Journal of Behavioral and Experimental Finance最新文献

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Emotional dynamics and knowledge spillover in collaborative innovation 协同创新中的情感动力与知识溢出

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2026-01-11 DOI: 10.1016/j.jbef.2026.101143

Zhen Che , Wenke Yang , Changqi Wu , Qin Gao

This study examines the impact of emotional factors and knowledge spillover on the behavioral tendencies of firms, universities, and research institutions within dynamic collaborative innovation environments. Drawing on Rank-Dependent Expected Utility (RDEU) theory with integrated emotional functions, we develop a collaborative innovation model to investigate how knowledge spillovers and emotions shape cooperative dynamics. The results show that players’ emotional states exert a nonlinear influence on strategic decisions, with outcomes determined not by optimism or pessimism alone, but by the intensity of emotions and mutual expectations. Furthermore, knowledge spillovers condition these dynamics by weakening cooperative incentives among optimistic players, while strengthening the willingness of more cautious players to sustain collaboration, with cooperative stability evolving across different stages of interaction. These findings provide new insights into the strategic processes of collaborative innovation from both emotional and knowledge spillover perspectives, offering governance implications for enhancing cooperation among industry, universities, and research institutions.

本研究考察了动态协同创新环境中情绪因素和知识溢出对企业、大学和研究机构行为倾向的影响。本文利用具有整合情感功能的等级依赖期望效用（RDEU）理论，建立了一个知识溢出和情感如何影响合作动态的协同创新模型。结果表明，玩家的情绪状态对战略决策产生非线性影响，其结果不仅取决于乐观或悲观，还取决于情绪的强度和相互期望。此外，知识溢出通过削弱乐观参与者之间的合作激励，同时增强更谨慎参与者维持合作的意愿来调节这些动态，合作稳定性在互动的不同阶段不断演变。这些发现从情感和知识溢出的角度对协同创新的战略过程提供了新的见解，为加强产学研合作提供了治理启示。

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引用次数: 0

Local corruption and financial regulators’ exit option: A utility approach 地方腐败和金融监管机构的退出选择：一种效用方法

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2026-01-08 DOI: 10.1016/j.jbef.2026.101140

Khanh Hoang

This paper investigates the impact of local corruption on the career decisions of financial regulators, focusing on their choice to exit public service. We develop a novel utility-based model that demonstrates how corruption in local government reduces the utility of remaining in regulatory roles, thereby increasing the likelihood of regulators’ departure. Our empirical analysis, based on a comprehensive dataset of 1914 SEC financial regulators, robustly confirms this relationship. Our findings underscore the importance of institutional quality in retaining skilled regulators essential for effective oversight and public policy implementation.

本文研究了地方腐败对金融监管者职业决策的影响，重点关注他们退出公共服务的选择。我们开发了一个新的基于效用的模型，该模型展示了地方政府的腐败如何降低了继续担任监管角色的效用，从而增加了监管机构离职的可能性。我们的实证分析基于1914年美国证券交易委员会金融监管机构的综合数据集，有力地证实了这种关系。我们的研究结果强调了机构质量在留住对有效监督和公共政策实施至关重要的熟练监管人员方面的重要性。

引用次数: 0

An agent-based model of rumor-induced volatility in financial markets 金融市场谣言引发波动的基于主体模型

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2026-01-05 DOI: 10.1016/j.jbef.2025.101135

Vijaya B. Marisetty , Wouter van Heeswijk , Archana Narayanan

Rumors in financial markets impact investors’ decisions, driving asset prices away from their fundamental valuations. From a regulatory perspective, it is challenging to contain such rumors. We develop an agent-based model to understand the price discovery process in a simulated stock market that allows heterogeneous agents, who differ in financial literacy and cognitive ability to interact for price formation. We show that both financial literacy and cognitive ability are important determinants of rumor spread in stock markets: Higher (lower) cognitive ability and higher (lower) financial literacy reduce (increase) rumor spread. Our results suggest that both the prevalence and intensity of financial literacy play a significant role in reducing rumor induced volatility and promoting market stability.

金融市场的谣言会影响投资者的决策，推动资产价格偏离其基本估值。从监管的角度来看，遏制这样的谣言是一项挑战。我们开发了一个基于代理的模型来理解模拟股票市场中的价格发现过程，该模型允许在金融知识和认知能力上不同的异质代理相互作用以形成价格。我们发现金融素养和认知能力都是股票市场谣言传播的重要决定因素：认知能力越高（低）和金融素养越高（低）会减少（增加）谣言传播。研究结果表明，金融知识普及程度和金融知识普及程度对降低谣言引发的市场波动和促进市场稳定都有显著作用。

引用次数: 0

Cultural celebrations and investor gambling behavior 文化庆典和投资者赌博行为

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2026-01-02 DOI: 10.1016/j.jbef.2026.101139

John Hua Fan , Mingyi Li , Xinyu Wang

We document a surge in gambling demand surrounding the Lunar New Year (LNY) period in the Chinese A-share market. Lottery-like stocks significantly outperform non-lottery-like stocks by 4.1 % over the ten trading days following the LNY. These gains gradually diminish over the longer term, consistent with a short-term mispricing effect. This effect is specific to the LNY window and is not observed during other major Chinese holidays or ordinary trading periods. Furthermore, the phenomenon is not driven by state-owned enterprises or Special Treatment (ST) stocks. Overall, our findings suggest that the cultural significance of the Chinese Lunar New Year plays a distinct role in shaping investor gambling demand and asset pricing dynamics.

我们记录了中国a股市场在农历新年（LNY）期间赌博需求的激增。在纽约股市之后的10个交易日中，彩票类股票的表现明显优于非彩票类股票，高出4.1% %。长期来看，这些收益会逐渐减少，这与短期错误定价效应是一致的。这种影响是特定于LNY窗口的，在中国其他主要节日或普通交易时段不存在。此外，这种现象不是由国有企业或特殊待遇（ST）股票驱动的。总体而言，我们的研究结果表明，中国农历新年的文化意义在塑造投资者赌博需求和资产定价动态方面发挥着独特的作用。

引用次数: 0

Golden eye — How traders focus on and select information in experimental asset markets 黄金眼——交易者如何在实验性资产市场中关注和选择信息

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-12-23 DOI: 10.1016/j.jbef.2025.101138

Matthias Herrmann-Romero , Simon Liegl , Martin Angerer , Thomas Stöckl

In this study, we examine the subjective importance that traders attribute to specific information elements in experimental asset markets in two ways. First, using eye-tracking technology, we determine which given elements garner the most visual focus among traders. Second, we let traders actively choose a limited set of the given elements to determine which ones they deem important to have while trading. Our results indicate that the order book is the most important to traders, while the price chart is of low importance. There is only a conditional alignment between the elements that receive the most visual focus and those that traders select. Additionally, cognitive abilities play a non-trivial role in determining which information elements traders focus on. Finally, we find mixed evidence of a potential link between visual focus and trading performance.

在本研究中，我们通过两种方式考察了交易者在实验资产市场中对特定信息要素的主观重要性。首先，使用眼球追踪技术，我们确定哪些给定的元素在交易者中获得了最多的视觉焦点。其次，我们让交易者积极地选择一组有限的给定元素，以确定他们认为交易时重要的元素。我们的研究结果表明，订单对交易者来说是最重要的，而价格走势图的重要性较低。在获得最多视觉焦点的元素和交易者选择的元素之间只有条件对齐。此外，认知能力在决定交易者关注哪些信息元素方面起着重要作用。最后，我们发现了视觉焦点与交易绩效之间存在潜在联系的混合证据。

引用次数: 0

Testing axiomatizations of ambiguity aversion 测试歧义厌恶的公理化

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-12-18 DOI: 10.1016/j.jbef.2025.101134

Daniel L. Chen

The study of choice under uncertainty has advanced through key “paradoxes,” such as the Ellsberg paradox. We implement Machina’s (2014) three-outcome extension, in which four major ambiguity-aversion theories (multiple priors, rank-dependent, smooth ambiguity, variational) all predict indifference between two ambiguous acts. Contrary to these predictions, we find most participants do not express indifference. Our design elicits each subject’s certainty equivalent (CE) for an embedded 50–50 lottery and uses that CE in the Machina acts. Under lottery independence—i.e., if individuals apply standard (von Neumann–Morgenstern) expected utility to each objective lottery—these acts map to the same distribution of payoffs and thus should be evaluated identically. Yet we document a robust preference for one act over the other. This preference is associated with violations of lottery independence (e.g., Allais inconsistencies), as well as with disappointment aversion. Our results highlight that Machina’s three-outcome paradox is at least as much about failing independence over lotteries as it is about ambiguity aversion.

不确定性下的选择研究通过关键的“悖论”（如埃尔斯伯格悖论）取得了进展。我们实现了Machina（2014）的三结果扩展，其中四种主要的歧义厌恶理论（多先验、秩相关、平滑歧义、变分）都预测了两个歧义行为之间的冷漠。与这些预测相反，我们发现大多数参与者并没有表现出冷漠。我们的设计为嵌入的50-50彩票引发每个受试者的确定性当量（CE），并在机器行为中使用该CE。根据彩票独立性，即。，如果个人将标准（冯·诺伊曼-摩根斯特恩）期望效用应用于每个客观彩票——这些行为映射到相同的收益分布，因此应该得到相同的评估。然而，我们记录了对一种行为的强烈偏好。这种偏好与违反彩票独立性（例如，阿莱不一致）以及失望厌恶有关。我们的研究结果强调，Machina的三种结果悖论至少与彩票缺乏独立性有关，也与模糊性厌恶有关。

引用次数: 0

The dynamics of cryptocurrency market from behavioral finance perspective 行为金融学视角下的加密货币市场动态

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-12-15 DOI: 10.1016/j.jbef.2025.101126

Basma Almisshal, Halil İbrahim Bulut

This study constructs a Composite Investor Sentiment Index (CIST) integrating six behavioral and market-based proxies to examine how investor sentiment influences cryptocurrency returns and volatility. Using weekly data from March 2018-July 2023, we decompose sentiment into rational and irrational components via ARDL and analyze dynamic effects through VAR and impulse responses. The first principal component explains almost 70 % of total variance. Results show that rational sentiment exerts persistent, long-run effects on returns and volatility, while irrational sentiment causes short-lived volatility spikes. The findings advance behavioral finance by demonstrating that distinguishing cognitive from emotional investor reactions enhances understanding of cryptocurrency market behavior.

本研究构建了一个综合投资者情绪指数（CIST），整合了六个行为和市场代理，以检验投资者情绪如何影响加密货币的回报和波动性。利用2018年3月至2023年7月的周数据，通过ARDL将情绪分解为理性和非理性成分，并通过VAR和脉冲响应分析动态效应。第一个主成分解释了几乎70% %的总方差。结果表明，理性情绪对收益和波动产生持续的、长期的影响，而非理性情绪导致短期波动峰值。研究结果表明，区分投资者的认知反应和情绪反应可以增强对加密货币市场行为的理解，从而推动了行为金融学的发展。

引用次数: 0

Racial differences in expected stock market performance and stock ownership 预期股市表现与持股的种族差异

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-12-02 DOI: 10.1016/j.jbef.2025.101133

Ann Marie Hibbert , Shanxiang Yang

There are significant racial differences in expectations regarding future stock market performance. Using data from the Federal Reserve Bank of New York’s Survey of Consumer Expectations from 2013 to 2022, we find that, relative to White Americans, Black and Hispanic Americans have lower probabilistic expectations that the stock market will increase. This racial gap in expectations was even larger during the recession caused by the Covid-19 epidemic, suggesting that economic uncertainty exacerbates this heterogeneity in expectations. Furthermore, we show that relative to White Americans, the likelihood and level of participation of Black and Hispanic Americans in the stock market are significantly more affected by their subjective beliefs about future market prices.

对未来股市表现的预期存在显著的种族差异。利用纽约联邦储备银行2013年至2022年消费者预期调查的数据，我们发现，相对于美国白人，黑人和西班牙裔美国人对股市上涨的预期概率较低。在新冠疫情造成的经济衰退期间，这种预期上的种族差距甚至更大，这表明经济的不确定性加剧了这种预期的异质性。此外，我们表明，相对于白人，黑人和西班牙裔美国人参与股票市场的可能性和水平明显更受他们对未来市场价格的主观信念的影响。

引用次数: 0

CEOs, parenthood, and corporate misconduct 首席执行官，为人父母，公司不当行为

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-12-01 DOI: 10.1016/j.jbef.2025.101123

Han Donker , John Nofsinger , Corey A. Shank

This study examines whether CEOs’ personal experiences as parents influence corporate ethical behavior. Drawing on the female socialization hypothesis, we test whether the gender of a CEO’s children, particularly the firstborn, affects the likelihood and severity of corporate misconduct, measured through U.S. Department of Justice regulatory violations. Using a large panel of U.S. firms, we find that companies led by CEOs with daughters commit fewer regulatory violations and pay smaller fines, with the effect concentrated among those whose firstborn child is a daughter. Additional analyses show that the number of daughters further reduces misconduct, suggesting cumulative exposure reinforces ethical awareness. Overall, our results highlight how early and repeated exposure to daughters can shape executives’ moral and risk preferences, ultimately influencing corporate decision-making and reducing unethical behavior.

本研究考察ceo作为父母的个人经历是否会影响企业道德行为。根据女性社会化假说，我们测试了CEO子女的性别，特别是长子的性别，是否会影响公司不当行为的可能性和严重程度，通过美国司法部的监管违规来衡量。通过对大量美国公司的调查，我们发现，有女儿的ceo领导的公司违反监管规定的次数较少，缴纳的罚款也较少，这种影响主要集中在头胎是女儿的公司。另外的分析表明，女儿的数量进一步减少了不当行为，表明累积暴露会增强道德意识。总的来说，我们的研究结果强调了早期和反复接触女儿如何塑造高管的道德和风险偏好，最终影响公司决策并减少不道德行为。

引用次数: 0

Anchoring on safe haven: Russia–Ukraine war effects on the cryptocurrency market 锚定安全港：俄乌战争对加密货币市场的影响

IF 4.7 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-12-01 DOI: 10.1016/j.jbef.2025.101122

Ivilina Popova, Yifan Liu, Ha-Chin Yi

To investigate whether investors display anchoring bias when seeking safe havens during market downturns, we analyze the cryptocurrency market amid the Russia–Ukraine war. We find that as the conflict intensifies, demand for cryptocurrencies — particularly those previously recognized as safe havens during the COVID-19 pandemic — significantly increases. However, this surge in demand is accompanied by negative returns and heightened risk, indicating that investors might overestimate the safety of cryptocurrencies based on past performance. Moreover, we show that cryptocurrencies positively correlate with S&P 500 and gold during the conflict, diminishing their diversification benefits. Also, cryptocurrencies should not be regarded as safe haven assets for the U.S. dollar or crude oil during the war. These results suggest that investors anchor on historical safe haven attributes, fail to properly adjust their expectations with new information, and overlook the associated risks in volatile markets. The findings are robust to a placebo test, cannot be explained by crypto-based sanction circumvention, and are driven by a geopolitical risk channel. Our study underscores the risk management implications of anchoring bias and highlights the pervasive influence of behavioral biases in the cryptocurrency market.

为了调查投资者在市场低迷期间寻求避风港时是否表现出锚定偏见，我们分析了俄罗斯-乌克兰战争期间的加密货币市场。我们发现，随着冲突加剧，对加密货币的需求——尤其是那些在COVID-19大流行期间被认为是安全避风港的货币——显著增加。然而，这种需求激增伴随着负回报和高风险，这表明投资者可能会根据过去的表现高估加密货币的安全性。此外，我们表明，在冲突期间，加密货币与标准普尔500指数和黄金呈正相关，从而降低了它们的多元化效益。此外，加密货币不应被视为战争期间美元或原油的避险资产。这些结果表明，投资者锚定在历史避险属性上，未能根据新信息适当调整他们的预期，并且忽视了波动市场中的相关风险。这些发现在安慰剂测试中是稳健的，不能用基于加密的制裁规避来解释，并且是由地缘政治风险渠道驱动的。我们的研究强调了锚定偏差对风险管理的影响，并强调了行为偏差在加密货币市场中的普遍影响。

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