Pub Date : 2025-09-01Epub 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":"2025-09-01","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 : 2025-09-01Epub 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":"2025-09-01","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}
Pub Date : 2025-09-01Epub Date: 2025-07-19DOI: 10.1016/j.jbef.2025.101084
Douglas Davis, Oleg Korenok, John Lightle
We report a laboratory experiment that evaluates the impact of public information disclosures on a real decision maker’s capacity to learn about the components of a multi-attribute asset in an environment with endogenous information acquisition. The environment, inspired by Goldstein and Yang (2019), features an asset of uncertain value that consists of two inseparable components. A real decision maker has much more precise information than the market about one component, but no better information than the market about the other. Following the release of the public signal, speculators make private information acquisition decisions for each component. The model predicts that to best learn about the value of the component for which they are relatively uninformed, the real decision maker should disclose information about that which they know more. Despite smaller than expected differences in prices across treatments, experimental results largely support this prediction.
{"title":"The effects of public disclosures and information acquisition on price informativeness in a multi-attribute asset market","authors":"Douglas Davis, Oleg Korenok, John Lightle","doi":"10.1016/j.jbef.2025.101084","DOIUrl":"10.1016/j.jbef.2025.101084","url":null,"abstract":"<div><div>We report a laboratory experiment that evaluates the impact of public information disclosures on a real decision maker’s capacity to learn about the components of a multi-attribute asset in an environment with endogenous information acquisition. The environment, inspired by Goldstein and Yang (2019), features an asset of uncertain value that consists of two inseparable components. A real decision maker has much more precise information than the market about one component, but no better information than the market about the other. Following the release of the public signal, speculators make private information acquisition decisions for each component. The model predicts that to best learn about the value of the component for which they are relatively uninformed, the real decision maker should disclose information about that which they know more. Despite smaller than expected differences in prices across treatments, experimental results largely support this prediction.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101084"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144702530","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 : 2025-09-01Epub Date: 2025-08-20DOI: 10.1016/j.jbef.2025.101097
Hesam Shahriari , Adam Stivers , Ming Tsang
In an experimental investment allocation task, we find that the average participant did not appear to factor cryptocurrency’s social aspects into their allocation decisions based on the average allocation to a cryptocurrency. Moreover, the cryptocurrency’s positive returns did not help to increase investment levels. However, highlighting its high volatility and potential risks was a bigger deterrent to cryptocurrency investing compared to when no such information was provided. We observe an irrational bias toward cryptocurrencies when it is not optimal to do so. We find that younger individuals, those who view cryptocurrencies favorably, and those with past cryptocurrency investing experience are typically more prone to this bias. This was less likely to be the case where descriptive information on either the positive or negative social and environmental impact of cryptocurrencies was provided. Therefore, while highlighting cryptocurrencies’ social/environmental implications does not appear to influence average allocation, it could reduce bias toward cryptocurrencies.
{"title":"Bias in cryptocurrency investing: The effect of financial and moral considerations","authors":"Hesam Shahriari , Adam Stivers , Ming Tsang","doi":"10.1016/j.jbef.2025.101097","DOIUrl":"10.1016/j.jbef.2025.101097","url":null,"abstract":"<div><div>In an experimental investment allocation task, we find that the average participant did not appear to factor cryptocurrency’s social aspects into their allocation decisions based on the average allocation to a cryptocurrency. Moreover, the cryptocurrency’s positive returns did not help to increase investment levels. However, highlighting its high volatility and potential risks was a bigger deterrent to cryptocurrency investing compared to when no such information was provided. We observe an irrational bias toward cryptocurrencies when it is not optimal to do so. We find that younger individuals, those who view cryptocurrencies favorably, and those with past cryptocurrency investing experience are typically more prone to this bias. This was less likely to be the case where descriptive information on either the positive or negative social and environmental impact of cryptocurrencies was provided. Therefore, while highlighting cryptocurrencies’ social/environmental implications does not appear to influence average allocation, it could reduce bias toward cryptocurrencies.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101097"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893181","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 : 2025-09-01Epub Date: 2025-06-08DOI: 10.1016/j.jbef.2025.101077
Mordechai Ilan , Yevgeny Mugerman
This study examines how financial literacy influences mortgage selection, particularly the decision to link mortgages to the consumer price index (CPI). Using household-level data, we investigate the role of expected inflation, which should guide optimal mortgage choices. However, we find that low socioeconomic status (SES) borrowers disproportionately rely on current (easily available) inflation rather than inflation expectations. In contrast, financially literate borrowers—from higher SES groups—are better equipped to overcome cognitive biases and base their decisions on expected inflation. This divergence leads low-SES borrowers to systematically anchor their choices to current inflation, often resulting in suboptimal mortgage selection. A unique aspect of our setting is the absence of financial advisors, ensuring that observed decisions reflect borrowers’ own financial literacy and cognitive processing. Our findings emphasize the role of financial literacy in mitigating cognitive biases and promoting better financial decision-making. Expanding financial education initiatives could help low-SES borrowers make more informed mortgage choices, reducing costly selection errors and improving long-term financial stability.
{"title":"Misguided mortgage choices: Financial literacy, inflation expectations, and borrowing decisions","authors":"Mordechai Ilan , Yevgeny Mugerman","doi":"10.1016/j.jbef.2025.101077","DOIUrl":"10.1016/j.jbef.2025.101077","url":null,"abstract":"<div><div>This study examines how financial literacy influences mortgage selection, particularly the decision to link mortgages to the consumer price index (CPI). Using household-level data, we investigate the role of expected inflation, which should guide optimal mortgage choices. However, we find that low socioeconomic status (SES) borrowers disproportionately rely on current (easily available) inflation rather than inflation expectations. In contrast, financially literate borrowers—from higher SES groups—are better equipped to overcome cognitive biases and base their decisions on expected inflation. This divergence leads low-SES borrowers to systematically anchor their choices to current inflation, often resulting in suboptimal mortgage selection. A unique aspect of our setting is the absence of financial advisors, ensuring that observed decisions reflect borrowers’ own financial literacy and cognitive processing. Our findings emphasize the role of financial literacy in mitigating cognitive biases and promoting better financial decision-making. Expanding financial education initiatives could help low-SES borrowers make more informed mortgage choices, reducing costly selection errors and improving long-term financial stability.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101077"},"PeriodicalIF":4.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144298116","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 : 2025-09-01Epub 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":"2025-09-01","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}
Pub Date : 2025-09-01Epub 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":"2025-09-01","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}
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":"2025-09-01","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}
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":"2025-09-01","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 : 2025-09-01Epub Date: 2025-05-30DOI: 10.1016/j.jbef.2025.101066
Andreas Hellmann , Suresh Sood, Andrea Melis
This editorial introduces and synthesizes contributions to the Journal of Behavioral and Experimental Finance special issue on “Corporate Financial Impression Management” (CFIM). The issue examines the theme of impression management in corporate settings and explicitly encompasses financial behavior, investor perception, and experimental analysis. This special issue highlights the dramatic shift from static identity signalling to dynamic, affective, and algorithmic presentation strategies. Through experiments, machine learning, and behavioral tracking, the papers in this issue show how visual cues, emotional stimuli, and ethical silences influence financial decision-making. We propose the new framing of CFIM to describe this evolving field and identify future challenges at the intersection of AI, regulation, and financial communication ethics.
{"title":"Seeing is believing? Visual, emotional, and ethical dimensions of corporate financial impression management","authors":"Andreas Hellmann , Suresh Sood, Andrea Melis","doi":"10.1016/j.jbef.2025.101066","DOIUrl":"10.1016/j.jbef.2025.101066","url":null,"abstract":"<div><div>This editorial introduces and synthesizes contributions to the Journal of Behavioral and Experimental Finance special issue on “Corporate Financial Impression Management” (CFIM). The issue examines the theme of impression management in corporate settings and explicitly encompasses financial behavior, investor perception, and experimental analysis. This special issue highlights the dramatic shift from static identity signalling to dynamic, affective, and algorithmic presentation strategies. Through experiments, machine learning, and behavioral tracking, the papers in this issue show how visual cues, emotional stimuli, and ethical silences influence financial decision-making. We propose the new framing of CFIM to describe this evolving field and identify future challenges at the intersection of AI, regulation, and financial communication ethics.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101066"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145004156","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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