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Women’s empowerment through financial literacy in a developed country 发达国家通过金融知识赋予妇女权力
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Behavioral and Experimental Finance
Pub Date : 2025-10-04 DOI: 10.1016/j.jbef.2025.101115
Piera Bello , Annalisa Cristini , Elena Manzoni , Federica Origo , Marcello Puca , Caterina Sturaro
This paper presents the results of a financial literacy intervention conducted in collaboration with two Italian NGOs supporting women in distress, such as those facing unemployment, economic dependency, or domestic abuse. The program consisted of an interactive lecture focused on essential financial concepts, particularly budgeting and savings. Using a phase-in Randomized Controlled Trial (RCT) design, we assess the impact of this intervention on participants’ financial knowledge and confidence. The findings reveal substantial improvements in both domains, highlighting strong responsiveness to the program. Mediation analysis shows that increases in confidence account for a large share of the observed gains in financial literacy. Furthermore, we identify significant heterogeneity in these outcomes based on women’s socio-demographic characteristics and levels of financial fragility. The intervention has a stronger influence on participants with weaker initial financial literacy, highlighting its potential to reduce knowledge gaps.
本文介绍了与两个意大利非政府组织合作开展的金融扫盲干预的结果，这些非政府组织支持处于困境中的妇女，如面临失业、经济依赖或家庭虐待的妇女。该计划包括一个互动讲座，重点是基本的财务概念，特别是预算和储蓄。采用分阶段随机对照试验（RCT）设计，我们评估了这种干预对参与者金融知识和信心的影响。调查结果显示，在这两个领域都有实质性的改进，突出了对该计划的强烈响应。中介分析表明，信心的增强在观察到的金融知识增长中占很大比例。此外，我们根据妇女的社会人口特征和金融脆弱性水平确定了这些结果的显著异质性。干预措施对初始金融知识水平较低的参与者影响更大，突出了其缩小知识差距的潜力。
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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
Journal of Behavioral and Experimental Finance
Pub 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
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
Journal of Behavioral and Experimental Finance
Pub 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
Personality-driven value investing: The mediating role of financial self-efficacy and versatile cognitive styles 人格驱动的价值投资：财务自我效能感与多元认知风格的中介作用
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Behavioral and Experimental Finance
Pub Date : 2025-09-27 DOI: 10.1016/j.jbef.2025.101114
Fawad Ahmad
The influence of individual psychological and cognitive characteristics on preferences for value versus growth stocks (VSvGS) is not well understood. This study examines the influence of personality traits, financial self-efficacy (FSE), and versatile cognitive styles (VCS) on the choice between VSvGS. Specifically, it examines both the direct effects of personality traits on individual preferences and the indirect effects mediated by FSE and VCS. Data were collected from 351 students across two universities, one in Italy and the other in Pakistan. The results provide a significant positive (negative) direct effect of conscientiousness and openness (extraversion and neuroticism) on the preference for VSvGS. Furthermore, the study demonstrates that conscientiousness and openness (extraversion and neuroticism) have a positive (negative) impact on preferences for VSvGS, mediated by FSE and VCS. Moreover, the results show no significant differences in the impact of personality traits on the preferences for VSvGS between respondents from Italy and Pakistan.
个体心理和认知特征对价值股与成长股（VSvGS）偏好的影响尚不清楚。本研究考察了人格特质、财务自我效能感（FSE）和多用途认知风格（VCS）对多用途认知风格选择的影响。具体而言，本研究考察了人格特质对个体偏好的直接影响以及FSE和VCS介导的间接影响。数据来自两所大学的351名学生，一所在意大利，另一所在巴基斯坦。结果表明，尽责性和开放性（外向性和神经质性）对VSvGS偏好有显著的正（负）直接影响。此外，研究还表明，尽责性和开放性（外向性和神经质）在FSE和VCS的中介作用下对VSvGS的偏好有正（负）影响。此外，研究结果显示，性格特征对意大利和巴基斯坦被调查者的VSvGS偏好的影响没有显著差异。
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引用次数: 0
Undefined benefit: Projections and anchors as guides to retirement decumulation 未定义的收益：作为退休累积指南的预测和锚点
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Behavioral and Experimental Finance
Pub Date : 2025-09-26 DOI: 10.1016/j.jbef.2025.101113
Ben R. Newell , Hazel Bateman , Loretti Dobrescu , Jake Embrey , Rochelle Nian , Susan Thorp
Most defined contribution retirement income systems assume that retiring participants have the know-how and confidence to turn their lump sum savings into life-long income. Surprisingly slow withdrawals by retired defined contribution participants cast doubt on this assumption. In this study, we conduct three rounds of lab-in-the-field experiments that give near-to-retirement defined contribution plan participants updating information about withdrawal plans. We show that income projections induce slightly higher rates of withdrawal but this influence is dominated by income anchors. Supporting participants with basic information and the opportunity to engage in the decision process through interactive education tools has the potential to improve their wellbeing in retirement.
大多数固定缴款退休收入制度都假设，即将退休的参与者有知识和信心将他们的一次性储蓄转化为终身收入。退休的固定缴款参与者惊人的缓慢提款让人对这一假设产生了怀疑。在本研究中，我们进行了三轮实验室现场实验，为即将退休的固定缴款计划参与者提供有关提取计划的更新信息。我们的研究表明，收入预测会导致略高的退出率，但这种影响主要由收入锚定决定。通过互动教育工具为参与者提供基本信息和参与决策过程的机会，有可能改善他们的退休福利。
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引用次数: 0
The effect of social comparison on debt taking: Experimental evidence 社会比较对债务承担的影响：实验证据
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Behavioral and Experimental Finance
Pub Date : 2025-09-23 DOI: 10.1016/j.jbef.2025.101111
Antonia Grohmann , Melanie Koch
A number of studies show a link between social comparison and high levels of household debt. However, the exact underlying mechanisms are not yet well understood. In this paper, we disentangle two mechanisms in a lab experiment to study the effects of social image concerns and peer information on debt-financed consumption choices. We find that having to announce their consumption decisions publicly does not make participants more likely to take on debt. However, in an exploratory analysis, we uncover that it makes them more likely to buy a lower quality product than they can afford. We find no significant effects for information about other participants consumption on choices.
许多研究表明，社会攀比与高水平的家庭债务之间存在联系。然而，确切的潜在机制还没有被很好地理解。在本文中，我们在实验室实验中理清了社会形象关注和同伴信息对债务融资消费选择的影响机制。我们发现，不得不公开宣布他们的消费决定并不会使参与者更有可能承担债务。然而，在一项探索性分析中，我们发现，这使他们更有可能购买比他们负担得起的低质量的产品。我们发现其他参与者的消费信息对选择没有显著影响。
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引用次数: 0
Mental framing effects in dynamic portfolio choice 动态投资组合选择中的心理框架效应
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Behavioral and Experimental Finance
Pub Date : 2025-09-13 DOI: 10.1016/j.jbef.2025.101109
Enrico De Giorgi , Askhat Omar , Thierry Post
We present experimental evidence of systematic decision errors in dynamic portfolio choice. Participants created contingency plans in a lattice model. When returns were independent and identically distributed, most plans were near-optimal for plausible risk preferences. However, under dynamic probabilities, most plans were inefficient, even by First-degree Stochastic Dominance. Allocations showed a lack of sensitivity to probability shifts, consistent with myopic loss aversion. Decision quality improved when participants compared their original plan to precomputed optimal plans. Results highlight the importance of problem framing in dynamic choice and support a libertarian paternalistic approach to choice architecture.
本文给出了动态投资组合中系统决策误差的实验证据。参与者在格子模型中创建应急计划。当收益独立且分布相同时，大多数计划对于合理的风险偏好来说都是接近最优的。然而，在动态概率下，大多数计划是低效的，即使是在一级随机优势下也是如此。配置显示出对概率变化缺乏敏感性，与短视的损失厌恶一致。当参与者将他们的原始计划与预先计算的最佳计划进行比较时，决策质量得到了提高。结果强调了问题框架在动态选择中的重要性，并支持自由主义家长式的选择架构方法。
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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
Journal of Behavioral and Experimental Finance
Pub 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
Under the shield: How directors’ and officers’ liability insurance affects corporate greenwashing 遮羞布之下：董事和高管责任保险如何影响企业的“洗绿”行为
IF 4.7 2区 经济学 Q1 BUSINESS, FINANCE
Journal of Behavioral and Experimental Finance
Pub Date : 2025-09-10 DOI: 10.1016/j.jbef.2025.101110
Chun Tang , Guangyi Yang , Xiaoxing Liu
The dual-edged nature of Directors’ and Officers’ liability insurance (D&O insurance) draws our attention to exploring how it influences corporate greenwashing by shaping executive behavior. Using data from Chinese listed companies, our results demonstrate that D&O insurance significantly induces corporate greenwashing behavior, with this effect notably mitigated when the insurance announcement emphasizes the company’s interests or includes exemption clauses. We identify that heightened executive moral hazard is the key channel through which this effect operates. The background of executives further distorts the effect of D&O insurance: it is prominent among executive teams with dispersed power, lack of academic and political backgrounds. Further research offers regulators insights on curbing the negative impacts of D&O insurance by highlighting the importance of strengthened regulatory warnings and supervision intensity.
董事和高级管理人员责任保险（D&O insurance）的双刃剑性质吸引了我们的注意力，探讨它如何通过塑造高管行为来影响企业的“漂绿”。利用中国上市公司的数据，我们的研究结果表明，D&；O保险显著诱导了公司的“洗绿”行为，当保险公告强调公司利益或包含豁免条款时，这种效应显著减弱。我们发现，高管道德风险的加剧是这种效应发挥作用的关键渠道。高管的背景进一步扭曲了D&；O保险的效果：它在权力分散、缺乏学术和政治背景的高管团队中表现突出。进一步的研究通过强调加强监管警告和监管强度的重要性，为监管机构提供了遏制d&o保险负面影响的见解。
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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
Journal of Behavioral and Experimental Finance
Pub 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
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