Ethnic Tibetans(ETs)typically reside in the remote plateaus of China and possess strong cultural and spiritual values.Their financial decision-making is influenced by economic and physical factors,unique culture,socia...Ethnic Tibetans(ETs)typically reside in the remote plateaus of China and possess strong cultural and spiritual values.Their financial decision-making is influenced by economic and physical factors,unique culture,social norms,and psychological motivators.We conducted an in-person survey of 480 randomly selected ET households across four provinces in rural China.The survey data was analyzed using three different econometric models—probit,ordered probit,and ranked ordered logit—to examine the choice of borrowing from formal or informal credit sources,the number of sources borrowed from,and repayment priority.Our findings indicate that mental accounting plays a significant role in the financial decision-making process of ET households.Additionally,we find that the informal credit source is strongly associated with the financial decisions of ET households.The majority of loans from formal financial institutions are used to meet daily needs,as opposed to purchasing productive inputs.Our results also suggest that strong social relationships and religious beliefs prevent households from defaulting,and that loans from formal financial sources receive repayment priority.China would benefit from promoting inclusive finance and encouraging the adoption of improved agricultural practices to support the prosperity of ET and other minority communities.展开更多
Although psychometric features have been considered for alternative credit scoring,they have not yet been applied to peer-to-peer(P2P)lending because such information is not available on platforms.This study proposed ...Although psychometric features have been considered for alternative credit scoring,they have not yet been applied to peer-to-peer(P2P)lending because such information is not available on platforms.This study proposed an alternative credit scoring model for P2P lending by extracting typical personality types inferred from the borrowers’job category.We projected a virtual space of borrowers by using the affinity matrix based on the Myers–Briggs type indicator(MBTI)that fits each job category.Applying the distance in this space to Lending Club data,we used locally weighted logistic regression to vary the coefficients of the variables,which affect loan repayments,with each MBTI type for predicting the default probability.We found that each MBTI type’s credit scoring model has different significant variables.This study provides insights into breakthroughs in developing alternative credit scoring for P2P lending.展开更多
In this study,we investigate the impact of the light-a-lamp event that occurred in India during the COVID-19 lockdown.This event happened across the country,and millions of people participated in it.We link this event...In this study,we investigate the impact of the light-a-lamp event that occurred in India during the COVID-19 lockdown.This event happened across the country,and millions of people participated in it.We link this event to the stock market through investor sentiment and misattribution bias.We find a 9%hike in the market return on the postevent day.The effect is heterogeneous in terms of beta,downside risk,volatility,and financial distress.We also find an increase(decrease)in long-term bond yields(price),which together suggests that market participants demanded risky assets in the postevent day.展开更多
Rule-and template-based pattern-recognition methods are alternative ways to identify various patterns in stock prices alongside more traditional econometric tools.In this study,we generate an exterior template of mood...Rule-and template-based pattern-recognition methods are alternative ways to identify various patterns in stock prices alongside more traditional econometric tools.In this study,we generate an exterior template of mood scores from two perplexingly similar samples of mood scores 50 years apart.The mood scores template enables us to deploy a direct test of the behavioral explanation for the day-of-the-week effect.Our evidence shows that the day-of-the-week mood template is a potentially valid explanation of the day-of-the-week effect.Subperiod analysis suggests that the magnitude of the day-ofthe-week effect has declined over time.That decline,however,is not uniform across size deciles and is more pronounced in larger capitalization deciles.There is no decline though in the ability of mood to explain the day-of-the-week effect.展开更多
We study the day-of-the-week effect across size deciles and in three 18-year subperiods.The results show a decline in the magnitude of the day-of-the-week effect,but the effect did not vanish.We find that the decline ...We study the day-of-the-week effect across size deciles and in three 18-year subperiods.The results show a decline in the magnitude of the day-of-the-week effect,but the effect did not vanish.We find that the decline in the magnitude of the effect is larger in the larger market capitalization deciles.We also find substantial evidence that the day-of-the-week effect is characterized by a pattern of monotonically improving returns during the week,but the pattern is interrupted as market capitalization increases.The behavioral explanation for the day-of-the-week effect,based on monotonically improving mood throughout the week,is therefore a stronger candidate in smaller-market capitalization deciles.展开更多
Frequent price manipulation in the Bitcoin market will lead to market risk and seriously disrupt the financial order,but there is less research on its regulation.We address the Bitcoin price manipulation problem by bu...Frequent price manipulation in the Bitcoin market will lead to market risk and seriously disrupt the financial order,but there is less research on its regulation.We address the Bitcoin price manipulation problem by building a regulatory game model.First,we study the price manipulation mechanism of the Bitcoin market based on behavioral finance and clarify the boundary conditions.Second,we introduce regulator constraints and establish a game model between the manipulator and the regulator.Further,through variable deconstruction,parameter verification,and simulation analysis,we explore how to achieve effective regulation of Bitcoin price manipulation.We find that the effective regulation of Bitcoin price manipulation can be achieved in three ways:(1)Adjust the penalty coefficient with a certain lower threshold so that the manipulator’s expected return is negative;(2)Set the lowest possible price fluctuation standard while ensuring that it does not interfere with market-based transactions;(3)The simulation of price manipulation regulation is optimized and most efficiently controlled when the probability of investigation is dynamically adjusted by a concave function on the price fluctuation standard.展开更多
The developing stock markets of China are waiting to see derivative securities such as stock\|index futures. In this paper, based on the theory of behavioral finance,investment behavior under transaction cost in futur...The developing stock markets of China are waiting to see derivative securities such as stock\|index futures. In this paper, based on the theory of behavioral finance,investment behavior under transaction cost in futures market was studied.展开更多
基金financially supported by the Major Program of the National Social Science Foundation of China(No.18BMZ126)。
文摘Ethnic Tibetans(ETs)typically reside in the remote plateaus of China and possess strong cultural and spiritual values.Their financial decision-making is influenced by economic and physical factors,unique culture,social norms,and psychological motivators.We conducted an in-person survey of 480 randomly selected ET households across four provinces in rural China.The survey data was analyzed using three different econometric models—probit,ordered probit,and ranked ordered logit—to examine the choice of borrowing from formal or informal credit sources,the number of sources borrowed from,and repayment priority.Our findings indicate that mental accounting plays a significant role in the financial decision-making process of ET households.Additionally,we find that the informal credit source is strongly associated with the financial decisions of ET households.The majority of loans from formal financial institutions are used to meet daily needs,as opposed to purchasing productive inputs.Our results also suggest that strong social relationships and religious beliefs prevent households from defaulting,and that loans from formal financial sources receive repayment priority.China would benefit from promoting inclusive finance and encouraging the adoption of improved agricultural practices to support the prosperity of ET and other minority communities.
基金the National Research Foundation of Korea(NRF)grant funded by the Korea government(MSIT)(2020R1A2C2005026)。
文摘Although psychometric features have been considered for alternative credit scoring,they have not yet been applied to peer-to-peer(P2P)lending because such information is not available on platforms.This study proposed an alternative credit scoring model for P2P lending by extracting typical personality types inferred from the borrowers’job category.We projected a virtual space of borrowers by using the affinity matrix based on the Myers–Briggs type indicator(MBTI)that fits each job category.Applying the distance in this space to Lending Club data,we used locally weighted logistic regression to vary the coefficients of the variables,which affect loan repayments,with each MBTI type for predicting the default probability.We found that each MBTI type’s credit scoring model has different significant variables.This study provides insights into breakthroughs in developing alternative credit scoring for P2P lending.
文摘In this study,we investigate the impact of the light-a-lamp event that occurred in India during the COVID-19 lockdown.This event happened across the country,and millions of people participated in it.We link this event to the stock market through investor sentiment and misattribution bias.We find a 9%hike in the market return on the postevent day.The effect is heterogeneous in terms of beta,downside risk,volatility,and financial distress.We also find an increase(decrease)in long-term bond yields(price),which together suggests that market participants demanded risky assets in the postevent day.
文摘Rule-and template-based pattern-recognition methods are alternative ways to identify various patterns in stock prices alongside more traditional econometric tools.In this study,we generate an exterior template of mood scores from two perplexingly similar samples of mood scores 50 years apart.The mood scores template enables us to deploy a direct test of the behavioral explanation for the day-of-the-week effect.Our evidence shows that the day-of-the-week mood template is a potentially valid explanation of the day-of-the-week effect.Subperiod analysis suggests that the magnitude of the day-ofthe-week effect has declined over time.That decline,however,is not uniform across size deciles and is more pronounced in larger capitalization deciles.There is no decline though in the ability of mood to explain the day-of-the-week effect.
文摘We study the day-of-the-week effect across size deciles and in three 18-year subperiods.The results show a decline in the magnitude of the day-of-the-week effect,but the effect did not vanish.We find that the decline in the magnitude of the effect is larger in the larger market capitalization deciles.We also find substantial evidence that the day-of-the-week effect is characterized by a pattern of monotonically improving returns during the week,but the pattern is interrupted as market capitalization increases.The behavioral explanation for the day-of-the-week effect,based on monotonically improving mood throughout the week,is therefore a stronger candidate in smaller-market capitalization deciles.
基金the National Science Foundation of China(No.61602536)Emerging Interdisciplinary Project of Central University of Finance and Economics(CUFE)Financial Sustainable Development Research Team.
文摘Frequent price manipulation in the Bitcoin market will lead to market risk and seriously disrupt the financial order,but there is less research on its regulation.We address the Bitcoin price manipulation problem by building a regulatory game model.First,we study the price manipulation mechanism of the Bitcoin market based on behavioral finance and clarify the boundary conditions.Second,we introduce regulator constraints and establish a game model between the manipulator and the regulator.Further,through variable deconstruction,parameter verification,and simulation analysis,we explore how to achieve effective regulation of Bitcoin price manipulation.We find that the effective regulation of Bitcoin price manipulation can be achieved in three ways:(1)Adjust the penalty coefficient with a certain lower threshold so that the manipulator’s expected return is negative;(2)Set the lowest possible price fluctuation standard while ensuring that it does not interfere with market-based transactions;(3)The simulation of price manipulation regulation is optimized and most efficiently controlled when the probability of investigation is dynamically adjusted by a concave function on the price fluctuation standard.
基金This paper is supported by National Nature Science Foundation of China ( No. 7993 0 60 0 79970 0 1 979870 0 77)
文摘The developing stock markets of China are waiting to see derivative securities such as stock\|index futures. In this paper, based on the theory of behavioral finance,investment behavior under transaction cost in futures market was studied.