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“Buy him some Tesla stocks for his baptism”: Gender differences among young savers "给他买点特斯拉股票作为洗礼"：年轻储蓄者的性别差异
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-10-05 DOI: 10.1016/j.jbef.2024.100996
Jeanette Carlsson Hauff , Cecilia Hermansson
{"title":"“Buy him some Tesla stocks for his baptism”: Gender differences among young savers","authors":"Jeanette Carlsson Hauff ,&nbsp;Cecilia Hermansson","doi":"10.1016/j.jbef.2024.100996","DOIUrl":"10.1016/j.jbef.2024.100996","url":null,"abstract":"<div><div>This paper investigates gender roles in children’s savings, specifically defined as differences pertaining to age, capital invested, financial activity and portfolio composition, using a sample of 58,000 children. We observe gender differences between young female and male account holders. The average age and activity level of boys are significantly higher whereas girls hold more capital in their accounts. We note that activity interacts with both gender, age and capital, and is decisive in explaining financial behaviour, especially that of boys. We conclude that girls have a lower share of saving in direct-owned stock already before the age of one and among teenagers, particularly ages 15–17 years. We discuss our findings applying structuration theory, differentiating between implicit and explicit parental impact prevailing among adolescents, and the definite caring regarding younger children. For policymakers and managers, awareness that gender differences regarding financial behaviour prevail is an important insight.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100996"},"PeriodicalIF":4.3,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423122","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
Google search and cross-section of cryptocurrency returns and trading activities 谷歌搜索与加密货币回报和交易活动的横截面
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-26 DOI: 10.1016/j.jbef.2024.100991
Lai Hoang , Duc Hong Vo
{"title":"Google search and cross-section of cryptocurrency returns and trading activities","authors":"Lai Hoang ,&nbsp;Duc Hong Vo","doi":"10.1016/j.jbef.2024.100991","DOIUrl":"10.1016/j.jbef.2024.100991","url":null,"abstract":"<div><div>This paper examines the effect of investor attention on the cross-section of cryptocurrency returns and trading activities. We find that cryptocurrencies associated with higher abnormal Google search volume subsequently exhibit higher returns, higher volatility, and higher trading volume. The results are robust to alternative sample periods and alternative search keywords, providing concrete support to the attention-induced price pressure hypothesis and consistent with prior studies on the equity market. The effect is more pronounced among larger cryptocurrencies. Only a partial reversal after the initial return increase is observed, implying that investor attention permanently impacts cryptocurrency prices.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100991"},"PeriodicalIF":4.3,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422768","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
Gender vs. personality: The role of masculinity in explaining cognitive style 性别与个性：男性气质在解释认知风格中的作用
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-26 DOI: 10.1016/j.jbef.2024.100995
Daria Plotkina , Arvid O.I. Hoffmann , Patrick Roger , Catherine D’Hondt
{"title":"Gender vs. personality: The role of masculinity in explaining cognitive style","authors":"Daria Plotkina ,&nbsp;Arvid O.I. Hoffmann ,&nbsp;Patrick Roger ,&nbsp;Catherine D’Hondt","doi":"10.1016/j.jbef.2024.100995","DOIUrl":"10.1016/j.jbef.2024.100995","url":null,"abstract":"<div><div>Cognitive style (reflective vs. intuitive) as measured with cognitive reflection tests (CRTs) is an important driver of financial decision-making and the rationality of individual behavior. Prior studies explain CRT score differences by gender, stipulating that women are more intuitive and less reflective than men. Recent work, however, raises doubts about such gender differences, suggesting that CRT score differences stem from gender-related role and personality instead. Accordingly, using survey data from 504 Belgian respondents, we examine which of these two individual difference factors better explains CRT scores. The results indicate that, on average, women indeed have a lower reflective cognitive style and a higher intuitive cognitive style. However, this effect is not only explained by gender per se, but also by self-perceived gender role and personality, that is, perceived masculinity. Indeed, perceived masculinity moderates the effect of gender, so that masculine females have higher reflective and lower intuitive CRT scores.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100995"},"PeriodicalIF":4.3,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423123","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
Risk is in the eye of the investor: Cryptocurrency investors’ engagement with risk, regulatory advice, and regulatory institutions 风险在投资者眼中：加密货币投资者与风险、监管建议和监管机构的关系
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-09-24 DOI: 10.1016/j.jbef.2024.100994
Daphne Sobolev , Vasileios Kallinterakis
{"title":"Risk is in the eye of the investor: Cryptocurrency investors’ engagement with risk, regulatory advice, and regulatory institutions","authors":"Daphne Sobolev ,&nbsp;Vasileios Kallinterakis","doi":"10.1016/j.jbef.2024.100994","DOIUrl":"10.1016/j.jbef.2024.100994","url":null,"abstract":"<div><div>Despite regulators’ warnings that investing in cryptoassets is highly risky, cryptocurrency investments are prevalent. To explore investors’ engagement with regulatory risk advice, we conducted two surveys. Cryptocurrency investors residing in the UK and the US were asked about their interpretation of the notion of risk, awareness of regulatory risk advice, and attitudes towards the advice and the regulators. Investors were also asked whether they followed the advice. Qualitative content analysis of their answers suggests that people often invest in cryptocurrencies although they understand the risks involved and are aware of the regulators’ advice. They do so due to their risk propensity, self-reliance, criticism of the informativeness of the advice, or attitudes towards regulators. Furthermore, negative attitudes towards regulators often stem from lack of trust and the perception that regulators are dated. This study suggests that regulators could benefit investors by providing them with more informative advice and addressing their attitudes.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100994"},"PeriodicalIF":4.3,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357125","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
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
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