Pub Date : 2025-12-01Epub 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":"2025-12-01","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 : 2025-12-01Epub 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":"2025-12-01","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 : 2025-12-01Epub Date: 2025-09-13DOI: 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.
{"title":"Mental framing effects in dynamic portfolio choice","authors":"Enrico De Giorgi , Askhat Omar , Thierry Post","doi":"10.1016/j.jbef.2025.101109","DOIUrl":"10.1016/j.jbef.2025.101109","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101109"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145096165","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 : 2025-12-01Epub Date: 2025-09-10DOI: 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.
{"title":"Under the shield: How directors’ and officers’ liability insurance affects corporate greenwashing","authors":"Chun Tang , Guangyi Yang , Xiaoxing Liu","doi":"10.1016/j.jbef.2025.101110","DOIUrl":"10.1016/j.jbef.2025.101110","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101110"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145096167","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 : 2025-12-01Epub Date: 2025-10-04DOI: 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.
{"title":"Women’s empowerment through financial literacy in a developed country","authors":"Piera Bello , Annalisa Cristini , Elena Manzoni , Federica Origo , Marcello Puca , Caterina Sturaro","doi":"10.1016/j.jbef.2025.101115","DOIUrl":"10.1016/j.jbef.2025.101115","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101115"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267333","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 : 2025-12-01Epub Date: 2025-08-26DOI: 10.1016/j.jbef.2025.101101
Yehuda Ben Eli , Tehila Kalagy , Mosi Rosenboim
Financial institutions around the world are aware of customers' ambitions to conduct their financial activities in accordance with their values. In response, they are entering the impact-economy field. Israeli banking today does not operate according to Jewish law, since there is a bypass called "Heter Iska", which allows one to have unlimited banking activity. We used a quantitative model to estimate the expected economic value of a new banking track tailored for religious Jews who want to avoid religiously prohibited usury in a manner more compatible with Jewish law. Our survey revealed that, on average, employees would be willing to forgo 16 % of their salary for the benefit of working for a bank that offered such products and that customers would be willing to pay 80 % higher management fees for such products. These findings suggest that such products could be commercially viable. This work falls into two topical areas covered by this journal: Religion and Attitudes (specifically, corporate behavior) and Religious Practices (specifically, economic behavior of individuals and groups of individuals).
{"title":"The economic value of “Kosher” impact banking","authors":"Yehuda Ben Eli , Tehila Kalagy , Mosi Rosenboim","doi":"10.1016/j.jbef.2025.101101","DOIUrl":"10.1016/j.jbef.2025.101101","url":null,"abstract":"<div><div>Financial institutions around the world are aware of customers' ambitions to conduct their financial activities in accordance with their values. In response, they are entering the impact-economy field. Israeli banking today does not operate according to Jewish law, since there is a bypass called \"Heter Iska\", which allows one to have unlimited banking activity. We used a quantitative model to estimate the expected economic value of a new banking track tailored for religious Jews who want to avoid religiously prohibited usury in a manner more compatible with Jewish law. Our survey revealed that, on average, employees would be willing to forgo 16 % of their salary for the benefit of working for a bank that offered such products and that customers would be willing to pay 80 % higher management fees for such products. These findings suggest that such products could be commercially viable. This work falls into two topical areas covered by this journal: Religion and Attitudes (specifically, corporate behavior) and Religious Practices (specifically, economic behavior of individuals and groups of individuals).</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101101"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144926673","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 : 2025-12-01Epub Date: 2025-09-26DOI: 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.
{"title":"Undefined benefit: Projections and anchors as guides to retirement decumulation","authors":"Ben R. Newell , Hazel Bateman , Loretti Dobrescu , Jake Embrey , Rochelle Nian , Susan Thorp","doi":"10.1016/j.jbef.2025.101113","DOIUrl":"10.1016/j.jbef.2025.101113","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101113"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145220497","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 : 2025-12-01Epub Date: 2025-09-23DOI: 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.
{"title":"The effect of social comparison on debt taking: Experimental evidence","authors":"Antonia Grohmann , Melanie Koch","doi":"10.1016/j.jbef.2025.101111","DOIUrl":"10.1016/j.jbef.2025.101111","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101111"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267256","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 : 2025-12-01Epub Date: 2025-09-27DOI: 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.
{"title":"Personality-driven value investing: The mediating role of financial self-efficacy and versatile cognitive styles","authors":"Fawad Ahmad","doi":"10.1016/j.jbef.2025.101114","DOIUrl":"10.1016/j.jbef.2025.101114","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101114"},"PeriodicalIF":4.7,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145220496","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 : 2025-12-01Epub 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":"2025-12-01","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}
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