Pub Date : 2025-12-15DOI: 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.
{"title":"The dynamics of cryptocurrency market from behavioral finance perspective","authors":"Basma Almisshal, Halil İbrahim Bulut","doi":"10.1016/j.jbef.2025.101126","DOIUrl":"10.1016/j.jbef.2025.101126","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101126"},"PeriodicalIF":4.7,"publicationDate":"2025-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145791513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-02DOI: 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.
{"title":"Racial differences in expected stock market performance and stock ownership","authors":"Ann Marie Hibbert , Shanxiang Yang","doi":"10.1016/j.jbef.2025.101133","DOIUrl":"10.1016/j.jbef.2025.101133","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101133"},"PeriodicalIF":4.7,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705725","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01DOI: 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.
{"title":"CEOs, parenthood, and corporate misconduct","authors":"Han Donker , John Nofsinger , Corey A. Shank","doi":"10.1016/j.jbef.2025.101123","DOIUrl":"10.1016/j.jbef.2025.101123","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101123"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01DOI: 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.
{"title":"Anchoring on safe haven: Russia–Ukraine war effects on the cryptocurrency market","authors":"Ivilina Popova, Yifan Liu, Ha-Chin Yi","doi":"10.1016/j.jbef.2025.101122","DOIUrl":"10.1016/j.jbef.2025.101122","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101122"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-29DOI: 10.1016/j.jbef.2025.101125
David Aristei, Manuela Gallo
This paper investigates the influence of objective, subjective, and digital financial literacy on individuals’ propensity to utilise online services for automated financial advice. Exploiting microdata from the Bank of Italy’s 2023 Survey on Financial Literacy of Italian Adults, we find that individuals with greater objective financial literacy are less inclined to rely on robo-advisory services. Conversely, subjective and digital financial literacy enhance the likelihood of utilising robo-advisors. Behavioural factors, such as trust in financial innovation, the propensity to save and take risks, and engagement with digital financial services, also emerge as significant predictors of robo-advisory usage. Furthermore, we examine the interplay between robo-advising and different forms of human financial advice. While robo-advisory services appear to substitute for non-independent human advice, our results indicate a significant complementarity with independent professional advice. These findings underscore the importance of hybrid approaches in delivering financial advisory services.
{"title":"Financial literacy, robo-advising, and the demand for human financial advice: Evidence from Italy","authors":"David Aristei, Manuela Gallo","doi":"10.1016/j.jbef.2025.101125","DOIUrl":"10.1016/j.jbef.2025.101125","url":null,"abstract":"<div><div>This paper investigates the influence of objective, subjective, and digital financial literacy on individuals’ propensity to utilise online services for automated financial advice. Exploiting microdata from the Bank of Italy’s 2023 Survey on Financial Literacy of Italian Adults, we find that individuals with greater objective financial literacy are less inclined to rely on robo-advisory services. Conversely, subjective and digital financial literacy enhance the likelihood of utilising robo-advisors. Behavioural factors, such as trust in financial innovation, the propensity to save and take risks, and engagement with digital financial services, also emerge as significant predictors of robo-advisory usage. Furthermore, we examine the interplay between robo-advising and different forms of human financial advice. While robo-advisory services appear to substitute for non-independent human advice, our results indicate a significant complementarity with independent professional advice. These findings underscore the importance of hybrid approaches in delivering financial advisory services.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101125"},"PeriodicalIF":4.7,"publicationDate":"2025-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-12DOI: 10.1016/j.jbef.2025.101121
Yong Kyu Gam , Andy Kim Young Han , Junho Park , Hojong Shin
We study whether CFOs’ psychological traits affect debt maturity choices. Using facial width-to-height ratio (fWHR) as a proxy for achievement drive, we measure 2494 CFOs and 2408 CEOs from 1992 to 2020. Higher-CFO fWHR predicts significantly shorter debt maturity with larger number of lead managers in syndicated loans, while CEO fWHR has no effect. The relationship is strongest when rollover risk is high and is confirmed in loan-level analyses and survives difference-in-differences test around CFO turnovers. Short-term borrowing by high-fWHR CFOs is not value-destroying: markets react positively, distress risk declines, and these CFOs are more often promoted externally to CEO.
{"title":"Do aggressive CFOs borrow short-term?","authors":"Yong Kyu Gam , Andy Kim Young Han , Junho Park , Hojong Shin","doi":"10.1016/j.jbef.2025.101121","DOIUrl":"10.1016/j.jbef.2025.101121","url":null,"abstract":"<div><div>We study whether CFOs’ psychological traits affect debt maturity choices. Using facial width-to-height ratio (fWHR) as a proxy for achievement drive, we measure 2494 CFOs and 2408 CEOs from 1992 to 2020. Higher-CFO fWHR predicts significantly shorter debt maturity with larger number of lead managers in syndicated loans, while CEO fWHR has no effect. The relationship is strongest when rollover risk is high and is confirmed in loan-level analyses and survives difference-in-differences test around CFO turnovers. Short-term borrowing by high-fWHR CFOs is not value-destroying: markets react positively, distress risk declines, and these CFOs are more often promoted externally to CEO.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"49 ","pages":"Article 101121"},"PeriodicalIF":4.7,"publicationDate":"2025-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145977827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-07DOI: 10.1016/j.jbef.2025.101120
Hengyi Su , Jianbo Huang , Lingyun Chen
This study examines whether and how merchant guilds’ historical traditions affect the stock price crash risk of Chinese firms. Using a comprehensive sample of publicly traded companies in China from 2003 to 2019, we find that firms more affected by historical guild traditions have significantly higher crash risk. Mechanism tests show that these firms engage in relation-oriented financial activities—including transactions, guarantees, and loans with their related parties—which is coupled with less voluntary disclosure to external investors. Furthermore, the effect of historical guild tradition on crash risk is especially pronounced for companies with lower analyst coverage, lower institutional ownership, and those in regions with weaker local governance. Overall, this study illustrates that exclusive institutions such as merchant guilds can encourage relation-oriented behaviors and ultimately amplify stock price crash risk.
{"title":"Historical business traditions and stock price crash risk: Evidence from merchant guilds’ influence in China","authors":"Hengyi Su , Jianbo Huang , Lingyun Chen","doi":"10.1016/j.jbef.2025.101120","DOIUrl":"10.1016/j.jbef.2025.101120","url":null,"abstract":"<div><div>This study examines whether and how merchant guilds’ historical traditions affect the stock price crash risk of Chinese firms. Using a comprehensive sample of publicly traded companies in China from 2003 to 2019, we find that firms more affected by historical guild traditions have significantly higher crash risk. Mechanism tests show that these firms engage in relation-oriented financial activities—including transactions, guarantees, and loans with their related parties—which is coupled with less voluntary disclosure to external investors. Furthermore, the effect of historical guild tradition on crash risk is especially pronounced for companies with lower analyst coverage, lower institutional ownership, and those in regions with weaker local governance. Overall, this study illustrates that exclusive institutions such as merchant guilds can encourage relation-oriented behaviors and ultimately amplify stock price crash risk.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101120"},"PeriodicalIF":4.7,"publicationDate":"2025-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145519961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-23DOI: 10.1016/j.jbef.2025.101118
Sarah Lynn Flecke , Sebastian Bachler
The COVID-19 pandemic has accelerated the shift towards online behavioral experiments and the increased adoption of crowdsourcing platforms for participant recruitment. While conducting online studies has become more common, carrying out real-time interactive experiments online presents unique challenges. We provide an overview of existing tools for conducting interactive online experiments and discuss key considerations for setting up and running interactive online studies. We make special mention of the setup combination of studies programmed in oTree and carried out with Prolific samples, which has become popular in experimental and behavioral economics and finance research. Using a case study of a large multi-round experiment involving synchronous decision-making among groups of participants recruited via Prolific, we examine critical factors such as sample availability, participant arrival speed, traffic management, as well as dropout risks and mitigation approaches. We discuss strategies researchers can adopt and suggest areas for further investigation.
{"title":"Conducting real-time interactive experiments online: A guide for researchers","authors":"Sarah Lynn Flecke , Sebastian Bachler","doi":"10.1016/j.jbef.2025.101118","DOIUrl":"10.1016/j.jbef.2025.101118","url":null,"abstract":"<div><div>The COVID-19 pandemic has accelerated the shift towards online behavioral experiments and the increased adoption of crowdsourcing platforms for participant recruitment. While conducting online studies has become more common, carrying out real-time interactive experiments online presents unique challenges. We provide an overview of existing tools for conducting interactive online experiments and discuss key considerations for setting up and running interactive online studies. We make special mention of the setup combination of studies programmed in oTree and carried out with Prolific samples, which has become popular in experimental and behavioral economics and finance research. Using a case study of a large multi-round experiment involving synchronous decision-making among groups of participants recruited via Prolific, we examine critical factors such as sample availability, participant arrival speed, traffic management, as well as dropout risks and mitigation approaches. We discuss strategies researchers can adopt and suggest areas for further investigation.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101118"},"PeriodicalIF":4.7,"publicationDate":"2025-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145416889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-17DOI: 10.1016/j.jbef.2025.101119
Alexia Gaudeul , Caterina Giannetti
We investigate the trade-offs involved in encouraging the adoption of stock-trading algorithms. In a three-week artificial stock market experiment, investors experience trading both independently and with the help of a financial algorithm. They then decide whether to adopt the algorithm. Across treatments, we vary the algorithm by its trading strategy and whether its decisions can be overridden. Our findings show that adoption rates are generally low, but investors are more likely to adopt an algorithm that trades actively and that they can override. An investor’s trading style does not consistently affect algorithm take-up. Instead, adoption primarily depends on the relative success of a trader’s performance when trading independently vs when the algorithm was trading on their behalf. Analysis of an exit questionnaire matches those observations with the reasons given by individuals for rejecting or adopting a financial algorithm.
{"title":"Beyond Performance: Exploring trade-offs in the design of financial algorithms","authors":"Alexia Gaudeul , Caterina Giannetti","doi":"10.1016/j.jbef.2025.101119","DOIUrl":"10.1016/j.jbef.2025.101119","url":null,"abstract":"<div><div>We investigate the trade-offs involved in encouraging the adoption of stock-trading algorithms. In a three-week artificial stock market experiment, investors experience trading both independently and with the help of a financial algorithm. They then decide whether to adopt the algorithm. Across treatments, we vary the algorithm by its trading strategy and whether its decisions can be overridden. Our findings show that adoption rates are generally low, but investors are more likely to adopt an algorithm that trades actively and that they can override. An investor’s trading style does not consistently affect algorithm take-up. Instead, adoption primarily depends on the relative success of a trader’s performance when trading independently <em>vs</em> when the algorithm was trading on their behalf. Analysis of an exit questionnaire matches those observations with the reasons given by individuals for rejecting or adopting a financial algorithm.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101119"},"PeriodicalIF":4.7,"publicationDate":"2025-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145362295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-04DOI: 10.1016/j.jbef.2025.101116
Ralph C. Verhoeks , Willem F.C. Verschoor , Remco C.J. Zwinkels
We examine the role of pandemic attention in stock market dynamics during the coronavirus pandemic. We show that the amount of attention paid to pandemic news is an important determinant of market dynamics, beyond health news. We find that pandemic attention asymmetrically influences stock market dynamics during the pandemic by negatively contributing to low returns and positively contributing to high returns. Second, pandemic numbers and news sentiment only affect stock returns if sufficient attention is paid to pandemic news. Third, pandemic attention is positively related to stock market volatility and comovement. Finally, we provide evidence that this higher comovement can be explained by limited attention: pandemic attention comes at the cost of attention paid to firm-specific news because investors apply category learning behavior and prioritize market-wide news.
{"title":"Investor attention and stock markets dynamics: Evidence from the COVID-19 pandemic","authors":"Ralph C. Verhoeks , Willem F.C. Verschoor , Remco C.J. Zwinkels","doi":"10.1016/j.jbef.2025.101116","DOIUrl":"10.1016/j.jbef.2025.101116","url":null,"abstract":"<div><div>We examine the role of pandemic attention in stock market dynamics during the coronavirus pandemic. We show that the amount of attention paid to pandemic news is an important determinant of market dynamics, <em>beyond</em> health news. We find that pandemic attention asymmetrically influences stock market dynamics during the pandemic by negatively contributing to low returns and positively contributing to high returns. Second, pandemic numbers and news sentiment only affect stock returns if sufficient attention is paid to pandemic news. Third, pandemic attention is positively related to stock market volatility and comovement. Finally, we provide evidence that this higher comovement can be explained by limited attention: pandemic attention comes at the cost of attention paid to firm-specific news because investors apply category learning behavior and prioritize market-wide news.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101116"},"PeriodicalIF":4.7,"publicationDate":"2025-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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