Journal of Behavioral and Experimental Finance最新文献

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Who buys social bank shares? Exploring individual financial and non-pecuniary motives 谁购买社交银行的股票？探索个人财务和非金钱动机

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-06-01 DOI: 10.1016/j.jbef.2025.101062

Oscar Bernal , Marek Hudon , François-Xavier Ledru

This paper investigates the motives of retail investors who buy shares of social banks—double bottom line financial intermediaries whose mission is to fund social enterprises. To do so, we combine survey data and behavior in an incentivized experiment to assemble a unique dataset of social bank members and non-members. Our analysis delivers three key results. First, members exhibit a significant lack of trust towards conventional banks. Second, their decision to buy social bank shares is primarily related to non-financial motives, although financial motives still play some role. Third, we find that members do not seem to buy social bank shares to boost their social reputation. As a contribution to the critical “value” versus “values” debate, our analysis notably highlights the crucial role of non-financial motives in channeling private financial capital towards investments that may not be financially attractive but that may prove essential in addressing current global societal challenges.

本文考察了散户投资者购买社会银行股票的动机。社会银行是一种双重底线的金融中介，其使命是为社会企业提供资金。为此，我们在一个激励实验中结合调查数据和行为，组装了一个独特的社会银行会员和非会员数据集。我们的分析提供了三个关键结果。首先，成员国对传统银行明显缺乏信任。其次，他们购买社会银行股票的决定主要与非金融动机有关，尽管金融动机仍有一定的作用。第三，我们发现会员购买社交银行股票似乎并不是为了提升自己的社会声誉。作为对关键的“价值”与“价值”辩论的贡献，我们的分析特别强调了非金融动机在引导私人金融资本流向投资方面的关键作用，这些投资可能在经济上没有吸引力，但可能对解决当前的全球社会挑战至关重要。

引用次数: 0

The impact of peer returns in social trading 同伴回报在社会交易中的影响

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-16 DOI: 10.1016/j.jbef.2025.101057

Nina Klocke , Daniel Müller-Okesson , Tim Hasso , Matthias Pelster

This paper studies the impact of peers’ performance on social traders’ trading behavior. We analyze a large sample of trading records from a social trading brokerage service that allows its investors to interact with their peers in a social-media-like setting. We investigate how individuals’ trading activities change with respect to the outcomes of their peers in the network. We show that investors’ trading activities increase in their peers’ trading performance. As a result, the trading performance decreases, and the volatility of returns increases. We exploit plausibly unexpected performance shocks to address the endogeneity concern inherent in the analysis of peer effects.

本文研究同伴绩效对社会交易者交易行为的影响。我们分析了来自社交交易经纪服务的大量交易记录样本，该服务允许投资者在类似社交媒体的环境中与同行互动。我们调查了个人的交易活动如何随着网络中同伴的结果而变化。我们表明，投资者的交易活动增加了他们的同行的交易业绩。因此，交易绩效下降，收益波动性增大。我们利用看似意外的绩效冲击来解决同行效应分析中固有的内生性问题。

引用次数: 0

Kick the cat? Retail investors displaced aggression: Evidence from amazon product ratings 踢猫？散户投资者取代了攻击性：来自亚马逊产品评级的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-10 DOI: 10.1016/j.jbef.2025.101058

Siqi Wei , Yanhui Zhao

We present novel findings that the e-commerce market reflects retail investors’ displaced aggression behavior. Market return fluctuations substantially impact the distribution of ratings left by Amazon customers, most of whom invest in equity market, directly or indirectly (defined as reviewer-investors). One standard-deviation decrease in market return leads to a 1.23% reduction in the daily average rating over the following day. Reviewer-investors respond to stock market losses and gains asymmetrically: investors only react to stock market losses. Our findings are consistent with investors’ recursive preferences focusing on the trade-off between current period utility and the certainty equivalent of random future utility.

我们提出了新的发现，电子商务市场反映了散户投资者的位移攻击行为。市场回报波动极大地影响了亚马逊客户留下的评级分布，这些客户大多直接或间接地投资于股票市场（定义为评论投资者）。市场收益每下降一个标准差，第二天的日平均评级就会下降1.23%。回顾型投资者对股市损失和收益的反应是不对称的：投资者只对股市损失作出反应。我们的发现与投资者的递归偏好是一致的，他们关注的是当期效用与随机未来效用的确定性等价物之间的权衡。

引用次数: 0

CEO’s early-life war-experience and corporate philanthropic donation: Evidence from the Korean War 首席执行官早年的战争经历与企业慈善捐赠：来自朝鲜战争的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-10 DOI: 10.1016/j.jbef.2025.101061

Sanghak Choi , Hongmin Chun

This study investigates the influence of CEOs' early-life exposure to war on corporate philanthropic donations, focusing on the Korean War as a unique historical context. The findings reveal a significant positive relationship between CEOs' early-life war experiences and the magnitude of corporate donations, particularly among those aged six to 15 during the war and from regions with higher war severity. Robustness checks, including propensity score matching and regression discontinuity design, confirm the validity of these results. The research contributes to upper echelons and imprinting theories by demonstrating how formative traumatic experiences shape altruistic decision-making and corporate policies. Moreover, it identifies moderating factors such as financial constraints, Chaebol affiliation, and foreign ownership weaken this relationship by limiting CEOs' decision-making autonomy or resources.

本研究以朝鲜战争为独特的历史背景，考察了ceo早年战争经历对企业慈善捐赠的影响。研究结果显示，首席执行官的早期战争经历与企业捐款规模之间存在显著的正相关关系，尤其是在战争期间年龄在6至15岁之间以及战争严重程度较高的地区。稳健性检查，包括倾向评分匹配和回归不连续设计，证实了这些结果的有效性。该研究通过展示形成性创伤经历如何塑造利他主义决策和公司政策，为上层理论和印记理论做出了贡献。此外，该研究还发现，财务约束、财阀隶属关系和外资所有权等调节因素通过限制ceo的决策自主权或资源来削弱这种关系。

引用次数: 0

Improving pension information: Experimental evidence on learning using online resources 改进养老金信息：利用在线资源学习的实验证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-08 DOI: 10.1016/j.jbef.2025.101046

Denise Laroze , Charles N. Noussair , Gabriela Fajardo , Ximena Quintanilla , Paulina Granados-Zambrano , Pedro Vallette , Mauricio López-Tapia

Deciding what to do with one’s pension funds is a high-stakes, one-shot decision. Retirement schemes are often described in technical jargon that few people understand. We consider whether the learning process can be eased by providing information in video format (vs. the standard textual format) and by changes to the user interface of the websites on which individuals learn about their pension options. The results of a field experiment with 50 to 70-year-old participants and a laboratory experiment with university students both indicate that videos are significantly and substantively more effective in increasing the number of correct responses to a retirement comprehension test. The effect of changing the format from text to video on the number of correct responses is comparable to the effect of a large improvement in financial literacy. The significance of this effect is robust to changes in the content of the videos, with equivalent impact in private and public pension schemes. The study is conducted in association with the Chilean pension authority (Superintendencia de Pensiones) and experts from the National Social Security Organization of Chile (Instituto de Previsión Social).

决定如何处理自己的养老基金是一个高风险、一次性的决定。退休计划通常用技术术语来描述，很少有人能理解。我们考虑是否可以通过提供视频格式的信息（相对于标准文本格式）以及通过改变个人了解其养老金选择的网站的用户界面来简化学习过程。一项针对50至70岁参与者的现场实验和一项针对大学生的实验室实验的结果都表明，视频在增加退休理解测试的正确回答数量方面显着和实质性地更有效。将文本格式更改为视频格式对正确回答数量的影响与金融知识大幅提高的影响相当。这种影响的重要性对视频内容的变化是强有力的，对私人和公共养老金计划也有同样的影响。这项研究是与智利养恤金管理局（Superintendencia de Pensiones）和智利国家社会保障组织（Instituto de Previsión Social）的专家联合进行的。

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引用次数: 0

Gamified risk-taking Gamified冒险

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-01 DOI: 10.1016/j.jbef.2025.101049

Philipp Chapkovski , Mariana Khapko , Marius Zoican

We conduct a randomized online experiment to examine how digital nudges to hold volatile assets, a form of trading gamification, influence retail investors’ risk-taking behavior. A sample of 605 participants from four countries traded a virtual asset on an experimental platform. The gamified platform incorporates digital nudges, such as achievement badges and motivational prompts, explicitly designed to encourage holding decisions. We find that nudges significantly amplify risk-taking, particularly in high-volatility environments. The effect is most pronounced among inexperienced traders with lower financial literacy, with a one standard deviation increase in financial literacy reducing the impact by 56%.

我们进行了一项随机在线实验，以检验持有波动性资产（一种交易游戏化形式）的数字推动如何影响散户投资者的冒险行为。来自四个国家的605名参与者在一个实验平台上交易虚拟资产。游戏化平台整合了数字推动，如成就徽章和激励提示，明确设计用于鼓励持有决策。我们发现，推动显著放大了风险承担，尤其是在高波动性环境中。这种影响在缺乏经验、金融知识水平较低的交易员中最为明显，金融知识水平每提高一个标准差，其影响就会降低56%。

引用次数: 0

Financial literacy, risk tolerance, and cryptocurrency ownership in the United States 美国的金融知识、风险承受能力和加密货币所有权

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-01 DOI: 10.1016/j.jbef.2025.101060

Fumiko Hayashi, Aditi Routh

Cryptocurrency owners without sufficient financial literacy and risk tolerance may be financially vulnerable, as the cryptocurrency market is highly volatile and lacks consumer protections. Our study divides cryptocurrency owners based on their purpose for holding cryptocurrencies—investment only (investors), transactions only (transactors), and a mix of investment and transactions (mix users)—and examines how each group correlates with financial literacy and risk tolerance compared to consumers who do not own cryptocurrencies (nonowners). Using the 2022 Survey of Household Economics and Decisionmaking, we find that investors and mix users are significantly or moderately more financially literate and risk tolerant than nonowners, but transactors are less financially literate and slightly more risk tolerant than nonowners. We also find that the three groups of cryptocurrency owners vary by demographic and financial characteristics. Our findings highlight that transactors could be particularly financially vulnerable in the absence of consumer protections in the cryptocurrency market.

没有足够的金融知识和风险承受能力的加密货币所有者可能在财务上很脆弱，因为加密货币市场高度波动，缺乏消费者保护。我们的研究根据持有加密货币的目的对加密货币所有者进行了划分——仅投资（投资者），仅交易（交易者），以及投资和交易的混合（混合用户）——并研究了与不拥有加密货币的消费者（非所有者）相比，每个群体与金融素养和风险承受能力之间的关系。利用2022年家庭经济和决策调查，我们发现投资者和混合用户比非所有者具有显著或适度的财务知识和风险容忍度，但交易者的财务知识较少，风险容忍度略高于非所有者。我们还发现，这三组加密货币所有者因人口和金融特征而异。我们的研究结果强调，在加密货币市场缺乏消费者保护的情况下，交易者在财务上可能特别脆弱。

引用次数: 0

Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin 害怕错过和加密货币矿工：来自狗狗币和莱特币的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-04-30 DOI: 10.1016/j.jbef.2025.101059

Geul Lee , Doojin Ryu

We examine how fear of missing out (FoMO), defined as persistent anxiety that others might be enjoying valuable experiences from which one is absent, influences cryptocurrency miners’ behavior, focusing on Dogecoin (DOGE) and Litecoin (LTC). These two cryptocurrencies present a naturally developed experimental setting that allows us to investigate how FoMO-driven price fluctuations affect mining decisions without the need to account for additional variables such as mining costs. Our quantile vector autoregressive connectedness approach suggests that FoMO influences mining decisions. Returns influence DOGE-LTC mining participation more than vice versa when there are abrupt positive spikes in the DOGE price, whereas this tendency does not appear when LTC experiences price surges or when the DOGE price plunges. Given DOGE’s significantly stronger FoMO exposure, despite its other similarities to LTC, we interpret these findings as evidence that FoMO influences mining decisions.

我们研究了错失恐惧（FoMO）是如何影响加密货币矿工的行为的，它被定义为持续的焦虑，即其他人可能正在享受自己没有的宝贵经验，重点是狗狗币（DOGE）和莱特币（LTC）。这两种加密货币提供了一个自然发展的实验环境，使我们能够研究fomo驱动的价格波动如何影响采矿决策，而无需考虑采矿成本等其他变量。我们的分位数向量自回归连通性方法表明，FoMO影响挖掘决策。当DOGE价格突然出现正峰值时，回报对DOGE-LTC挖矿参与的影响大于反之，而当LTC经历价格飙升或DOGE价格暴跌时，这种趋势不会出现。鉴于DOGE的FoMO曝光率明显更高，尽管它与LTC有其他相似之处，我们将这些发现解释为FoMO影响采矿决策的证据。

引用次数: 0

Fintech and corporate leverage manipulation: A new explanation from the perspective of capital demands 金融科技与企业杠杆操纵：资本需求视角下的新解释

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-04-25 DOI: 10.1016/j.jbef.2025.101055

Ruoyu Zhu , Kehu Tan , Xiaohui Xin , Qipo Wang

Leverage manipulation refers to fraudulent behavior in which a firm deliberately lowers its book leverage through various accounting techniques to achieve a variety of objectives. However, in the era of rapid growth of fintech, can it curb this fraudulent behavior? To answer this question, we investigate the impact of fintech on corporate leverage manipulation from the perspective of capital demands. We find that fintech can inhibit corporate leverage manipulation. Mechanism analysis demonstrates that fintech weakens firms’ incentives to manipulate leverage by lowering firms’ unreasonable excessive capital demands arising from inefficient investments and the satisfaction of management’s desires. Furthermore, the inhibiting effect of fintech on corporate leverage manipulation is more pronounced in firms with high financing constraints and in tech-industries. We shed light on the latent mechanism between fintech and corporate leverage manipulation.

杠杆操纵是指企业通过各种会计手段故意降低账面杠杆以达到各种目的的欺诈行为。然而，在金融科技高速发展的时代，能否遏制这种欺诈行为？为了回答这个问题，我们从资本需求的角度考察了金融科技对企业杠杆操纵的影响。我们发现金融科技可以抑制企业杠杆操纵。机制分析表明，金融科技通过降低企业因低效投资而产生的不合理的过度资金需求和管理层欲望的满足，削弱了企业操纵杠杆的动机。此外，金融科技对企业杠杆操纵的抑制作用在融资约束程度较高的企业和科技行业更为明显。我们揭示了金融科技与企业杠杆操纵之间的潜在机制。

引用次数: 0

Leading safely: The impact of generalist CEOs on workplace safety 安全领导：多面手ceo对工作场所安全的影响

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-04-24 DOI: 10.1016/j.jbef.2025.101056

Tony Xiaochi Zhang , Alexander Molchanov , Harvey Nguyen , Mia Hang Pham

Businesses are expected to operate as responsible corporate entities, with employee safety serving as a cornerstone of this responsibility. Executives, as corporate leaders, bear moral and ethical obligations to ensure the well-being of their workforce. Drawing on human capital and upper echelons theories, we examine the influence of executives' transferable skills on workplace safety outcomes. We find that chief executive officers (CEOs) with general managerial human capital significantly contribute to the creation of safer work environments. The relation is more pronounced in firms facing financing constraints or intense market competition. These CEOs improve safety outcomes by making more prudent labor investment decisions, reducing employee workloads, and maintaining high information quality. Overall, our study underscores the pivotal role of CEOs' general managerial human capital in promoting employee well-being and mitigating the potential adverse consequences of occupational hazards on firm performance. JEL classification: J28; M12; M54

企业应作为负责任的企业实体运营，员工安全是这一责任的基石。高管作为企业领导者，承担着道德和伦理义务，以确保其员工的福祉。利用人力资本和上层理论，我们研究了高管的可转移技能对工作场所安全结果的影响。我们发现，拥有一般管理人力资本的首席执行官（ceo）对创造更安全的工作环境做出了重大贡献。这种关系在面临融资约束或激烈市场竞争的企业中更为明显。这些首席执行官通过做出更谨慎的劳动力投资决策、减少员工工作量和保持高信息质量来改善安全结果。总体而言，我们的研究强调了ceo的一般管理人力资本在促进员工福祉和减轻职业危害对公司绩效的潜在不利影响方面的关键作用。JEL分类：J28；M12;M54

引用次数: 0

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