Behavioral & Experimental Finance eJournal最新文献_第10页

What Could Possibly Go Wrong? Predictable Misallocation in Simple Debt Repayment Experiments 哪里可能出错?简单债务偿还实验中的可预测错配

Behavioral & Experimental Finance eJournal Pub Date : 2020-09-05 DOI: 10.2139/ssrn.3710493

Florian Gärtner, Darwin Semmler, C. Bannier

引用次数: 0

Effects of Socioeconomic Characteristics on Income and Financial Behavior Amidst the COVID-19 Pandemic in the Democratic Republic of the Congo COVID-19大流行期间刚果民主共和国社会经济特征对收入和金融行为的影响

Behavioral & Experimental Finance eJournal Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3705143

Kulondwa Safari, Aganze Bisimwa

{"title":"Effects of Socioeconomic Characteristics on Income and Financial Behavior Amidst the COVID-19 Pandemic in the Democratic Republic of the Congo","authors":"Kulondwa Safari, Aganze Bisimwa","doi":"10.2139/ssrn.3705143","DOIUrl":"https://doi.org/10.2139/ssrn.3705143","url":null,"abstract":"The Democratic Republic of the Congo as many other countries across the world has been affected by the COVID-19 pandemic. The government of the country declared a state of emergency in March 2020, which restricted travels within and outside the country, schools were closed and many other public activities were suspended. The containment measures taken to limit the spread of this new virus had a negative impact on economic activities. The present study analyzes how different socioeconomic groups were affected financially by the adverse effects of the COVID-19 pandemic in the post conflict eastern region of the DRC. A sample of 312 individuals was selected in three provinces in the eastern part of the Democratic Republic of the Congo. Ordered logit models were applied. Findings reveal that the individuals who were mostly affected financially by the effects of COVID-19 were married, females, youth, public and private sector employees, self-employed individuals and low income earners. Their income has been reduced and they reduced their spending, savings and investments. The present study suggests that social interventions programs are needed and they should prioritize the most vulnerable socioeconomic groups.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"1973 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90238285","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How to Talk When a Machine is Listening: Corporate Disclosure in the Age of AI 机器在倾听时如何说话:人工智能时代的企业信息披露

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-31 DOI: 10.2139/ssrn.3683802

S. Cao, Wei Jiang, Baozhong Yang, Alan L. Zhang

引用次数: 50

Behavioral Finance Perspectives on Pakistan Stock Market Efficiency: A theoretical review 行为金融学视角下巴基斯坦股票市场效率研究的理论回顾

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-29 DOI: 10.2139/ssrn.3683113

Zareen Zafar, D. Siddiqui

引用次数: 1

Proximity Bias Leading to Psychological Barriers in Pakistani Stock Market at Index Level 指数水平上邻近偏差导致巴基斯坦股市心理障碍

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-29 DOI: 10.2139/ssrn.3683099

T. A. Siddiqui, D. Siddiqui

{"title":"Proximity Bias Leading to Psychological Barriers in Pakistani Stock Market at Index Level","authors":"T. A. Siddiqui, D. Siddiqui","doi":"10.2139/ssrn.3683099","DOIUrl":"https://doi.org/10.2139/ssrn.3683099","url":null,"abstract":"People seem to carry a behavioral bias in investing in the stock market. This is usually depicted in people's investment behavior that coincides with market behavior in different up and down. These can be called psychological barriers’ that are certain index levels (usually in multiples of 100) at which the market tends to stick before breaking out either up or down. This behavior is devoid of any rational explanation and has nothing to do with the market fundamentals. This paper explored whether proximity bias exists in the Pakistani stock market that could create ‘psychological barriers’ and create investors’ subjective perception of ‘something special’ about certain index levels. We carry out an empirical analysis of the KSE-100 index to investigate these up and down that relate to human psychology. We obtained daily stock price indices of these emerging markets from the beginning of 1994 to the end of 2011 consisting of 2610 time-series data points. The psychological barriers were set at multiples of one hundred, such as the 500-level, 600-level, 700-level, and onwards. For the KSE-100 indices which are at multiples of a thousand, such as 6000-level, 7000-level, 8000-level.Our results reveal that the index price did display signs of barriers in both the price level and conditional return dynamics. The barrier effects indicated in the results of this study show clear infrequencies in the price distribution and conditional return dynamics of the series over the period examined. This study does not claim to link the barriers to a particular causal effect, but the authors believe that the lack of a formal rational explanation does seem to indicate a behavioral underpinning.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76448892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Joint Influence of Information Push and Value Relevance on Investor Judgments and Market Efficiency 信息推送和价值关联对投资者判断和市场效率的共同影响

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-25 DOI: 10.2139/ssrn.3399252

W. B. Elliott, Brian T. Gale, Jessen L. Hobson

{"title":"The Joint Influence of Information Push and Value Relevance on Investor Judgments and Market Efficiency","authors":"W. B. Elliott, Brian T. Gale, Jessen L. Hobson","doi":"10.2139/ssrn.3399252","DOIUrl":"https://doi.org/10.2139/ssrn.3399252","url":null,"abstract":"We use experimental markets to examine how pushing investment information and the value relevance of that information interact to influence investors’ value estimate accuracy and market price efficiency. Developments in technology allow information to be pushed to investors anytime and anywhere. However, in addition to value-relevant information, pushed information often includes information that is irrelevant for assessing firm value. Drawing on psychology theory, we find that pushing information has divergent effects depending on the value relevance of the information. Pushing only value-relevant information increases investors’ processing of the information and leads to more accurate value estimates and market prices than when not pushed. In contrast, pushing a mix of value-relevant and value-irrelevant information reduces investors’ processing of value-relevant information, leading to less accurate value estimates and market prices than when not pushed or when only value-relevant information is pushed. A supplemental experiment provides evidence that this differential processing is primarily attributable to differences in acquisition rather than integration of the value-relevant information. Collectively, our results reveal a dark side to push technologies, particularly with the growing presence of value-irrelevant information.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72711935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Impact of Star Analyst Awards on Equity Markets: A Regression Discontinuity Design 明星分析师奖励对股票市场的影响:一个回归不连续设计

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-21 DOI: 10.2139/ssrn.3678805

Siyu Chen, Runjing Lu

引用次数: 0

Trust in Financial Institutions: A Survey 金融机构信任:一项调查

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-18 DOI: 10.2139/ssrn.3677835

Carin van der Cruijsen, J. de Haan, Ria Roerink

{"title":"Trust in Financial Institutions: A Survey","authors":"Carin van der Cruijsen, J. de Haan, Ria Roerink","doi":"10.2139/ssrn.3677835","DOIUrl":"https://doi.org/10.2139/ssrn.3677835","url":null,"abstract":"Trust in financial institutions is widely considered important. However, a clear overview of studies on the drivers of trust is missing. We intend to fill this gap in the literature. After discussing why trust in financial institutions is important, we turn to its measurement, where we distinguish between trust in one's own institution and trust in institutions in general (narrow-scope and broad-scope trust), and discuss how these measures differ from generalized trust (i.e. trust in other people with whom there is no direct relationship). Finally, we survey the determinants of trust in financial institutions and discuss a wide range of drivers. First, trust in financial institutions depends on the economic situation: it behaves procyclically and is negatively affected by financial crises. Second, the behavior of the financial institutions matters: prudent conduct, the provision of good services and financial health have a positive effect on trust. Third, although consumer characteristics also relate to trust, many of these relationships are context-dependent. Fourth, there is a positive association between narrow-scope trust on the one hand and broad-scope trust and generalized trust on the other. Last, policy measures and supervisory actions can help prevent loss of trust.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86016231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 18

Corporate Governance Compliance and Herding 公司治理合规和羊群

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-07 DOI: 10.2139/ssrn.3469288

Masanori Orihara, Arman Eshraghi

{"title":"Corporate Governance Compliance and Herding","authors":"Masanori Orihara, Arman Eshraghi","doi":"10.2139/ssrn.3469288","DOIUrl":"https://doi.org/10.2139/ssrn.3469288","url":null,"abstract":"We show the corporate governance reforms introduced by the Japanese government since 2014 have not succeeded in increasing aggregate firm value. These policies, of which voluntary disclosure in the form of ‘comply or explain’ is a major element, have inadvertently led to overcompliance by target firms listed in the first section of the Tokyo Stock Exchange as well as a range of non-target firms. This results in smaller firms, which are typically not listed on the first section of the exchange, following the compliance behaviour of larger firms listed on the first section in the same industry sector. Importantly, this pressure to follow in the steps of leading firms is to the detriment of board effectiveness and shareholder value. We document a larger reduction in the market value of young and R&D intensive firms, and firms appointing outsider directors with lower advising quality. We posit this overcompliance behaviour is, inter alia, correlated with the cultural values of ‘conformity’, ‘respect for authority’ and ‘power distance’, which permeate the Japanese corporate culture. These findings highlight the risks in adopting corporate governance policies without sufficient attention to contextual factors.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"59 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80470100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Putting 2020 into Perspective: Diversification May Work Better than You Think 展望2020年:多元化可能比你想象的更有效

Behavioral & Experimental Finance eJournal Pub Date : 2020-08-06 DOI: 10.2139/ssrn.3678185

Rodney N. Sullivan

引用次数: 0