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Journal of Behavioral and Experimental Finance最新文献

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Benefits of consistent and comprehensive financial advice during the great recession 在大衰退期间提供一致而全面的财务建议的益处
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-02-15 DOI: 10.1016/j.jbef.2024.100900
Aman Sunder , Lance Palmer , Swarn Chatterjee , Joseph Goetz
{"title":"Benefits of consistent and comprehensive financial advice during the great recession","authors":"Aman Sunder ,&nbsp;Lance Palmer ,&nbsp;Swarn Chatterjee ,&nbsp;Joseph Goetz","doi":"10.1016/j.jbef.2024.100900","DOIUrl":"10.1016/j.jbef.2024.100900","url":null,"abstract":"<div><p>Financial advice can be valuable during periods of economic uncertainty but measuring this value can be difficult. Using a nationally representative dataset of U.S. households during the Great Recession, we compare the net worth of households that retained a comprehensive financial adviser, a specialized financial adviser, or no financial adviser. A difference-in- difference analysis reveals that maintaining a relationship with a comprehensive financial adviser is associated with higher household net worth, relative to households with inconsistent relationships with advisers, or relationships in which only specified services are sought. Overall, our findings suggest that consumers benefit most when they make the financial decision to consistently work with a financial adviser from whom they seek comprehensive services.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100900"},"PeriodicalIF":6.6,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139812809","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
Unpacking the relevance of interpersonal trust in the blockchain era: Theory and experimental evidence 解读区块链时代人际信任的相关性：理论与实验证据
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-02-15 DOI: 10.1016/j.jbef.2024.100901
Đorđe Milosav , Marina Nistotskaya
{"title":"Unpacking the relevance of interpersonal trust in the blockchain era: Theory and experimental evidence","authors":"Đorđe Milosav ,&nbsp;Marina Nistotskaya","doi":"10.1016/j.jbef.2024.100901","DOIUrl":"10.1016/j.jbef.2024.100901","url":null,"abstract":"<div><p>Despite being proclaimed a “trust-free” technology, the link between blockchain and interpersonal trust remains understudied. By considering one of the most prominent use-cases of blockchain - smart contracts, we argue that the non-punitive nature of smart contracts may facilitate trustworthy behavior in human interaction by encouraging trustees to view themselves as internally motivated cooperators and to honor the trustor’s move that exceeds the encoded response. We test this argument through an online experiment in which the hallmark property of smart contracts—automated enforcement—is exploited. The results show that trustees in the experimental treatment return ten percentage points more than their counterparts in the trust treatment, thereby exhibiting a more trustworthy behavior. This experimental evidence shows that the presence of blockchain technology does not crowd out all properties of trusting behavior from human interactions.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"42 ","pages":"Article 100901"},"PeriodicalIF":6.6,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000169/pdfft?md5=ea088bb0f3fde136218bbe64b9b315a1&pid=1-s2.0-S2214635024000169-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139822014","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
Dynamics of momentum in financial markets based on the information diffusion in complex social networks 基于复杂社会网络信息扩散的金融市场动量动力学
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-02-09 DOI: 10.1016/j.jbef.2024.100897
Xing Cai , Wei Xia , Weihua Huang , Haijun Yang
{"title":"Dynamics of momentum in financial markets based on the information diffusion in complex social networks","authors":"Xing Cai ,&nbsp;Wei Xia ,&nbsp;Weihua Huang ,&nbsp;Haijun Yang","doi":"10.1016/j.jbef.2024.100897","DOIUrl":"10.1016/j.jbef.2024.100897","url":null,"abstract":"<div><p>This paper focuses on why momentum expresses different dynamics based on complex social networks. We construct an epidemiological information transmission model under the assumption of complex investor networks. We consider two kinds of networks with different degree distributions: uniform distribution and power-law distribution, and then we discuss the scenarios when the networks are assortative or disassortative. We find that the degree distribution and the degree correlation affect the momentum dynamics. In power-law networks, the assortative network exhibits a lower information diffusion rate in the short term but higher in the long term compared to the disassortative network. In contrast, the disassortative network has a higher information diffusion rate than the assortative network in uniform networks. In power-law networks, network assortativity exerts a significant influence on profit, whereas, in uniform networks, it has minimal impact on profit.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100897"},"PeriodicalIF":6.6,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139816025","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
Gender differences and measurement error in financial literacy 金融知识的性别差异和测量误差
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-02-07 DOI: 10.1016/j.jbef.2024.100896
Edoardo Lanciano, Daniele Previati, Ornella Ricci, F. Saverio Stentella Lopes
{"title":"Gender differences and measurement error in financial literacy","authors":"Edoardo Lanciano,&nbsp;Daniele Previati,&nbsp;Ornella Ricci,&nbsp;F. Saverio Stentella Lopes","doi":"10.1016/j.jbef.2024.100896","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100896","url":null,"abstract":"<div><p>We study gender differences in stock market participation and financial resilience, appropriately controlling for financial literacy, as suggested by Almenberg and Dreber (2015). Financial literacy is very difficult to measure accurately, and our proxies generally contain a random error that spills over to other correlated variables, such as gender. Our main results show that after addressing measurement error with the instrumental variable approach proposed by Gillen et al. (2019), the gender gap in financial resilience is substantially reduced and becomes statistically indistinguishable from zero. This evidence suggests that financial literacy surveys should be carefully designed to reduce measurement error, for example by including multiple elicitations of the same item and providing a panel component.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100896"},"PeriodicalIF":6.6,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139749094","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
Price clustering on cryptocurrency order books at a US-based exchange 美国一家交易所加密货币订单簿上的价格聚类
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-02-01 DOI: 10.1016/j.jbef.2024.100893
SeungOh Han
{"title":"Price clustering on cryptocurrency order books at a US-based exchange","authors":"SeungOh Han","doi":"10.1016/j.jbef.2024.100893","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100893","url":null,"abstract":"<div><p><span>We investigate the price clustering effect in cryptocurrency limit order books, where traders tend to place orders in round numbers. Analyzing 10-minute snapshots of five USD-denominated cryptocurrencies over 35 weeks (January–August 2020), we find that the frequency of specific cent components (e.g., 00, 50) increases significantly at higher </span>price levels. Subsample analyses reveal that this effect strengthens with larger previous cumulative dollar depth and larger price distance from the best price. Furthermore, near-best-price and far-from-best-price dollar quotes exhibit a weak negative and strong positive price impact, respectively, confirming the informativeness of the clustering effect. These findings remain robust when considering superstitious two digits, cluster undercutting, last digits, excluding stale quotes, and additional price levels.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100893"},"PeriodicalIF":6.6,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139675139","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
Do people gamble or invest in the cryptocurrency market? Transactional-level evidence from Thailand 人们是在加密货币市场赌博还是投资？泰国交易层面的证据
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-01-26 DOI: 10.1016/j.jbef.2024.100895
Voraprapa Nakavachara , Roongkiat Ratanabanchuen , Kanis Saengchote , Thitiphong Amonthumniyom , Pongsathon Parinyavuttichai , Polpatt Vinaibodee
{"title":"Do people gamble or invest in the cryptocurrency market? Transactional-level evidence from Thailand","authors":"Voraprapa Nakavachara ,&nbsp;Roongkiat Ratanabanchuen ,&nbsp;Kanis Saengchote ,&nbsp;Thitiphong Amonthumniyom ,&nbsp;Pongsathon Parinyavuttichai ,&nbsp;Polpatt Vinaibodee","doi":"10.1016/j.jbef.2024.100895","DOIUrl":"10.1016/j.jbef.2024.100895","url":null,"abstract":"<div><p>Should cryptocurrencies be viewed as a gambling tool or a risky investment instrument? While their unpredictable returns resemble gambling, recent studies show their prices having a time-varying correlation with traditional risky assets like the S&amp;P 500. Many institutional investors have, thus, included cryptocurrencies in their portfolios for diversification. This paper examines the behavior of cryptocurrency market participants and investigates whether they behave like gamblers or investors. Literature shows that gamblers often engage in loss-chasing behavior, escalating risk-taking after losses that may go on indefinitely. In contrast, investors typically exhibit risk aversion after losses, though some might increase risk-taking after “paper losses,” a phenomenon called the “realization effect.” Our study found high-risk individuals exhibit gambling-like behavior, chasing both realized and paper losses. In contrast, we found limited evidence that low-risk individuals engage in risk aversion and realization effect, similar to investors. These insights are crucial for policymakers, as loss-chasing can lead to the siutation where people taking on more risk than they can afford, potentially resulting in bankruptcy.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100895"},"PeriodicalIF":6.6,"publicationDate":"2024-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139579365","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
Intraday herding and attention around the clock 日内羊群效应和全天候关注
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-01-24 DOI: 10.1016/j.jbef.2024.100894
Stefan Scharnowski, Yanghua Shi
{"title":"Intraday herding and attention around the clock","authors":"Stefan Scharnowski,&nbsp;Yanghua Shi","doi":"10.1016/j.jbef.2024.100894","DOIUrl":"10.1016/j.jbef.2024.100894","url":null,"abstract":"<div><p>This paper analyzes the relationship between investor herding and attention in the decentralized cryptocurrency market with its continuous, around the clock trading and large share of retail investors. Herding behavior is stronger when market returns are positive but is negatively related to both the level and cross-sectional dispersion of investor attention. Moreover, there are pronounced intraday variations: Herding exhibits similar patterns as attention and blockchain activity and is strongest during the overlap of hours when traders in major economic centers are likely awake.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100894"},"PeriodicalIF":6.6,"publicationDate":"2024-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000091/pdfft?md5=17261028c0c1ca4a510a068e41ed2acd&pid=1-s2.0-S2214635024000091-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139579364","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
Tail risk connectedness in G7 stock markets: Understanding the impact of COVID-19 and related variants 七国集团股票市场的尾部风险关联性：了解 COVID-19 和相关变体的影响
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-01-22 DOI: 10.1016/j.jbef.2024.100889
Chunlin Lang , Yang Hu , Shaen Corbet , Yang (Greg) Hou
{"title":"Tail risk connectedness in G7 stock markets: Understanding the impact of COVID-19 and related variants","authors":"Chunlin Lang ,&nbsp;Yang Hu ,&nbsp;Shaen Corbet ,&nbsp;Yang (Greg) Hou","doi":"10.1016/j.jbef.2024.100889","DOIUrl":"10.1016/j.jbef.2024.100889","url":null,"abstract":"<div><p>This study uses a time-varying parameter vector autoregression (TVP-VAR) approach to examine the transmission of tail risk among G7 stock markets from January 2000 to September 2022, focusing on major financial episodes like the dot-com collapse, the 2008 Global Financial Crisis, and the European debt crisis, as well as the COVID-19 pandemic and its variants. Our analysis shows fluctuating tail risk connectedness across G7 markets during the pandemic, influenced by lockdowns, supply chain issues, interventions, and investor sentiment. Notably, the UK and Italy were major tail risk transmitters, whereas Japan predominantly absorbed risk, highlighting its distinct vulnerability. The findings stress the need for a comprehensive understanding of tail risk dynamics to inform decisions by investors, governments, and regulators, ensuring financial system resilience during heightened economic stress.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100889"},"PeriodicalIF":6.6,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214635024000042/pdfft?md5=5d9d10a52009b069406f9653458b3d70&pid=1-s2.0-S2214635024000042-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139554920","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 role of job titles in online peer-to-peer lending: An empirical investigation on skilled borrowers 职称在网络点对点借贷中的作用：对熟练借款人的实证调查
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-01-17 DOI: 10.1016/j.jbef.2024.100890
Zagdbazar Davaadorj, Bolortuya Enkhtaivan, Wenling Lu
{"title":"The role of job titles in online peer-to-peer lending: An empirical investigation on skilled borrowers","authors":"Zagdbazar Davaadorj,&nbsp;Bolortuya Enkhtaivan,&nbsp;Wenling Lu","doi":"10.1016/j.jbef.2024.100890","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100890","url":null,"abstract":"<div><p>We examine the role of borrowers' job titles in the online peer-to-peer (P2P) lending market. Using the U.S. Occupational Information Network database, we define skilled borrowers as the borrowers with their job titles in Job Zone 5, a group of occupations requiring individuals with the most extensive skill, knowledge, education and related experience. Analyzing data from Lending Club, one of the largest P2P platforms in the US, we find evidence that skilled borrowers are perceived as trustworthy and receive lower loan interest rate and default less frequently than do their non-skilled peers. Consistent with the signaling framework, our empirical results suggest that borrowers with certain job titles send effective signals and trustworthy job titles affect lending decisions and performance. This study sheds new light on the importance of borrowers' job titles in P2P lending.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100890"},"PeriodicalIF":6.6,"publicationDate":"2024-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139493664","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 parenting daughters increase corporate cash dividends? Evidence from Chinese family firms 养育女儿会增加企业现金分红吗？来自中国家族企业的证据
IF 6.6 2区 经济学
Journal of Behavioral and Experimental Finance Pub Date : 2024-01-17 DOI: 10.1016/j.jbef.2024.100892
Xixiong Xu, Cuiliang Lin, Maochuan Wang
{"title":"Does parenting daughters increase corporate cash dividends? Evidence from Chinese family firms","authors":"Xixiong Xu,&nbsp;Cuiliang Lin,&nbsp;Maochuan Wang","doi":"10.1016/j.jbef.2024.100892","DOIUrl":"https://doi.org/10.1016/j.jbef.2024.100892","url":null,"abstract":"<div><p>Research in the social sciences has shown that interactions with biological daughters are potent catalysts for instilling and nourishing parents' social values, preferences, and behaviors. Drawn on the female socialization hypothesis, we investigate the impact of ultimate controlling owners’ offspring<span><span> gender on corporate dividend policy. Based on data from Chinese family-owned listed companies, our empirical results document a “daughter effect” in cash dividends. That is, ultimate controlling owners shaped by daughters are more altruistic and less likely to exploit the interests of </span>minority shareholders<span>, which leads to more dividend activities. The results remain robust when considering endogeneity. Moreover, the “daughter effect” is more pronounced when the ultimate controlling owner is male, has a higher education background, and has been influenced by the daughter for a longer time. This paper contributes to the growing literature on female socialization and the determinants of dividend payments.</span></span></p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"41 ","pages":"Article 100892"},"PeriodicalIF":6.6,"publicationDate":"2024-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139504243","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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