This paper examines the relationship between traditional gold (XAU) and its tokenized counterparts (PAXG and XAUT), providing an empirical assessment of how digital representations of real-world assets align with their underlying benchmarks. Using multi-year time series data, the study evaluates...

As global climate and sustainable challenges gain more attention, green finance has emerged as a significant focus of worldwide financial reform, with green bonds serving as a key indicator. Retail investors, as an important part of the financial market, have a significant impact on the...

This study builds on the concept of loss tolerance by introducing investment grip, a behavioral interpretation that captures investors' commitment to long-term objectives under adverse market conditions. While loss tolerance traditionally measures the maximum financial loss an investor can...

Understanding how investors maintain positions during adverse market conditions, investment grip, is increasingly important as retail participation rises and information environments diversify. While prior research identifies demographic, psychological, and economic determinants of investment...

This WBG study examines what makes distressed asset markets work — and how governments can create the right conditions for private sector engagement. It provides policymakers, regulators, and financial institutions with a practical framework to assess market readiness, identify policy and...

Global warming remains one of the greatest threats to the sustainability of the planet. The literature is replete with studies investigating the economic effects of global warming with very little attention being paid to the financial ramifications. To this end, the present study attempts to...

We test whether forecast bias affects individual investors' stock trading by combining bias measures from laboratory experiments with administrative trade data. Forecast bias is positively associated with past excess returns of purchased stocks: Compared to contrarians, extrapolators purchase...

This study analyzes the relationship between stock market returns and investment flows in investment funds in Spain. Through a quantitative analysis covering the period from December 2001 to June 2025, it examines not only the existence of a correlation but also its temporal structure,...

Investment in risky financial assets plays a crucial role in individual wealth accumulation and broader financial market development. However, existing research has primarily emphasized financial literacy while giving limited attention to behavioral mechanisms that may weaken its influence on...

The shift from information retrieval (keyword-based search engines) to information synthesis (generative AI) constitutes a fundamental change in how people inform themselves online. We investigate how this shift impacts investment behavior using an incentivized online experiment (N = 374), in...

In recent years, the financial investment level of enterprises particularly family firms has increased rapidly. This phenomenon has drawn intense attention from both government regulators and academia. In this study, we argue that the second-generation succession is an important reason for...

In this study, we examine major cryptocurrencies, present notable fraud cases, describe fraud risks, and analyze cryptocurrency financial performance. People debate whether cryptocurrency is an investment opportunity, the new Dutch Tulip Bubble, or a giant Ponzi scheme. There have been a number...

Much research has examined the drivers of firms' R&D investments. However, many questions remain with respect to the role of R&D as a learning target and as a means of achieving legitimacy, particularly in the context of imitative R&D strategy. We develop a theory that integrates different...

Does the presence of a partner affect individuals' propensity to participate in the stock market? In this paper, we estimate the effect of cohabiting with a partner on stock market participation using rich administrative data from Denmark. It is a well-known puzzle that few people participate in...

Asset accumulation in later life is a pressing issue in Japan due to the growing gap between life expectancy (87.14 years for women, 81.09 years for men in 2023) and the retirement age (65 or less). This gap heightens financial insecurity, emphasizing the need to meet asset goals by 65....

This study examines how experiencing a pandemic affects household investment behaviors. By leveraging cross-state variations in the H1N1 mortality rate in 2009, our difference-in-differences analysis reveals interesting findings. Although the pandemic does not significantly affect stock market...

This paper reexamines the question of gender differences in financial relative risk aversion using updated methods and data. Specifically, the paper revisits the 1998 work "Are women more risk averse?" by Jianakoplos and Bernasek, suggests refinements in their model in relation to the database...

This study investigates whether cryptocurrency investments have a distinct impact on corporate liquidity depending on when they are held and the stage of a firm's life cycle at the time of holding, using a sample of Korean companies. The empirical findings first show that cryptocurrency...

We examine Swiss retail investors' willingness to pay (WTP) for sustainable finance products and the influence of bank advisor certification. In a hypothetical choice experiment with a randomized controlled trial (RCT), we assigned participants to either a priming treatment with a bank advisor...

The purpose of this study is to explore whether ESG (Environmental, Social, and Governance) criteria can serve as a valuable tool for investors when making rational decisions about financial security selection and portfolio construction. By applying Modern and Post-Modern portfolio theories (MPT...

Do financial advisors recommend cryptocurrency investment within a household portfolio? Cryptocurrencies have emerged in popularity as households seek to maximize returns. Financial advisors are expected to provide beneficial advice for a household in managing financial decisions including...

The development of stock markets is pivotal for economic growth, particularly through the mobilization of idle resources into productive investments. Despite recent reforms to enhance Uzbekistan's capital market, public engagement remains limited. This study examines the behavioral determinants...