Journal of Behavioral and Experimental Finance最新文献_第8页

Diffusion of mobile banking among rural women: Incentivizing local leaders vs. a marketing campaign 移动银行在农村妇女中的普及：激励当地领导人vs.营销活动

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-08-08 DOI: 10.1016/j.jbef.2025.101085

Pablo Brañas-Garza , Jaromír Kovářík , Ericka G. Rascón Ramírez

{"title":"Diffusion of mobile banking among rural women: Incentivizing local leaders vs. a marketing campaign","authors":"Pablo Brañas-Garza , Jaromír Kovářík , Ericka G. Rascón Ramírez","doi":"10.1016/j.jbef.2025.101085","DOIUrl":"10.1016/j.jbef.2025.101085","url":null,"abstract":"<div><div>How can we promote the adoption of mobile banking among the socially and economically disadvantaged? We compare the effectiveness of two strategies, seeded diffusion via incentivized local leaders and a traditional marketing campaign, to promote the adoption of mobile banking among poor women in rural Peru. For the first one, we exploit the existence of local leaders who were trained by a local firm to promote the diffusion of a mobile banking application. For the second, we take advantage of an on-going traditional marketing campaign at the regional level. Our findings show that the personalized seeded diffusion via local leaders is an effective promotion strategy. It significantly outperforms the traditional campaign, during which adoption rates are statistically indistinguishable from zero. We additionally show that the seeded incentivized diffusion relies on features of the underlying community networks known to promote diffusion of information and trust. Our results emphasize the necessity of personalized approaches to promote technological products such a mobile banking among vulnerable populations.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101085"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144911899","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

Cybersecurity risk and bank risk-taking 网络安全风险与银行风险承担

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.2025.101080

Zunaidah Sulong , Md. Habibur Rahman Fuszder , Mohammad Abdullah , Emmanuel Joel Aikins Abakah

引用次数: 0

The effectiveness of female chief financial officers in managing working capital: Evidence from US-listed firms 女性首席财务官管理营运资金的有效性：来自美国上市公司的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-09-01 Epub Date: 2025-06-25 DOI: 10.1016/j.jbef.2025.101078

Augustine Tarkom , Leiza Nochebuena-Evans , Haibo Wang

{"title":"The effectiveness of female chief financial officers in managing working capital: Evidence from US-listed firms","authors":"Augustine Tarkom , Leiza Nochebuena-Evans , Haibo Wang","doi":"10.1016/j.jbef.2025.101078","DOIUrl":"10.1016/j.jbef.2025.101078","url":null,"abstract":"<div><div>This paper examines how female Chief Financial Officers (CFOs) influence working capital management in U.S. public firms, documenting that female CFOs are associated with significantly lower working capital days compared to their male counterparts. Our analysis reveals several important conditions that enhance female CFOs’ effectiveness. We find that their effectiveness strengthens with greater board gender diversity, diverse international representation, and formal business education, suggesting complementary effects between female executive leadership and board composition. The effectiveness of female CFOs is more pronounced in firms with higher compensation levels and in environments characterized by lower market concentration, higher competitive threats, and broader firm scope. These effects are further amplified under stronger network connectivity, higher managerial ability, and co-opted boards, but independent of the specific committee or board roles held. Our findings remain robust to multiple endogeneity tests, including system GMM estimation, propensity score matching, entropy balancing, copula approaches. Our study contributes to the literature on gender in corporate finance by identifying working capital management as an important channel through which female executives enhance operational efficiency, while also highlighting the organizational and market conditions that amplify their effectiveness. Offering a business case for maintaining and strengthening diversity initiatives even in the face of social anti-activism pressures.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101078"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144500896","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

Professional skepticism and behavioral bias in financial professionals 金融专业人士的职业怀疑与行为偏见

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.2025.101095

CHARISA DE KLERK , ZACK ENSLIN , JOHN HALL

{"title":"Professional skepticism and behavioral bias in financial professionals","authors":"CHARISA DE KLERK , ZACK ENSLIN , JOHN HALL","doi":"10.1016/j.jbef.2025.101095","DOIUrl":"10.1016/j.jbef.2025.101095","url":null,"abstract":"<div><div>Over the past few years professional skepticism has received attention from various stakeholders such as policymakers, practitioners, regulators, and the public. The interest was driven by financial professionals’ failure to apply professional skepticism and the damage it has caused the reputation of the accounting profession. This study investigates the relationship between professional skepticism as a trait and decision-making biases, while also exploring how factors such as gender, age, experience, and personality traits influence financial professionals’ susceptibility to decision-making biases. The study adopted an advanced statistical technique using structural equation modelling to explore the relationship between professional skepticism and decision-making biases. Online surveys were distributed and completed by professional accountants who have professional accreditation with the International Auditing and Assurance Board (IAASB). Findings revealed the presence to a significant extent among financial professionals of confirmation bias, misconceptions of regression to the mean bias, conjunctive event bias, overconfidence bias, and affect bias. Further findings reveal that specific constructs within the professional skepticism trait such as questioning mind, suspension of judgement, search for knowledge, and self-determining, show significant positive (and in some instances negative) relationships with decision-making biases. Gender, experience, and personality traits (such as extraversion and neuroticism) were found to influence susceptibility to certain biases. This research contributes to literature, offering insights into the relationship between professional skepticism and decision-making biases, underlining the importance of understanding skepticism’s implications for decision-makers.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101095"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144878978","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

Does climate risk perception drive the realization of corporate environmental responsibility? 气候风险认知是否推动了企业环境责任的实现？

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.2025.101093

Lihui Tian , Haifeng Wu , Xiaoman Zhu

{"title":"Does climate risk perception drive the realization of corporate environmental responsibility?","authors":"Lihui Tian , Haifeng Wu , Xiaoman Zhu","doi":"10.1016/j.jbef.2025.101093","DOIUrl":"10.1016/j.jbef.2025.101093","url":null,"abstract":"<div><div>This paper explores the impacts and mechanisms of climate risk perception on the realization of environmental responsibility from a micro-firm perspective. We selected the data of Chinese A-share listed companies from 2012 to 2022 as a sample, and used text mining techniques and machine learning algorithms to construct corporate-level climate risk perception indicators, and then examined the impact of climate risk perception on corporate environmental responsibility. The empirical results show that (i) Climate risk perception can effectively improve corporate environmental performance (E score). (ii) Climate risk perception can motivate corporations to achieve environmental responsibility through three channels: enhancing diversification, promoting green technology innovation, and increasing environmental investments. (iii) Expansion analyses show that financial support, economic policy synergies, and institutional synergies can enhance the facilitating effect of climate risk perception on corporate environmental responsibility. This study provides empirical evidence for corporations to address climate risks and achieve sustainable development.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101093"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861050","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

Hedge Funds, Short Sales, and the 52-week High 对冲基金，卖空和52周高点

IF 4.7 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-07-16 DOI: 10.1016/j.jbef.2025.101083

Yixuan Rui, Robert B. Durand

引用次数: 0

Tossed by the tides of emotion: The impact of online media sentiment on stock returns 情绪波动：网络媒体情绪对股票回报的影响

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-04-01 DOI: 10.1016/j.jbef.2025.101045

Liang Chang , Xiaojun Liang , Na Tan

{"title":"Tossed by the tides of emotion: The impact of online media sentiment on stock returns","authors":"Liang Chang , Xiaojun Liang , Na Tan","doi":"10.1016/j.jbef.2025.101045","DOIUrl":"10.1016/j.jbef.2025.101045","url":null,"abstract":"<div><div>This study examines the impact of online media sentiment on stock returns using a dataset of over 8.3 million online financial media reports covering Chinese A-share listed companies. The findings reveal that more positive media sentiment towards a company is associated with higher average monthly stock returns. A zero-investment arbitrage strategy, constructed by buying stocks with high media sentiment and selling those with low media sentiment, yields a significant monthly premium of 4%. These effects are particularly pronounced for stocks with higher investor attention and lower liquidity. Moreover, even after controlling for known risk factors or during IPO quiet periods when no new information is introduced, companies with positive media sentiment continue to exhibit higher stock returns. Further analysis shows that media sentiment can explain approximately 4% to 12% of various market anomalies, and the media sentiment premium exhibits return reversals. This research uncovers the unique mechanisms of media effects in emerging markets and provides robust support for the limited attention theory from behavioral finance.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101045"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767807","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

Inter-industry risk spillovers in the Chinese stock market under epidemic outbreaks 疫情背景下中国股市行业间风险溢出效应分析

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-04-20 DOI: 10.1016/j.jbef.2025.101054

Qianqian Feng , Yiran Shen , Jianping Li , Xiaolei Sun

引用次数: 0

Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin 害怕错过和加密货币矿工：来自狗狗币和莱特币的证据

IF 4.3 2区经济学

Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-04-30 DOI: 10.1016/j.jbef.2025.101059

Geul Lee , Doojin Ryu

引用次数: 0

Gamified risk-taking Gamified冒险