Pub Date : 2025-08-19DOI: 10.1016/j.jbef.2025.101094
Yevgeny Mugerman , Ruth Rooz (Stern)
This study examines how identity fusion influences managerial decision-making in family-owned businesses, with a particular focus on eponymous firms. Using a controlled experimental design, we exogenously manipulate identity fusion to mitigate selection biases commonly associated with archival data. Our findings demonstrate that self-identification with the firm significantly impacts managerial behavior: eponymous participants exhibit heightened optimism in gain scenarios, while in loss scenarios, we observe a tendency toward more cautious decisions, although the evidence is more limited. To validate and extend these results, we complement the experiment with a survey of executives from both eponymous and non-eponymous firms. Together, these findings highlight the critical role of psychological attachment and reputational considerations in shaping corporate decision-making within family businesses.
{"title":"Exploring the impact of identity fusion on managerial decision-making in eponymous firms","authors":"Yevgeny Mugerman , Ruth Rooz (Stern)","doi":"10.1016/j.jbef.2025.101094","DOIUrl":"10.1016/j.jbef.2025.101094","url":null,"abstract":"<div><div>This study examines how identity fusion influences managerial decision-making in family-owned businesses, with a particular focus on eponymous firms. Using a controlled experimental design, we exogenously manipulate identity fusion to mitigate selection biases commonly associated with archival data. Our findings demonstrate that self-identification with the firm significantly impacts managerial behavior: eponymous participants exhibit heightened optimism in gain scenarios, while in loss scenarios, we observe a tendency toward more cautious decisions, although the evidence is more limited. To validate and extend these results, we complement the experiment with a survey of executives from both eponymous and non-eponymous firms. Together, these findings highlight the critical role of psychological attachment and reputational considerations in shaping corporate decision-making within family businesses.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101094"},"PeriodicalIF":4.7,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144895568","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}
Financial Influencers (Finfluencers) have a considerable influence on investment advice, and they use multiple social media platforms to reach target audience. Using Technology Acceptance Model (TAM), the study aims to understand how Perceived Usefulness (PU), Perceived Ease of Use (PEoU), Perceived Awareness (PA), and Subjective Norms (SN) influence the investors' Behavioural Intention (BI) to adopt the recommendations of Finfluencers. We also used Age, Gender, Education Qualification (EQ), and Investment Experience (IE) as the moderating variables. A quantitative research design was adopted, and data was collected from 442 retail investors in India which was analysed using PLS-SEM. Our findings show that PU and PEoU have a significant influence on the intention to adopt the advice of Finfluencers. PU partially mediates the relationship between PEoU and BI. The findings are useful to the regulator for granting license to them as well as to the Finfluencers to offer independent investment advice to build trust among the investors.
{"title":"Extending the technology acceptance model (TAM): Factors influencing behavioural intentions of investors to use the advice of finfluencers","authors":"Arti Chandani , Manisha Sanghvi , Smita Wagholikar , Mohit Pathak , Sonali Bagade , Prashant Ubarhande , Udita Saini","doi":"10.1016/j.jbef.2025.101092","DOIUrl":"10.1016/j.jbef.2025.101092","url":null,"abstract":"<div><div>Financial Influencers (Finfluencers) have a considerable influence on investment advice, and they use multiple social media platforms to reach target audience. Using Technology Acceptance Model (TAM), the study aims to understand how Perceived Usefulness (PU), Perceived Ease of Use (PEoU), Perceived Awareness (PA), and Subjective Norms (SN) influence the investors' Behavioural Intention (BI) to adopt the recommendations of Finfluencers. We also used Age, Gender, Education Qualification (EQ), and Investment Experience (IE) as the moderating variables. A quantitative research design was adopted, and data was collected from 442 retail investors in India which was analysed using PLS-SEM. Our findings show that PU and PEoU have a significant influence on the intention to adopt the advice of Finfluencers. PU partially mediates the relationship between PEoU and BI. The findings are useful to the regulator for granting license to them as well as to the Finfluencers to offer independent investment advice to build trust among the investors.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101092"},"PeriodicalIF":4.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861049","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 : 2025-08-15DOI: 10.1016/j.jbef.2025.101095
CHARISA DE KLERK , ZACK ENSLIN , JOHN HALL
Over the past few years professional skepticism has received attention from various stakeholders such as policymakers, practitioners, regulators, and the public. The interest was driven by financial professionals’ failure to apply professional skepticism and the damage it has caused the reputation of the accounting profession. This study investigates the relationship between professional skepticism as a trait and decision-making biases, while also exploring how factors such as gender, age, experience, and personality traits influence financial professionals’ susceptibility to decision-making biases. The study adopted an advanced statistical technique using structural equation modelling to explore the relationship between professional skepticism and decision-making biases. Online surveys were distributed and completed by professional accountants who have professional accreditation with the International Auditing and Assurance Board (IAASB). Findings revealed the presence to a significant extent among financial professionals of confirmation bias, misconceptions of regression to the mean bias, conjunctive event bias, overconfidence bias, and affect bias. Further findings reveal that specific constructs within the professional skepticism trait such as questioning mind, suspension of judgement, search for knowledge, and self-determining, show significant positive (and in some instances negative) relationships with decision-making biases. Gender, experience, and personality traits (such as extraversion and neuroticism) were found to influence susceptibility to certain biases. This research contributes to literature, offering insights into the relationship between professional skepticism and decision-making biases, underlining the importance of understanding skepticism’s implications for decision-makers.
{"title":"Professional skepticism and behavioral bias in financial professionals","authors":"CHARISA DE KLERK , ZACK ENSLIN , JOHN HALL","doi":"10.1016/j.jbef.2025.101095","DOIUrl":"10.1016/j.jbef.2025.101095","url":null,"abstract":"<div><div>Over the past few years professional skepticism has received attention from various stakeholders such as policymakers, practitioners, regulators, and the public. The interest was driven by financial professionals’ failure to apply professional skepticism and the damage it has caused the reputation of the accounting profession. This study investigates the relationship between professional skepticism as a trait and decision-making biases, while also exploring how factors such as gender, age, experience, and personality traits influence financial professionals’ susceptibility to decision-making biases. The study adopted an advanced statistical technique using structural equation modelling to explore the relationship between professional skepticism and decision-making biases. Online surveys were distributed and completed by professional accountants who have professional accreditation with the International Auditing and Assurance Board (IAASB). Findings revealed the presence to a significant extent among financial professionals of confirmation bias, misconceptions of regression to the mean bias, conjunctive event bias, overconfidence bias, and affect bias. Further findings reveal that specific constructs within the professional skepticism trait such as questioning mind, suspension of judgement, search for knowledge, and self-determining, show significant positive (and in some instances negative) relationships with decision-making biases. Gender, experience, and personality traits (such as extraversion and neuroticism) were found to influence susceptibility to certain biases. This research contributes to literature, offering insights into the relationship between professional skepticism and decision-making biases, underlining the importance of understanding skepticism’s implications for decision-makers.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101095"},"PeriodicalIF":4.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144878978","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 : 2025-08-15DOI: 10.1016/j.jbef.2025.101093
Lihui Tian , Haifeng Wu , Xiaoman Zhu
This paper explores the impacts and mechanisms of climate risk perception on the realization of environmental responsibility from a micro-firm perspective. We selected the data of Chinese A-share listed companies from 2012 to 2022 as a sample, and used text mining techniques and machine learning algorithms to construct corporate-level climate risk perception indicators, and then examined the impact of climate risk perception on corporate environmental responsibility. The empirical results show that (i) Climate risk perception can effectively improve corporate environmental performance (E score). (ii) Climate risk perception can motivate corporations to achieve environmental responsibility through three channels: enhancing diversification, promoting green technology innovation, and increasing environmental investments. (iii) Expansion analyses show that financial support, economic policy synergies, and institutional synergies can enhance the facilitating effect of climate risk perception on corporate environmental responsibility. This study provides empirical evidence for corporations to address climate risks and achieve sustainable development.
{"title":"Does climate risk perception drive the realization of corporate environmental responsibility?","authors":"Lihui Tian , Haifeng Wu , Xiaoman Zhu","doi":"10.1016/j.jbef.2025.101093","DOIUrl":"10.1016/j.jbef.2025.101093","url":null,"abstract":"<div><div>This paper explores the impacts and mechanisms of climate risk perception on the realization of environmental responsibility from a micro-firm perspective. We selected the data of Chinese A-share listed companies from 2012 to 2022 as a sample, and used text mining techniques and machine learning algorithms to construct corporate-level climate risk perception indicators, and then examined the impact of climate risk perception on corporate environmental responsibility. The empirical results show that (i) Climate risk perception can effectively improve corporate environmental performance (E score). (ii) Climate risk perception can motivate corporations to achieve environmental responsibility through three channels: enhancing diversification, promoting green technology innovation, and increasing environmental investments. (iii) Expansion analyses show that financial support, economic policy synergies, and institutional synergies can enhance the facilitating effect of climate risk perception on corporate environmental responsibility. This study provides empirical evidence for corporations to address climate risks and achieve sustainable development.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101093"},"PeriodicalIF":4.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861050","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}
Insurance institutions are increasingly leveraging AI to optimize operations, and insurance intermediaries, which are designed to facilitate consumer decision-making, have emerged as a key area of AI adoption. Despite its potential, challenges such as consumer trust, acceptance of algorithmic decision-making, and ethical considerations raise questions about how AI will shape the role of intermediaries in influencing insurance decisions. This study investigates the impact of insurance intermediaries (human vs. AI) on insurance purchasing behaviors through an intertemporal consumption decision experiment involving the option to purchase insurance for unexpected expenses. By varying the availability of insurance and types of intermediaries across experimental treatments, we first establish two fundamental findings: (1) insurance smooths consumption and enhances lifetime utility, and (2) both human and AI intermediaries significantly promote insurance uptake. Contrary to our expectations, the experimental results reveal no overall difference in effectiveness between human and AI intermediaries. However, a heterogeneity analysis using causal tree algorithms highlights critical nuances: individuals with higher risk aversion exhibit a stronger trust in human intermediaries, leading to higher insurance purchase rates, whereas individuals with lower risk aversion show no significant trust differences between human and AI intermediaries. These findings provide actionable insights for insurance companies, emphasizing the need for strategies tailored to high-risk-averse consumers' preference for human guidance, while leveraging AI's potential to effectively engage low-risk-averse individuals. This study contributes to understanding the interplay between AI, trust, and consumer behavior, offering valuable implications for the design of AI-powered insurance services.
{"title":"Empowering consumers: an experimental study of human and AI intermediary in insurance decision-making","authors":"Xiaolan Yang , Tianjiao Xia , Eryang Zhang , Xue Zhou","doi":"10.1016/j.jbef.2025.101096","DOIUrl":"10.1016/j.jbef.2025.101096","url":null,"abstract":"<div><div>Insurance institutions are increasingly leveraging AI to optimize operations, and insurance intermediaries, which are designed to facilitate consumer decision-making, have emerged as a key area of AI adoption. Despite its potential, challenges such as consumer trust, acceptance of algorithmic decision-making, and ethical considerations raise questions about how AI will shape the role of intermediaries in influencing insurance decisions. This study investigates the impact of insurance intermediaries (human vs. AI) on insurance purchasing behaviors through an intertemporal consumption decision experiment involving the option to purchase insurance for unexpected expenses. By varying the availability of insurance and types of intermediaries across experimental treatments, we first establish two fundamental findings: (1) insurance smooths consumption and enhances lifetime utility, and (2) both human and AI intermediaries significantly promote insurance uptake. Contrary to our expectations, the experimental results reveal no overall difference in effectiveness between human and AI intermediaries. However, a heterogeneity analysis using causal tree algorithms highlights critical nuances: individuals with higher risk aversion exhibit a stronger trust in human intermediaries, leading to higher insurance purchase rates, whereas individuals with lower risk aversion show no significant trust differences between human and AI intermediaries. These findings provide actionable insights for insurance companies, emphasizing the need for strategies tailored to high-risk-averse consumers' preference for human guidance, while leveraging AI's potential to effectively engage low-risk-averse individuals. This study contributes to understanding the interplay between AI, trust, and consumer behavior, offering valuable implications for the design of AI-powered insurance services.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101096"},"PeriodicalIF":4.7,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144867284","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 : 2025-08-08DOI: 10.1016/j.jbef.2025.101085
Pablo Brañas-Garza , Jaromír Kovářík , Ericka G. Rascón Ramírez
How can we promote the adoption of mobile banking among the socially and economically disadvantaged? We compare the effectiveness of two strategies, seeded diffusion via incentivized local leaders and a traditional marketing campaign, to promote the adoption of mobile banking among poor women in rural Peru. For the first one, we exploit the existence of local leaders who were trained by a local firm to promote the diffusion of a mobile banking application. For the second, we take advantage of an on-going traditional marketing campaign at the regional level. Our findings show that the personalized seeded diffusion via local leaders is an effective promotion strategy. It significantly outperforms the traditional campaign, during which adoption rates are statistically indistinguishable from zero. We additionally show that the seeded incentivized diffusion relies on features of the underlying community networks known to promote diffusion of information and trust. Our results emphasize the necessity of personalized approaches to promote technological products such a mobile banking among vulnerable populations.
{"title":"Diffusion of mobile banking among rural women: Incentivizing local leaders vs. a marketing campaign","authors":"Pablo Brañas-Garza , Jaromír Kovářík , Ericka G. Rascón Ramírez","doi":"10.1016/j.jbef.2025.101085","DOIUrl":"10.1016/j.jbef.2025.101085","url":null,"abstract":"<div><div>How can we promote the adoption of mobile banking among the socially and economically disadvantaged? We compare the effectiveness of two strategies, seeded diffusion via incentivized local leaders and a traditional marketing campaign, to promote the adoption of mobile banking among poor women in rural Peru. For the first one, we exploit the existence of local leaders who were trained by a local firm to promote the diffusion of a mobile banking application. For the second, we take advantage of an on-going traditional marketing campaign at the regional level. Our findings show that the personalized seeded diffusion via local leaders is an effective promotion strategy. It significantly outperforms the traditional campaign, during which adoption rates are statistically indistinguishable from zero. We additionally show that the seeded incentivized diffusion relies on features of the underlying community networks known to promote diffusion of information and trust. Our results emphasize the necessity of personalized approaches to promote technological products such a mobile banking among vulnerable populations.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101085"},"PeriodicalIF":4.7,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144911899","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 : 2025-08-06DOI: 10.1016/j.jbef.2025.101091
Ann L. Owen , Judit Temesvary , Andrew Wei
Existing literature has studied the role of within-firm networks, but given that the vast majority of connections are between men, its conclusions are not generalizable to connections of women. We study how connected female versus male board members affect performance in the U.S. banking industry. We find that better connected female board members improve bank profitability and reduce earnings management, especially when women are connected to men. We find somewhat weaker evidence that connections between men reduce bank performance. Consistent with the experimental literature, our findings suggest that connections may improve board functioning, allowing female board members to gain influence and participate more effectively in firm governance.
{"title":"Board of Directors’ connections, gender, and firm performance in a male-dominated industry: Evidence from U.S. banking","authors":"Ann L. Owen , Judit Temesvary , Andrew Wei","doi":"10.1016/j.jbef.2025.101091","DOIUrl":"10.1016/j.jbef.2025.101091","url":null,"abstract":"<div><div>Existing literature has studied the role of within-firm networks, but given that the vast majority of connections are between men, its conclusions are not generalizable to connections of women. We study how connected female versus male board members affect performance in the U.S. banking industry. We find that better connected female board members improve bank profitability and reduce earnings management, especially when women are connected to men. We find somewhat weaker evidence that connections between men reduce bank performance. Consistent with the experimental literature, our findings suggest that connections may improve board functioning, allowing female board members to gain influence and participate more effectively in firm governance.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101091"},"PeriodicalIF":4.7,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842627","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 : 2025-07-29DOI: 10.1016/j.jbef.2025.101088
John P. Harrison, Subhashish Samaddar
On-screen Reading vs. On-paper Reading: Does It Influence Trust and Risk Differently?
The current shift in reading medium is from on-paper reading to reading on electronic screen. Not tested to date is whether the reading medium has any effect on investment behaviors such as trust and risk. Through a field experiment, we tested subjects (N = min 209) who were recruited online, ranging in age from 18 to 69 years for reading both on screen and on paper.
The results showed that the reading medium had no significant effect on the subjects’ self-reported trust but had a significant effect on self-reported risk tolerance, with reading on screen showing markedly more risk tolerance especially in younger ages. The results also showed increased trust with age in reading financial material, and as expected risk tolerance was shown to be significantly negatively related to age. These results imply that reading financial material on screen will result in a higher risk tolerance than would reading the same financial material on paper.
屏幕阅读与纸上阅读：对信任和风险的影响不同吗？当前的阅读媒介是从纸质阅读向电子屏幕阅读转变。阅读媒介是否对信任和风险等投资行为有影响，迄今尚未得到检验。通过实地实验，我们测试了在线招募的受试者（N = min 209），年龄从18岁到69岁不等，阅读屏幕和纸质书。结果表明，阅读媒介对被试自我报告的信任没有显著影响，但对自我报告的风险承受能力有显著影响，屏幕阅读明显表现出更强的风险承受能力，尤其是在年龄较小的人群中。结果还显示，在阅读金融材料时，随着年龄的增长，信任度增加，正如预期的那样，风险承受能力与年龄呈显著负相关。这些结果表明，在屏幕上阅读金融材料会比在纸上阅读同样的金融材料产生更高的风险承受能力。
{"title":"On-screen reading vs. On-paper reading: Does it influence trust and risk differently?","authors":"John P. Harrison, Subhashish Samaddar","doi":"10.1016/j.jbef.2025.101088","DOIUrl":"10.1016/j.jbef.2025.101088","url":null,"abstract":"<div><div>On-screen Reading vs. On-paper Reading: Does It Influence Trust and Risk Differently?</div><div>The current shift in reading medium is from on-paper reading to reading on electronic screen. Not tested to date is whether the reading medium has any effect on investment behaviors such as trust and risk. Through a field experiment, we tested subjects (<em>N</em> = min 209) who were recruited online, ranging in age from 18 to 69 years for reading both on screen and on paper.</div><div>The results showed that the reading medium had no significant effect on the subjects’ self-reported trust but had a significant effect on self-reported risk tolerance, with reading on screen showing markedly more risk tolerance especially in younger ages. The results also showed increased trust with age in reading financial material, and as expected risk tolerance was shown to be significantly negatively related to age. These results imply that reading financial material on screen will result in a higher risk tolerance than would reading the same financial material on paper.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101088"},"PeriodicalIF":4.7,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144770776","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 : 2025-07-24DOI: 10.1016/j.jbef.2025.101086
Malvika Chhatwani
We investigate the impact of financial overconfidence on credit card behavior among men and women. We operationalize financial overconfidence as a discrepancy between objective and subjective financial literacy. Utilizing a dataset comprising 19,795 individuals, our analysis reveals a significant positive relationship between financial overconfidence and credit card delinquency. Further, we also find that financial overconfidence is significantly weaker among women as compared to men. Our findings are robust to several robustness tests using additional control variables or different operationalizations of independent and dependent variables. These findings offer intriguing practical implications, suggesting a gender-specific intervention to address the effects of financial overconfidence on credit card usage. The theoretical and practical contributions of our research are discussed.
{"title":"Girls will be girls? The gendered effect of financial overconfidence on credit card delinquency","authors":"Malvika Chhatwani","doi":"10.1016/j.jbef.2025.101086","DOIUrl":"10.1016/j.jbef.2025.101086","url":null,"abstract":"<div><div>We investigate the impact of financial overconfidence on credit card behavior among men and women. We operationalize financial overconfidence as a discrepancy between objective and subjective financial literacy. Utilizing a dataset comprising 19,795 individuals, our analysis reveals a significant positive relationship between financial overconfidence and credit card delinquency. Further, we also find that financial overconfidence is significantly weaker among women as compared to men. Our findings are robust to several robustness tests using additional control variables or different operationalizations of independent and dependent variables. These findings offer intriguing practical implications, suggesting a gender-specific intervention to address the effects of financial overconfidence on credit card usage. The theoretical and practical contributions of our research are discussed.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101086"},"PeriodicalIF":4.7,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144722944","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 : 2025-07-21DOI: 10.1016/j.jbef.2025.101082
Hamid Yahyaei , Abhay Singh, Tom Smith
We examine the relationship between the business cycle, sentiment, and the returns of listed U.S. hedge funds. Using Natural Language Processing (NLP) techniques, we construct a novel measure of hedge fund sentiment by mapping fund-level sentiment scores to hand-collected portfolio manager commentaries. Our empirical analysis shows that business cycle fluctuations exert the strongest influence on hedge fund sentiment, outweighing the effects of geopolitical, trade, and climate policy risks. Moreover, hedge fund sentiment exhibits explanatory power for the cross-section of returns, where a one-unit improvement in sentiment (from neutral to positive) is associated with an average annual return increase of approximately 0.74 percentage points.
{"title":"How does the smart money feel? Hedge fund sentiment, returns, and the business cycle","authors":"Hamid Yahyaei , Abhay Singh, Tom Smith","doi":"10.1016/j.jbef.2025.101082","DOIUrl":"10.1016/j.jbef.2025.101082","url":null,"abstract":"<div><div>We examine the relationship between the business cycle, sentiment, and the returns of listed U.S. hedge funds. Using Natural Language Processing (NLP) techniques, we construct a novel measure of hedge fund sentiment by mapping fund-level sentiment scores to hand-collected portfolio manager commentaries. Our empirical analysis shows that business cycle fluctuations exert the strongest influence on hedge fund sentiment, outweighing the effects of geopolitical, trade, and climate policy risks. Moreover, hedge fund sentiment exhibits explanatory power for the cross-section of returns, where a one-unit improvement in sentiment (from neutral to positive) is associated with an average annual return increase of approximately 0.74 percentage points.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101082"},"PeriodicalIF":4.3,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144672571","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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