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This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management activities and market efficiency. It also includes some of the research work on the origins and foundations of behavioral finance, and how this has grown substantially to become an established and particular subject of study in its own right. The study also aims to provide future direction to the researchers working in this field.

For doing research synthesis, a systematic literature review (SLR) approach was applied considering research studies published within the time period, i.e. 1970–2021. This study attempted to accomplish a critical review of 176 studies out of 256 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioral finance domain-related explicitly to cognitive heuristic-driven biases and their effect on investment management activities and market efficiency as well as on the origins and foundations of behavioral finance.

This review reveals that investors often use cognitive heuristics to reduce the risk of losses in uncertain situations, but that leads to errors in judgment; as a result, investors make irrational decisions, which may cause the market to overreact or underreact – in both situations, the market becomes inefficient. Overall, the literature demonstrates that there is currently no consensus on the usefulness of cognitive heuristics in the context of investment management activities and market efficiency. Therefore, a lack of consensus about this topic suggests that further studies may bring relevant contributions to the literature. Based on the gaps analysis, three major categories of gaps, namely theoretical and methodological gaps, and contextual gaps, are found, where research is needed.

The skillful understanding and knowledge of the cognitive heuristic-driven biases will help the investors, financial institutions and policymakers to overcome the adverse effect of these behavioral biases in the stock market. This article provides a detailed explanation of cognitive heuristic-driven biases and their influence on investment management activities and market efficiency, which could be very useful for finance practitioners, such as an investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making their financial management strategies.

Currently, no recent study exists, which reviews and evaluates the empirical research on cognitive heuristic-driven biases displayed by investors. The current study is original in discussing the role of cognitive heuristic-driven biases in investment management activities and market efficiency as well as the history and foundations of behavioral finance by means of research synthesis. This paper is useful to researchers, academicians, policymakers and those working in the area of behavioral finance in understanding the role that cognitive heuristic plays in investment management activities and market efficiency.

This study aims to analyse how the collective processing of the #MeToo legacy in the form of community discourses and activism conceptualises organisational accountability for sexual misconduct at work and enhances the development of new accountability instruments.

The study draws on social movement theory and the intellectual problematics of accountability, together with the empirical insights from two research engagement projects established and facilitated by the author.

The study reveals multiple dimensions of how post-#MeToo community activism impacted the conceptualisation of organisational accountability for sexual misconduct at work. The movement enhanced discourses prompting a new societal sense of accountability for sexual wrongdoings. This in turn facilitated public demands for accountability that pressured organisations to respond. The accountability crisis created an opportunity for community activists to influence understanding of organisational accountability for sexual misconduct at work and to propose new accountability instruments advancing harassment reporting technology, as well as an enhancing the behavioural consciousness and self-assessment of individuals.

The study addresses a topic of social importance in analysing how community activism arising from a social movement has transformed accountability demands and thus both advanced the conceptualisation of organisational accountability for sexual misconduct at work and established socially desirable practices for it. The study contributes to theory by revealing the emancipatory potential of community activism to influence organisational accountability practices and to propose new instruments at a moment of organisational hesitation and crisis of accountability.

This paper intends to explore the relationship between participants' eye fixations (a measure of attention) and durations (a measure of concentration) on areas of interest within a range of online articles and their levels of information discernment (a sub-process of information literacy characterising how participants make judgements about information).

Eye-tracking equipment was used as a proxy measure for reading behaviour by recording eye-fixations, dwell times and regressions in males aged 18–24 (n = 48). Participants' level of information discernment was determined using a quantitative questionnaire.

Data indicates a relationship between participants' level of information discernment and their viewing behaviours within the articles' area of interest. Those who score highly on an information discernment questionnaire tended to interrogate the online article in a structured and linear way. Those with high-level information discernment are more likely to pay attention to an article's textual and graphical information than those exhibiting low-level information discernment. Conversely, participants with low-level information discernment indicated a lack of curiosity by not interrogating the entire article. They were unsystematic in their saccadic movements spending significantly longer viewing irrelevant areas.

The most profound consequence is that those with low-level information discernment, through a lack of curiosity in particular, could base their health, workplace, political or everyday decisions on sub-optimal engagement with and comprehension of information or misinformation (such as fake news).

Ground-breaking analysis of the relationship between a persons' self-reported level of information literacy (information discernment specifically) and objective measures of reading behaviour.

The purpose of this chapter is to provide a comprehensive analysis of how sentiments may be a part of, or adjacent to, status generalization. We demonstrate why this problem is so difficult to solve definitively, as many resolutions may exist. Sentiments may present the properties of graded status characteristics but may also be disrupted by processes of the self. Sentiments may have status properties enacted within dyadic interactions. However, sentiments may also be status elements during triadic constellations of actors. Finally, we discuss current research that is underway to provide more empirical evidence to offer confirmation or disconfirmation for some of our proposed models.

We provide a synthesis of literatures, including pieces from group processes, neuroscience, psychology, and network scholarship, to address the relation between sentiment and status processes. Accordingly, this is a conceptual chapter.

We attempt to motivate future research by exploring the many complications of examining these issues.

Understanding how social inequalities may emerge during group interaction allows researchers to address their deleterious effects. Positive sentiments (in other words, “liking”) should bring actors closer together to complete tasks successfully. Ironically, when paired with negative sentiments within task groups, inequalities in group opportunities may result. To address these social inequalities, a thorough understanding of how they develop is necessary, so that efficacious interventions can be adopted.

This deep dive into the relation between sentiment and status processes joins the 25-year quest to understand the issues surrounding this relationship.

This study aims to identify the origins, mechanisms and outcomes of applying behavioral insight in public policy research.

The authors conducted a systematic literature review to answer three research questions. The authors identified 387 primary studies, dated from January 2000 to April 2021 and coded them through a thematic analysis. Related studies were obtained through searching in Emerald, ScienceDirect, Sage, Springer, Wiley and Routledge.

The results identified eight themes for origins, 16 themes for mechanisms/techniques and 13 outcome-related themes. Through the thematic analysis, the major mechanisms of behavioral approach were found to be social marketing, information provision, social norms, incentives, affect, regulation design, framing, salience, defaults, simplification, networking, environment design, scheduled announcements, commitments, attitude-preference-behavior manifestation and combining behavioral and nonbehavioral mechanisms.

The findings of this review help policymakers to design or redesign policy elements.

This review provides the first systematic exploration of the existing literature on behavioral public policy.

This study explores the role of organisational culture in promoting collective coping strategies in construction project teams in the United Arab Emirates (UAE). Three collective coping strategies were examined, including problem-focused, relationship-focused and emotion-focused coping strategies.

O'Reilly et al.’s (1991) organisational culture profile (OCP) assessed organisational culture values. Data were collected through an online questionnaire from practitioners in the United Arab Emirates (UAE) construction organisations.

The findings show a high correlation between competitiveness culture values and problem-focused team coping strategy. Relationship-focused team coping strategy was found to have a high correlation with emphasis on rewards and performance orientation values. Conversely, an emotion-focused team coping strategy correlates highly with competitiveness, supportiveness and emphasis on rewards cultural values.

The cross-sectional design of the survey and the UAE context may present limits to the generalisability of findings.

Limited attempts have been made to study collective coping in construction project teams. The study paves the path for exploring emergent socio-psychological concepts in construction organisations, including the impact of organisational culture on team collective coping with adverse events.

Understanding the pivotal impact of culture on successful team coping provides managers with valuable insights into managing situational adversity in construction project teams.

Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of behavior toward those choices might not be the ones we were all taught, and still teach, and that subjective risk perceptions might not accord with expert assessments of probabilities. In addition to these challenges, we are faced with the need to jettison naive notions of revealed preferences, according to which every choice by a subject expresses her objective function, as behavioral evidence forces us to confront pervasive inconsistencies and noise in a typical individual’s choice data. A principled account of errant choice must be built into models used for identification and estimation. These challenges demand close attention to the methodological claims often used to justify policy interventions. They also require, we argue, closer attention by economists to relevant contributions from cognitive science. We propose that a quantitative application of the “intentional stance” of Dennett provides a coherent, attractive and general approach to behavioral welfare economics.

Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.

Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.

The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.

This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.

Different age groups display different shopping patterns in terms of how and where consumers buy products. During times of crisis, such behavioural differences become even more striking yet remain under-researched with respect to elderly consumers. This paper investigates the impact of age on retail-related behavioural changes and behavioural stability of elderly shoppers (in comparison to younger consumers) during a crisis.

The authors surveyed 643 Austrian consumers to assess the impact of perceived threat on behavioural change and the moderating effect of age groups. Based on findings from this survey, they subsequently conducted 51 semi-structured interviews to understand the causes of behavioural change and behavioural stability during a crisis.

Elderly shoppers display more stable shopping behaviour during a crisis compared to younger consumers, which is influenced by perceived threat related to the crisis. Such findings indicate that elderly shoppers reinforce their learnt and embedded shopping patterns. The causes of change and stability in behaviour include environmental and inter-personal factors.

Through the lens of social cognitive theory, protection motivation theory and dual process theory, this research contributes to an improved understanding of changes in shopping behaviour of elderly consumers, its antecedents and consequences during a time of crisis. The authors reveal reasons that lead to behavioural stability, hence the absence of change, in terms of shopping during a crisis. They further outline implications for retailers that might wish to better respond to shopping behaviours of the elderly.

The present study investigates human behavioral and emotional experiences based on human-built environment interaction with a specific interest in urban graffiti displaying fear and pleasure-inducing facial expressions. Regarding human behavioral and emotional experience, two questions are asked for the outcome of human responses and two hypotheses are formulated. H1 is based on the behavioral experience and posits that the urban graffiti displaying fear and pleasure-inducing facial expressions elicit specified behavioral fear and pleasure responses. H2 is based on emotional experience and states that the urban graffiti displaying fear and pleasure-inducing facial expressions elicit specified emotional fear and pleasure responses.

The research design is developed as a multi-method approach, applying a lab-based experimental strategy (N:39). The research equipment includes a mobile electroencephalogram (EEG) and a Virtual Reality (VR) headset. The behavioral and emotional human responses concerning the representational features of urban graffiti are assessed objectively by measuring physiological variables, EEG signals and subjectively by behavioral variables, systematic behavioral observation and self-report variables, Self-assessment Manikin (SAM) questionnaire. Additionally, correlational analyses between behavioral and emotional results are performed.

The findings of behavioral and emotional evaluations and correlational results show that specialized fear and pleasure response patterns occur due to the affective characteristics of the urban graffiti's representational features, supporting our hypotheses. As a result, the characteristics of behavioral fear and pleasure response and emotional fear and pleasure response are identified.

The present paper contributes to the literature on human-built environment interactions by using physiological, behavioral and self-report measurements as indicators of human behavioral and emotional experiences. Additionally, the literature on urban graffiti is expanded by studying the representational features of urban graffiti as a parameter of investigating human experience in the built environment.