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Building trust in AI-driven venture capital decisions: A comparative study of SHAP and GPT explanations 在人工智能驱动的风险投资决策中建立信任:SHAP和GPT解释的比较研究
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-02-02 DOI: 10.1016/j.jbef.2026.101148
Ronald Setty , Yuval Elovici , Dafna Schwartz
Artificial intelligence is widely used in financial services, yet adoption in venture capital (VC) remains limited due to opaque predictive models. This study examines how explanation format and contextual enrichment shape trust in AI-driven venture recommendations. We compare black-box machine learning predictions of startup success with SHAP visualizations and GPT-generated textual summaries, including enriched versions reflecting venture-specific success factors. Two groups participated: VC investors and financial advisors. Explanations significantly increased trust relative to the black-box baseline, with the strongest effects for feature-enriched formats. Technical orientation moderated format preferences, but only once contextual enrichment was present. The study makes three contributions. First, it shows that explanation enrichment is central to trust in VC decision-making. Second, it introduces GPT-generated SHAP summaries as a practical mechanism for explaining model outputs. Third, it empirically links explanation design to trust calibration and cognitive alignment, extending Trust Calibration Models and Cognitive Fit Theory to VC decisions.
人工智能在金融服务领域得到了广泛应用,但由于预测模型不透明,在风险投资领域的应用仍然有限。本研究考察了解释格式和上下文丰富如何在人工智能驱动的风险投资建议中塑造信任。我们将启动成功的黑箱机器学习预测与SHAP可视化和gpt生成的文本摘要进行比较,包括反映风险特定成功因素的丰富版本。两组参与者:风险投资者和财务顾问。相对于黑盒基线,解释显著增加了信任,对功能丰富的格式影响最大。技术取向调节格式偏好,但只有当上下文丰富存在时。这项研究有三个贡献。首先,它表明解释丰富是风险投资决策信任的核心。其次,它引入了gpt生成的SHAP摘要,作为解释模型输出的实用机制。第三,实证地将解释设计与信任校准和认知一致性联系起来,将信任校准模型和认知契合理论扩展到风险投资决策中。
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引用次数: 0
The dynamics of cryptocurrency market from behavioral finance perspective 行为金融学视角下的加密货币市场动态
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-15 DOI: 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.
本研究构建了一个综合投资者情绪指数(CIST),整合了六个行为和市场代理,以检验投资者情绪如何影响加密货币的回报和波动性。利用2018年3月至2023年7月的周数据,通过ARDL将情绪分解为理性和非理性成分,并通过VAR和脉冲响应分析动态效应。第一个主成分解释了几乎70% %的总方差。结果表明,理性情绪对收益和波动产生持续的、长期的影响,而非理性情绪导致短期波动峰值。研究结果表明,区分投资者的认知反应和情绪反应可以增强对加密货币市场行为的理解,从而推动了行为金融学的发展。
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引用次数: 0
Does CEO accent impact investors’ investment decision? CEO的口音会影响投资者的投资决策吗?
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-08-26 DOI: 10.1016/j.jbef.2025.101100
Devendra Kale, Anis Triki
We explore the impact of CEO accent on the investment decisions of non-professional investors and the drivers of such investment decisions. Using AI to generate a foreign-sounding (Kenyan) and American accent, we investigate the impact of CEO accent on investors’ investment decisions. We also investigate the moderating impact of CEO reputation. Our results suggest that investors are willing to invest higher amounts in firms led by ‘foreign-sounding’ CEOs when the CEOs have a good reputation. Supplemental analysis shows that the impact of accent on investment is not uniform across different ‘foreign’ accents.
我们探讨了CEO的口音对非专业投资者投资决策的影响以及这些投资决策的驱动因素。利用人工智能生成听起来像外国口音(肯尼亚语)和美国口音,我们研究了CEO口音对投资者投资决策的影响。我们还研究了CEO声誉的调节作用。我们的研究结果表明,当首席执行官拥有良好声誉时,投资者愿意向“听起来像外国人”的首席执行官领导的公司投入更多资金。补充分析表明,口音对投资的影响在不同的“外国”口音中并不统一。
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引用次数: 0
Investor attention and stock markets dynamics: Evidence from the COVID-19 pandemic 投资者关注和股市动态:来自COVID-19大流行的证据
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-10-04 DOI: 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.
我们研究了冠状病毒大流行期间大流行关注在股市动态中的作用。我们表明,对流行病新闻的关注程度是市场动态的一个重要决定因素,超出了健康新闻。我们发现,在大流行期间,大流行关注通过负向贡献低回报和正向贡献高回报来非对称地影响股市动态。其次,只有在对疫情新闻给予足够关注的情况下,疫情数字和新闻情绪才会影响股票回报。第三,疫情关注度与股市波动和变动呈正相关。最后,我们提供的证据表明,这种较高的共同性可以用有限的注意力来解释:由于投资者应用类别学习行为并优先考虑市场范围内的新闻,因此对流行病的关注是以对公司特定新闻的关注为代价的。
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引用次数: 0
Proximity-powered attention: Exploring spatial spillover in investor attention 邻近性注意力:投资者注意力的空间溢出效应
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-09-01 DOI: 10.1016/j.jbef.2025.101099
Kevin Rene Lehmann, Peter N. Posch
This paper examines the transmission of investor attention between firms based on geographical proximity and product market similarity using EDGAR search traffic data. We find that firms receive more attention when a nearby firm experiences abnormal attention, with the effect decreasing with distance and over time. The effect is stronger for firms in similar product markets. Effects are most concentrate among nearby firms, with attention increases exceeding 86% for very similar markets, dropping to 41% as distance increases. This research extends the literature on investor attention and local information bias, highlighting the importance of peer firm relationships in information transmission.
本文利用EDGAR搜索流量数据研究了基于地理邻近性和产品市场相似性的公司间投资者注意力的传递。我们发现,当附近的企业受到异常关注时,企业会得到更多的关注,并且随着距离和时间的推移,这种影响会降低。这种效应对处于类似产品市场的公司更为明显。影响主要集中在附近的公司,对于非常相似的市场,关注度增加超过86%,随着距离的增加,关注度下降到41%。本研究扩展了投资者关注和本地信息偏差的文献,强调了同行企业关系在信息传递中的重要性。
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引用次数: 0
Anchoring on safe haven: Russia–Ukraine war effects on the cryptocurrency market 锚定安全港:俄乌战争对加密货币市场的影响
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-11-21 DOI: 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.
为了调查投资者在市场低迷期间寻求避风港时是否表现出锚定偏见,我们分析了俄罗斯-乌克兰战争期间的加密货币市场。我们发现,随着冲突加剧,对加密货币的需求——尤其是那些在COVID-19大流行期间被认为是安全避风港的货币——显著增加。然而,这种需求激增伴随着负回报和高风险,这表明投资者可能会根据过去的表现高估加密货币的安全性。此外,我们表明,在冲突期间,加密货币与标准普尔500指数和黄金呈正相关,从而降低了它们的多元化效益。此外,加密货币不应被视为战争期间美元或原油的避险资产。这些结果表明,投资者锚定在历史避险属性上,未能根据新信息适当调整他们的预期,并且忽视了波动市场中的相关风险。这些发现在安慰剂测试中是稳健的,不能用基于加密的制裁规避来解释,并且是由地缘政治风险渠道驱动的。我们的研究强调了锚定偏差对风险管理的影响,并强调了行为偏差在加密货币市场中的普遍影响。
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引用次数: 0
CEOs, parenthood, and corporate misconduct 首席执行官,为人父母,公司不当行为
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-11-25 DOI: 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.
本研究考察ceo作为父母的个人经历是否会影响企业道德行为。根据女性社会化假说,我们测试了CEO子女的性别,特别是长子的性别,是否会影响公司不当行为的可能性和严重程度,通过美国司法部的监管违规来衡量。通过对大量美国公司的调查,我们发现,有女儿的ceo领导的公司违反监管规定的次数较少,缴纳的罚款也较少,这种影响主要集中在头胎是女儿的公司。另外的分析表明,女儿的数量进一步减少了不当行为,表明累积暴露会增强道德意识。总的来说,我们的研究结果强调了早期和反复接触女儿如何塑造高管的道德和风险偏好,最终影响公司决策并减少不道德行为。
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引用次数: 0
Personalized reminders: Evidence from a field experiment with voluntary retirement savings in Colombia 个性化提醒:来自哥伦比亚自愿退休储蓄实地实验的证据
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-09-29 DOI: 10.1016/j.jbef.2025.101112
Jared Gars , Laura Prada , Egon Tripodi , Santiago Borda
A large share of the global workforce lacks access to employer-sponsored retirement plans. In Colombia, where labor informality is high, the government introduced the Beneficios Económicos Periódicos (BEPS) program to promote voluntary retirement savings. However, many enrollees fail to contribute regularly. We conduct a randomized controlled trial with 2819 BEPS users, assigning them to different planning and monthly reminder treatments, where reminders are tailored in their timing. We find that personalized reminders significantly increase both the frequency and amount of savings, with individuals who recognize their forgetfulness more likely to demand reminders. Our findings highlight the role of reminders tailored to individuals’ preferred timing in sustaining engagement in voluntary savings programs.
全球很大一部分劳动力无法享受雇主赞助的退休计划。在劳动力不正性很高的哥伦比亚,政府推出了“受益人Económicos Periódicos”(BEPS)计划,以促进自愿退休储蓄。然而,许多参保人未能定期供款。我们对2819名BEPS用户进行了一项随机对照试验,将他们分配到不同的计划和每月提醒治疗中,其中提醒的时间是量身定制的。我们发现,个性化提醒大大增加了储蓄的频率和金额,那些意识到自己健忘的人更有可能要求提醒。我们的研究结果强调了针对个人偏好时间的提醒在持续参与自愿储蓄计划中的作用。
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引用次数: 0
Zero intelligence in an Edgeworth box 埃奇沃斯盒子里没有任何智能
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-09-12 DOI: 10.1016/j.jbef.2025.101098
Brett Williams
Gode and Sunder (1993) brought a lower-bound to the literature on bounded rationality in the continuous double auction, asserting the institutional rules, rather than the behavior of traders, provide the equilibrating tendencies seen so often in the laboratory. Gode et al. (2004) brought these ‘zero intelligence’ traders to the general equilibrium paradigm as well, though not before a group of studies began questioning whether this new lower-bound was truly void of intelligence. This paper tests the driving assumptions of the general equilibrium adaptation of the zero intelligence model. I find significant variation in market performance when adjusting enforcement of five different assumptions. Enforcement of behavioral-oriented and market-oriented rules show stark differences in their influence on market outcomes, with behavioral-oriented rules providing the most guidance. 1
Gode和Sunder(1993)为连续双重拍卖中的有限理性的文献提出了一个下限,断言制度规则,而不是交易者的行为,提供了在实验室中经常看到的平衡倾向。Gode等人(2004)也将这些“零智力”交易者带入了一般均衡范式,尽管在此之前,一组研究开始质疑这个新的下限是否真的没有智力。本文对零智能模型一般均衡适应的驱动假设进行了检验。我发现,在调整五种不同假设的执行情况时,市场表现会发生显著变化。以行为为导向的规则和以市场为导向的规则的执行对市场结果的影响存在明显差异,以行为为导向的规则提供了最多的指导。1
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引用次数: 0
Communication of ECB Governing Council members: Impact on intraday financial markets from media messages 欧洲央行管理委员会成员的沟通:媒体信息对盘中金融市场的影响
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-12-01 Epub Date: 2025-10-02 DOI: 10.1016/j.jbef.2025.101117
Linas Jurkšas, Rokas Kaminskas
The goal of this paper is to determine the heterogeneity in media messages across the ECB Governing Council members, employing the GPT language model, and assess its impact on financial markets with high-frequency data since 2014. Our findings uncover trends in sentiments and topics in line with economic developments and similar studies. We highlight a marked divergence between hawkish and dovish members. Using regression analysis, we demonstrate that the media messages after the communication of Governing Council members significantly influence various euro area asset classes. These effects are material across different periods. Our study also highlights specific topics that exert a more pronounced influence on market dynamics. Hawkish communication is observed to have a more substantial effect on sovereign bond yields. Furthermore, media messages of Executive Board members and the Governors of Germany, France and Austria are found to have the most significant overall impact on euro area markets.
本文的目标是利用GPT语言模型确定欧洲央行管理委员会成员媒体信息的异质性,并利用2014年以来的高频数据评估其对金融市场的影响。我们的发现揭示了情绪和话题的趋势与经济发展和类似的研究是一致的。我们强调鹰派和鸽派成员之间的明显分歧。利用回归分析,我们证明了管理委员会成员沟通后的媒体信息显著影响欧元区各种资产类别。这些影响跨越不同时期。我们的研究还强调了对市场动态产生更明显影响的特定主题。据观察,鹰派言论对主权债券收益率的影响更大。此外,执行委员会成员以及德国、法国和奥地利央行行长的媒体信息对欧元区市场的整体影响最为显著。
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引用次数: 0
期刊
Journal of Behavioral and Experimental Finance
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