ángel Rodríguez-López
{"title":"The power of play in microfinance: Examining the effect of gamification on customer relationship management performance","authors":"Aiping Liu ,&nbsp;Elena Urquía-Grande ,&nbsp;Pilar López-Sánchez ,&nbsp;Ángel Rodríguez-López","doi":"10.1016/j.jbef.2024.100972","DOIUrl":"10.1016/j.jbef.2024.100972","url":null,"abstract":"<div><p>This study delves into the impact of gamification usage on the customer relationship management performance of microfinance platforms in China. Specifically, we systematically investigate the positive and negative perceptions influencing gamification adoption, which in turn affect satisfaction, customer engagement, and retention. Our results show that perceived benefit positively influences gamification usage intention, whereas perceived sacrifice exerts a negative impact. Furthermore, gamification usage intention correlates positively with satisfaction, customer engagement, and retention. Finally, the study highlights the positive relationships between satisfaction and customer engagement, as well as between customer engagement and retention. However, no significant relationship is observed between customer satisfaction and customer retention. These insights offer essential implications for enhancing user experiences and fostering customer loyalty.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100972"},"PeriodicalIF":4.3,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142171830","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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