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The purpose of this paper is to investigate the impact of the key sources of information, namely, financial advice, word-of-mouth communication and specialized press, on trading behavior of Chinese stock investors. The study also analyzed if the association between the key sources of information and trading behavior is influenced by investor personality.

The authors adopted the Big Five personality framework and examined the survey results of individual stock investors (n=541) in China. Personality traits of investors were measured by the NEO-Five Factor Inventory (Costa and McCrae, 1989). The authors performed probit regression analysis to evaluate the moderating influence of investor personality traits on the association between sources of information and stock trading behavior.

The results of the study confirm the previous findings that the key sources of information used by investors as a foundation of their financial choices have a significant influence on their trading behavior. The study also provides empirical evidence that investor personality traits moderate the relationship between the key sources of information and trading behavior. Financial advisors tend to increase the frequency of trading in investors with openness, extraversion, neuroticism and agreeableness personality traits, and tend to decrease the intensity of trading in investors with conscientiousness trait. On the other hand, financial information acquired from word-of-mouth communication is more likely to enhance trading frequency in extraverted and agreeable investors, and is more likely to reduce trading frequency in investors with openness, conscientiousness and neuroticism traits. Finally, the use of specialized press leads to more adjustment in portfolios of the investors with openness and conscientiousness traits than those with other personality traits. An alternative mediated model was not supported.

This research contributes to information search literature and behavioral finance literature and provides empirical evidence that the psychological characteristics of investors are significant predictors of the variations in information-trading link. The study offers new theoretical insights of investors’ behavior due to the characteristics of Chinese stock market which are unique from other stock markets in the world. To the authors’ best knowledge, no previous study has been conducted so far in Chinese stock market to explore variations with regards to the impact of the key sources of information on trading behavior by the Big Five investor personality and this paper seeks to fill this gap.

The purpose of this paper is to investigate the impact of the frequency of information acquisition on the frequency of stock trading. The authors also examined if the Big Five personality traits of investor influence the association between information acquisition and stock trading behavior.

The authors adopted NEO Five-Factor Inventory (Costa and McCrae, 1989) inventory to measure the Big Five personality traits of investors and examined the data collected from 541 individual investors of the Chinese stock market. To overcome the potential endogeneity bias, the authors followed two-stage least square method for estimating endogenous covariate by employing instrumental variable analysis. The authors performed probit regression to evaluate the moderating influence of investor personality traits on the association between information acquisition and stock trading behavior. The authors also performed several other tests to check the robustness of the key findings.

This research confirmed the previous findings that the more frequently investors acquire information, the more often they trade in stocks. Moreover, the authors added to the existing literature by providing empirical evidence that the Big Five personality traits moderate the relationship of information acquisition with stock trading behavior. Information acquisition tends to increase stock trading frequency in investors with conscientiousness, extraversion and agreeableness traits. On the other hand, it also has the tendency to decrease the intensity of stock trading in investors with openness and neuroticism traits.

The theoretical model in this study seeks to explain that the psychological factor, namely, investor personality, influences the way an investor interprets signals from information which in turn influences the investor decision to trade in securities. This research suggests that psychological characteristics of investors can be of relevance for policy makers in their attempts to improve their business in the financial services industry.

This study combines both information search literature and behavioral finance literature to investigate whether or not the information acquisition that relates to investors’ asset allocation decisions is influenced by investor personality. The study offers new theoretical insights into investors’ behavior due to the characteristics of the Chinese stock market which are uniquely different from other stock markets in the world. No previous study has been conducted so far in the Chinese stock market to explore variations in the impact of investors’ information acquisition on their stock trading by the Big Five personality and this paper strives to fill this research gap.

Sport is an international activity due to its cultural, economic and social significance in the global economy. This chapter focuses on the international aspect of sport in terms of international sports organizations and the internationalization of sports firms. To do this, this chapter highlights the role of branding, social media and marketing in international sports activities. This includes a discussion of how the Olympics and World Cup have influenced internationalization and the impact of athletes increasingly becoming global celebrities. The impact of new technological innovations is also stressed that shows the increased international relevance of sport.

This paper aims to examine the nexus between the pricing of market-wide volatility risk and distress risk in the cross-section of portfolio returns for the 1990-2011 time period. The author expands upon prior research by constructing an ex post factor that mimics aggregate volatility risk based on the new VIX index of the Chicago Board Options Exchange, termed FVIX, as well as focuses on volatility risk in crisis versus non-crisis time periods.

The author investigates the relationship between volatility and distress risk using several techniques in the empirical finance literature. Specifically, the author investigates the behavior of correlations between risk factors as well as the correlations between factor loadings when using the Fama and French research portfolios as our test assets for different time periods. Additionally, the author examines the variation in the volatility factor loadings across the size- and value-sorted portfolios and assesses whether augmenting conventional pricing models with a volatility factor leads to a higher goodness-of-fit in pricing the 25 size- and value-sorted portfolios.

The author’s results suggest that factor volatilities are high during periods of market turmoil. In addition, the author presents evidence indicating that a factor mimicking innovation in volatility (based on the new VIX) is correlated with the market and momentum factors, while exhibiting the uncorrelated behavior with respect to the size, value and liquidity factors when using data from 1990 through 2011. In this paper, the author finds that the aggregate volatility factor’s correlation with the market and momentum factors increases during crisis periods. In periods of relative market tranquility, correlations decrease significantly. In examining multivariate factor loadings for the test assets, the results provide no clear pattern with regard to the variation of the volatility loadings across the book-to-market and size dimensions. Furthermore, the author finds that conventional pricing models are comparable to FVIX-augmented pricing models, in terms of goodness-of-fit, when pricing the 25 Fama-French size- and value-sorted portfolios. Additionally, when using the FVIX volatility factor to proxy for aggregate volatility risk, the coefficients are never significant statistically, thus revealing that innovations in aggregate volatility based on the new VIX index do not constitute a priced risk factor in the cross-section of returns.

The author’ finding indicates an absence of strong variation of the volatility factor loadings across the Fama-French research portfolios. In particular, the asset pricing results cast doubt on whether a factor mimicking innovations in aggregate volatility based on the new VIX index is priced. In agreement with prior research, the author believes that the inseparability of volatility and jump risk in the VIX can be a possible explanation of the current findings in this paper.

This paper examines the relation between the Big Five model of personality traits and behavioral biases (overconfidence, disposition effect, anchoring, representativeness, metal accounting, emotional bias and herding) of Indian individual investors when making investment decisions.

The authors use a structured questionnaire to obtain responses from 515 stock investors in India between August 2016 and January 2017. Based on components identified through factor analysis, the authors use structural equation modeling to examine the effect of specific personality traits.

The findings indicate a significant association between the traits of neuroticism, extroversion and conscientiousness as well as behavioral biases of individual investors. Openness has a significant relation with only mental accounting and the agreeableness trait has no relation with the behavioral biases examined.

The findings imply that understanding investor personality differences and investment psychology can help financial advisors and wealth managers modify products and services to better suit client needs.

To the best of the authors’ knowledge, no previous study has examined the impact of the Big Five model of personality traits on various behavioral biases among Indian investors.

This chapter focuses on military couples and factors that affect their experiences of work, stress, and health using a life course perspective. An introduction to the definition of military couples is provided followed by a brief review of previous research on marital quality and divorce among military couples. The core of the chapter describes the advantages of using a life course perspective to examine the military life course for couples, and two critical transitions of military life are more fully examined. Specifically, periodic relocation and deployment and their impacts on military couples are reviewed in detail. Future directions for research on military couples are provided, and the use of the Convoy Model of Social Relations as an integrative approach to examine military personnel and family members’ stress and health across the military life course is introduced.

Institutional complexity shapes what is perceived as possible by framing cultural debates about practices, but organizations in turn shape how logics interpenetrate fields, suggesting that we must consider both the degree of compatibility between logics and the degree of practice variation in a field. Our exploratory study of three entrepreneurial impact finance organizations considers how they situate their practices between the market and community logics. We offer a recursive view that considers how multiple institutional logics shape practices and how entrepreneurial organizations adapt and invent new practices that, through their continued use, can influence the institutional complexity of a field.

The purpose of this study is to analyse the mediation effect of psychological biases, namely, financial risk tolerance (FRT) and financial overconfidence on the relationship between personality traits of individual investors and their investment performance (perceived) in the context of a developing financial market such as Indian Capital Markets.

The study uses both quantitative and cross-sectional approach to collect response from 983 individual investors through a questionnaire. The questionnaire had segments that were designed to assess their personality traits, investment performance and psychological traits. The personality traits were assessed through Big-Five personality inventory (TIPI), the psychological traits, i.e. FRT was measured through FRT scale, whereas financial overconfidence was measured through three basic concepts, namely, over-precision, over-placement and overestimation. Investment performance was assessed through perceived investment performance measures. The collected data was then analysed through AMOS and SPSS to validate the hypothesised relationship.

Findings of the study depict that personality traits of individual investors are related with their FRT, financial overconfidence and perceived investment performance. In addition, FRT and financial overconfidence are negatively related to perceived investment performance. Furthermore, mediation analysis showed that the two psychological traits were found to fully mediate the relationship between personality traits and investment performance.

There are still certain limitations of the present study. First, the questionnaire pre-testing and sampling technique allowed for only for those investors who had an experience of investment in financial markets; however, the quantification of actual investment performance for each investor was impossible, and thus the actual investment performance was not determined. Second, this study focusses on the mediating role of financial overconfidence and financial risk-taking, as such it is known that levels of financial overconfidence and risk-taking depend on many other extraneous factors such as socio-economic status and financial knowledge.

The findings of the present study is useful for financial companies, policymakers as well as issuers of financial securities, who can keep a watch on these behaviour-related traits before issuing a security in the financial market and for the financial service providers; this study would be beneficial to design a “behavioural portfolio” according to the personality and psychological traits of their clients.

Through this study, the investors can recognise their personality traits and psychological biases and take sound and good investment decisions and can also maximise their level of overconfidence. This increased level of overconfidence will propel them further to actively and frequently participate in financial markets and make financial gains.

The essence of this paper lies in the identification of personality traits and psychological traits of individual investors, and their relationship with investment performance. Studies such as this are less prevalent in the context of a developing country such as India. Moreover, to the best of the authors’ knowledge, this paper is first of its kind to study the meditating effect of psychological biases in the relationship between personality traits and investment performance.

In spite of an intuitive appeal regarding association between personality and investment efficacy, there is a dearth of empirical support for the effects of theoretically meaningful personality difference on intuitive and analytical ability, which further explains investment efficacy. The current study aims to explore this link using multi-method analysis.

In Study 1, the experimental protocol captures intuitive responses of naïve investors in four different investment horizons and maps the findings with personality constituents of the Big Five (Costa and McCrae, 1992), while in Study 2, survey of active investors seeks their preference for intuition or deliberation (PID, Betsch, 2004) in decision-making, along with measuring their investment efficacy and analysing the results on the basis their personality Type A vs Type B.

Subjects with lower extraversion tend to have superior forecasting accuracy for gold and dollar, while those with lower neuroticism have tendency of superior forecasting for dollar and Nifty index in mid-term investment. Further, in Study 2, the results indicate superior intuitive ability, analytical ability and investment efficacy of Type B investors.

The study is unique in two ways. One, it explores the role of personality in ambidextrous decision-making framework, where rationality and intuition iteratively operate in a parallel, yet synchronous, fashion. Two, the study attempts to examine the role of personality in the unique socio-cultural context of an emerging economy such as India with Eastern religious traditions, having strong implications on the personal characteristics of the decision agents.

The hydrodynamic performances of fabric heartvalve protheses were measured and compared with other commercially available types of heartvalve prostheses. A prosthesis was manufactured by forming fabric to a geometry close to that of the native valve. In vitro performances of the prototype were evaluated using a pulse duplicator simulating the left side of the human circulatory system, with a 70 ml cardiac output at a constant heart rate of 70 beats/min under a mean diastolic pressure of 100 mmHg. Woven fabrics of different weaves, yarn structures (multifilaments and microfibres), saturation indexes, and rigidity were tested in terms of static and dynamic regurgitation, pressure drops across the valve, and dynamic behaviour. The results were found to be close to those expected for such a device and, in some respects (pressure drop), even better than those obtained with other prostheses in current use. The yarn structure and fabric saturation index seem to be important parameters in the development of a textile prosthesis. Thus, the tests showed that a plainweave structure with microfilament yarns and a reduced saturation index appears to be the fabric best suited for the valve application.