Special Issue "Behavioral Finance"


A special issue of Journal of Risk and Financial Management (ISSN 1911-8074).

Deadline for manuscript submissions: closed (31 July 2015)

Special Issue Editor

Guest Editor
Prof. Dr. Mark Kamstra

Schulich School of Business, York University, 4700 Keele St., Toronto ON, M3J 1P3, Canada
Website | E-Mail
Interests: asset valuation, capital markets, empirical finance, behavioral finance

Special Issue Information

Dear Colleagues,

The last several decades have seen an explosion of interest in behavioral economics. Two Nobel prizes in economic sciences awarded on the topic signify the growing maturity of the field and its increasing importance. Behavioral economics, and its close cousin behavioral finance, highlight the failures of rational models.

This is in contrast to classical finance which focuses on fully rational, unemotional agents. The accumulation of stock market and individual decision-making anomalies strongly contradict the classical view of rationality.

Controversy still surrounds the field, however, in spite of evidence of market failures and behavioral puzzles. The controversy is in part due to concerns over data mining and in part due to the plausibility of behavioral hypotheses, such as individual sentiment driving market-wide price movements.

This special issue is intended to examine psychological factors known to influence individual choice and explore the impact this has on financial markets. Among the general topics to be considered are:

  1. Psychological underpinnings: emotion and willingness to take risk, ambiguity aversion, etc.
  2. Emotions and markets: SAD effect, sentiment, etc.
  3. Heuristics and biases: home bias, anchoring, etc.
  4. Social forces: selfishness, altruism, herding, bubbles, etc.
  5. Capital markets efficiency: market anomalies, including momentum, reversals, the January effect, etc.
  6. Corporate finance: catering, capital budgeting anomalies, overconfident managers, etc.
  7. Data mining: applications of the White Reality Test, out-of-sample validation, etc.

Professor Mark Kamstra
Guest Editor


Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. Papers will be published continuously (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are refereed through a peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed Open Access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. For the first couple of issues the Article Processing Charge (APC) will be waived for well-prepared manuscripts. English correction and/or formatting fees of 250 CHF (Swiss Francs) will be charged in certain cases for those articles accepted for publication that require extensive additional formatting and/or English corrections.

Published Papers (1 paper)

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Open AccessArticle Are Women More Likely to Seek Advice than Men? Evidence from the Boardroom
J. Risk Financial Manag. 2015, 8(1), 127-149; doi:10.3390/jrfm8010127
Received: 15 December 2014 / Revised: 5 January 2015 / Accepted: 4 February 2015 / Published: 16 February 2015
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It is commonly believed that women are more likely to seek advice than men; for example, on aspects of health or asking for directions when lost. This paper investigates whether women’s relatively greater propensity for advice seeking extends to important business decisions, [...] Read more.
It is commonly believed that women are more likely to seek advice than men; for example, on aspects of health or asking for directions when lost. This paper investigates whether women’s relatively greater propensity for advice seeking extends to important business decisions, specifically those involving corporate takeovers. Consistent with the evidence from other contexts, we show that the presence of female directors on target boards is positively and significantly associated with target boards seeking advice from top-ranked financial advisors. In contrast, we do not observe any significant association between the presence of female directors on bidder boards and their engagement of top-ranked financial advisors. We argue that the presence of a gender effect for target boards but not for bidder boards is consistent with less overconfident female versus male directors on bidder boards initiating fewer bids, higher litigation risk facing target boards for accepting too little, and the different type of advice sought by bidders and target firms. Full article
(This article belongs to the Special Issue Behavioral Finance)

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