Journal of Behavioral and Experimental Finance最新文献

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Riding the waves of investor sentiment: Cryptocurrency price and renewable energy volatility during the pandemic-war era 顺应投资者的情绪波动：大流行病战争时代加密货币价格和可再生能源的波动性

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-10-28 DOI: 10.1016/j.jbef.2024.101001

A. Bouteska , Le Thanh Ha , M. Kabir Hassan , M. Faisal Safa

This study explores the interplay between cryptocurrency price volatility and renewable energy dynamics amid crises, particularly during the COVID-19 pandemic and the Russia-Ukraine conflict. Utilizing a Quantile Vector Autoregression (QVAR) model with daily data from April 1, 2015, to September 23, 2022, we assess the interconnectedness of cryptocurrency volatility, investor sentiment, and energy fluctuations. Our findings reveal a significant temporal variation in systemic connectedness influenced by recent global events. Overall, we observe approximately 30 % connectivity in the short run and 6 % in the long run. Notably, Bitcoin and the Fear and Greed Index shifted roles from net shock receivers to transmitters over various periods. Financial and macro uncertainties primarily acted as shock transmitters during 2017 to early 2022. Furthermore, investor sentiment transitioned from a shock transmitter before the pandemic to a shock receiver during it. The analysis underscores the substantial impact of extraordinary events e.g., the COVID-19 pandemic, the Russia-Ukraine conflict on market dynamics.

本研究探讨了危机中加密货币价格波动与可再生能源动态之间的相互作用，尤其是在 COVID-19 大流行和俄罗斯-乌克兰冲突期间。利用从 2015 年 4 月 1 日到 2022 年 9 月 23 日每日数据的量化向量自回归（QVAR）模型，我们评估了加密货币波动、投资者情绪和能源波动之间的相互联系。我们的研究结果表明，受近期全球事件的影响，系统关联性存在明显的时间变化。总体而言，我们观察到短期连接性约为 30%，长期连接性约为 6%。值得注意的是，比特币和 "恐惧与贪婪指数 "在不同时期从净冲击接收者转变为传播者。2017 年至 2022 年初，金融和宏观不确定性主要充当了冲击传播者的角色。此外，投资者情绪也从大流行前的冲击发射者转变为大流行期间的冲击接收者。分析强调了 COVID-19 大流行病、俄罗斯-乌克兰冲突等非常事件对市场动态的重大影响。

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引用次数: 0

What makes depression babies different: Expectations or preferences? 是什么让抑郁症婴儿与众不同？期望还是偏好？

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-10-28 DOI: 10.1016/j.jbef.2024.100998

Tomás Lejarraga , Jan K. Woike , Ralph Hertwig

People who have experienced a financial crisis have been found to take less financial risk in their future lives. What causes this behavior? Have “depression babies” become more risk averse or are they more pessimistic about future market returns, that is, a preference or a belief change? To find out, we manipulated how experimental investors learned about a crisis – by experiencing it first-hand or by learning about it from graphs – and examined their subsequent propensity to take financial risk. Investors additionally revealed their expectations about the market by making incentivized predictions about its future value. Our findings replicated the depression-babies effect: On aggregate, people who experienced an experimental financial shock took less financial risk than people who learned about it from a symbolic description. Importantly, these aggregate changes in behavior were not accompanied by discernible changes in expectations or in risk preferences. Although we do not observe a clear causal link between risk taking and concurrent changes in belief or preference, linear models suggest that risk taking in the experiment has a significant relationship with elicited risk preferences but not with elicited expectations.

研究发现，经历过金融危机的人在今后的生活中承担的金融风险较少。是什么导致了这种行为？是 "抑郁症宝宝 "变得更加厌恶风险，还是他们对未来的市场回报更加悲观？为了找出答案，我们操纵了实验投资者了解危机的方式--亲身经历危机或从图表中了解危机--并考察了他们随后承担金融风险的倾向。此外，投资者还通过对市场未来价值的预测来揭示他们对市场的预期。我们的研究结果复制了抑郁婴儿效应：总的来说，经历过实验性金融冲击的人比从象征性描述中了解到金融冲击的人承担的金融风险更小。重要的是，这些行为的总体变化并没有伴随着预期或风险偏好的明显变化。虽然我们没有观察到风险承担与信念或偏好的同步变化之间存在明确的因果关系，但线性模型表明，实验中的风险承担与激发的风险偏好有显著关系，但与激发的预期没有关系。

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引用次数: 0

Investor horizon, experience, and the disposition effect 投资者视野、经验和处置效应

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-10-28 DOI: 10.1016/j.jbef.2024.101003

Zhebin Fan , Suman Neupane

The disposition effect, characterized by the tendency to sell winning assets too soon and hold onto losing assets for too long, is a widely documented phenomenon among investors. Using granular trade-level data, we examine the disposition effect among different categories of foreign institutional investors (FIIs) in the context of an emerging market. Using survival analyses over several years, we find that short-term investors are most prone to disposition effects, while long-term investors are least prone. We also find that experience, as indicated by cumulative years in the market and the volume of stocks traded, mitigates the disposition effects, but only among long-term FIIs. While FIIs exhibit higher disposition effects during crisis periods, this effect is mitigated by experience, particularly among long-term FIIs. Our findings suggest that accounting for heterogeneity in institutional investors, rather than treating them as a whole, is important for a better understanding of financial markets.

处置效应是指投资者倾向于过早卖出获利资产并过长时间持有亏损资产，这种现象已被广泛记录在案。我们利用交易层面的精细数据，研究了新兴市场中不同类别外国机构投资者（FII）的处置效应。通过几年的生存分析，我们发现短期投资者最容易受到处置效应的影响，而长期投资者则最不容易受到影响。我们还发现，以市场累计年数和股票交易量为指标的经验可以缓解处置效应，但这只适用于长期的外国直接投资机构。虽然 FII 在危机期间表现出较高的处置效应，但经验缓解了这种效应，尤其是在长期 FII 中。我们的研究结果表明，考虑机构投资者的异质性，而不是将其视为一个整体，对于更好地理解金融市场非常重要。

引用次数: 0

Luck in high-stakes firm lottery allocation: A natural experimental test of Coasean efficiency and invariance in a prominent sport finance setting 高风险公司彩票分配中的运气：在著名体育金融环境中对科斯效率和不变性的自然实验检验

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-10-26 DOI: 10.1016/j.jbef.2024.101002

Justin Ehrlich , Joel Potter , Shane Sanders

The NBA Player-Draft is a prominent sport-finance setting, with large rents allocated to teams. Several properties make this setting ideal to study the Coase Theorem in a cartelized-firm setting, where the Theorem’s empirical credence and overall relevance to real-world financial settings continue to be questioned. Identification of a high-stakes, salient setting featuring exogenously-assigned property rights has proven elusive. While several studies examine the Coasean implications of professional sports league drafts, we find draft rights are endogenously-assigned. We cultivate, verify, specify, and examine an exogenously-assigned draft right—draft lottery luck—for the 2000–2015 NBA Drafts. Given its revealed exogeneity, we utilize variation in annual lottery luck as a natural experiment to study the Coase Theorem and find robust evidence for “instantaneous” Coasean efficiency (as in efficiency of the efficient market hypothesis) but also evidence that Coasean invariance, with respect to firm profits, fails. Secondary analysis reveals respective mechanisms and sport-financial implications.

NBA 球员选秀大会是一个重要的体育金融环境，它为球队分配了大量租金。该定理的经验可信度和与现实世界金融环境的整体相关性仍受到质疑。事实证明，要确定一个具有外生分配产权特征的高风险、显著的环境并不容易。虽然有几项研究考察了职业体育联盟选秀的科斯意义，但我们发现选秀权是内生分配的。我们对 2000-2015 年 NBA 选秀大会上的外生分配选秀权--选秀抽签运气--进行了培育、验证、具体化和研究。鉴于其揭示的外生性，我们利用年度乐透运气的变化作为研究科斯定理的自然实验，发现了 "瞬时 "科斯效率（如有效市场假说的效率）的有力证据，但也发现了科斯不变性在企业利润方面失效的证据。二次分析揭示了各自的机制和对体育金融的影响。

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引用次数: 0

Religion and household saving behavior 宗教与家庭储蓄行为

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-10-18 DOI: 10.1016/j.jbef.2024.100999

Seiwoong Hong , Junyong Lee , Frederick Dongchuhl Oh , Donglim Shin

We examine the effect of religion on household saving behavior. For a sample of 12,686 U.S. households between 2000 and 2016, we find that religious households (i.e., households that have a religious affiliation) are more likely to hold savings accounts than non-religious households. Furthermore, using religious upbringing as an instrument, we show that religion-induced economic attitudes, such as future time preference and risk aversion, increase household saving propensity. Finally, the positive association between religious affiliation and saving propensity is more pronounced for Catholics than Protestants. Overall, our study highlights the importance of religion in shaping households’ saving behavior. (JEL G51, Z12, D14, D91)

我们研究了宗教对家庭储蓄行为的影响。在 2000 年至 2016 年间的 12,686 个美国家庭样本中，我们发现宗教家庭（即有宗教信仰的家庭）比无宗教信仰的家庭更有可能持有储蓄账户。此外，利用宗教教养作为工具，我们还表明宗教导致的经济态度（如未来时间偏好和风险规避）会提高家庭储蓄倾向。最后，与新教徒相比，天主教徒的宗教归属与储蓄倾向之间的正相关关系更为明显。总之，我们的研究强调了宗教在影响家庭储蓄行为方面的重要性。(JEL G51, Z12, D14, D91)

引用次数: 0

Portfolio framing and diversification in a disposition effect experiment 处置效应实验中的投资组合框架和多样化

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2024-10-11 DOI: 10.1016/j.jbef.2024.100997

Stephen L. Cheung, Nathan Rogut

We experimentally test an intervention designed to reduce investors’ disposition effect by prompting them to identify their worst asset, from the standpoint of its impact on future portfolio performance. We find that this intervention is mildly effective, and significantly more so for participants who correctly identify their worst asset, and/or sell the asset they identify. We also find that participants who correctly understand diversification in a financial literacy questionnaire exhibit larger disposition effects in the experiment. The latter finding raises concerns over the external validity of standard experimental paradigms used to study the disposition effect.

我们通过实验测试了一种干预措施，该措施旨在从投资者未来投资组合表现的角度出发，促使他们找出自己最差的资产，从而降低投资者的处置效应。我们发现，这种干预措施的效果一般，而对于正确识别出最差资产和/或卖出所识别资产的参与者来说，效果则明显更好。我们还发现，在金融知识问卷中正确理解分散投资的参与者在实验中表现出更大的处置效应。后一项发现引发了人们对用于研究处置效应的标准实验范式的外部有效性的担忧。

引用次数: 0

“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

Jeanette Carlsson Hauff , Cecilia Hermansson

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

Lai Hoang , Duc Hong Vo

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

Daria Plotkina , Arvid O.I. Hoffmann , Patrick Roger , Catherine D’Hondt

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

Daphne Sobolev , Vasileios Kallinterakis

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。

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