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Journal of Behavioral and Experimental Finance最新文献

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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
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
{"title":"Human bias in AI models? Anchoring effects and mitigation strategies in large language models","authors":"Jeremy K. Nguyen","doi":"10.1016/j.jbef.2024.100971","DOIUrl":"10.1016/j.jbef.2024.100971","url":null,"abstract":"<div><p>This study builds on the seminal work of Tversky and Kahneman (1974), exploring the presence and extent of anchoring bias in forecasts generated by four Large Language Models (LLMs): GPT-4, Claude 2, Gemini Pro and GPT-3.5. In contrast to recent findings of advanced reasoning capabilities in LLMs, our randomised controlled trials reveal the presence of anchoring bias across all models: forecasts are significantly influenced by prior mention of high or low values. We examine two mitigation prompting strategies, ‘Chain of Thought’ and ‘ignore previous’, finding limited and varying degrees of effectiveness. Our results extend the anchoring bias research in finance beyond human decision-making to encompass LLMs, highlighting the importance of deliberate and informed prompting in AI forecasting in both <em>ad hoc</em> LLM use and in crafting few-shot examples.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100971"},"PeriodicalIF":4.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000868/pdfft?md5=a59aced4d78dcdb67f3ba973b6b2959e&pid=1-s2.0-S2214635024000868-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142130145","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
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
{"title":"Short-term market reactions to ESG ratings disclosures: An event study in the Chinese stock market","authors":"Zhang-Hangjian Chen ,&nbsp;JingWen Kang ,&nbsp;Kees G. Koedijk ,&nbsp;Xiang Gao ,&nbsp;ZhenHua Gu","doi":"10.1016/j.jbef.2024.100975","DOIUrl":"10.1016/j.jbef.2024.100975","url":null,"abstract":"<div><p>This paper evaluates how Chinese stocks respond to the onboarding of China-focused ESG scores on the Bloomberg Professional Terminal in the short term. By utilizing the event study approach, we find that the top 10 % of ESG-rated stocks react significantly positively to the onboarding event, whereas the bottom 10 % of ESG-rated stocks experience significant and negative cumulative average abnormal returns. Moreover, this effect is asymmetric in that the negative returns have a greater and more prominent magnitude than the positive returns. By comparing the cross-sectional data results before and after the rating event, we propose several channels through which these effects may function. The findings of this study also have economic and policy implications for investors and policy-makers.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100975"},"PeriodicalIF":4.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142130144","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 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 ,&nbsp;Fiza Qureshi ,&nbsp;Farzana Akmal Memon ,&nbsp;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,&nbsp;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
{"title":"When enough is enough: The impact of combined graphical impression management on financial judgement","authors":"Ricardo Lopes Cardoso ,&nbsp;Rodrigo de Oliveira Leite ,&nbsp;Armando Balloni ,&nbsp;Thiago Richter Fonseca","doi":"10.1016/j.jbef.2024.100969","DOIUrl":"10.1016/j.jbef.2024.100969","url":null,"abstract":"<div><p>The literature on impression management has identified three main types of graph manipulation: presentation enhancement, selectivity, and distortion. Nevertheless, no paper has analyzed the combined impact of all three techniques. Through an experiment involving 1701 certified public accountants, participants were exposed to graphs featuring all three manipulation techniques using distinct colors (blue, black, and red), all juxtaposed against graphs with no manipulation or a singular manipulation type. Our results show that selectivity alone has the same impact as distortion, selectivity, and presentation enhancement combined. Additional results demonstrate that the choice of color (blue versus red) in presentation enhancement, when combined with measurement distortion and selectivity, impact participants' perception differently. However, this effect is not observed when colorblind professionals are included.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100969"},"PeriodicalIF":4.3,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142089165","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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