与金融专业人员进行试验

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2024-11-14 DOI:10.1016/j.jbankfin.2024.107329

Christoph Huber , Christian König-Kersting , Matteo M. Marini

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引用次数: 0

摘要

作为金融市场和整个行业的重要参与者，金融专业人士越来越多地被用作实验研究的参与者。我们回顾了 50 多项比较金融专业人士和非专业人士的研究，并对 22 项符合条件的研究进行了元分析，时间跨度从 1986 年到 2023 年。我们的研究结果表明，金融专业人士更偏好风险，但几乎没有证据表明他们的预测准确性更高。进一步的分析表明，较大的货币支付会导致金融专业人士和非专业人士之间更大的行为差异，这表明专业人士更容易受到激励因素的影响。这篇系统性综述不仅综合了实验结果，有助于近期关于外部有效性和可推广性的讨论，而且还强调了在对金融专业人士进行实验时在方法上的关键考虑因素。

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Experimenting with financial professionals

As key players in financial markets and the broader industry, financial professionals are increasingly used as experimental research participants. We review over 50 studies comparing financial professionals to laypeople and conduct meta-analyses of 22 eligible studies spanning from 1986 to 2023. Our findings reveal persistent and robust support for financial professionals being more risk-loving, but little evidence of superior forecasting accuracy. Further analyses indicate that larger monetary payments result in greater behavioral differences between financial professionals and laypeople, suggesting an increased susceptibility to incentives among professionals. This systematic review not only synthesizes experimental results, contributing to recent discussions about external validity and generalizability, but also highlights critical methodological considerations when experimenting with financial professionals.

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.