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Proximity-powered attention: Exploring spatial spillover in investor attention 邻近性注意力：投资者注意力的空间溢出效应
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-09-01 DOI: 10.1016/j.jbef.2025.101099
Kevin Rene Lehmann, Peter N. Posch
{"title":"Proximity-powered attention: Exploring spatial spillover in investor attention","authors":"Kevin Rene Lehmann,&nbsp;Peter N. Posch","doi":"10.1016/j.jbef.2025.101099","DOIUrl":"10.1016/j.jbef.2025.101099","url":null,"abstract":"<div><div>This paper examines the transmission of investor attention between firms based on geographical proximity and product market similarity using EDGAR search traffic data. We find that firms receive more attention when a nearby firm experiences abnormal attention, with the effect decreasing with distance and over time. The effect is stronger for firms in similar product markets. Effects are most concentrate among nearby firms, with attention increases exceeding 86% for very similar markets, dropping to 41% as distance increases. This research extends the literature on investor attention and local information bias, highlighting the importance of peer firm relationships in information transmission.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101099"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145020307","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
Anchoring on safe haven: Russia–Ukraine war effects on the cryptocurrency market 锚定安全港：俄乌战争对加密货币市场的影响
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-11-21 DOI: 10.1016/j.jbef.2025.101122
Ivilina Popova, Yifan Liu, Ha-Chin Yi
{"title":"Anchoring on safe haven: Russia–Ukraine war effects on the cryptocurrency market","authors":"Ivilina Popova,&nbsp;Yifan Liu,&nbsp;Ha-Chin Yi","doi":"10.1016/j.jbef.2025.101122","DOIUrl":"10.1016/j.jbef.2025.101122","url":null,"abstract":"<div><div>To investigate whether investors display anchoring bias when seeking safe havens during market downturns, we analyze the cryptocurrency market amid the Russia–Ukraine war. We find that as the conflict intensifies, demand for cryptocurrencies — particularly those previously recognized as safe havens during the COVID-19 pandemic — significantly increases. However, this surge in demand is accompanied by negative returns and heightened risk, indicating that investors might overestimate the safety of cryptocurrencies based on past performance. Moreover, we show that cryptocurrencies positively correlate with S&amp;P 500 and gold during the conflict, diminishing their diversification benefits. Also, cryptocurrencies should not be regarded as safe haven assets for the U.S. dollar or crude oil during the war. These results suggest that investors anchor on historical safe haven attributes, fail to properly adjust their expectations with new information, and overlook the associated risks in volatile markets. The findings are robust to a placebo test, cannot be explained by crypto-based sanction circumvention, and are driven by a geopolitical risk channel. Our study underscores the risk management implications of anchoring bias and highlights the pervasive influence of behavioral biases in the cryptocurrency market.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101122"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623327","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
CEOs, parenthood, and corporate misconduct 首席执行官，为人父母，公司不当行为
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-11-25 DOI: 10.1016/j.jbef.2025.101123
Han Donker , John Nofsinger , Corey A. Shank
{"title":"CEOs, parenthood, and corporate misconduct","authors":"Han Donker ,&nbsp;John Nofsinger ,&nbsp;Corey A. Shank","doi":"10.1016/j.jbef.2025.101123","DOIUrl":"10.1016/j.jbef.2025.101123","url":null,"abstract":"<div><div>This study examines whether CEOs’ personal experiences as parents influence corporate ethical behavior. Drawing on the female socialization hypothesis, we test whether the gender of a CEO’s children, particularly the firstborn, affects the likelihood and severity of corporate misconduct, measured through U.S. Department of Justice regulatory violations. Using a large panel of U.S. firms, we find that companies led by CEOs with daughters commit fewer regulatory violations and pay smaller fines, with the effect concentrated among those whose firstborn child is a daughter. Additional analyses show that the number of daughters further reduces misconduct, suggesting cumulative exposure reinforces ethical awareness. Overall, our results highlight how early and repeated exposure to daughters can shape executives’ moral and risk preferences, ultimately influencing corporate decision-making and reducing unethical behavior.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101123"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623328","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
Personalized reminders: Evidence from a field experiment with voluntary retirement savings in Colombia 个性化提醒：来自哥伦比亚自愿退休储蓄实地实验的证据
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-09-29 DOI: 10.1016/j.jbef.2025.101112
Jared Gars , Laura Prada , Egon Tripodi , Santiago Borda
{"title":"Personalized reminders: Evidence from a field experiment with voluntary retirement savings in Colombia","authors":"Jared Gars ,&nbsp;Laura Prada ,&nbsp;Egon Tripodi ,&nbsp;Santiago Borda","doi":"10.1016/j.jbef.2025.101112","DOIUrl":"10.1016/j.jbef.2025.101112","url":null,"abstract":"<div><div>A large share of the global workforce lacks access to employer-sponsored retirement plans. In Colombia, where labor informality is high, the government introduced the Beneficios Económicos Periódicos (BEPS) program to promote voluntary retirement savings. However, many enrollees fail to contribute regularly. We conduct a randomized controlled trial with 2819 BEPS users, assigning them to different planning and monthly reminder treatments, where reminders are tailored in their timing. We find that personalized reminders significantly increase both the frequency and amount of savings, with individuals who recognize their forgetfulness more likely to demand reminders. Our findings highlight the role of reminders tailored to individuals’ preferred timing in sustaining engagement in voluntary savings programs.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101112"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267334","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
Zero intelligence in an Edgeworth box 埃奇沃斯盒子里没有任何智能
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-09-12 DOI: 10.1016/j.jbef.2025.101098
Brett Williams
{"title":"Zero intelligence in an Edgeworth box","authors":"Brett Williams","doi":"10.1016/j.jbef.2025.101098","DOIUrl":"10.1016/j.jbef.2025.101098","url":null,"abstract":"<div><div>Gode and Sunder (1993) brought a lower-bound to the literature on bounded rationality in the continuous double auction, asserting the institutional rules, rather than the behavior of traders, provide the equilibrating tendencies seen so often in the laboratory. Gode et al. (2004) brought these ‘zero intelligence’ traders to the general equilibrium paradigm as well, though not before a group of studies began questioning whether this new lower-bound was truly void of intelligence. This paper tests the driving assumptions of the general equilibrium adaptation of the zero intelligence model. I find significant variation in market performance when adjusting enforcement of five different assumptions. Enforcement of behavioral-oriented and market-oriented rules show stark differences in their influence on market outcomes, with behavioral-oriented rules providing the most guidance. <span><span><sup>1</sup></span></span></div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101098"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145096164","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
Conducting real-time interactive experiments online: A guide for researchers 在线进行实时互动实验：研究人员指南
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-10-23 DOI: 10.1016/j.jbef.2025.101118
Sarah Lynn Flecke , Sebastian Bachler
{"title":"Conducting real-time interactive experiments online: A guide for researchers","authors":"Sarah Lynn Flecke ,&nbsp;Sebastian Bachler","doi":"10.1016/j.jbef.2025.101118","DOIUrl":"10.1016/j.jbef.2025.101118","url":null,"abstract":"<div><div>The COVID-19 pandemic has accelerated the shift towards online behavioral experiments and the increased adoption of crowdsourcing platforms for participant recruitment. While conducting online studies has become more common, carrying out real-time interactive experiments online presents unique challenges. We provide an overview of existing tools for conducting interactive online experiments and discuss key considerations for setting up and running interactive online studies. We make special mention of the setup combination of studies programmed in oTree and carried out with Prolific samples, which has become popular in experimental and behavioral economics and finance research. Using a case study of a large multi-round experiment involving synchronous decision-making among groups of participants recruited via Prolific, we examine critical factors such as sample availability, participant arrival speed, traffic management, as well as dropout risks and mitigation approaches. We discuss strategies researchers can adopt and suggest areas for further investigation.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101118"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145416889","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
Historical business traditions and stock price crash risk: Evidence from merchant guilds’ influence in China 历史商业传统与股价崩盘风险：来自中国商人公会影响的证据
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-11-07 DOI: 10.1016/j.jbef.2025.101120
Hengyi Su , Jianbo Huang , Lingyun Chen
{"title":"Historical business traditions and stock price crash risk: Evidence from merchant guilds’ influence in China","authors":"Hengyi Su ,&nbsp;Jianbo Huang ,&nbsp;Lingyun Chen","doi":"10.1016/j.jbef.2025.101120","DOIUrl":"10.1016/j.jbef.2025.101120","url":null,"abstract":"<div><div>This study examines whether and how merchant guilds’ historical traditions affect the stock price crash risk of Chinese firms. Using a comprehensive sample of publicly traded companies in China from 2003 to 2019, we find that firms more affected by historical guild traditions have significantly higher crash risk. Mechanism tests show that these firms engage in relation-oriented financial activities—including transactions, guarantees, and loans with their related parties—which is coupled with less voluntary disclosure to external investors. Furthermore, the effect of historical guild tradition on crash risk is especially pronounced for companies with lower analyst coverage, lower institutional ownership, and those in regions with weaker local governance. Overall, this study illustrates that exclusive institutions such as merchant guilds can encourage relation-oriented behaviors and ultimately amplify stock price crash risk.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101120"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145519961","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
Communication of ECB Governing Council members: Impact on intraday financial markets from media messages 欧洲央行管理委员会成员的沟通：媒体信息对盘中金融市场的影响
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-10-02 DOI: 10.1016/j.jbef.2025.101117
Linas Jurkšas, Rokas Kaminskas
{"title":"Communication of ECB Governing Council members: Impact on intraday financial markets from media messages","authors":"Linas Jurkšas,&nbsp;Rokas Kaminskas","doi":"10.1016/j.jbef.2025.101117","DOIUrl":"10.1016/j.jbef.2025.101117","url":null,"abstract":"<div><div>The goal of this paper is to determine the heterogeneity in media messages across the ECB Governing Council members, employing the GPT language model, and assess its impact on financial markets with high-frequency data since 2014. Our findings uncover trends in sentiments and topics in line with economic developments and similar studies. We highlight a marked divergence between hawkish and dovish members. Using regression analysis, we demonstrate that the media messages after the communication of Governing Council members significantly influence various euro area asset classes. These effects are material across different periods. Our study also highlights specific topics that exert a more pronounced influence on market dynamics. Hawkish communication is observed to have a more substantial effect on sovereign bond yields. Furthermore, media messages of Executive Board members and the Governors of Germany, France and Austria are found to have the most significant overall impact on euro area markets.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101117"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145266095","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
Mental framing effects in dynamic portfolio choice 动态投资组合选择中的心理框架效应
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-09-13 DOI: 10.1016/j.jbef.2025.101109
Enrico De Giorgi , Askhat Omar , Thierry Post
{"title":"Mental framing effects in dynamic portfolio choice","authors":"Enrico De Giorgi ,&nbsp;Askhat Omar ,&nbsp;Thierry Post","doi":"10.1016/j.jbef.2025.101109","DOIUrl":"10.1016/j.jbef.2025.101109","url":null,"abstract":"<div><div>We present experimental evidence of systematic decision errors in dynamic portfolio choice. Participants created contingency plans in a lattice model. When returns were independent and identically distributed, most plans were near-optimal for plausible risk preferences. However, under dynamic probabilities, most plans were inefficient, even by First-degree Stochastic Dominance. Allocations showed a lack of sensitivity to probability shifts, consistent with myopic loss aversion. Decision quality improved when participants compared their original plan to precomputed optimal plans. Results highlight the importance of problem framing in dynamic choice and support a libertarian paternalistic approach to choice architecture.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101109"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145096165","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
Under the shield: How directors’ and officers’ liability insurance affects corporate greenwashing 遮羞布之下：董事和高管责任保险如何影响企业的“洗绿”行为
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-12-01 Epub Date: 2025-09-10 DOI: 10.1016/j.jbef.2025.101110
Chun Tang , Guangyi Yang , Xiaoxing Liu
{"title":"Under the shield: How directors’ and officers’ liability insurance affects corporate greenwashing","authors":"Chun Tang ,&nbsp;Guangyi Yang ,&nbsp;Xiaoxing Liu","doi":"10.1016/j.jbef.2025.101110","DOIUrl":"10.1016/j.jbef.2025.101110","url":null,"abstract":"<div><div>The dual-edged nature of Directors’ and Officers’ liability insurance (D&amp;O insurance) draws our attention to exploring how it influences corporate greenwashing by shaping executive behavior. Using data from Chinese listed companies, our results demonstrate that D&amp;O insurance significantly induces corporate greenwashing behavior, with this effect notably mitigated when the insurance announcement emphasizes the company’s interests or includes exemption clauses. We identify that heightened executive moral hazard is the key channel through which this effect operates. The background of executives further distorts the effect of D&amp;O insurance: it is prominent among executive teams with dispersed power, lack of academic and political backgrounds. Further research offers regulators insights on curbing the negative impacts of D&amp;O insurance by highlighting the importance of strengthened regulatory warnings and supervision intensity.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101110"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145096167","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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