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Misguided mortgage choices: Financial literacy, inflation expectations, and borrowing decisions 误入歧途的抵押贷款选择：金融知识、通胀预期和借贷决策
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-06-08 DOI: 10.1016/j.jbef.2025.101077
Mordechai Ilan , Yevgeny Mugerman
{"title":"Misguided mortgage choices: Financial literacy, inflation expectations, and borrowing decisions","authors":"Mordechai Ilan ,&nbsp;Yevgeny Mugerman","doi":"10.1016/j.jbef.2025.101077","DOIUrl":"10.1016/j.jbef.2025.101077","url":null,"abstract":"<div><div>This study examines how financial literacy influences mortgage selection, particularly the decision to link mortgages to the consumer price index (CPI). Using household-level data, we investigate the role of expected inflation, which should guide optimal mortgage choices. However, we find that low socioeconomic status (SES) borrowers disproportionately rely on current (easily available) inflation rather than inflation expectations. In contrast, financially literate borrowers—from higher SES groups—are better equipped to overcome cognitive biases and base their decisions on expected inflation. This divergence leads low-SES borrowers to systematically anchor their choices to current inflation, often resulting in suboptimal mortgage selection. A unique aspect of our setting is the absence of financial advisors, ensuring that observed decisions reflect borrowers’ own financial literacy and cognitive processing. Our findings emphasize the role of financial literacy in mitigating cognitive biases and promoting better financial decision-making. Expanding financial education initiatives could help low-SES borrowers make more informed mortgage choices, reducing costly selection errors and improving long-term financial stability.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101077"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144298116","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
How does the smart money feel? Hedge fund sentiment, returns, and the business cycle 聪明的钱是什么感觉？对冲基金的情绪、回报和商业周期
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-07-21 DOI: 10.1016/j.jbef.2025.101082
Hamid Yahyaei , Abhay Singh, Tom Smith
{"title":"How does the smart money feel? Hedge fund sentiment, returns, and the business cycle","authors":"Hamid Yahyaei ,&nbsp;Abhay Singh,&nbsp;Tom Smith","doi":"10.1016/j.jbef.2025.101082","DOIUrl":"10.1016/j.jbef.2025.101082","url":null,"abstract":"<div><div>We examine the relationship between the business cycle, sentiment, and the returns of listed U.S. hedge funds. Using Natural Language Processing (NLP) techniques, we construct a novel measure of hedge fund sentiment by mapping fund-level sentiment scores to hand-collected portfolio manager commentaries. Our empirical analysis shows that business cycle fluctuations exert the strongest influence on hedge fund sentiment, outweighing the effects of geopolitical, trade, and climate policy risks. Moreover, hedge fund sentiment exhibits explanatory power for the cross-section of returns, where a one-unit improvement in sentiment (from neutral to positive) is associated with an average annual return increase of approximately 0.74 percentage points.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101082"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144672571","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
On-screen reading vs. On-paper reading: Does it influence trust and risk differently? 屏幕阅读与纸上阅读：对信任和风险的影响不同吗？
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-07-29 DOI: 10.1016/j.jbef.2025.101088
John P. Harrison, Subhashish Samaddar
{"title":"On-screen reading vs. On-paper reading: Does it influence trust and risk differently?","authors":"John P. Harrison,&nbsp;Subhashish Samaddar","doi":"10.1016/j.jbef.2025.101088","DOIUrl":"10.1016/j.jbef.2025.101088","url":null,"abstract":"<div><div>On-screen Reading vs. On-paper Reading: Does It Influence Trust and Risk Differently?</div><div>The current shift in reading medium is from on-paper reading to reading on electronic screen. Not tested to date is whether the reading medium has any effect on investment behaviors such as trust and risk. Through a field experiment, we tested subjects (<em>N</em> = min 209) who were recruited online, ranging in age from 18 to 69 years for reading both on screen and on paper.</div><div>The results showed that the reading medium had no significant effect on the subjects’ self-reported trust but had a significant effect on self-reported risk tolerance, with reading on screen showing markedly more risk tolerance especially in younger ages. The results also showed increased trust with age in reading financial material, and as expected risk tolerance was shown to be significantly negatively related to age. These results imply that reading financial material on screen will result in a higher risk tolerance than would reading the same financial material on paper.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101088"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144770776","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
Extending the technology acceptance model (TAM): Factors influencing behavioural intentions of investors to use the advice of finfluencers 扩展技术接受模型（TAM）：影响投资者使用影响者建议的行为意向的因素
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-08-15 DOI: 10.1016/j.jbef.2025.101092
Arti Chandani , Manisha Sanghvi , Smita Wagholikar , Mohit Pathak , Sonali Bagade , Prashant Ubarhande , Udita Saini
{"title":"Extending the technology acceptance model (TAM): Factors influencing behavioural intentions of investors to use the advice of finfluencers","authors":"Arti Chandani ,&nbsp;Manisha Sanghvi ,&nbsp;Smita Wagholikar ,&nbsp;Mohit Pathak ,&nbsp;Sonali Bagade ,&nbsp;Prashant Ubarhande ,&nbsp;Udita Saini","doi":"10.1016/j.jbef.2025.101092","DOIUrl":"10.1016/j.jbef.2025.101092","url":null,"abstract":"<div><div>Financial Influencers (Finfluencers) have a considerable influence on investment advice, and they use multiple social media platforms to reach target audience. Using Technology Acceptance Model (TAM), the study aims to understand how Perceived Usefulness (PU), Perceived Ease of Use (PEoU), Perceived Awareness (PA), and Subjective Norms (SN) influence the investors' Behavioural Intention (BI) to adopt the recommendations of Finfluencers. We also used Age, Gender, Education Qualification (EQ), and Investment Experience (IE) as the moderating variables. A quantitative research design was adopted, and data was collected from 442 retail investors in India which was analysed using PLS-SEM. Our findings show that PU and PEoU have a significant influence on the intention to adopt the advice of Finfluencers. PU partially mediates the relationship between PEoU and BI. The findings are useful to the regulator for granting license to them as well as to the Finfluencers to offer independent investment advice to build trust among the investors.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101092"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861049","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
Empowering consumers: an experimental study of human and AI intermediary in insurance decision-making 赋予消费者权力：人类和人工智能中介在保险决策中的实验研究
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-08-14 DOI: 10.1016/j.jbef.2025.101096
Xiaolan Yang , Tianjiao Xia , Eryang Zhang , Xue Zhou
{"title":"Empowering consumers: an experimental study of human and AI intermediary in insurance decision-making","authors":"Xiaolan Yang ,&nbsp;Tianjiao Xia ,&nbsp;Eryang Zhang ,&nbsp;Xue Zhou","doi":"10.1016/j.jbef.2025.101096","DOIUrl":"10.1016/j.jbef.2025.101096","url":null,"abstract":"<div><div>Insurance institutions are increasingly leveraging AI to optimize operations, and insurance intermediaries, which are designed to facilitate consumer decision-making, have emerged as a key area of AI adoption. Despite its potential, challenges such as consumer trust, acceptance of algorithmic decision-making, and ethical considerations raise questions about how AI will shape the role of intermediaries in influencing insurance decisions. This study investigates the impact of insurance intermediaries (human vs. AI) on insurance purchasing behaviors through an intertemporal consumption decision experiment involving the option to purchase insurance for unexpected expenses. By varying the availability of insurance and types of intermediaries across experimental treatments, we first establish two fundamental findings: (1) insurance smooths consumption and enhances lifetime utility, and (2) both human and AI intermediaries significantly promote insurance uptake. Contrary to our expectations, the experimental results reveal no overall difference in effectiveness between human and AI intermediaries. However, a heterogeneity analysis using causal tree algorithms highlights critical nuances: individuals with higher risk aversion exhibit a stronger trust in human intermediaries, leading to higher insurance purchase rates, whereas individuals with lower risk aversion show no significant trust differences between human and AI intermediaries. These findings provide actionable insights for insurance companies, emphasizing the need for strategies tailored to high-risk-averse consumers' preference for human guidance, while leveraging AI's potential to effectively engage low-risk-averse individuals. This study contributes to understanding the interplay between AI, trust, and consumer behavior, offering valuable implications for the design of AI-powered insurance services.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101096"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144867284","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
Seeing is believing? Visual, emotional, and ethical dimensions of corporate financial impression management 眼见为实？企业财务印象管理的视觉、情感和伦理维度
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-05-30 DOI: 10.1016/j.jbef.2025.101066
Andreas Hellmann , Suresh Sood, Andrea Melis
{"title":"Seeing is believing? Visual, emotional, and ethical dimensions of corporate financial impression management","authors":"Andreas Hellmann ,&nbsp;Suresh Sood,&nbsp;Andrea Melis","doi":"10.1016/j.jbef.2025.101066","DOIUrl":"10.1016/j.jbef.2025.101066","url":null,"abstract":"<div><div>This editorial introduces and synthesizes contributions to the Journal of Behavioral and Experimental Finance special issue on “Corporate Financial Impression Management” (CFIM). The issue examines the theme of impression management in corporate settings and explicitly encompasses financial behavior, investor perception, and experimental analysis. This special issue highlights the dramatic shift from static identity signalling to dynamic, affective, and algorithmic presentation strategies. Through experiments, machine learning, and behavioral tracking, the papers in this issue show how visual cues, emotional stimuli, and ethical silences influence financial decision-making. We propose the new framing of CFIM to describe this evolving field and identify future challenges at the intersection of AI, regulation, and financial communication ethics.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101066"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145004156","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
Reasoning with financial regulatory texts via Large Language Models 通过大型语言模型对金融监管文本进行推理
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-06-26 DOI: 10.1016/j.jbef.2025.101067
Bledar Fazlija , Meriton Ibraimi , Aynaz Forouzandeh , Arber Fazlija
{"title":"Reasoning with financial regulatory texts via Large Language Models","authors":"Bledar Fazlija ,&nbsp;Meriton Ibraimi ,&nbsp;Aynaz Forouzandeh ,&nbsp;Arber Fazlija","doi":"10.1016/j.jbef.2025.101067","DOIUrl":"10.1016/j.jbef.2025.101067","url":null,"abstract":"<div><div>Interpreting complex financial regulatory texts, such as the Basel III Accords, can be challenging even for human experts. In this paper, we explore the potential of Large Language Models (LLMs) to perform such tasks. Specifically, we evaluate reasoning strategies, namely Chain-of-Thought (CoT) and Tree-of-Thought (ToT), in their ability to assign accurate risk weights to test cases based on the Basel III Standardized Approach (SA) for Credit Risk. Moreover, we propose and test a guided learning-based few-shot variant of CoT and ToT using human expert input. By evaluating 6,501 test cases, comprised of diverse exposure scenarios, our results demonstrate that few-shot prompting with CoT as well as ToT significantly enhances the LLMs’ accuracy in inferring risk weights. For one-shot CoT, we observe gains of almost 13 percentage points in accuracy with GPT-4o, whereas Claude 3 Sonnet shows gains of more than 10 percentage points. Albeit smaller in magnitude, one-shot ToT improvements are around 9 percentage points.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101067"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144511019","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
Why do females display lower financial risk propensity than males? Evidence from structural MRI and resting-state fMRI 为什么女性比男性表现出更低的金融风险倾向？来自结构MRI和静息状态fMRI的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-06-27 DOI: 10.1016/j.jbef.2025.101079
Han Ren , Shiwei Sun , Zhengqiang Zhong , Song Wang
{"title":"Why do females display lower financial risk propensity than males? Evidence from structural MRI and resting-state fMRI","authors":"Han Ren ,&nbsp;Shiwei Sun ,&nbsp;Zhengqiang Zhong ,&nbsp;Song Wang","doi":"10.1016/j.jbef.2025.101079","DOIUrl":"10.1016/j.jbef.2025.101079","url":null,"abstract":"<div><div>Understanding why females and males differ in financial risk-taking is important for both theory and practice. This study integrates neuroscience and behavioral data to examine how sex differences in brain structure-indexed by gray matter volume (GMV)-and brain function-indexed by resting-state functional connectivity (RSFC)-relate to financial risk propensity (FRP) among full-time employees (N = 144; 72 females, 72 males). We found that the association between FRP and GMV in the left superior parietal lobule (SPL), a region involved in emotion regulation and numerical processing, was positive in females but negative in males. Additionally, only in females was lower FRP linked to stronger RSFC between the left SPL and the right hippocampus, a region critical for future-oriented thinking and memory. We also found a significant indirect effect of FRP on the relationship between RSFC and willingness to take risks in investment and career domains for females, but not for males. These findings suggest that in females, greater neural integration of emotional control, numerical reasoning, and prospection may support more cautious financial decisions. This research offers new insights into the neural basis of sex differences in financial decision-making and carries important theoretical and practical implications.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101079"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144500897","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
Girls will be girls? The gendered effect of financial overconfidence on credit card delinquency 女孩就是女孩？金融过度自信对信用卡拖欠的性别影响
IF 4.7 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-07-24 DOI: 10.1016/j.jbef.2025.101086
Malvika Chhatwani
{"title":"Girls will be girls? The gendered effect of financial overconfidence on credit card delinquency","authors":"Malvika Chhatwani","doi":"10.1016/j.jbef.2025.101086","DOIUrl":"10.1016/j.jbef.2025.101086","url":null,"abstract":"<div><div>We investigate the impact of financial overconfidence on credit card behavior among men and women. We operationalize financial overconfidence as a discrepancy between objective and subjective financial literacy. Utilizing a dataset comprising 19,795 individuals, our analysis reveals a significant positive relationship between financial overconfidence and credit card delinquency. Further, we also find that financial overconfidence is significantly weaker among women as compared to men. Our findings are robust to several robustness tests using additional control variables or different operationalizations of independent and dependent variables. These findings offer intriguing practical implications, suggesting a gender-specific intervention to address the effects of financial overconfidence on credit card usage. The theoretical and practical contributions of our research are discussed.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101086"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144722944","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
Are credit scores gender-neutral? Evidence of mis-calibration from alternative and traditional borrowing data 信用评分是中性的吗？来自替代和传统借阅数据的错误校准证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-07-04 DOI: 10.1016/j.jbef.2025.101081
Zilong Liu, Hongyan Liang
{"title":"Are credit scores gender-neutral? Evidence of mis-calibration from alternative and traditional borrowing data","authors":"Zilong Liu,&nbsp;Hongyan Liang","doi":"10.1016/j.jbef.2025.101081","DOIUrl":"10.1016/j.jbef.2025.101081","url":null,"abstract":"<div><div>This study investigates whether credit scoring systems inherently disadvantage women within the subprime borrowing context, where alternative credit data is frequently used. While recent advancements in machine learning and alternative data usage promise greater fairness and accuracy in lending, our findings highlight systemic biases embedded within current credit scoring models. Using a comprehensive sample of alternative borrowers, our analysis reveals that women consistently receive lower credit scores than men, despite exhibiting lower default rates and controlling for extensive credit risk variables. Furthermore, credit scores demonstrate systematically reduced predictive accuracy for women compared to men, underscoring gender biases embedded within these scoring systems. These findings emphasize the urgent need to recalibrate credit scoring models to enhance fairness, accuracy, and financial inclusivity.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101081"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144595732","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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