Journal of Behavioral and Experimental Finance最新文献_第3页

Human bias in AI models? Anchoring effects and mitigation strategies in large language models 人工智能模型中的人类偏见？大型语言模型中的锚定效应和缓解策略

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-09-01 DOI: 10.1016/j.jbef.2024.100971

Jeremy K. Nguyen

引用次数: 0

Short-term market reactions to ESG ratings disclosures: An event study in the Chinese stock market 市场对ESG评级披露的短期反应：中国股市事件研究

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-09-01 DOI: 10.1016/j.jbef.2024.100975

Zhang-Hangjian Chen , JingWen Kang , Kees G. Koedijk , Xiang Gao , ZhenHua Gu

引用次数: 0

Financial literacy and investment behavior of individuals in Pakistan: Evidence from an Environment prone to religious sentiment 巴基斯坦个人的金融知识和投资行为：来自易受宗教情绪影响环境的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-31 DOI: 10.1016/j.jbef.2024.100974

Sobia Shafaq Shah , Fiza Qureshi , Farzana Akmal Memon , Md Hamid Uddin

{"title":"Financial literacy and investment behavior of individuals in Pakistan: Evidence from an Environment prone to religious sentiment","authors":"Sobia Shafaq Shah , Fiza Qureshi , Farzana Akmal Memon , Md Hamid Uddin","doi":"10.1016/j.jbef.2024.100974","DOIUrl":"10.1016/j.jbef.2024.100974","url":null,"abstract":"<div><p>We explore the relationship dynamics between individual’s financial literacy and objective-oriented investment behaviour (OOIB) using the survey data from 686 investors in Pakistan. Drawing impetus from the social cognitive theory, we find that financial literacy significantly influences OOIB, which is subject to the individual’s belief in his/her capacity to manage their own investment portfolio (financial self-efficacy). However, we do not find the hypothesized moderating effect of financial risk attitude on the nexus between financial self-efficacy and OOIB. Our research indicates that factors such as gender, age, education, occupation, income level, and investment experience have a considerable impact on individual's confidence and risk-taking propensity in achieving financial goals. These findings provide valuable insights for policymakers and government bodies aiming to address financial concerns and develop prudent investment policies in an environment influenced by religious sentiments.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100974"},"PeriodicalIF":4.3,"publicationDate":"2024-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000893/pdfft?md5=52d82bda33d96751a6ba2dc3f18777c8&pid=1-s2.0-S2214635024000893-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142151778","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

Survey-based measures of risk attitudes and portfolio risk: Evidence from pension participants 基于调查的风险态度和投资组合风险测量方法：养老金参与者的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-28 DOI: 10.1016/j.jbef.2024.100973

Tolga U. Kuzubaş, Burak Saltoğlu

{"title":"Survey-based measures of risk attitudes and portfolio risk: Evidence from pension participants","authors":"Tolga U. Kuzubaş, Burak Saltoğlu","doi":"10.1016/j.jbef.2024.100973","DOIUrl":"10.1016/j.jbef.2024.100973","url":null,"abstract":"<div><p>We use a unique dataset of pension participants in Turkey to evaluate the effectiveness of a risk questionnaire developed by the regulatory authority. Our analysis includes a reliability assessment (Cronbach’s <span><math><mrow><mi>α</mi><mo>=</mo><mn>0</mn><mo>.</mo><mn>73</mn></mrow></math></span>) and a factor analysis that reveals two latent constructs: risk attitude and financial situation/literacy. Although both factors show a significant positive relationship with participants’ portfolio risk, the overall explanatory power remains low, with an <span><math><msup><mrow><mi>R</mi></mrow><mrow><mn>2</mn></mrow></msup></math></span> of 0.134. Comparing these factors in terms of their contribution to predictive validity, we demonstrate that the risk attitude factor—formed from questions directly addressing financial risk-taking—exhibits significantly greater predictive power than the financial situation/literacy factor, which pertains to questions about the financial situation and self-assessed financial literacy. Our results imply that demographic factors like gender, education level, marital status, and age show weak predictive power for portfolio risk, suggesting that observed behavior in risky choices is more influenced by domain-specific attitudes.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100973"},"PeriodicalIF":4.3,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142089166","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

When enough is enough: The impact of combined graphical impression management on financial judgement 当 "够了 "就是 "够了"：综合图形印象管理对财务判断的影响

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-26 DOI: 10.1016/j.jbef.2024.100969

Ricardo Lopes Cardoso , Rodrigo de Oliveira Leite , Armando Balloni , Thiago Richter Fonseca

引用次数: 0

The confusion of taste and consumption: Evidence from a stated-choice experiment 口味与消费的混淆：来自陈述选择实验的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-22 DOI: 10.1016/j.jbef.2024.100964

Philipp Kleffel, Matthias Muck

{"title":"The confusion of taste and consumption: Evidence from a stated-choice experiment","authors":"Philipp Kleffel, Matthias Muck","doi":"10.1016/j.jbef.2024.100964","DOIUrl":"10.1016/j.jbef.2024.100964","url":null,"abstract":"<div><p>In this paper, we conduct a stated-choice experiment with German retail investors to examine how labeling sustainability information as financially material or immaterial influences investment decisions. Results reveal a strong non-pecuniary preference for sustainability. However, emotional affect leads some investors to erroneously project sustainability information onto firms’ financial performance, regardless of financial materiality. When poor sustainability ratings are labeled as financially material, investors demand further an additional return premium, indicating a misinterpretation of these labels as financial indicators. This bias is particularly evident among investors who incorporate sustainability for pecuniary reasons in the experiment but do not use such information in real-life investing. Our findings suggest that while sustainability labels can guide investor behavior, they also risk distorting financial expectations. This underscores the need for careful design in sustainability disclosure practices and better investor education on the implications of sustainability information.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100964"},"PeriodicalIF":4.3,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000790/pdfft?md5=5c2598ee805a506282700437839327f2&pid=1-s2.0-S2214635024000790-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142048647","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

Complex non-linear relationship between conventional and green bonds: Insights amidst COVID-19 and the RU–UA conflict 传统债券与绿色债券之间复杂的非线性关系：在 COVID-19 和 RU-UA 冲突中的启示

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-08 DOI: 10.1016/j.jbef.2024.100966

Milena Kojić , Petar Mitić , Stephan Schlüter , Slobodan Rakić

{"title":"Complex non-linear relationship between conventional and green bonds: Insights amidst COVID-19 and the RU–UA conflict","authors":"Milena Kojić , Petar Mitić , Stephan Schlüter , Slobodan Rakić","doi":"10.1016/j.jbef.2024.100966","DOIUrl":"10.1016/j.jbef.2024.100966","url":null,"abstract":"<div><p>In times of crisis, such as global pandemics or conflicts, investors’ preference between green and conventional bonds may lean towards the latter due to increased risk aversion and a focus on short-term stability. However, some investors motivated by increased awareness of sustainability issues may maintain or increase their allocation to green bonds, seeing them as an opportunity for long-term resilience and sustainable investing. We use multifractal detrended cross-correlation analysis, wavelet coherence, and copula-based dependence analysis to examine the complex relationship between the <span><math><mrow><mi>S</mi><mi>&</mi><mi>P</mi></mrow></math></span> Green Bond Index and the <span><math><mrow><mi>S</mi><mi>&</mi><mi>P</mi></mrow></math></span> 500 Bond Index. The results indicate the presence of multifractal cross-correlations, the strength of which is most pronounced in times of crisis, especially in the post-COVID-19 period. The wavelet-based analysis also detects the COVID-19 break and shows significant interdependence at all frequency levels after the RU–UA conflict. The copula-based correlation values exhibit a distinct oscillating pattern over time, characterized by an initial break coinciding with the impact of COVID-19. In light of these findings on the impact of COVID-19 and the RU–UA conflict, we have included the Geopolitical Risk Index in our analysis to better understand how geopolitical tensions and conflicts influence the observed interdependence and to gain insight into how changes in the global risk environment affect both bond market dynamics. Overall, the results of this study provide insights into the interconnectedness between conventional and green bond markets and highlight potential spillover effects and systemic risks in an increasingly complex financial landscape.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100966"},"PeriodicalIF":4.3,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142011097","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

Environmental spillovers and local agglomeration: Evidence from large plant openings 环境溢出效应与地方集聚：大型工厂开放的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-06 DOI: 10.1016/j.jbef.2024.100968

Taehyun Kim , Yaeji Lim

引用次数: 0

The interplay of CSR, stakeholder interest management, capital budgeting, and firm performance 企业社会责任、利益相关者利益管理、资本预算与企业绩效的相互作用

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-03 DOI: 10.1016/j.jbef.2024.100967

Ahmed Imran Hunjra , Murugesh Arunachalam , Peter Verhoeven , Sisira Colombage , Elie Bouri

引用次数: 0

Early-life epidemic experience and CSR 早期流行病经历与企业社会责任

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2024-08-02 DOI: 10.1016/j.jbef.2024.100965

Xiaogang He, Yangyang Qi

{"title":"Early-life epidemic experience and CSR","authors":"Xiaogang He, Yangyang Qi","doi":"10.1016/j.jbef.2024.100965","DOIUrl":"10.1016/j.jbef.2024.100965","url":null,"abstract":"<div><p>This study examines the link between the chairperson’s early-life epidemic experience and corporate social responsibility (CSR). Using Chinese A-share listed firms over the time period of 2010–2020, our findings indicate that (1) the chairperson’s early-life epidemic experience contributes significantly and positively to CSR, as evidenced by elevated levels of both internal CSR and external CSR. In a difference-in-differences setting using firms that undergo chairperson changes, we find that there are significant increases in overall CSR, internal CSR, and external CSR after the firm was taken over by chairpersons with higher level of early-life epidemic experience. The relationship between the chairperson’s early-life epidemic experience and CSR remains robust after a series of robustness checks. (2) the downside risk positively moderates the relationship between the chairperson’s early-life epidemic experience and CSR. (3) The results of the heterogeneity analysis indicate that the promotional effect of the chairperson’s early-life epidemic experience on CSR is notably significant for chairperson with longer tenure, and there is no significant difference in the impact of the medical resource level of the chairperson’s birthplace on the aforementioned relationship. These findings shed light on the crucial role of chairpersons’ past experiences, such as early-life epidemic exposure, in shaping CSR practices.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100965"},"PeriodicalIF":4.3,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141950983","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