Journal of Behavioral and Experimental Finance最新文献

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“Buy him some Tesla stocks for his baptism”: Gender differences among young savers "给他买点特斯拉股票作为洗礼"：年轻储蓄者的性别差异

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-10-05 DOI: 10.1016/j.jbef.2024.100996

This paper investigates gender roles in children’s savings, specifically defined as differences pertaining to age, capital invested, financial activity and portfolio composition, using a sample of 58,000 children. We observe gender differences between young female and male account holders. The average age and activity level of boys are significantly higher whereas girls hold more capital in their accounts. We note that activity interacts with both gender, age and capital, and is decisive in explaining financial behaviour, especially that of boys. We conclude that girls have a lower share of saving in direct-owned stock already before the age of one and among teenagers, particularly ages 15–17 years. We discuss our findings applying structuration theory, differentiating between implicit and explicit parental impact prevailing among adolescents, and the definite caring regarding younger children. For policymakers and managers, awareness that gender differences regarding financial behaviour prevail is an important insight.

本文以 58,000 名儿童为样本，调查了儿童储蓄中的性别角色，具体定义为年龄、投资资本、金融活动和投资组合构成方面的差异。我们观察到年轻女性和男性账户持有人之间的性别差异。男孩的平均年龄和活动水平明显更高，而女孩在账户中持有更多资金。我们注意到，活动与性别、年龄和资本相互作用，对解释金融行为，尤其是男孩的金融行为起着决定性作用。我们的结论是，女孩在一岁前和青少年，尤其是 15-17 岁的女孩中，直接持有股票的储蓄比例较低。我们运用结构化理论讨论了我们的研究结果，区分了父母对青少年的隐性和显性影响，以及对年幼子女的明确关爱。对于政策制定者和管理者来说，认识到金融行为中普遍存在的性别差异是一个重要的启示。

引用次数: 0

Google search and cross-section of cryptocurrency returns and trading activities 谷歌搜索与加密货币回报和交易活动的横截面

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-26 DOI: 10.1016/j.jbef.2024.100991

This paper examines the effect of investor attention on the cross-section of cryptocurrency returns and trading activities. We find that cryptocurrencies associated with higher abnormal Google search volume subsequently exhibit higher returns, higher volatility, and higher trading volume. The results are robust to alternative sample periods and alternative search keywords, providing concrete support to the attention-induced price pressure hypothesis and consistent with prior studies on the equity market. The effect is more pronounced among larger cryptocurrencies. Only a partial reversal after the initial return increase is observed, implying that investor attention permanently impacts cryptocurrency prices.

本文研究了投资者关注度对加密货币收益和交易活动横截面的影响。我们发现，与较高的谷歌异常搜索量相关联的加密货币随后表现出较高的回报率、较高的波动性和较高的交易量。这些结果对替代样本期和替代搜索关键词都是稳健的，为注意力引发的价格压力假说提供了具体支持，并与之前对股票市场的研究相一致。这种效应在规模较大的加密货币中更为明显。在最初的回报率上升之后，只观察到了部分反转，这意味着投资者的注意力对加密货币的价格产生了永久性的影响。

引用次数: 0

Gender vs. personality: The role of masculinity in explaining cognitive style 性别与个性：男性气质在解释认知风格中的作用

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-26 DOI: 10.1016/j.jbef.2024.100995

Cognitive style (reflective vs. intuitive) as measured with cognitive reflection tests (CRTs) is an important driver of financial decision-making and the rationality of individual behavior. Prior studies explain CRT score differences by gender, stipulating that women are more intuitive and less reflective than men. Recent work, however, raises doubts about such gender differences, suggesting that CRT score differences stem from gender-related role and personality instead. Accordingly, using survey data from 504 Belgian respondents, we examine which of these two individual difference factors better explains CRT scores. The results indicate that, on average, women indeed have a lower reflective cognitive style and a higher intuitive cognitive style. However, this effect is not only explained by gender per se, but also by self-perceived gender role and personality, that is, perceived masculinity. Indeed, perceived masculinity moderates the effect of gender, so that masculine females have higher reflective and lower intuitive CRT scores.

通过认知反思测试（CRTs）测量的认知风格（反思与直觉）是财务决策和个人行为合理性的重要驱动因素。之前的研究解释了 CRT 分数在性别上的差异，认为女性比男性更直观，反思能力较弱。然而，最近的研究对这种性别差异提出了质疑，认为 CRT 分数差异是由与性别相关的角色和个性造成的。因此，我们利用 504 名比利时受访者的调查数据，研究了这两个个体差异因素中哪一个能更好地解释 CRT 分数。结果表明，平均而言，女性确实具有较低的反思性认知风格和较高的直觉性认知风格。然而，这种影响不仅可以用性别本身来解释，还可以用自我认知的性别角色和个性（即男性气质）来解释。事实上，感知到的男子气概会调节性别的影响，因此男子气概的女性具有较高的反思性和较低的直觉性 CRT 分数。

引用次数: 0

Risk is in the eye of the investor: Cryptocurrency investors’ engagement with risk, regulatory advice, and regulatory institutions 风险在投资者眼中：加密货币投资者与风险、监管建议和监管机构的关系

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-24 DOI: 10.1016/j.jbef.2024.100994

Despite regulators’ warnings that investing in cryptoassets is highly risky, cryptocurrency investments are prevalent. To explore investors’ engagement with regulatory risk advice, we conducted two surveys. Cryptocurrency investors residing in the UK and the US were asked about their interpretation of the notion of risk, awareness of regulatory risk advice, and attitudes towards the advice and the regulators. Investors were also asked whether they followed the advice. Qualitative content analysis of their answers suggests that people often invest in cryptocurrencies although they understand the risks involved and are aware of the regulators’ advice. They do so due to their risk propensity, self-reliance, criticism of the informativeness of the advice, or attitudes towards regulators. Furthermore, negative attitudes towards regulators often stem from lack of trust and the perception that regulators are dated. This study suggests that regulators could benefit investors by providing them with more informative advice and addressing their attitudes.

尽管监管机构警告说投资加密资产风险很高，但加密货币投资仍然十分盛行。为了了解投资者对监管风险建议的参与情况，我们进行了两项调查。我们询问了居住在英国和美国的加密货币投资者对风险概念的理解、对监管风险建议的认识以及对建议和监管机构的态度。投资者还被问及他们是否遵循了建议。对回答内容的定性分析表明，尽管人们了解其中的风险，也知道监管机构的建议，但他们还是经常投资加密货币。他们这样做的原因包括风险倾向、自力更生、对建议信息量的批评或对监管机构的态度。此外，对监管机构的负面态度往往源于缺乏信任以及认为监管机构已经过时。本研究表明，监管机构可以通过向投资者提供更多信息丰富的建议并解决他们的态度问题，从而使投资者受益。

引用次数: 0

Covariates of behavioral consistency among adolescents 青少年行为一致性的相关因素

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-21 DOI: 10.1016/j.jbef.2024.100986

Building on cross-sectional data for Austrian high school students from fifth to twelfth grade (N = 771), we investigate the covariates of adolescents’ behavioral consistency for which we propose a novel measure focusing on the susceptibility to a battery of behavioral biases. Most importantly, we find that behavioral consistency significantly correlates with sense of future financial security, which demonstrates the practical relevance of the ability to make consistent decisions. Moreover, self-reported parental financial education relates positively to behavioral consistency. Our results also reveal an increase in behavioral consistency from students in lower secondary education to those in upper secondary education, paired with school-type effects in the latter group.

基于奥地利高中五年级至十二年级学生（771 人）的横截面数据，我们对青少年行为一致性的协变量进行了调查，并提出了一种新的测量方法，该方法侧重于对一系列行为偏差的易感性。最重要的是，我们发现行为一致性与未来财务安全感显著相关，这表明做出一致决策的能力具有实际意义。此外，自我报告的父母金融教育与行为一致性呈正相关。我们的研究结果还显示，从初中教育阶段到高中教育阶段，学生的行为一致性会有所提高，而高中教育阶段的学生则会受到学校类型的影响。

引用次数: 0

Revisiting financial fragility during the COVID-19 pandemic: Evidence from Taiwan 重新审视 COVID-19 大流行期间的金融脆弱性：来自台湾的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-21 DOI: 10.1016/j.jbef.2024.100993

This study examines the impact of self-control and financial literacy on financial fragility during the COVID-19 pandemic in Taiwan. The findings indicate that both cognitive (financial literacy) and non-cognitive/affective (self-control) factors are significantly associated with individuals' financial fragility. Notably, self-control exerts a stronger impact on financial fragility than financial literacy. Individuals with low self-control exhibit significantly lower financial literacy compared to their high self-control counterparts. Additionally, respondents with both high self-control and high financial literacy experience the lowest likelihood of financial fragility. These results are robust after assessing for omitted variables and endogeneity.

本研究探讨了台湾 COVID-19 大流行期间自我控制和金融知识对财务脆弱性的影响。研究结果表明，认知因素（金融知识）和非认知/情感因素（自我控制）都与个人的财务脆弱性显著相关。值得注意的是，与金融知识相比，自我控制对财务脆弱性的影响更大。与自我控制能力强的受访者相比，自我控制能力低的受访者的金融知识水平明显较低。此外，同时具有高自控力和高金融知识的受访者出现金融脆弱性的可能性最低。在对遗漏变量和内生性进行评估后，这些结果是稳健的。

引用次数: 0

Do sustainably managed pension savings foster sustainable investments? Evidence from a field experiment 可持续管理的养老金储蓄能促进可持续投资吗？来自实地实验的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-20 DOI: 10.1016/j.jbef.2024.100976

Pension funds increasingly consider sustainability issues in their asset allocation, and, in general, beneficiaries have been shown to approve of this shift in their pension savings. We assess the prevalence of spillover effects once beneficiaries learn about the sustainability orientation of their pension assets using beneficiaries of a Swiss-based pension fund (n=573). Our results suggest a strong priming effect, with participants investing significantly more in a sustainable investment option after being made aware of the general importance of sustainability. However, when we additionally inform them that their pension fund pursues a distinct sustainable investment strategy, allocations to the sustainable option decrease to levels of a control group without additional information available. This finding indicates that explicitly communicating the sustainability strategy of pension funds can lead to a rebound effect in the form of licensing among beneficiaries.

养老基金在其资产配置中越来越多地考虑可持续性问题，而且一般来说，受益人对其养老金储蓄的这种转变表示赞同。我们以瑞士一家养老基金的受益人（人数=573）为例，评估了受益人了解其养老金资产的可持续性取向后，溢出效应的普遍性。我们的结果表明，参与者在意识到可持续发展的普遍重要性后，对可持续发展投资选项的投资显著增加，从而产生了强烈的先导效应。然而，当我们额外告知参与者他们的养老基金奉行独特的可持续投资战略时，参与者对可持续投资选项的分配就会下降到没有额外信息的对照组的水平。这一发现表明，明确告知养老基金的可持续发展战略可以在受益人中产生许可反弹效应。

引用次数: 0

Using machine learning to predict investors’ switching behaviour 利用机器学习预测投资者的转换行为

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-16 DOI: 10.1016/j.jbef.2024.100992

Individual investors’ decisions to switch investments very often lead to significantly lower investment returns so having an effective predictive model of these switches would be of value to clients, advisors and investment managers. A random forest algorithm was applied to a new dataset of over 20 million observations relating to 95,685 clients on Momentum Investments’ platform between 2018 and 2024. It identified a combination of investor characteristics (number of holdings, past switching behaviour, total assets) and external features (past returns, macroeconomic variables) as the key features of investor switch behaviour. This model exceeds commercially accepted standards in respect of the AUC and Gini metrics showcasing the model’s strength in its ranking capability. It can thus provide a useful basis for client segmentation and engagement by financial advisors.

个人投资者转换投资的决定往往会导致投资收益大幅降低，因此，建立一个有效的投资转换预测模型对客户、顾问和投资经理都很有价值。我们将随机森林算法应用于一个新的数据集，该数据集包含 2018 年至 2024 年间 Momentum Investments 平台上 95,685 名客户的 2,000 多万个观测值。它确定了投资者特征（持股数量、过往转换行为、总资产）和外部特征（过往回报、宏观经济变量）的组合，作为投资者转换行为的关键特征。该模型在 AUC 和 Gini 指标方面超过了商业公认标准，显示了该模型在排名能力方面的优势。因此，它可以为客户细分和财务顾问的参与提供有用的依据。

引用次数: 0

Impression management in the boardroom: How CEO facial trustworthiness influences turnover risk 会议室中的印象管理：首席执行官的面部可信度如何影响离职风险

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-16 DOI: 10.1016/j.jbef.2024.100978

This paper examines the effect of perceived trustworthiness on the turnover of Chief Executive Officers (CEOs) and its moderating role in the relationship between firm performance and CEO turnover. We employ a unique dataset comprising headshots of male CEOs in US-listed firms from 2010 to 2019 and a machine learning-based facial landmark detector to construct a composite facial trustworthiness index. Our results show that CEOs exhibiting high facial trustworthiness experience a lower turnover risk. We also find that facial trustworthiness strongly influences the link between firm performance and CEO turnover. Well-performing executives have a lower risk of being dismissed from their positions, and the dismissal risk is even lower among CEOs perceived as having a high facial trustworthiness. Conversely, underperforming CEOs are more likely to be dismissed, and the dismissal probability is greater among CEOs who have been perceived as being highly trustworthy. Our findings are consistent with the predictions of the expectancy violation theory, which posits that trustworthy-looking executives are more likely to be punished if they do not live up to the expectations held by the board of directors.

本文研究了感知可信度对首席执行官（CEO）流失率的影响，以及感知可信度在公司业绩与首席执行官流失率之间关系中的调节作用。我们采用了一个独特的数据集，该数据集由 2010 年至 2019 年美国上市公司男性首席执行官的头像和基于机器学习的面部地标检测器组成，从而构建了一个综合的面部可信度指数。我们的结果表明，表现出高面部可信度的首席执行官的离职风险较低。我们还发现，面部可信度强烈影响着公司业绩与首席执行官离职之间的联系。表现出色的高管被解职的风险较低，而被认为面部可信度高的首席执行官的解职风险甚至更低。相反，表现不佳的首席执行官被解雇的可能性更大，而被认为具有高可信度的首席执行官被解雇的可能性更大。我们的研究结果与期望违背理论的预测一致，该理论认为，如果看起来值得信赖的高管没有达到董事会的期望，他们更有可能受到惩罚。

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引用次数: 0

Exploring impression management through eye-tracking: A study on the influence of photographs in financial reporting 通过眼动追踪探索印象管理：关于财务报告中照片影响的研究

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-09-14 DOI: 10.1016/j.jbef.2024.100987

The objective of financial reporting is to provide decision-useful information for a wide range of existing and potential stakeholders. However, the lack of regulation regarding the use of visual imagery may enable companies to engage in impression management and subtly influence the reader’s judgments through careful selection of images and how they obfuscate or clarify information. This study utilizes eye-tracking technology to experimentally examine how non-explanatory photographs influence the performance judgments of non-professional investors comprising business students and auditors. Participants were exposed to an excerpt of the management summary of a fictitious company’s annual report. The findings suggest while a non-explanatory photograph attracts attention in a text-image combination, the information search process and performance-related judgments are free of influences from the photograph. This implies other photographic attributes, such as triggering emotional influences or providing explanatory information, may be more relevant for impression management in influencing judgments over attentional influences.

财务报告的目的是为广泛的现有和潜在利益相关者提供对决策有用的信息。然而，由于对视觉图像的使用缺乏监管，公司可能会通过精心挑选图像以及图像如何模糊或澄清信息来进行印象管理并巧妙地影响读者的判断。本研究利用眼动跟踪技术，通过实验研究非说明性照片如何影响由商学院学生和审计师组成的非专业投资者的业绩判断。参与者会看到一家虚构公司年度报告的管理摘要节选。研究结果表明，在文字与图片的组合中，非说明性照片虽然能吸引注意力，但信息搜索过程和与业绩相关的判断却不受照片的影响。这意味着照片的其他属性，如引发情感影响或提供解释性信息，可能比注意力影响更能影响印象管理的判断。

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