Search Results (9)

This study investigates the relationship between overconfidence and meme stock valuation, drawing on panel data from 28 meme stocks listed from 2019 to 2024. The analysis incorporates key financial indicators, including Tobin’s Q ratio, market capitalization, return on assets, leverage, and volatility. A range of overconfidence proxies is employed, including changes in trading volume, turnover rate, changes in outstanding shares, and alternative measures of excessive trading. We observe a significant positive relationship between overconfidence (as measured by changes in trading volume) and firm valuation, suggesting that investor biases contribute to notable pricing distortions. Leverage has a significant negative relationship with firm valuation. In contrast, market capitalization has a significant positive relationship with firm valuation, implying that meme stock investors respond to both speculative sentiment and traditional firm fundamentals. Robustness checks using alternative proxies reveal that turnover rate and changes in the number of shares are negatively related to valuation. This shows the complex dynamics of meme stocks, where psychological factors intersect with firm-specific indicators. However, results from a dynamic panel model estimated using the Dynamic System Generalized Method of Moments (GMM) show that the turnover rate has a significantly positive relationship with firm valuation. These results offer valuable insights into the pricing behavior of meme stocks, revealing how investor sentiment impacts periodic valuation adjustments in speculative markets. Full article

The comprehensive reform of agricultural water prices is an important component of China’s agricultural water conservation strategy and is highly important for ensuring national water security and sustainable agricultural development. Given the difficulty in raising water prices due to the limited carrying capacity of farmers in the reform, there is a pressing need to consider the implementation of agricultural water price sharing as a potentially viable strategy. Based on the grain production data from 2000 to 2018, the proportion of agricultural water prices borne by farmers and governments in different regions were calculated via the C-D production function method and the “Mitchell scoring + Expert scoring” method in the study. The results revealed that the average sharing coefficient of irrigation benefits for grain crops in China is 0.245. The sharing proportion of agricultural water prices for farmers in seven major geographical regions are ranked as follows: Northwest China (0.467) > Central China (0.427) > Southwest China (0.389) > Northeast China (0.358) > North China (0.319) > East China (0.312) > South China (0.163), while the sharing proportion of the government is 0.533, 0.573, 0.611 0.642, 0.681, 0.688, and 0.837. We proposed a systematic approach that directly ties cost distribution to the benefits received, and determined the proportion of agricultural water prices shared by farmers and governments, which is in line with the farmers’ economic interests and psychological demands. Furthermore, suggestions were proposed regarding the implementation of a rational agricultural water price-sharing policy. Full article

Ridesplitting, a form of shared ridesourcing service, has the potential to significantly reduce emissions. However, its current adoption rate among users remains relatively low. Policies such as carbon credit schemes, which offer rewards for emission reduction, hold great promise in promoting ridesplitting. This study aimed to quantitatively analyze the choice behaviors for ridesplitting under a carbon credit scheme. First, both the socio-demographic and psychological factors that may influence the ridesplitting behavioral intention were identified based on the theory of planned behavior, technology acceptance model, and perceived risk theory. Then, a hybrid choice model of ridesplitting was established to model choice behaviors for ridesplitting under a carbon credit scheme by integrating both structural equation modeling and discrete choice modeling. Meanwhile, a stated preference survey was conducted to collect the socio-demographic and psychological information and ridesplitting behavioral intentions of transportation network company (TNC) users in 12 hypothetical scenarios with different travel distances and carbon credit prices. Finally, the model was evaluated based on the survey data. The results show that attitudes, subjective norms, perceived behavioral control, low-carbon values, and carbon credit prices have significant positive effects on the choice behavior for ridesplitting. Specifically, increasing the carbon credit price could raise the probability of travelers choosing ridesplitting. In addition, travelers with higher low-carbon values are usually more willing to choose ridesplitting and are less sensitive to carbon credit prices. The findings of this study indicate that a carbon credit scheme is an effective means to incentivize TNC users to choose ridesplitting. Full article

This paper aims to explore the impact of the purchase regret of consumers on dynamic closed-loop supply chains (CLSCs) under discrete-time conditions. Durable products are mostly traded under discrete-time conditions, and consumers tend to have different purchase regret psychologies during the trading process of different types of durable products (innovative or remanufactured). In addition, different purchase regret psychologies can affect the dynamic decision-making behaviour of the nodal enterprises in the supply chain, thus affecting the dynamic decision-making optimization sequence of the supply chain and nodal enterprises. Based on the traditional Bass model, this paper introduces the factor of consumer purchase regret psychology into the Bass model and constructs a model of a CLSC led by the manufacturer and followed by the retailer and recycler on the premise of heterogeneous characteristics of new products and remanufactured products. The optimal control theory of discrete systems is used to obtain the optimal decision sequence for each participant in the CLSC, when there is consumer regret psychology in the market. Then, the effects of consumer purchase regret psychology on the members of the CLSC at each stage are analysed. Finally, the conclusions are verified by using a numerical analysis. Compared to previous studies, the results further revealed the following: when the market share of brand new products is below 50%, the wholesale and retail prices are positively related to the regret psychology; while when they are above 50%, the wholesale and retail prices are negatively related to the regret psychology; the product sales and the manufacturers and retailers’ profits are negatively related to the regret psychology; purchase regret psychology does not affect the recyclers’ profits. To mitigate the negative consequences of the purchase regret psychology, manufacturers and merchants should completely grasp the market, enhance product quality, such that the price plan for the product is fairer. Full article

Based on the impact of industry extreme return on the attention of institutional investors, taking Chinese A-share listed companies from 2011 to 2020 as a sample, this paper empirically tests the relationship between institutional investors’ distraction and executive compensation stickiness based on multiple regression analysis. The study finds that institutional investors’ distraction promotes the executive compensation stickiness, which is more significant in the group of pressure-resistant institutional investors. The mechanism test finds that based on the governance effect, information effect and psychological effect, corporate external governance, stock price information content and management anxiety play a partial intermediary role between institutional investors’ distraction and executive compensation stickiness. The moderating effect finds that the level of corporate internal governance and managerial overconfidence will weaken the impact of institutional investors’ distraction on executive compensation stickiness. In addition, the distraction behavior in non-state-owned and western companies has a more significant economic impact. Full article

Technology advancements have paved the way for public access to shared autonomous vehicles (SAVs), but there is still no travel survey examining how SAVs with dynamic ride sharing (DRS) affect long-distance (LD) trips. Given the growth in these trips and the higher importance of travel time and cost on LD trips, assessing potential impacts of SAVs could be a vital tool in planning for a sustainable transportation system. This paper examines the impact of various attitudinal, sociodemographic, and travel-related characteristics on the usage intention of SAVs with DRS on LD trips. We have designed and conducted a web-based survey for this purpose and based on a representative sample of 723 individuals in 2021, a Generalized Ordered Logit model is estimated. Estimation results highlight the key importance of following psychological factors in a descending order: price evaluation, perceived usefulness, consumer innovativeness, sharing attitude, and privacy concern. Further, key factors among sociodemographic and travel-related characteristics are gender, education level, driving license, household car ownership, generational element, and crash history. These findings provide crucial insights into the likely effects of SAVs with DRS on LD trip behavior, based on which a number of practical implications are proposed for facilitating policy-making. Full article

Empirical studies show that autonomous vehicles can contribute to sustainability goals when rides are shared. However, sharing rides with strangers in shared autonomous mobility-on-demand systems (SAMODSs) might impede the adoption of these systems. The present study addresses the research question whether a comprehensive information provision about fellow passengers could increase acceptability of the shared rides in SAMODSs. A discrete choice experiment (N = 154) assessed the potential of different levels of information on fellow passengers: (1) no information, (2) name, (3) picture, (4) rating, (5) combination of name, picture and rating. The results show that the overall compensation demands for sharing a ride was a reduction of approximately 25% of the nonshared reference price. The provision of detailed information about fellow travelers proved beneficial for reducing the compensation demands of travelers while the provision of a name only resulted in higher compensation demands. A significant effect of the fellow passengers’ gender indicated that male gender information was related to a higher refusal rate than female gender information. This was particularly relevant when only names were presented. The study provides first empirical insights into the psychological factors concerning the emerging trend of shared mobility. Full article

The success of launching new products is the main challenge of companies since it is one of the key factors of competition. Thus, success in today’s high rival markets depends on the presentation of new products with new options, which must be compatible with customers’ desires. This research aims to analyze the psychological effect of the noise of a new product on the total profit of the chain and the optimal pricing and marketing decisions of the chain’s members. Additionally, a cooperative (co-op) advertising strategy as a coordination mechanism is considered among the partners such that it helps them to obtain their target markets. Commonly, under co-op advertising, the manufacturer pays a percentage of the retailer’s advertising costs. In this chain, the manufacturer and the retailer agree to share the retailer’s advertising costs. Afterwards, four different relations between the manufacturer and retailer are studied and analyzed including three non-cooperative games with symmetrical distribution of market power and one asymmetrical distribution of it. So, four game models and their closed-form solutions are illustrated with a numerical example. It was found that the noise effect affects the total profit of the manufacturer and the retailer, as well as the supply chain by influencing the partners’ advertising policies. In other word, increasing the noise effect of the product indicates to the manufacturer and the retailer to globally and locally advertise more, respectively. In turn, their profits increase, although also increasing the advertising costs. Finally, a complete sensitivity analysis is conducted and reported. Full article

The purpose of the study is the analysis of the relationship between the par value (also known as nominal value or face value) and the parameters influencing a company’s financing. Additionally, the utility of the par value as a manipulation tool for equity offerings is examined. The study is based on a sample of IPO firms which went public on the Warsaw Stock Exchange. The study finds that an excess supply of shares has a negative impact on their valuation. In contrast, decreasing the par value prompts perceptual biases among investors beneficial to the success of the issuance. Moreover, share capital is found to be a useful signaling tool to improve the company’s position on the financial market. Full article