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Impression management by Indian female entrepreneurs: Mitigating investor bias in early-stage funding 印度女企业家的印象管理：减轻早期融资中的投资者偏见
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-05-24 DOI: 10.1016/j.jbef.2025.101064
Ashish Vazirani , Soumya Sarkar , Mayank Jyotsna Soni , Titas Bhattacharjee , Mousumi Singha Mahapatra
{"title":"Impression management by Indian female entrepreneurs: Mitigating investor bias in early-stage funding","authors":"Ashish Vazirani ,&nbsp;Soumya Sarkar ,&nbsp;Mayank Jyotsna Soni ,&nbsp;Titas Bhattacharjee ,&nbsp;Mousumi Singha Mahapatra","doi":"10.1016/j.jbef.2025.101064","DOIUrl":"10.1016/j.jbef.2025.101064","url":null,"abstract":"<div><div>Despite growing recognition of female entrepreneurship, gender bias from investors continues to impede access to early-stage funding. As a countermeasure, female entrepreneurs often employ impression management (IM) techniques to shape investor perceptions and improve the prospects of funding. Yet, empirical investigations into the efficacy of such strategies remains nascent. This study examines the influence of IM on investor decision-making in the context of Indian female entrepreneurs. Employing an experimental design, 234 participants evaluated investment proposals online, yielding 694 notional investment decisions. Results from t-tests reveal a statistically significant bias against women entrepreneurs. However, findings also demonstrate IM strategies can attenuate this bias, particularly when coupled with favorable combinations of risk coverage and return potential. The study contributes to the literature on entrepreneurial finance and gender by offering evidence-based insights into the conditions under which IM may be most effective for females.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101064"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178012","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
Images and investment: Experimental evidence on the effects of visual stimuli on financial decisions 图像与投资：视觉刺激对财务决策影响的实验证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-03-19 DOI: 10.1016/j.jbef.2025.101041
Koen van Boxel , Philipp Decke , Sven Nolte , Judith C. Schneider
{"title":"Images and investment: Experimental evidence on the effects of visual stimuli on financial decisions","authors":"Koen van Boxel ,&nbsp;Philipp Decke ,&nbsp;Sven Nolte ,&nbsp;Judith C. Schneider","doi":"10.1016/j.jbef.2025.101041","DOIUrl":"10.1016/j.jbef.2025.101041","url":null,"abstract":"<div><div>We investigate the effect of emotional images on financial decision-making in an incentivized and pre-registered experiment. Utilizing a set of images rated on the emotional dimensions of valence and arousal from the Open Affective Standardized Image Set (OASIS) (Kurdi et al., 2017), we develop an experimental framework that can be easily applied to other contexts such as the use of images in corporate reporting. Further, we introduce a set of nature-related images which are pervasive in the advertisement of sustainable investment products. We show that negative images cause lower investments in risky mutual funds compared to neutral images, while positive images do not exhibit the opposite effect. Nature-related images do not cause investors to invest more than comparable non-nature images. Our results offer insights for financial regulators who are concerned with the impact of selective company disclosure and providers of financial products about the influence on emotional images on financial decisions.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101041"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714723","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
Investor sentiment and cross-section of cryptocurrency returns 投资者情绪和加密货币回报的横截面
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-03-21 DOI: 10.1016/j.jbef.2025.101043
SeungOh Han
{"title":"Investor sentiment and cross-section of cryptocurrency returns","authors":"SeungOh Han","doi":"10.1016/j.jbef.2025.101043","DOIUrl":"10.1016/j.jbef.2025.101043","url":null,"abstract":"<div><div>This study investigates the cross-sectional pricing of sentiment risk in cryptocurrencies, defined as price sensitivity to changes in the Crypto Fear and Greed Index, from November 2018 to July 2024. Controlling for market, size, reversal, and liquidity factors, cryptocurrencies with intermediate sentiment risk yield a risk-adjusted weekly return 3.57% higher than those with low or high risk, revealing a negative sentiment risk premium in cryptocurrencies with high positive sentiment beta. This negative risk premium is partially attributed to overpayment for lottery-like cryptocurrencies. These findings remain robust across cross-sectional regressions, various quantile portfolios, alternative risk factors, and diverse illiquidity measures.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101043"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143680702","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
Assessing linkages between supply chain tokens and other assets: Evidence from a time-frequency quantile connectedness approach 评估供应链代币与其他资产之间的联系：来自时频分位数连通性方法的证据
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-03-01 DOI: 10.1016/j.jbef.2025.101029
Marouene Mbarek , Badreddine Msolli
{"title":"Assessing linkages between supply chain tokens and other assets: Evidence from a time-frequency quantile connectedness approach","authors":"Marouene Mbarek ,&nbsp;Badreddine Msolli","doi":"10.1016/j.jbef.2025.101029","DOIUrl":"10.1016/j.jbef.2025.101029","url":null,"abstract":"<div><div>This study assesses return spillovers and hedging dynamics between supply chain tokens and traditional assets, including equities, currencies, bonds, gold, oil, and Bitcoin, using a time-frequency quantile connectedness approach. Findings reveal that while supply chain tokens exhibit weak connectedness with traditional assets during stable periods, heightened market volatility, such as during the COVID-19 pandemic, significantly increases return spillovers, particularly from equities and Bitcoin. Supply chain tokens offer some diversification potential, especially when paired with oil (WTI), but their effectiveness as hedging instruments varies by time horizon and market conditions. Optimal portfolio weights and hedge ratios suggest that investors should dynamically adjust allocations to mitigate risks effectively, particularly during market instability. These insights emphasize the need for adaptable portfolio strategies when integrating supply chain tokens with traditional assets.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101029"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548470","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
Leading safely: The impact of generalist CEOs on workplace safety 安全领导：多面手ceo对工作场所安全的影响
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-04-24 DOI: 10.1016/j.jbef.2025.101056
Tony Xiaochi Zhang , Alexander Molchanov , Harvey Nguyen , Mia Hang Pham
{"title":"Leading safely: The impact of generalist CEOs on workplace safety","authors":"Tony Xiaochi Zhang ,&nbsp;Alexander Molchanov ,&nbsp;Harvey Nguyen ,&nbsp;Mia Hang Pham","doi":"10.1016/j.jbef.2025.101056","DOIUrl":"10.1016/j.jbef.2025.101056","url":null,"abstract":"<div><div>Businesses are expected to operate as responsible corporate entities, with employee safety serving as a cornerstone of this responsibility. Executives, as corporate leaders, bear moral and ethical obligations to ensure the well-being of their workforce. Drawing on human capital and upper echelons theories, we examine the influence of executives' transferable skills on workplace safety outcomes. We find that chief executive officers (CEOs) with general managerial human capital significantly contribute to the creation of safer work environments. The relation is more pronounced in firms facing financing constraints or intense market competition. These CEOs improve safety outcomes by making more prudent labor investment decisions, reducing employee workloads, and maintaining high information quality. Overall, our study underscores the pivotal role of CEOs' general managerial human capital in promoting employee well-being and mitigating the potential adverse consequences of occupational hazards on firm performance. JEL classification: J28; M12; M54</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101056"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903878","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
The impact of peer returns in social trading 同伴回报在社会交易中的影响
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-05-16 DOI: 10.1016/j.jbef.2025.101057
Nina Klocke , Daniel Müller-Okesson , Tim Hasso , Matthias Pelster
{"title":"The impact of peer returns in social trading","authors":"Nina Klocke ,&nbsp;Daniel Müller-Okesson ,&nbsp;Tim Hasso ,&nbsp;Matthias Pelster","doi":"10.1016/j.jbef.2025.101057","DOIUrl":"10.1016/j.jbef.2025.101057","url":null,"abstract":"<div><div>This paper studies the impact of peers’ performance on social traders’ trading behavior. We analyze a large sample of trading records from a social trading brokerage service that allows its investors to interact with their peers in a social-media-like setting. We investigate how individuals’ trading activities change with respect to the outcomes of their peers in the network. We show that investors’ trading activities increase in their peers’ trading performance. As a result, the trading performance decreases, and the volatility of returns increases. We exploit plausibly unexpected performance shocks to address the endogeneity concern inherent in the analysis of peer effects.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101057"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144088806","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 heterogeneous information induces market inefficiencies 异质信息如何导致市场效率低下
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-04-11 DOI: 10.1016/j.jbef.2025.101052
Markus J. Rieder
{"title":"How heterogeneous information induces market inefficiencies","authors":"Markus J. Rieder","doi":"10.1016/j.jbef.2025.101052","DOIUrl":"10.1016/j.jbef.2025.101052","url":null,"abstract":"<div><div>We attribute varying returns in a trading market to heterogeneously informed investors. A general framework to model asymmetric information is proposed and shown to result in closed-form solutions to problems that have not been solved analytically, including risk and return profiles across various information states. Under a non-cumulative, noise-free information gathering regime, we derive an analytic expression for expected returns that aligns with economic intuition. When noise is added, we observe an increase in market efficiency, contrary to the belief that such an improvement is achievable solely through valuable information. Assuming cumulative information gathering, we derive analytic return profiles that were previously obtained only through simulations or observed in market experiments.The proposed model for returns in closed trading markets may serve as a general framework for analyzing any kind of information distribution. It also challenges market efficiency since, without any additional assumptions on risk or utility, performance differences arise solely from heterogeneously informed investors.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101052"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143829385","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, risk tolerance, and cryptocurrency ownership in the United States 美国的金融知识、风险承受能力和加密货币所有权
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-05-01 DOI: 10.1016/j.jbef.2025.101060
Fumiko Hayashi, Aditi Routh
{"title":"Financial literacy, risk tolerance, and cryptocurrency ownership in the United States","authors":"Fumiko Hayashi,&nbsp;Aditi Routh","doi":"10.1016/j.jbef.2025.101060","DOIUrl":"10.1016/j.jbef.2025.101060","url":null,"abstract":"<div><div>Cryptocurrency owners without sufficient financial literacy and risk tolerance may be financially vulnerable, as the cryptocurrency market is highly volatile and lacks consumer protections. Our study divides cryptocurrency owners based on their purpose for holding cryptocurrencies—investment only (investors), transactions only (transactors), and a mix of investment and transactions (mix users)—and examines how each group correlates with financial literacy and risk tolerance compared to consumers who do not own cryptocurrencies (nonowners). Using the 2022 Survey of Household Economics and Decisionmaking, we find that investors and mix users are significantly or moderately more financially literate and risk tolerant than nonowners, but transactors are less financially literate and slightly more risk tolerant than nonowners. We also find that the three groups of cryptocurrency owners vary by demographic and financial characteristics. Our findings highlight that transactors could be particularly financially vulnerable in the absence of consumer protections in the cryptocurrency market.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101060"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143917554","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
Happiness and IPO performance 幸福感与IPO业绩
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-03-29 DOI: 10.1016/j.jbef.2025.101044
Konpanas Dumrongwong , Suwongrat Papangkorn
{"title":"Happiness and IPO performance","authors":"Konpanas Dumrongwong ,&nbsp;Suwongrat Papangkorn","doi":"10.1016/j.jbef.2025.101044","DOIUrl":"10.1016/j.jbef.2025.101044","url":null,"abstract":"<div><div>This study investigates the relationship between investor sentiment and stock market performance using a novel approach: the X-based happiness index. Analyzing U.S. firms from 2008 to 2023, we employ both ordinary least squares (OLS) and quantile regression techniques to examine potential nonlinear relationships. While OLS results show a positive association between happiness and returns, our quantile regression analysis reveals a more nuanced relationship: the positive correlation is present across all quantiles but achieves statistical significance exclusively in the upper quantile. This asymmetric effect suggests that happiness exerts its strongest influence during periods of high returns, with tests confirming that the effect in the highest quantile significantly differs from other market conditions. Our findings contribute to behavioral finance literature by demonstrating how social media-derived sentiment measures can capture market dynamics missed by traditional indicators, suggesting investors should pay particular attention to happiness indicators during strong market performance.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101044"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776550","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
Upholding integrity: The influence of executives’ backgrounds on corporate information environment 秉持诚信：高管背景对企业信息环境的影响
IF 4.3 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 Epub Date: 2025-04-19 DOI: 10.1016/j.jbef.2025.101050
Ngan Hoang Vu , Ha V. Dang , Hung T. Nguyen , Mia Hang Pham
{"title":"Upholding integrity: The influence of executives’ backgrounds on corporate information environment","authors":"Ngan Hoang Vu ,&nbsp;Ha V. Dang ,&nbsp;Hung T. Nguyen ,&nbsp;Mia Hang Pham","doi":"10.1016/j.jbef.2025.101050","DOIUrl":"10.1016/j.jbef.2025.101050","url":null,"abstract":"<div><div>Motivated by the roles of corporate management in shaping corporate decisions and the importance of stock liquidity in financial markets, we examine whether trust in management influences the liquidity costs of the firm that they manage. Using manually collected propriety data from several datasets, this study documents that firms led by ex-military CEOs are associated with higher stock market liquidity than firms run by non-military CEOs. Military CEOs influence stock liquidity by improving their firms’ information environment and reducing performance volatility. Firms led by military CEOs have higher social capital, higher levels of voluntary disclosure, fewer stock price delays, and lower levels of informed trading. In addition, firms run by military CEOs have lower costs of capital and default risk. Overall, consistent with behavioral consistency theory, our findings highlight the importance of executives’ early-life experience in reducing information frictions, fostering trust, and improving secondary market quality.</div><div>“I think of all the time I spent in the military and in law enforcement and the many times I saw someone do the right thing because it was the right thing to do. The essence of integrity is what you do in and of yourself — you must be true to yourself.”</div><div>---Patrick O’Toole, Director &amp; Executive Vice President, HealthMarkets Insurance Agency.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"46 ","pages":"Article 101050"},"PeriodicalIF":4.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143864338","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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