Review of Behavioral Finance

2009 - 2025

Current editor(s): Professor Gulnur Muradoglu

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Volume 17, issue 3, 2025

Beyond paychecks and prestige: unveiling the true drivers of faculty well-being pp. 387-405

Pieter de Jong, Rachel Frieder, Oliver Schnusenberg and Inga Timmerman

How negative tones in earnings calls shape media narratives pp. 406-423

Brandon Doey and Pieter de Jong

Consistency and discrepancy in fine art investment: upward bias in investors’ expectation pp. 424-441

Jiye Ryu, Keunbae Ahn, Iain Robertson and Kihoon Hong

Leakage of floor price in OFS and proposed surveillance approach for Indian capital markets pp. 442-461

Saurabh Maheshwari and Niti Nandini Chatnani

Evaluating collectibles as alternative investments: a hedonic pricing analysis of vintage Hot WheelsTM pp. 462-481

Kenneth J. Hunsader, Christopher Lawrey and Ermanno Affuso

Institutional ownership and stock liquidity during the COVID-19 crisis: a global perspective pp. 482-498

Thi Thuy Anh Vo, Nguyen Tram Anh Tran and Mieszko Mazur

An international empirical study of the impact of green bonds on sustainable development goals pp. 499-523

Huu Cuong Nguyen and Hien Khanh Duong

Herd behavior in digital asset markets: evidence from Fan Tokens pp. 524-543

Ourania Dedousi and Athanasios Fassas

Spillover effects of geopolitical risk on the banking sectors of post-Soviet countries pp. 544-562

Sheeja Sivaprasad, Roberta Adami, Issam Malki, Dildora Ibragimova and Feruza Yodgorova

Value premium, sentiment and uncertainty in Latin America: reason or emotion? pp. 563-582

Leandro Araújo Wickboldt and Márcio André Veras Machado

Volume 17, issue 2, 2025

Unraveling stock market crashes: insights from behavioral psychology pp. 217-233

Garrison Hongyu Song

Loan selection, attribute substitution and information effect pp. 234-248

Puneet Arora

Financial access and women’s political representation in Sub-Saharan Africa: the role of ethnic fragmentation pp. 249-271

Arsène Mba Fokwa

Leveraging the pandemic: exploring how Covid exposure shapes capital structure using a text-based approach pp. 272-297

Viput Ongsakul, Pattanaporn Chatjuthamard, Pandej Chintrakarn and Pornsit Jiraporn

Can financial literacy enhance household financial risk asset allocation? Based financial planning and the mediating role of Taoist culture pp. 298-316

Yujie Liu and Qiulan Fang

How does the asymmetric spillover of investor sentiment respond to economic policy uncertainty in G7 and BRICS countries? pp. 317-341

Anh Tram Luong

Responses of stock market volatility to COVID-19 government interventions: evidence from Asian emerging stock markets pp. 342-364

Noureddine Benlagha and Wael Hemrit

IPO first-day returns: resilience to monetary policy shocks pp. 365-382

Khaled Alsabah

Volume 17, issue 1, 2024

Mental time travel and the valuation of financial investments: analysing five biases that cause pricing anomalies pp. 1-18

David Blake and John Pickles

Corporate culture and shareholder litigation rights: evidence from a quasi-natural experiment and textual analysis pp. 19-38

Viput Ongsakul, Pandej Chintrakarn and Pornsit Jiraporn

Integrating corporate social responsibility with financial outcomes: stock performance of firms hiring US veterans during COVID-19 pp. 39-63

Rama K. Malladi, Theodore P. Byrne and Pallavi Malladi

Asymmetric impact of the COVID-19 on the Moroccan stock exchange pp. 64-82

Salah Eddine Kartobi, Moulay Abdeljamil Aba Oubida and Zineb Elhachimi

Characterizing uninsured population in Mexico: a multinomial analysis pp. 83-99

José González-Nuñez, Salomón Domínguez and Karl J. Zimmermann

Technology and happiness: the association between online budget planner and financial satisfaction pp. 100-122

Thanh Dat Le, Nguyen Nguyen and Quynh Nguyen

Distinguishing altruism from warm glow: psychological motivations for money donations to Thailand’s Buddhist society pp. 123-140

Dalina Amonhaemanon, Panita Khongkaew, Ausawatap Akartwipart and Nithicha Thamthanakoon

Relationship between investor attention and stock returns through wavelet analysis pp. 141-171

Sheenam Lohan and Rupinder Katoch

The Big 5 personality traits and investment biases: the role of financial literacy pp. 172-197

H. Kent Baker, Shashank Kathpal and Asif Akhtar

The double-edged sword: how cryptocurrency investments could undermine the anxiety-reducing benefits of rainy-day savings in times of economic turbulence pp. 198-216

Zefeng Bai

Volume 16, issue 6, 2024

Hierarchical complexity and seasoned equity offerings pp. 973-997

Viet Anh Hoang, Huu Cuong Nguyen, Ba Thanh Truong, Phuong Uyen Le, Hoàng Long Phan and Thi Hong An Thai

Stock price overreaction: evidence from bull and bear markets pp. 998-1011

Valeriy Zakamulin

Exploring the Nordic numbers: an analysis of price clustering in Scandinavian stocks pp. 1012-1028

Júlio Lobão, Luís Pacheco and Daniel Carvalho

Shariah compliance fatigue and earnings quality: evidence from MENA pp. 1029-1058

Harit Satt and George Iatridis

Do executive facial trustworthiness have impact on IPO underpricing in the Indonesia stock exchange? pp. 1059-1086

I. Putu Sukma Hendrawan and Cynthia Afriani Utama

Global reversal strategy: equilibrium of endogenous trading? pp. 1087-1113

Alain Wouassom

Price delay and herding: evidence from the cryptocurrency market pp. 1114-1130

Barbara Abou Tanos and Omar Meharzi

Deciphering CEO disclosure tone inconsistency: a behavioural exploration pp. 1131-1150

Azam Pouryousof, Farzaneh Nassirzadeh and Davood Askarany

Lottery stocks in Brazil: investigating risk premium and investor behavior pp. 1151-1170

Gabriel Sifuentes Rocha and Márcio Laurini

Volume 16, issue 5, 2024

Another look at the price clustering behavior: evidence from the Muscat stock exchange pp. 773-791

Tarek Chebbi, Hazem Migdady, Waleed Hmedat and Maha Shehadeh

The differential impact of quantitative and qualitative information on outbound cross-border acquisition outcomes: evidence from emerging economies pp. 792-818

Sugandh Ahuja, Shveta Singh and Surendra Singh Yadav

The impact of investor greed and fear on cryptocurrency returns: a Granger causality analysis of Bitcoin and Ethereum pp. 819-835

Everton Anger Cavalheiro, Kelmara Mendes Vieira and Pascal Silas Thue

Agent expectations and news sentiment in the dynamics of price in a financial market pp. 836-859

Steven D. Silver

Non-professional versus professional investors’ trust in financial analysts’ recommendations and influences on investments pp. 860-882

Magnus Jansson, Patrik Michaelsen, Doron Sonsino and Tommy Gärling

Framing effect and disposition effect: investment decisions tools to understand bounded rationality pp. 883-903

Andreas Kiky, Apriani Dorkas Rambu Atahau, Linda Ariany Mahastanti and Supatmi Supatmi

Returns on complex bets: evidence from Asian Handicap betting on soccer pp. 904-924

Tadgh Hegarty and Karl Whelan

Herding behaviour surrounding the Russo–Ukraine war and COVID-19 pandemic: evidence from energy, metal, livestock and grain commodities pp. 925-957

Azhar Mohamad

Are women more risk averse in investments? Brazilian evidence pp. 958-969

Rachel Borges Cyrino De Sá, Mathias Tessmann and Alex Cerqueira Pinto

Volume 16, issue 4, 2024

Risk preference, payday loans and other alternative financial services pp. 581-599

Song Wang

How do personality traits affect investors' decision on crypto market including cryptocurrencies and NFTs? pp. 600-619

Ji Luo, Qingning Cao and Shuguang Zhang

Financial literacy bias: a comparison between students and nonstudents pp. 620-642

Helder Sebastião, Nuno Silva, Pedro Torres and Pedro Godinho

Behavioral biases of cryptocurrency investors: a prospect theory model to explain cryptocurrency returns pp. 643-667

Manisha Yadav

Examining the association between robo-advisory and perceived financial satisfaction pp. 668-681

Zefeng Bai

The impact of CEO narcissism and optimism on capital structure under pandemic conditions pp. 682-711

Elena Fedorova, Alexandr Nevredinov and Pavel Drogovoz

The growth of the real estate corporate bond market in Vietnam: the role of investor sentiment pp. 712-732

Nhung Thi Nguyen, An Tuan Nguyen and Dinh Trung Nguyen

Air pollution and stock market returns: actual effect vs public attention in an Indian context pp. 733-753

Anirudh Singh and Madhumita Chakraborty

Conscientiousness and entrepreneurship pp. 754-771

Sarah Khalaf

Volume 16, issue 3, 2023

Herding behavior by socially responsible investors during the COVID-19 pandemic pp. 381-393

Manuel Lobato, Javier Rodríguez and Herminio Romero-Perez

Financial risk-taking in adult attention deficit hyperactivity disorder pp. 394-405

Çağrı Hamurcu, Hayriye Dilek Yalvac Hamurcu and Merve Karakuş

Herd behavior in cryptocurrency market: evidence of network effect pp. 406-423

Phasin Wanidwaranan and Santi Termprasertsakul

Investigation of herding behavior using machine learning models pp. 424-438

Muhammad Asim, Muhammad Yar Khan and Khuram Shafi

The value and growth effect in the Vietnamese stock market: a mispricing explanation pp. 439-459

Le Quy Duong

Investor sentiments revisited: negligence of stock-level sentiments may be a mistake pp. 460-485

Te-Kuan Lee and Askar Koshoev

Sentiment investor, exchange rates, geopolitical risk and developing stock market: evidence of co-movements in the time-frequency domain during RussiaUkraine war pp. 486-509

Fatma Hachicha

Analyst coverage and the probability of stock price crash and jump pp. 510-532

Mohammed Bouaddi, Omar Farooq and Catalina Hurwitz

Exogenous shock: hierarchical effect of the industrial entrepreneur confidence in the mist of the COVID-19 pandemic pp. 533-550

Elimar Veloso Conceição and Fabiano Guasti Lima

Familiarity bias in direct stock investment by individual investors pp. 551-579

Shan Lei and Ani Manakyan Mathers

Volume 16, issue 2, 2023

Gambling on the stock market: the behavior of at-risk online traders pp. 205-222

Philippe Grégoire, Melanie Rose Dixon, Isabelle Giroux, Christian Jacques, Annie Goulet, James Eaves and Serge Sévigny

Emojis and stock returns pp. 223-233

Felix Reschke and Jan-Oliver Strych

Do crypto investors wait and see during policy uncertainty? An examination of the dynamic relationships between policy uncertainty and exchange inflows of Bitcoin pp. 234-247

Linh Thi My Nguyen and Phong Thanh Nguyen

Financial stress and gambling motivation: the importance of financial literacy pp. 248-265

Dalina Amonhaemanon

Investigating macro herd behaviour: evidence from publicly traded German companies pp. 266-281

Sándor Erdős and Patrik László Várkonyi

Do heuristics affect Brazilian investors’ decision-making process? pp. 282-299

Virgílio Vasconcelos Souza, Lucas Lopes Ferreira Souza, Oderlene Oliveira, Elnivan Moreira de Souza and Juliana Silva Costa

Are small waves fondle and big waves overturn? Market reaction and corporate governance during four COVID-19 waves pp. 300-321

Imen Khanchel and Naima Lassoued

Can virtual reality nudge toward green investing? An experiment with small business entrepreneurs pp. 322-340

Achilleas Vassilopoulos, Lydia Papadaki and Phoebe Koundouri

Herding and Google search queries in the Brazilian stock market pp. 341-359

Jeferson Carvalho, Paulo Vitor Jordão da Gama Silva and Marcelo Cabus Klotzle

The nexus between herding behavior and spillover: evidence from G7 and BRICS pp. 360-377

Sarra Gouta and Houda BenMabrouk

Volume 16, issue 1, 2023

Tone complexity and the cost of debt retrospective data from the USA pp. 1-16

Fatimazahra Bendriouch, Imad Jabbouri, Harit Satt, Zineb Jariri and Mohamed M'hamdi

A market sentiment indicator, behaviourally grounded, for the analysis and forecast of volatility and bubbles pp. 17-38

Clio Ciaschini and Maria Cristina Recchioni

Ambiguity and asset prices: a closer look in an emerging market pp. 39-59

Merve G. Cevheroğlu-Açar and Cenk C. Karahan

The asymmetric effect of COVID-19 on investor sentiment: evidence from NARDL model pp. 60-84

Mehdi Mili, Asma Yahiya Al Amoodi and Hana Bawazir

Does Russia–Ukraine war generate herding behavior in Moscow Exchange? pp. 85-95

Khemaies Bougatef and Imen Nejah

CEO social network, capital structure complexity and firm performance pp. 96-111

Hardeep Singh Mundi

The impact of unproved reserve news on the energy stock volatility: an empirical investigation on Turkey pp. 112-129

Sabri Burak Arzova, Ayben Koy and Bertaç Şakir Şahin

Target return as efficient driver of risk-taking pp. 130-166

Catherine D'Hondt, Rudy De Winne and Aleksandar Todorovic

The disposition effect and its manifestations in South African investor teams pp. 167-185

Philani Shandu and Imhotep Paul Alagidede

Household stock market participation in South Africa: the role of financial literacy and social interactions pp. 186-201

Kingstone Nyakurukwa and Yudhvir Seetharam