Journal of Behavioral and Experimental Finance

How does the smart money feel? Hedge fund sentiment, returns, and the business cycle We examine the relationship between the business cycle, sentiment, and the returns of listed U.S. hedge funds. Using Natural Language Processing (NLP)…

Forthcoming in JBEF: “How does the smart money feel? Hedge fund sentiment, returns, and the business cycle“ by H. Yahyaei, A. Singh, and T. Smith. www.sciencedirect.com/science/arti...

The effects of public disclosures and information acquisition on price informativeness in a multi-attribute asset market We report a laboratory experiment that evaluates the impact of public information disclosures on a real decision maker’s capacity to learn about the c…

Forthcoming in JBEF: “The Effects of Public Disclosures and Information Acquisition on Price Informativeness in a Multi-Attribute Asset Market“ by D. Davis, O. Korenok, and J. Lightle. www.sciencedirect.com/science/arti...

Hedge Funds, Short Sales, and the 52-week High Hedge funds tend to significantly reduce their shareholdings when a firm’s short interest is high and its share price is close to its 52-week high. In…

Forthcoming in JBEF: “Hedge Funds, Short Sales, and the 52-week High“ by Y. Rui and R. B. Durand. www.sciencedirect.com/science/arti...

Cybersecurity risk and bank risk-taking This paper investigates the influence of cybersecurity risk on banks’ risk-taking behavior. Utilizing data from U.S. banks spanning 1998–2018, we find…

Forthcoming in JBEF: “Cybersecurity risk and bank risk-taking“ by Z. Sulong, M. H. R. Fuszder, M. Abdullah, and E. J. A. Abakah. www.sciencedirect.com/science/arti...

Are credit scores gender-neutral? Evidence of mis-calibration from alternative and traditional borrowing data This study investigates whether credit scoring systems inherently disadvantage women within the subprime borrowing context, where alternative credit d…

Forthcoming in JBEF: “Are credit scores gender-neutral? Evidence of mis-calibration from alternative and traditional borrowing data“ by Z. Liu and H. Liang. www.sciencedirect.com/science/arti...

Why do females display lower financial risk propensity than males? Evidence from structural MRI and resting-state fMRI Understanding why females and males differ in financial risk-taking is important for both theory and practice. This study integrates neuroscience and …

Forthcoming in JBEF: “Why do females display lower financial risk propensity than males? Evidence from structural MRI and resting-state fMRI“ by H. Ren, S. Sun, Z. Zhong, and S. Wang. www.sciencedirect.com/science/arti...

The effectiveness of female chief financial officers in managing working capital: Evidence from US-listed firms This paper examines how female Chief Financial Officers (CFOs) influence working capital management in U.S. public firms, documenting that female CFOs…

Forthcoming in JBEF: “The Effectiveness of Female Chief Financial Officers in Managing Working Capital: Evidence from US-Listed Firms“ by A.Tarkom, L. Nochebuena-Evans, and H. Wang. www.sciencedirect.com/science/arti...

JBEF on the rise!
We’re proud to share a new milestone: an Impact Factor of 4.7, placing the Journal of Behavioral and Experimental Finance at rank 29/241 in BUSINESS, FINANCE (prev. IF 4.3 | rank 33/231). A clear sign of JBEF’s growing relevance — thanks to all contributors for your great support!

JBEF invites paper submissions to a Special Issue on "Experimental Sustainable Finance". Learn more at www.sciencedirect.com/special-issu....

Misguided Mortgage Choices: Financial Literacy, Inflation Expectations, and Borrowing Decisions This study examines how financial literacy influences mortgage selection, particularly the decision to link mortgages to the consumer price index (CPI…

Forthcoming in JBEF: “Misguided Mortgage Choices: Financial Literacy, Inflation Expectations, and Borrowing Decisions“ by M. Ilan and Y. Mugerman. www.sciencedirect.com/science/arti...

Autistic adults, financial risk preference, and economic outcomes Autistic adults lead challenging economic lives. We explore a sample composed of both autistic and non-autistic individuals to evaluate determinants o…

Forthcoming in JBEF: “Autistic Adults, Financial Risk Preference, and Economic Outcomes.“ by M. Galizzi, A. Hillier, and D. Schena. www.sciencedirect.com/science/arti...

Impression management by Indian female entrepreneurs: Mitigating investor bias in early-stage funding Despite growing recognition of female entrepreneurship, gender bias from investors continues to impede access to early-stage funding. As a countermeas…

Forthcoming in JBEF: “Impression Management by Indian Female Entrepreneurs: Mitigating Investor Bias in Early-Stage Funding“ by A. Vazirani, S. Sarkar, M. J. Soni, T. Bhattacharjee, and M. S. Mahapatra. www.sciencedirect.com/science/arti...

Negative peer disclosures, crash risk, and strategic change By analyzing negative peer disclosures (NPDs) on Twitter, we provide evidence that crash risk decreases after tweeted firms are the subject of adverse…

Forthcoming in JBEF: “Negative peer disclosures, crash risk, and strategic change“ by S. Below, O. Harris, C. Linton, and T. Ngo. www.sciencedirect.com/science/arti...

Who buys social bank shares? Exploring individual financial and non-pecuniary motives This paper investigates the motives of retail investors who buy shares of social banks—double bottom line financial intermediaries whose mission is to…

Forthcoming in JBEF: “Who buys social bank shares? Exploring individual financial and non-pecuniary motives“ by O. Bernal, M. Hudon, and F.-X. Ledru. www.sciencedirect.com/science/arti...

The impact of peer returns in social trading This paper studies the impact of peers’ performance on social traders’ trading behavior. We analyze a large sample of trading records from a social tr…

Forthcoming in JBEF: “The impact of peer returns in social trading“ by N. Klocke, D. Müller-Okesson, T. Hasso, and M. Pelster. www.sciencedirect.com/science/arti...

CEO’s early-life war-experience and corporate philanthropic donation: Evidence from the Korean War This study investigates the influence of CEOs' early-life exposure to war on corporate philanthropic donations, focusing on the Korean War as a unique…

Forthcoming in JBEF: “CEO’s early-life war-experience and corporate philanthropic donation: Evidence from the Korean War“ by S. Choi and H. Chun. www.sciencedirect.com/science/arti...

Financial literacy, risk tolerance, and cryptocurrency ownership in the United States Cryptocurrency owners without sufficient financial literacy and risk tolerance may be financially vulnerable, as the cryptocurrency market is highly v…

Forthcoming in JBEF: “Financial literacy, risk tolerance, and cryptocurrency ownership in the United States“ by F. Hayashi and A. Routh. www.sciencedirect.com/science/arti...

Gamified risk-taking We conduct a randomized online experiment to examine how digital nudges to hold volatile assets, a form of trading gamification, influence retail inve…

Forthcoming in JBEF: “Gamified risk-taking“ by P. Chapkovski, M. Khapko, and M. Zoican. www.sciencedirect.com/science/arti...

Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin We examine how fear of missing out (FoMO), defined as persistent anxiety that others might be enjoying valuable experiences from which one is absent, …

Forthcoming in JBEF: “Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin“ by G. Lee and D. Ryu. www.sciencedirect.com/science/arti...

Fintech and corporate leverage manipulation: A new explanation from the perspective of capital demands Leverage manipulation refers to fraudulent behavior in which a firm deliberately lowers its book leverage through various accounting techniques to ach…

Forthcoming in JBEF: “Fintech and Corporate Leverage Manipulation: A New Explanation from the Perspective of Capital Demands“ by R. Zhu, K. Tan, X. Xin, and Q. Wang. www.sciencedirect.com/science/arti...

Leading safely: The impact of generalist CEOs on workplace safety Businesses are expected to operate as responsible corporate entities, with employee safety serving as a cornerstone of this responsibility. Executives…

Forthcoming in JBEF: “Leading safely: The impact of generalist CEOs on workplace safety“ by T. X. Zhang, A. Molchanov, H. Nguyen, M. H. Pham. www.sciencedirect.com/science/arti...

Inter-industry risk spillovers in the Chinese stock market under epidemic outbreaks This paper reviews six major epidemic outbreaks of the COVID-19 pandemic in China, with a particular focus on downside risk transmission among industr…

Forthcoming in JBEF: “Inter-industry risk spillovers in the Chinese stock market under epidemic outbreaks“ by Q. Feng, Y. Shen, J. Li, and X. Sun. www.sciencedirect.com/science/arti...

Upholding integrity: The influence of executives’ backgrounds on corporate information environment Motivated by the roles of corporate management in shaping corporate decisions and the importance of stock liquidity in financial markets, we examine w…

Forthcoming in JBEF: “Upholding Integrity: The Influence of Executives’ Backgrounds on Corporate Information Environment“ by N. V. Hoang, H. V. Dang, H. T. Nguyen, and M. H. Pham. www.sciencedirect.com/science/arti...

Financial Forecasting in the Lab and the Field: Qualified Professionals vs. Smart Students We compare the performance of financial professionals (CFAs) with university students in four financial forecasting tasks ranging from simple lab pred…

Forthcoming in JBEF: “Financial Forecasting in the Lab and the Field: Qualified Professionals vs. Smart Students“ by T. Bao, B. Corgnet, N. Hanaki, K. Okada, Y. E. Riyanto, and J. Zhu. www.sciencedirect.com/science/arti...

How heterogeneous information induces market inefficiencies We attribute varying returns in a trading market to heterogeneously informed investors. A general framework to model asymmetric information is propose…

Forthcoming in JBEF: “How heterogeneous information induces market inefficiencies“ by M. J. Rieder. www.sciencedirect.com/science/arti...

The perceived impact of current work–life balance on one’s financial future In recent decades, the evolving job market has highlighted the importance of work-life balance (WLB), yet there remains ambiguity around individuals' …

Forthcoming in JBEF: “The Perceived Impact of current work–life balance on one’s financial future.“ by E. Lahav and T. Shavit. www.sciencedirect.com/science/arti...

The asymmetric relationship between state media tone and the Chinese bond market during COVID-19: Evidence from a nonlinear ARDL model In this study, we examine the asymmetric relationship between the tone of state media—China Central Television (CCTV)—and the bond market during the C…

Forthcoming in JBEF: “The asymmetric relationship between state media tone and the Chinese bond market during COVID-19: Evidence from a nonlinear ARDL model“ by C. Deng, K. Chen, L. Yu, Y. He, Y. Hong, and Y. Jiang. www.sciencedirect.com/science/arti...

Tossed by the tides of emotion: The impact of online media sentiment on stock returns This study examines the impact of online media sentiment on stock returns using a dataset of over 8.3 million online financial media reports covering …

Forthcoming in JBEF: “Tossed by the tides of emotion: The impact of online media sentiment on stock returns“ by L. Chang, X. Liang, and N. Tan. www.sciencedirect.com/science/arti...

Happiness and IPO performance This study investigates the relationship between investor sentiment and stock market performance using a novel approach: the X-based happiness index. …

Forthcoming in JBEF: “Happiness and IPO performance“ by K. Dumrongwong and S. Papangkorn. www.sciencedirect.com/science/arti...

Presenting return charts in investment decisions An investment’s performance is often represented through charts, which are key components in making informed investment decisions but allow for discre…

Forthcoming in JBEF: “Presenting return charts in investment decisions“ by C. Huber and J. Rose. www.sciencedirect.com/science/arti...