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Journal of Behavioral and Experimental Finance最新文献

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Investigation of the convex time budget experiment by parameter recovery simulation 通过参数恢复模拟研究凸时间预算实验
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-26 DOI: 10.1016/j.jbef.2024.100962
Keigo Inukai , Yuta Shimodaira , Kohei Shiozawa
{"title":"Investigation of the convex time budget experiment by parameter recovery simulation","authors":"Keigo Inukai ,&nbsp;Yuta Shimodaira ,&nbsp;Kohei Shiozawa","doi":"10.1016/j.jbef.2024.100962","DOIUrl":"10.1016/j.jbef.2024.100962","url":null,"abstract":"<div><p>The convex time budget (CTB) method is a widely used experimental technique for eliciting an individual’s time preference in intertemporal choice problems. This paper investigates the accuracy of the estimation of the discount factor parameter and the present bias parameter in the quasi-hyperbolic discounted utility function for the CTB experiment. In this paper, we use a simulation technique called “parameter recovery”. We found that the precision of present bias parameter estimation is poor within the range of previously reported parameter estimates, making it difficult to detect the effect of present bias. Our results recommend against using a combination of the CTB experimental task and the quasi-hyperbolic discounted utility model to explore the effect of present bias.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100962"},"PeriodicalIF":4.3,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000777/pdfft?md5=371b229a030e22179fb2cd576b325cac&pid=1-s2.0-S2214635024000777-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141842678","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
Related-party transactions and CEO foreign experience: Evidence from China 关联方交易与首席执行官的国外经验：来自中国的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-26 DOI: 10.1016/j.jbef.2024.100963
Liping Dong , Sadok El Ghoul , Omrane Guedhami , Konari Uchida , Yuyang Zhang
{"title":"Related-party transactions and CEO foreign experience: Evidence from China","authors":"Liping Dong ,&nbsp;Sadok El Ghoul ,&nbsp;Omrane Guedhami ,&nbsp;Konari Uchida ,&nbsp;Yuyang Zhang","doi":"10.1016/j.jbef.2024.100963","DOIUrl":"10.1016/j.jbef.2024.100963","url":null,"abstract":"<div><p>Chinese CEOs with foreign experience tend to engage less in related-party transactions (RPTs). This result holds across various analyses, including firm-fixed effects model estimations, matching on firm and CEO characteristics, additional controls, and instrumental variable regressions. The effect of CEO foreign experience is pronounced for non-state-controlled and non–politically connected firms. The effect is weaker for firms with independent boards and foreign shareholders. Moreover, CEOs exposed to more developed institutional environments tend to reduce RPTs more. Collectively, our findings indicate that CEO foreign experience can enhance corporate governance in emerging markets.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100963"},"PeriodicalIF":4.3,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000789/pdfft?md5=eb34287d96bec9b393a1d6c1a4ffb3aa&pid=1-s2.0-S2214635024000789-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141978920","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
Impact investment preferences for carbon target difficulty, progress and science-based approval 碳目标难度、进度和科学审批的影响投资偏好
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-24 DOI: 10.1016/j.jbef.2024.100960
Uliana Gottlieb, Anna Kristina Edenbrandt
{"title":"Impact investment preferences for carbon target difficulty, progress and science-based approval","authors":"Uliana Gottlieb,&nbsp;Anna Kristina Edenbrandt","doi":"10.1016/j.jbef.2024.100960","DOIUrl":"10.1016/j.jbef.2024.100960","url":null,"abstract":"<div><p>Alongside sustainable finance regulations, the new European Sustainability Reporting Standards introduce the need to disclose carbon target difficulty and the science-based nature of targets to enable better investment decisions. However, investment preferences towards established target attributes and emerging ones like target progress are understudied, especially in impact investments, where they can signal the potential for desired emission reduction beyond previous emission levels. This study uses a discrete choice experiment in Sweden with potential impact investors towards climate change mitigation to elicit their preferences towards progress on carbon targets, target emission reduction level and science-based approval for more or less emission-intensive firms. The findings suggest that respondents favour many target characteristics independently and in interactions with other carbon information. Results of the latent class analysis further suggest preference heterogeneity towards carbon targets to stem from attitudinal-, cognitive-, knowledge- and socio-demographic characteristics of individuals.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100960"},"PeriodicalIF":4.3,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000753/pdfft?md5=111ee312a7144f4e1af88bbb84c1c707&pid=1-s2.0-S2214635024000753-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141773038","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
Managerial sentiment and employment 管理人员的情绪和就业
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-22 DOI: 10.1016/j.jbef.2024.100961
Maurizio Montone , Yuhao Zhu , Remco C.J. Zwinkels
{"title":"Managerial sentiment and employment","authors":"Maurizio Montone ,&nbsp;Yuhao Zhu ,&nbsp;Remco C.J. Zwinkels","doi":"10.1016/j.jbef.2024.100961","DOIUrl":"10.1016/j.jbef.2024.100961","url":null,"abstract":"<div><p>Recent research shows that managers, much like investors, are prone to sentiment. In this paper, we study the effect of managerial sentiment on firms’ operations both theoretically and empirically. Consistent with our model’s predictions, we find that high managerial sentiment increases employment growth, especially among firms with limited investment opportunities and regardless of their cash resources. We also show that high managerial sentiment offsets the negative effect of low investor sentiment and bad governance on employment, but ultimately leads to lower labor productivity. Overall, the findings unveil a new channel through which optimistic managers affect firms’ operations.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100961"},"PeriodicalIF":4.3,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000765/pdfft?md5=3fa72c29f2534274fad53c2d449a6def&pid=1-s2.0-S2214635024000765-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141773240","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
Information aggregation with heterogeneous traders 异质交易商的信息汇总
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-09 DOI: 10.1016/j.jbef.2024.100956
Cary Deck , Tae In Jun , Laura Razzolini , Tavoy Reid
{"title":"Information aggregation with heterogeneous traders","authors":"Cary Deck ,&nbsp;Tae In Jun ,&nbsp;Laura Razzolini ,&nbsp;Tavoy Reid","doi":"10.1016/j.jbef.2024.100956","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100956","url":null,"abstract":"<div><p>The efficient market hypothesis predicts that asset prices reflect all available information. Recent experimental work found the rational expectation model to outperform the prior information model in contingent claim markets when traders hold homogeneous values, despite the no trade equilibrium. However, recent experiments have also demonstrated the inability of contingent claim markets to successfully aggregate information when traders hold highly differentiated asset values. These prior findings beg the question of whether homogeneous values are a necessary condition for efficient market outcomes in contingent claim markets. The experiments reported in this paper show that homogeneous values are not a necessary condition for information aggregation.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100956"},"PeriodicalIF":4.3,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141606641","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
Immigration Narrative and Home Prices 移民叙事与房价
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-09 DOI: 10.1016/j.jbef.2024.100959
Stefano Mazzotta
{"title":"Immigration Narrative and Home Prices","authors":"Stefano Mazzotta","doi":"10.1016/j.jbef.2024.100959","DOIUrl":"10.1016/j.jbef.2024.100959","url":null,"abstract":"<div><p>This study characterizes the relationship between <em>U.S. National Home Prices</em> and <em>Immigration Narrative</em> as portrayed on TV news. Integrating Narrative Economics and Natural Language Processing (NLP) sentiment analysis, I analyze a large dataset of 1.96 million TV news transcripts spanning July 2009 to December 2023 to capture the sentiment of the Immigration Narrative. Immigration Narrative Sentiment and U.S. Home Prices are associated. One standard deviation orthogonalized shock to the sentiment Granger-causes a statistically significant and economically meaningful increase in the Case–Shiller U.S. National Home Price. The cumulative increase is equivalent to about 26 percent of the average monthly change during the sample period. Moreover, the effect of a shock to the Immigration Narrative Sentiment on Home Prices is permanent, suggesting that the Immigration Narrative contains fundamental information about Home Prices not captured by standard economic variables. Conversely, there is no evidence that Home Price variation affects Immigration Narrative.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100959"},"PeriodicalIF":4.3,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141701777","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
Retail attention on earnings announcement days: Evidence from social media 财报公布日的零售关注度：来自社交媒体的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-03 DOI: 10.1016/j.jbef.2024.100958
Qiuye Cai , Kenneth Yung
{"title":"Retail attention on earnings announcement days: Evidence from social media","authors":"Qiuye Cai ,&nbsp;Kenneth Yung","doi":"10.1016/j.jbef.2024.100958","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100958","url":null,"abstract":"<div><p>We develop a novel direct measure of abnormal retail attention using tweet frequency on StockTwits. Contrary to prior evidence, our results show that firm-level abnormal retail attention is only slightly diminished by market-level abnormal retail attention.More importantly, we find that firm-level abnormal retail attention enhances the immediate incorporation of earnings information in share prices and alleviates post earnings announcement drift. Unlike prior studies that usually consider retail investors uninformed and play no role in price discovery, our results suggest that the proliferation of inexpensive techniques for information gathering nowadays makes the role played by retail investors in capital markets increasingly important.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100958"},"PeriodicalIF":4.3,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141542656","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
Extrapolative beliefs and return predictability: Evidence from China 外推信念与回报可预测性：来自中国的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-07-02 DOI: 10.1016/j.jbef.2024.100957
Huajing Zhang , Fuwei Jiang , Yumin Liu
{"title":"Extrapolative beliefs and return predictability: Evidence from China","authors":"Huajing Zhang ,&nbsp;Fuwei Jiang ,&nbsp;Yumin Liu","doi":"10.1016/j.jbef.2024.100957","DOIUrl":"10.1016/j.jbef.2024.100957","url":null,"abstract":"<div><p>We explore the role of extrapolative beliefs in return predictability in the Chinese stock market. Extrapolation-based theories suggest that the return predictability arises from the eventual correction of mispricing caused by extrapolators, particularly during periods of high extrapolative beliefs. Our findings support this notion, indicating that greater extrapolative beliefs strengthen the return predictability of valuation ratios. Mechanism analyses reveal that extrapolative beliefs influence the mean-reversion and investor sentiment.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100957"},"PeriodicalIF":4.3,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141636824","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 Education or Incentivizing Learning-By-Doing? Evidence from an RCT with Undergraduate Students 金融教育还是鼓励边做边学？一项针对本科生的 RCT 研究提供的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-06-28 DOI: 10.1016/j.jbef.2024.100954
Luis Oberrauch , Tim Kaiser
{"title":"Financial Education or Incentivizing Learning-By-Doing? Evidence from an RCT with Undergraduate Students","authors":"Luis Oberrauch ,&nbsp;Tim Kaiser","doi":"10.1016/j.jbef.2024.100954","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100954","url":null,"abstract":"<div><p>We study the effects of digital financial education interventions on undergraduate students’ financial knowledge in a small-scale RCT. We test the substitutability or complementarity of two treatments: an online video financial education treatment and an incentive-based approach where students are issued pre-paid voucher cards worth 50 EUR to register with a broker specializing in robo-advised investment in Exchange Traded Funds (ETFs). Three months after the intervention, the video treatment enhanced financial knowledge scores by more than 0.5 standard deviations. Conversely, the vouchers showed no effect. The findings suggest that subsidies encouraging robo-advised investment into ETFs cannot substitute direct financial education in our setting, and there is no evidence for complementarity between these interventions.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100954"},"PeriodicalIF":4.3,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000698/pdfft?md5=c2df1a42f16aa70b84f70197be5e0a6c&pid=1-s2.0-S2214635024000698-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141483715","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
Return volatility and trading volume of GameFi GameFi 的回报波动和交易量
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-06-28 DOI: 10.1016/j.jbef.2024.100955
Guiqiang Shi , John W. Goodell , Dehua Shen
{"title":"Return volatility and trading volume of GameFi","authors":"Guiqiang Shi ,&nbsp;John W. Goodell ,&nbsp;Dehua Shen","doi":"10.1016/j.jbef.2024.100955","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100955","url":null,"abstract":"<div><p>Focusing on GameFi, we test theories regarding the relationship between return volatility and trading volume. These theories include the Mixture of Distribution Hypothesis (MDH) and the Sequential Information Arrival Hypothesis (SIAH). Empirical results indicate rejection of MDH and support for SIAH. These results are robust to alternative measurements of trading volume and return volatility. Subperiod analysis further reveals that SIAH is more pronounced during periods of high investor attention and low economic uncertainty. The results will be of interest to scholars interested in the robustness of established financial theories for revolutionary financial products.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100955"},"PeriodicalIF":4.3,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141486912","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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