Behavioral & Experimental Finance eJournal最新文献_第2页

Equity Book-to-Market Ratios Above One and Macroeconomic Risk 股票账面市值比高于1与宏观经济风险

Behavioral & Experimental Finance eJournal Pub Date : 2021-09-22 DOI: 10.2139/ssrn.3306503

Mary E. Barth, D. Israeli, Suhas A. Sridharan

{"title":"Equity Book-to-Market Ratios Above One and Macroeconomic Risk","authors":"Mary E. Barth, D. Israeli, Suhas A. Sridharan","doi":"10.2139/ssrn.3306503","DOIUrl":"https://doi.org/10.2139/ssrn.3306503","url":null,"abstract":"Equity book-to-market ratios (BTM) should not exceed one if a firm’s return on equity exceeds its cost of capital or it employs conservative accounting. Yet, BTM is above one for many firms. We address whether BTM above one reflects macroeconomic risk, which could explain this apparent incongruity. We find BTM above one generates larger hedge returns than BTM below one, but HML—the BTM-based return prediction factor—does not explain the returns for BTM above one. We also find that hedge returns for BTM above one are concentrated in recession years and likely reflect risk rather than mispricing. In addition, we find BTM above one reflects potentially overstated equity book values, but only in non-recession years. In contrast, high BTM below one does not generate hedge returns and reflects potentially overstated equity book values in recession and non-recession years. Together, our findings reveal that BTM above one reflects macroeconomic risk, which means that BTM above one has implications for risk assessment, return prediction, and asset under-impairment identification. Our study calls into question using HML as a return prediction factor for BTM above one and using BTM as a generic measure of conservative accounting or as the key indicator of overstated asset book values.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87227023","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: 2

Temporal Reframing of Recurring Savings Reduces Perceived Pain and Helps Those with Lower Financial Literacy to Save 周期性储蓄的时间重构减少了感知的痛苦，并帮助那些金融知识较低的人储蓄

Behavioral & Experimental Finance eJournal Pub Date : 2021-09-14 DOI: 10.2139/ssrn.3923852

Stephen Shu, Steve Thomas, David A. Smith

{"title":"Temporal Reframing of Recurring Savings Reduces Perceived Pain and Helps Those with Lower Financial Literacy to Save","authors":"Stephen Shu, Steve Thomas, David A. Smith","doi":"10.2139/ssrn.3923852","DOIUrl":"https://doi.org/10.2139/ssrn.3923852","url":null,"abstract":"While assessments of the Gig Economy vary in terms of size, growth, and heterogeneity, most studies suggest that this segment of the economy is sizeable, growing, and diverse in terms of types of work. Some concerns in the literature include both the present and future welfare of workers in the Gig Economy. More granular, temporal reframing of savings (e.g., save $5 a day versus $150 a month) has been shown to improve participation in recurring savings programs, which can be an important tool for Gig Economy workers since they often face do-it-yourself financial savings. This paper extends prior work on temporal reframing to examine in a lab setting the psychology of temporal reframing and non-retirement savings decisions of workers. Key findings include a replication of main effects relative to daily framing increasing savings intentions. Additionally, evidence of reduced psychological pain as evidenced by both subjective feelings and objective thoughts (e.g., through a memory recall task consistent with Query Theory) about affordability is demonstrated. Evidence for granular framing helping those with lower financial literacy is also provided whereas subjective numeracy does not appear to moderate outcomes.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"32 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81370370","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

When Beliefs Influence the Perceived Signal Precision: Information Provision Style and the Impact of News 信念对感知信号精度的影响:信息提供方式与新闻影响

Behavioral & Experimental Finance eJournal Pub Date : 2021-09-08 DOI: 10.2139/ssrn.3263246

Stefanie Schraeder

引用次数: 0

Reciprocity in Multiple Principals - Agent Interactions: Experimental Evidence 多主体中的互惠——代理交互:实验证据

Behavioral & Experimental Finance eJournal Pub Date : 2021-08-30 DOI: 10.2139/ssrn.3913976

J. Schmitz

{"title":"Reciprocity in Multiple Principals - Agent Interactions: Experimental Evidence","authors":"J. Schmitz","doi":"10.2139/ssrn.3913976","DOIUrl":"https://doi.org/10.2139/ssrn.3913976","url":null,"abstract":"Agents frequently interact with multiple principals at the same time. An employee may have multiple supervisors, firms may engage in public-private partnerships or firms and individuals may borrow from multiple banks/peers. Digitalization further fuels the possibilities to simultaneously engage in economic transactions with multiple others around the globe (e.g., FinTechs offering financial advice or brokerage). This paper provides experimental evidence on reciprocity in interactions between multiple principals and one agent. In the experiments, one agent interacted with either one or multiple principals and needed to decide whether or not to reciprocate trust. An increase in the number of principals who trusted significantly undermined reciprocity. Principals, however, did not anticipate the decrease in reciprocity. Compared with bilateral principal - agent interactions, trust increased if principals had the possibility to pool risk. Observational field data from 113,000 loans funded by a varying number of investors on a crowdlending platform provides suggestive empirical evidence supporting the experimental results on reciprocity. The propensity of loan default is associated with the number of investors providing the credit. Situations in which multiple principals interact with a single agent may be considerably more risky compared to bilateral interactions. These findings have important implications for understanding, designing and structuring interactions in which multiple principals are involved.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77264416","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

Quasi-hyperbolic Present Bias: A Meta-analysis 准双曲现在性偏差:一项元分析

Behavioral & Experimental Finance eJournal Pub Date : 2021-08-23 DOI: 10.2139/ssrn.3909663

S. Cheung, Agnieszka Tymula, Xueting Wang

{"title":"Quasi-hyperbolic Present Bias: A Meta-analysis","authors":"S. Cheung, Agnieszka Tymula, Xueting Wang","doi":"10.2139/ssrn.3909663","DOIUrl":"https://doi.org/10.2139/ssrn.3909663","url":null,"abstract":"Quasi-hyperbolic discounting is one of the most well-known and widely-used models to capture selfcontrol problems in the economics literature. The underlying assumption of this model is that agents have a “present bias” toward current consumption such that all future rewards are downweighed relative to rewards in the present (in addition to standard exponential discounting for the length of delay). We report a meta-analytic dataset of estimates of the present bias parameter 𝛽 based on searches of all major research databases (62 papers with 81 estimates in total). We find that the literature shows that people are on average present biased for both monetary rewards (𝛽 = 0.82%-|-| confidence interval of [0.74, 0.90]) and non- monetary rewards (𝛽 = 0.66, 95% confidence interval of [0.51, 0.85]) but that substantial heterogeneity exists across studies. The source of this heterogeneity comes from the subject pool, elicitation methodology, geographical location, payment method, mode of data collection (e.g. laboratory or field), and reward type. There is evidence of selective reporting and publication bias in the direction of overestimating the strength of present-bias (making 𝛽 estimates smaller), but present bias still exists after correcting for these issues (for money 𝛽 = 0.87 with 95% confidence interval of [0.82, 0.92] after correcting for selective reporting).","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83817882","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: 2

Asymmetric Group Loan Contracts: Experimental Evidence 不对称集团贷款合同:实验证据

Behavioral & Experimental Finance eJournal Pub Date : 2021-08-23 DOI: 10.2139/ssrn.3909867

Francesco Carli, S. Suetens, Burak R. Uras, Philine Visser

引用次数: 0

Meme Stocks and Herd Behavior 模因存量和羊群行为

Behavioral & Experimental Finance eJournal Pub Date : 2021-08-23 DOI: 10.2139/ssrn.3909945

A. Aloosh, Hyungeun Choi, Samuel Ouzan

引用次数: 1

Investor Impatience and Financial Markets: the Case of the Short Squeeze of Meme Stocks 投资者缺乏耐心与金融市场:以模因股卖空挤压为例

Behavioral & Experimental Finance eJournal Pub Date : 2021-08-20 DOI: 10.2139/ssrn.3908732

J. Choy, Ben Wang, Abdullah AlShelahi, R. Saigal

引用次数: 0

Emotional Response in Investment Decision Making & Sentiment for Apple Inc. Stock 苹果公司投资决策中的情绪反应与情绪股票

Behavioral & Experimental Finance eJournal Pub Date : 2021-08-19 DOI: 10.2139/ssrn.3908148

A. Aitken

{"title":"Emotional Response in Investment Decision Making & Sentiment for Apple Inc. Stock","authors":"A. Aitken","doi":"10.2139/ssrn.3908148","DOIUrl":"https://doi.org/10.2139/ssrn.3908148","url":null,"abstract":"The reactions of investors to both good and bad news when it comes to the stock market are very diverse. Most professional investors will argue that their reactions to the stock market rises and falls are based on calculated and scientific investment strategies. There are even investors who choose to make investment choices based on computer programs or newly developed artificial intelligence (AI) algorithms to make decisions with regards to the price of stocks and the specific market futures. In reality this is not the case at all. While there are some investors who can leave their emotions at the door, the majority are making their decisions based on emotional responses to the ebbs and flows of stock prices. It does not matter if the information coming out of the stock market is good or bad, the reactions to it is often emotional. Fear, panic, worry, over-confidence, exuberance, and greed will cause an effect on both stock prices and valuations. Investing is a man-made ecosystem; it does not exist in nature. All humans are emotional at their core, therefore their emotional reactions to natural disasters, pandemics, presidential elections, and other political matters will affect their decision to buy or sell.","PeriodicalId":8731,"journal":{"name":"Behavioral & Experimental Finance eJournal","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79928303","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

Tesla: Is Now the Time to Invest? An examination of Tesla, social media, and its effect on stock 特斯拉:现在是投资的时候了吗?考察特斯拉、社交媒体及其对股票的影响

Behavioral & Experimental Finance eJournal Pub Date : 2021-08-19 DOI: 10.2139/ssrn.3908275

Michele Coiro

引用次数: 0