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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.

The purposes of this paper are to organize historical, solved questions and recent, unsolved questions in a coherent, progressive way; explore the key question to be answered under this systematic framework; and reflect on an alternative analytical perspective to the current “problem-solving-oriented” approach. Transnational bribery regulation, with the Organization for Economic Co-operation and Development (OECD) Anti-Bribery Convention as the central governing legal instrument, is on the top agenda of international governance. However, its complex nature makes theoretical viewpoints on this topic rather fragmented. This fragmentation is used to help understand the wisdom of the Foreign Corrupt Practices Act (FCPA) approach in the early years. However, as the FCPA approach was internationalized and evolves to its current phase, in which individual inquiries become path-dependent and interdependent, the fragmentation causes more confusion than makes contribution.

Sections 2 and 3 retrospect the historical trajectory of academic research on the global regulation of transnational bribery, systemizes relevant theoretical insights and illustrates how people’s understandings of the wisdom of the FCPA approach in early years affect their evaluations of the effect of the OECD Anti-Bribery Convention in the contemporary era. Given that, at present, the most popular viewpoint is that the Convention is “ineffective”, Section 4 systemizes the diverse causal attributions of the “problem” in current academic literature, sorts out the roots causes and points out the key question for the next step forward under the version of the “problem-solving-oriented” analysis. Section 5 has a reflection on the inherent limitation of a “problem-solving-oriented” approach for our understanding of the effects of the Convention.

Under the version of a “problem-solving-oriented” approach, the key question to be solved is how to establish a mechanism to cope with the surreptitious nature of transnational bribery and the self-sacrificed nature of the FCPA-style approach simultaneously. The popular “problem-solving-oriented” approach has an inherent limitation to create new knowledge on the multilateral anti-bribery collaboration. A reality-based, historical analytical perspective is a good alternative to it.

The paper presents a personal, original organization of the conventional theoretical insights to the operation of the global anti-bribery collaboration and the underlying logics of these viewpoints. The paper also presents the author’s personal analysis of the “technical omission” and “inherent limitation” of a problem-solving-oriented approach to analyze the performance of the global anti-bribery collaboration, and the power of a historical analytical perspective as an alternative.

This study examines the collaborative value practices of cause-based social entrepreneurship alliances. We investigate key drivers of value creation in such alliances.

The study utilizes a longitudinal case study design approach involving four northern Italian businesses for investigating the cause-based social alliances.

The study findings suggest that cause-based alliance differ from other business relationships due to social mission of the alliance and orientation of partners to a specific social cause. However, over time involved firm may pursue commercial interests.

The study utilizes a qualitative case study approach to examine the issues. This may have implications on generalizability of study findings. Further, the sample is limited to small firms, which limit its relevance for large firms.

Managers can utilize the study findings to guide the organizing process of a successful cause-based alliance and can implement it with positive outcomes for their firm.

This is one of the first study on the emerging phenomenon of cause-based social alliance. It contributes to the literature on social entrepreneurship. It informs and guides practitioners about motivations and drivers of such alliances.

The purpose of this research is to study empirically the dynamics of obesity in Finland and provide empirical evidence of temporal causality between obesity, health expenditure, unemployment, urbanization, alcohol consumption and calorie intake.

The paper employs bounds testing cointegration procedure and augmented causality tests.

The econometric results reveal that the leading cause of obesity is urbanization which is followed by the increasing availability of fast and convenience foods with high energy density, and sedentary jobs, with little incentive to exercise.

The conclusion drawn from this study could be useful for policy makers and practitioners in international health organizations.

The paper provides first time time-series evidence on the dynamics of obesity in Finland, using the framework of cointegration and causality tests.

With the launch of CSI 300 Index Futures trading on April 16, 2010, China's stock market presents a more diversified trend, such as arbitrage, trends strategy entering the market rapidly. Therefore, the liquidity demand also presents a higher frequency, and the change is more complex than the original situation. In recent years, many literatures are engaged in high-frequency trading (HFT) related research, and an important concern is the impact of HFT on market volatility and liquidity. Is it playing the role of stabilizing the market, or bringing more noise and turmoil? Based on this, the purpose of this study is trying to study what kind of impact the HFT have on market liquidity before and after the launch of the CSI 300 Index Futures.

The paper uses the simultaneous equations model of price and net order flow proposed by Deuskar and Johnson and for the first time introduces an asymmetric identification through heteroskedasticity (ITH) method. The paper applies the method to the high-frequency data of CSI 300 Index and the Futures and classifies the buying and selling orders through volume clock. The price risks are decomposed into a component driven by the impact of liquidity demand shocks (flow-driven risks (FDRs)) and a component driven by external information (information-driven risks (IDRs)).

The empirical results show that the flow-driven risk of CSI 300 Index Futures is about 20 percent. In addition, before the introduction of the Index Futures, there is no asymmetric effect between liquidity demand shocks and price shocks existing in either CSI 300 Index or CSI 300 Index Futures. While after the introduction of stock Index Futures, the asymmetric effect in the both two markets emerges. The impact of the buying net order flows on the price is less than the impact of the selling net order flows on CSI 300 Index, whereas the impact of the buying net order flows on the price is larger than the impact of the selling net order flows on CSI 300 Index Futures. The paper further analyzes the relationship between liquidity and FDR and gets the conclusion that the reasons for the deterioration of the liquidity level are caused by the impact of the external information shocks, rather than the liquidity demand shocks. And entries of HFTs like arbitrage traders and hedge traders play a positive role in improving the liquidity level in the market.

The paper introduces an asymmetric ITH method for the first time and finds asymmetric effect of the net order flow on the return in both CSI 300 Index market and the corresponding Index Futures market.

Purpose: The violent conflict in Ambon, Indonesia (1999–2002) – which claimed more than 2,000 lives – occurred when a dominant ethnic group (Ambonese) was challenged by new ethnic groups (non-Ambonese: Bugis, Butonese, and Makassarese). The conflict intensified and evolved into a religious one between the Christians (mostly Ambonese) and the Moslems, consisting of Ambonese and the non-Ambonese. The absence of a long-term societal re-integration strategy that emphasized on the management of group diversities had resulted in a pseudo or fragile integration that led to societal disintegration. Following the regime change in 1998, a violent communal conflict or “politics by other means” occurred since the conduciveness of the local situation was related to national politics.

Method: Using Ambon as a Case Study, the chapter analyzes the trajectory of the conflict and its resolution.

Findings: The conflict grew more extensive ever since the failure of the state, particularly the police and the military that became partisans in order to protect their families or to benefit from security businesses. The peace building efforts took in several stages involving various social organizations as well as governments at the local and the national level. These processes were facilitated by general election or “war by other means” that transformed the violent conflicts to non-violent competition or from bullet to ballot.

This paper aims to examine people's preferences for alternative cyclone vulnerability reduction measures in cyclone prone areas of Bangladesh.

A choice experiment (CE) method has been implemented based on the pressure and release (PAR) vulnerability model. Data were collected from a sample of households in two districts of Bangladesh in winter 2008.

The results of a choice experiment (CE) method conducted in selected areas of Bangladesh prone to cyclone hazards indicated that access to resources is viewed as the most influential factor in cyclone vulnerability reduction options. Findings support the pressure and release model (PAR) of vulnerability analysis. Access to training and education and cyclone warning systems are also found to have significant impacts on households' choices of cyclone vulnerability reduction. Structural mitigation measures and access to power and decision making, though significant, were found to have the least impact.

The paper shows that the choice experiment method is a good technique for understanding people's preferences for vulnerability reduction measures.

The paper concludes with a policy recommendation for governmental and non‐governmental agencies to focus on vulnerability reduction measures that tackle the root causes of vulnerability.

This is the first time that the choice experiment method has been used for cyclone vulnerability analysis, and it provides quantitative supports for the PAR model.

The purpose of this paper is to create an understanding on the magnitude and dimension of supply chain collaboration (SCC) reported in the literature. The detailed review discusses various indicators that help companies to implement collaboration successfully and create awareness on the barriers faced while initiating collaboration in supply chain (SC).

The meta-analysis includes full-text papers retrieved from the Web of Science database using verified keywords. The articles are reviewed for identifying the performance indicators used to evaluate the SC. The systematic review is performed for the collaborative techniques in the following categories: information sharing (IS); vendor managed inventory; and collaborative planning, forecasting and replenishment. The papers are then comprehensively analyzed for the approaches, and the key findings are mentioned along with the future scope.

The review suggests that the SC relationship, trust, quality of IS and technological involvement are to be focused for successful implementation of the collaborative technique. Proper collaboration helps SC partners to enhance their technique of operations in an effective manner which results in high business turnovers.

The review paper provides a quantitative study of SCC. A bird’s eye view of the scopes and benefits of using SCC for the academic scholars and industrial personnel are the primary concern discussed.

Improving the nutritious quality of diets for individuals and populations is a central goal of many public health advocates and intergovernmental organizations. Yet the outcome of healthy eating has been shown to systematically vary across individual-level socioeconomic lines, and across countries in different locations of the food system. We therefore assess variation in the association between eating nutritionally dense fresh fruits and vegetables and both self-rated health (SRH) and body mass index (BMI) across individual income and country locations in the food system.

We use nationally representative survey data from 31 countries drawn from the International Social Survey Programme’s 2011 Health module. We estimate the effect of the frequency of eating fresh fruits and vegetables using random-intercept, random-coefficient multilevel mixed-effects regression models.

We confirm that eating nutritionally dense fresh fruits and vegetables frequently associates with more positive health outcomes. However, this general conclusion masks substantial individual- and country-level heterogeneity. For both SRH and BMI, the largest beneficial associations are concentrated among the most affluent individuals in the most affluent countries. Moving away from either reduces the positive association of healthy eating.

Our results provide an important wrinkle for policies aimed at changing the nutritional quality of diets. Adjustments to diets without taking into account fundamental causes of socioeconomic status will likely be met with attenuated results.

We compare two important health outcomes across a wide variety of types of countries. We demonstrate that our main conclusions are only detectable when employing a flexible multilevel methodological design.

This study tests the first two tenets of the fundamental causes theory – that socioeconomic status influences a variety of risk factors for poor health and that it affects multiple health outcomes – by examining the associations between adverse socioeconomic circumstances and five measures of health.

We employ bivariate and logistic regression analyses of data from the Centers Disease Control and Prevention 2011 Behavioral Risk Factor Surveillance Survey (BRFSS) to test the individual and cumulative associations between three measures of socioeconomic position and five measures of health risk factors and outcomes.

The analysis demonstrates support for the fundamental causes theory, indicating that measures of adverse socioeconomic conditions have independent and cumulative associations with multiple health outcomes and risk factors among U.S. adults aged 18–64.

The findings of this chapter are generalizable to adults aged 18–64 living in the United States and may not apply to individuals living outside the United States, older Americans, and children.

Adverse socioeconomic circumstances are not only associated with self-rated health but are also associated with the two leading causes of death in the United States (cancer and heart disease) and risk factors that contribute to these causes of death (smoking and high blood pressure). Improving access to socioeconomic resources is critical to reducing health disparities in leading causes of death and health risk factors in the United States.