Journal of Behavioral and Experimental Finance最新文献

英文中文

The effectiveness of female chief financial officers in managing working capital: Evidence from US-listed firms 女性首席财务官管理营运资金的有效性：来自美国上市公司的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-06-25 DOI: 10.1016/j.jbef.2025.101078

Augustine Tarkom , Leiza Nochebuena-Evans , Haibo Wang

This paper examines how female Chief Financial Officers (CFOs) influence working capital management in U.S. public firms, documenting that female CFOs are associated with significantly lower working capital days compared to their male counterparts. Our analysis reveals several important conditions that enhance female CFOs’ effectiveness. We find that their effectiveness strengthens with greater board gender diversity, diverse international representation, and formal business education, suggesting complementary effects between female executive leadership and board composition. The effectiveness of female CFOs is more pronounced in firms with higher compensation levels and in environments characterized by lower market concentration, higher competitive threats, and broader firm scope. These effects are further amplified under stronger network connectivity, higher managerial ability, and co-opted boards, but independent of the specific committee or board roles held. Our findings remain robust to multiple endogeneity tests, including system GMM estimation, propensity score matching, entropy balancing, copula approaches. Our study contributes to the literature on gender in corporate finance by identifying working capital management as an important channel through which female executives enhance operational efficiency, while also highlighting the organizational and market conditions that amplify their effectiveness. Offering a business case for maintaining and strengthening diversity initiatives even in the face of social anti-activism pressures.

本文研究了女性首席财务官（cfo）如何影响美国上市公司的营运资金管理，并记录了与男性首席财务官相比，女性首席财务官的营运资金天数显着减少。我们的分析揭示了提高女性首席财务官效率的几个重要条件。我们发现，董事会性别多样性、国际代表性和正规商业教育程度越高，其有效性就越强，这表明女性高管领导与董事会构成之间存在互补效应。在薪酬水平较高的企业和市场集中度较低、竞争威胁较高、企业范围较广的环境中，女性cfo的有效性更为明显。在更强的网络连通性、更高的管理能力和增选董事会的情况下，这些影响会进一步放大，但与具体的委员会或董事会角色无关。我们的研究结果对多重内生性检验保持稳健，包括系统GMM估计、倾向评分匹配、熵平衡、copula方法。我们的研究通过确定营运资金管理是女性高管提高运营效率的重要渠道，同时也强调了放大其有效性的组织和市场条件，为企业融资中的性别问题文献做出了贡献。即使面对社会反激进主义的压力，也为维持和加强多样性倡议提供了一个商业案例。

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引用次数: 0

Misguided mortgage choices: Financial literacy, inflation expectations, and borrowing decisions 误入歧途的抵押贷款选择：金融知识、通胀预期和借贷决策

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-06-08 DOI: 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.

本研究考察了金融知识如何影响抵押贷款选择，特别是将抵押贷款与消费者价格指数（CPI）联系起来的决定。使用家庭层面的数据，我们调查了预期通货膨胀的作用，这应该指导最佳抵押贷款选择。然而，我们发现低社会经济地位（SES）借款人不成比例地依赖于当前（容易获得的）通胀，而不是通胀预期。相比之下，财务知识丰富的借款人——来自较高的社会经济地位群体——更有能力克服认知偏见，并根据预期的通货膨胀做出决定。这种差异导致低ses借款人系统地将他们的选择与当前的通货膨胀挂钩，往往导致次优抵押贷款选择。我们设置的一个独特方面是没有财务顾问，确保观察到的决定反映借款人自己的金融知识和认知过程。我们的研究结果强调了财务素养在减轻认知偏见和促进更好的财务决策中的作用。扩大金融教育计划可以帮助低ses借款人做出更明智的抵押贷款选择，减少代价高昂的选择错误，改善长期金融稳定性。

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引用次数: 0

Impression management by Indian female entrepreneurs: Mitigating investor bias in early-stage funding 印度女企业家的印象管理：减轻早期融资中的投资者偏见

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-06-01 DOI: 10.1016/j.jbef.2025.101064

Ashish Vazirani , Soumya Sarkar , Mayank Jyotsna Soni , Titas Bhattacharjee , Mousumi Singha Mahapatra

Despite growing recognition of female entrepreneurship, gender bias from investors continues to impede access to early-stage funding. As a countermeasure, female entrepreneurs often employ impression management (IM) techniques to shape investor perceptions and improve the prospects of funding. Yet, empirical investigations into the efficacy of such strategies remains nascent. This study examines the influence of IM on investor decision-making in the context of Indian female entrepreneurs. Employing an experimental design, 234 participants evaluated investment proposals online, yielding 694 notional investment decisions. Results from t-tests reveal a statistically significant bias against women entrepreneurs. However, findings also demonstrate IM strategies can attenuate this bias, particularly when coupled with favorable combinations of risk coverage and return potential. The study contributes to the literature on entrepreneurial finance and gender by offering evidence-based insights into the conditions under which IM may be most effective for females.

尽管越来越多的人认识到女性创业，但投资者的性别偏见仍然阻碍着获得早期融资。作为对策，女性企业家经常采用印象管理（IM）技术来塑造投资者的看法和改善融资前景。然而，对这些策略有效性的实证调查仍处于起步阶段。本研究考察了在印度女性企业家的背景下，IM对投资者决策的影响。采用实验设计，234名参与者在线评估投资建议，产生694个名义投资决策。t检验的结果显示，统计上对女性企业家存在显著的偏见。然而，研究结果也表明，即时投资策略可以减轻这种偏见，特别是在风险覆盖和回报潜力的有利组合下。该研究通过提供基于证据的见解来了解IM可能对女性最有效的条件，从而对创业融资和性别的文献做出了贡献。

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引用次数: 0

Autistic adults, financial risk preference, and economic outcomes 自闭症成人，财务风险偏好和经济结果

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-06-01 DOI: 10.1016/j.jbef.2025.101065

Monica Galizzi , Ashleigh Hillier , David Schena II

Autistic adults lead challenging economic lives. We explore a sample composed of both autistic and non-autistic individuals to evaluate determinants of financial risk tolerance in the two groups, and whether risk attitudes are associated with selected economic outcomes. We measure risk preference through different tools: an assessment of participants’ decisions when faced with hypothetical scenarios, two psychometric measures of individuals’ self-assessment of their risk tolerance, and one measure of observed actual risky behavior. Results indicate that autistic individuals are more risk averse across most financial risk preference measures even when we control for other co-existing conditions such as psychological disorders and learning disabilities. They lack understanding of the concept of risk diversification. Although autistic individuals are less likely to be employed or to make financial investments, higher-risk propensities increase the likelihood of such and other economic outcomes across both groups of individuals. Financial and economic curricula addressing financial risk must be tailored for individuals with developmental disabilities.

自闭症成年人的经济生活充满挑战。我们研究了一个由自闭症和非自闭症个体组成的样本，以评估两组中金融风险承受能力的决定因素，以及风险态度是否与选定的经济结果相关。我们通过不同的工具来衡量风险偏好：一种是对参与者在面对假设情景时的决策的评估，两种是对个体风险容忍度自我评估的心理测量，一种是对观察到的实际风险行为的测量。结果表明，即使我们控制了其他共存的条件，如心理障碍和学习障碍，自闭症个体在大多数财务风险偏好指标中也更倾向于风险厌恶。他们缺乏对风险分散概念的理解。尽管自闭症患者就业或进行金融投资的可能性较低，但高风险倾向增加了两组个体获得此类和其他经济结果的可能性。涉及金融风险的金融和经济课程必须为有发育障碍的个人量身定制。

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引用次数: 0

Negative peer disclosures, crash risk, and strategic change 负面的同行披露、崩溃风险和战略变化

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-06-01 DOI: 10.1016/j.jbef.2025.101063

Scott Below , Oneil Harris , Charmaine Linton , Thanh Ngo

By analyzing negative peer disclosures (NPDs) on Twitter, we provide evidence that crash risk decreases after tweeted firms are the subject of adverse peer tweets. NPDs also act as catalysts for companies to implement strategic changes, suggesting that managers are motivated to turn things around in response to negative tweets from their peers. Managers also take less risk and reduce financial statement opaqueness as a result. In scale and importance, the strategic change channel appears to be the main mechanism by which NPDs reduce stock price crashes. Moreover, in response to strategic shifts, auditors increase audit fees and analysts issue less optimistic earnings forecasts when they cover tweeted firms. Overall, our study illustrates the transformative effects of social media on product rivalry and market outcomes, and highlights NPDs as powerful tools for firm competition that hold managers accountable.

通过分析推特上的负面同行披露（npd），我们提供了证据，证明推特公司成为负面同行推文的主题后，崩溃风险降低。npd还起到了公司实施战略变革的催化剂作用，这表明管理者在回应同行的负面推文时，有动力扭转局面。管理者承担的风险也更小，从而降低了财务报表的不透明性。在规模和重要性上，战略变革渠道似乎是npd减少股价崩溃的主要机制。此外，作为对战略转变的回应，审计师增加了审计费用，分析师在报道推特公司时发布的盈利预测也不那么乐观。总体而言，我们的研究说明了社交媒体对产品竞争和市场结果的变革性影响，并强调npd是企业竞争的有力工具，使管理者承担责任。

引用次数: 0

Who buys social bank shares? Exploring individual financial and non-pecuniary motives 谁购买社交银行的股票？探索个人财务和非金钱动机

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-06-01 DOI: 10.1016/j.jbef.2025.101062

Oscar Bernal , Marek Hudon , François-Xavier Ledru

This paper investigates the motives of retail investors who buy shares of social banks—double bottom line financial intermediaries whose mission is to fund social enterprises. To do so, we combine survey data and behavior in an incentivized experiment to assemble a unique dataset of social bank members and non-members. Our analysis delivers three key results. First, members exhibit a significant lack of trust towards conventional banks. Second, their decision to buy social bank shares is primarily related to non-financial motives, although financial motives still play some role. Third, we find that members do not seem to buy social bank shares to boost their social reputation. As a contribution to the critical “value” versus “values” debate, our analysis notably highlights the crucial role of non-financial motives in channeling private financial capital towards investments that may not be financially attractive but that may prove essential in addressing current global societal challenges.

本文考察了散户投资者购买社会银行股票的动机。社会银行是一种双重底线的金融中介，其使命是为社会企业提供资金。为此，我们在一个激励实验中结合调查数据和行为，组装了一个独特的社会银行会员和非会员数据集。我们的分析提供了三个关键结果。首先，成员国对传统银行明显缺乏信任。其次，他们购买社会银行股票的决定主要与非金融动机有关，尽管金融动机仍有一定的作用。第三，我们发现会员购买社交银行股票似乎并不是为了提升自己的社会声誉。作为对关键的“价值”与“价值”辩论的贡献，我们的分析特别强调了非金融动机在引导私人金融资本流向投资方面的关键作用，这些投资可能在经济上没有吸引力，但可能对解决当前的全球社会挑战至关重要。

引用次数: 0

The impact of peer returns in social trading 同伴回报在社会交易中的影响

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-16 DOI: 10.1016/j.jbef.2025.101057

Nina Klocke , Daniel Müller-Okesson , Tim Hasso , Matthias Pelster

This paper studies the impact of peers’ performance on social traders’ trading behavior. We analyze a large sample of trading records from a social trading brokerage service that allows its investors to interact with their peers in a social-media-like setting. We investigate how individuals’ trading activities change with respect to the outcomes of their peers in the network. We show that investors’ trading activities increase in their peers’ trading performance. As a result, the trading performance decreases, and the volatility of returns increases. We exploit plausibly unexpected performance shocks to address the endogeneity concern inherent in the analysis of peer effects.

本文研究同伴绩效对社会交易者交易行为的影响。我们分析了来自社交交易经纪服务的大量交易记录样本，该服务允许投资者在类似社交媒体的环境中与同行互动。我们调查了个人的交易活动如何随着网络中同伴的结果而变化。我们表明，投资者的交易活动增加了他们的同行的交易业绩。因此，交易绩效下降，收益波动性增大。我们利用看似意外的绩效冲击来解决同行效应分析中固有的内生性问题。

引用次数: 0

Kick the cat? Retail investors displaced aggression: Evidence from amazon product ratings 踢猫？散户投资者取代了攻击性：来自亚马逊产品评级的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-10 DOI: 10.1016/j.jbef.2025.101058

Siqi Wei , Yanhui Zhao

We present novel findings that the e-commerce market reflects retail investors’ displaced aggression behavior. Market return fluctuations substantially impact the distribution of ratings left by Amazon customers, most of whom invest in equity market, directly or indirectly (defined as reviewer-investors). One standard-deviation decrease in market return leads to a 1.23% reduction in the daily average rating over the following day. Reviewer-investors respond to stock market losses and gains asymmetrically: investors only react to stock market losses. Our findings are consistent with investors’ recursive preferences focusing on the trade-off between current period utility and the certainty equivalent of random future utility.

我们提出了新的发现，电子商务市场反映了散户投资者的位移攻击行为。市场回报波动极大地影响了亚马逊客户留下的评级分布，这些客户大多直接或间接地投资于股票市场（定义为评论投资者）。市场收益每下降一个标准差，第二天的日平均评级就会下降1.23%。回顾型投资者对股市损失和收益的反应是不对称的：投资者只对股市损失作出反应。我们的发现与投资者的递归偏好是一致的，他们关注的是当期效用与随机未来效用的确定性等价物之间的权衡。

引用次数: 0

CEO’s early-life war-experience and corporate philanthropic donation: Evidence from the Korean War 首席执行官早年的战争经历与企业慈善捐赠：来自朝鲜战争的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-10 DOI: 10.1016/j.jbef.2025.101061

Sanghak Choi , Hongmin Chun

This study investigates the influence of CEOs' early-life exposure to war on corporate philanthropic donations, focusing on the Korean War as a unique historical context. The findings reveal a significant positive relationship between CEOs' early-life war experiences and the magnitude of corporate donations, particularly among those aged six to 15 during the war and from regions with higher war severity. Robustness checks, including propensity score matching and regression discontinuity design, confirm the validity of these results. The research contributes to upper echelons and imprinting theories by demonstrating how formative traumatic experiences shape altruistic decision-making and corporate policies. Moreover, it identifies moderating factors such as financial constraints, Chaebol affiliation, and foreign ownership weaken this relationship by limiting CEOs' decision-making autonomy or resources.

本研究以朝鲜战争为独特的历史背景，考察了ceo早年战争经历对企业慈善捐赠的影响。研究结果显示，首席执行官的早期战争经历与企业捐款规模之间存在显著的正相关关系，尤其是在战争期间年龄在6至15岁之间以及战争严重程度较高的地区。稳健性检查，包括倾向评分匹配和回归不连续设计，证实了这些结果的有效性。该研究通过展示形成性创伤经历如何塑造利他主义决策和公司政策，为上层理论和印记理论做出了贡献。此外，该研究还发现，财务约束、财阀隶属关系和外资所有权等调节因素通过限制ceo的决策自主权或资源来削弱这种关系。

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Improving pension information: Experimental evidence on learning using online resources 改进养老金信息：利用在线资源学习的实验证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance

Pub Date : 2025-05-08 DOI: 10.1016/j.jbef.2025.101046

Denise Laroze , Charles N. Noussair , Gabriela Fajardo , Ximena Quintanilla , Paulina Granados-Zambrano , Pedro Vallette , Mauricio López-Tapia

Deciding what to do with one’s pension funds is a high-stakes, one-shot decision. Retirement schemes are often described in technical jargon that few people understand. We consider whether the learning process can be eased by providing information in video format (vs. the standard textual format) and by changes to the user interface of the websites on which individuals learn about their pension options. The results of a field experiment with 50 to 70-year-old participants and a laboratory experiment with university students both indicate that videos are significantly and substantively more effective in increasing the number of correct responses to a retirement comprehension test. The effect of changing the format from text to video on the number of correct responses is comparable to the effect of a large improvement in financial literacy. The significance of this effect is robust to changes in the content of the videos, with equivalent impact in private and public pension schemes. The study is conducted in association with the Chilean pension authority (Superintendencia de Pensiones) and experts from the National Social Security Organization of Chile (Instituto de Previsión Social).

决定如何处理自己的养老基金是一个高风险、一次性的决定。退休计划通常用技术术语来描述，很少有人能理解。我们考虑是否可以通过提供视频格式的信息（相对于标准文本格式）以及通过改变个人了解其养老金选择的网站的用户界面来简化学习过程。一项针对50至70岁参与者的现场实验和一项针对大学生的实验室实验的结果都表明，视频在增加退休理解测试的正确回答数量方面显着和实质性地更有效。将文本格式更改为视频格式对正确回答数量的影响与金融知识大幅提高的影响相当。这种影响的重要性对视频内容的变化是强有力的，对私人和公共养老金计划也有同样的影响。这项研究是与智利养恤金管理局（Superintendencia de Pensiones）和智利国家社会保障组织（Instituto de Previsión Social）的专家联合进行的。

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