Pub Date : 2023-07-31DOI: 10.1080/15427560.2023.2227303
Pankaj Agrrawal, Rajat Agarwal
{"title":"A Longer-Term Evaluation of Information Releases by Influential Market Agents and the Semi-Strong Market Efficiency","authors":"Pankaj Agrrawal, Rajat Agarwal","doi":"10.1080/15427560.2023.2227303","DOIUrl":"https://doi.org/10.1080/15427560.2023.2227303","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"343 ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72427870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-27DOI: 10.1080/15427560.2023.2228549
Kevin Trutmann, Steve Heinke, Céline Rudin
{"title":"Degree of Personal Responsibility in Decisions and the Likelihood to Abandon an Investment among Professionals: Evidence from a Lab-in-the-Field Experiment","authors":"Kevin Trutmann, Steve Heinke, Céline Rudin","doi":"10.1080/15427560.2023.2228549","DOIUrl":"https://doi.org/10.1080/15427560.2023.2228549","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"12 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80828789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-21DOI: 10.1080/15427560.2023.2225241
Moritz Mosenhauer
This study considers two causes—inexperience and overreaction to price movements—of a well-established phenomenon on the stock market called “excessive trading”: large trading volumes leading to decreased net portfolio returns via increased transaction costs. Creating a stylized hold or trade-scenario in a computer laboratory experiment, I confirm both inexperience and overreaction as robust drivers of trading activity. The 2 × 2 experimental design featuring overlapping treatments enables me to disentangle the two direct effects from their interaction. The results show no signs of dependencies between the two channels, suggesting that psychological distortions are immutable personal characteristics that cannot be unlearned.
{"title":"Unlearning investment biases","authors":"Moritz Mosenhauer","doi":"10.1080/15427560.2023.2225241","DOIUrl":"https://doi.org/10.1080/15427560.2023.2225241","url":null,"abstract":"This study considers two causes—inexperience and overreaction to price movements—of a well-established phenomenon on the stock market called “excessive trading”: large trading volumes leading to decreased net portfolio returns via increased transaction costs. Creating a stylized hold or trade-scenario in a computer laboratory experiment, I confirm both inexperience and overreaction as robust drivers of trading activity. The 2 × 2 experimental design featuring overlapping treatments enables me to disentangle the two direct effects from their interaction. The results show no signs of dependencies between the two channels, suggesting that psychological distortions are immutable personal characteristics that cannot be unlearned.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136354511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-15DOI: 10.1080/15427560.2023.2203496
Deniz Anginer, Caio Piza, Sugata Ray, Luqi Xu
We examine the link between simulation experience and the performance in real money accounts. We find that more active simulator users, simulator users who take on more risk, and simulator users with the best stock-level performance (but not portfolio-level performance) are more likely to open real money accounts. These users are also likely to be more active real money traders and significantly underperform in their real money trades. These results suggest that without proper education regarding the hazards of active trading and accurate performance evaluation, stock simulator users may draw incorrect inferences regarding their trading skill and experience real-money underperformance.
{"title":"Trading Simulations and Real Money Outcomes*","authors":"Deniz Anginer, Caio Piza, Sugata Ray, Luqi Xu","doi":"10.1080/15427560.2023.2203496","DOIUrl":"https://doi.org/10.1080/15427560.2023.2203496","url":null,"abstract":"We examine the link between simulation experience and the performance in real money accounts. We find that more active simulator users, simulator users who take on more risk, and simulator users with the best stock-level performance (but not portfolio-level performance) are more likely to open real money accounts. These users are also likely to be more active real money traders and significantly underperform in their real money trades. These results suggest that without proper education regarding the hazards of active trading and accurate performance evaluation, stock simulator users may draw incorrect inferences regarding their trading skill and experience real-money underperformance.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135712730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-02DOI: 10.1080/15427560.2023.2217972
Augustine Tarkom, Lukai Yang
{"title":"Investor Sentiment and Cash Conversion Cycle: The Mediating Role of Macroeconomic, Financial, and Real Activity Uncertainties","authors":"Augustine Tarkom, Lukai Yang","doi":"10.1080/15427560.2023.2217972","DOIUrl":"https://doi.org/10.1080/15427560.2023.2217972","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"44 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73816753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-22DOI: 10.1080/15427560.2023.2214262
Stephen R. Owen
{"title":"Stock Price Reaction to Impromptu Managerial Soft Information in Conference Calls","authors":"Stephen R. Owen","doi":"10.1080/15427560.2023.2214262","DOIUrl":"https://doi.org/10.1080/15427560.2023.2214262","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"40 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90300571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-18DOI: 10.1080/15427560.2023.2209233
Jennifer Itzkowitz, J. Itzkowitz, Andrew Schwartz
{"title":"Start Small and Stay Small: Anchoring in App-Based Investing","authors":"Jennifer Itzkowitz, J. Itzkowitz, Andrew Schwartz","doi":"10.1080/15427560.2023.2209233","DOIUrl":"https://doi.org/10.1080/15427560.2023.2209233","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"1 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75484877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-03DOI: 10.1080/15427560.2023.2207021
Jonathan A. Milian, E. Jin Lee
We examine whether investors display a lack of attention by not incorporating relevant public information into equity valuations. Beginning in 2019, ASC 842 requires the recognition of operating leases, which were previously only disclosed in the financial statement footnotes. This change in accounting standard results in firms with significant operating leases recognizing a considerable increase in debt. We find that firms with significant operating leases, on average, earned negative stock returns around the initial recognition of their operating leases. We find that the negative reaction to operating lease recognition does not vary with firm-level proxies for investor attention, which suggests a pervasive lack of attention to operating lease disclosures prior to ASC 842. Our results provide new evidence consistent with investors suffering from limited attention and equity prices reflecting a lack of fundamental analysis.
{"title":"Did the Recognition of Operating Leases Cause a Decline in Equity Valuations?","authors":"Jonathan A. Milian, E. Jin Lee","doi":"10.1080/15427560.2023.2207021","DOIUrl":"https://doi.org/10.1080/15427560.2023.2207021","url":null,"abstract":"We examine whether investors display a lack of attention by not incorporating relevant public information into equity valuations. Beginning in 2019, ASC 842 requires the recognition of operating leases, which were previously only disclosed in the financial statement footnotes. This change in accounting standard results in firms with significant operating leases recognizing a considerable increase in debt. We find that firms with significant operating leases, on average, earned negative stock returns around the initial recognition of their operating leases. We find that the negative reaction to operating lease recognition does not vary with firm-level proxies for investor attention, which suggests a pervasive lack of attention to operating lease disclosures prior to ASC 842. Our results provide new evidence consistent with investors suffering from limited attention and equity prices reflecting a lack of fundamental analysis.","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134922911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-19DOI: 10.1080/15427560.2023.2200187
Jiancheng Shen, Mohammad Najand, Chen Chen
{"title":"The Influence of Emotions on Cross-Section Returns: Tests for Cognitive Appraisal Theory","authors":"Jiancheng Shen, Mohammad Najand, Chen Chen","doi":"10.1080/15427560.2023.2200187","DOIUrl":"https://doi.org/10.1080/15427560.2023.2200187","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"23 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80408365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-08DOI: 10.1080/15427560.2023.2198718
Hammad Siddiqi
{"title":"Information Processing in the Brain and Financial Innovations","authors":"Hammad Siddiqi","doi":"10.1080/15427560.2023.2198718","DOIUrl":"https://doi.org/10.1080/15427560.2023.2198718","url":null,"abstract":"","PeriodicalId":47016,"journal":{"name":"Journal of Behavioral Finance","volume":"2011 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73427128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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