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The purpose of this paper is to suggest that student-led case studies are an important way to learn about mental health problems and to highlight this by presenting a case study of the comedic genius Spike Milligan.

Celebrities live their lives in the public eye. In recent years, many have talked about their struggles with mental health. This paper is based on a student-led case study of the celebrity Spike Milligan.

This case study suggests one previously under-emphasised issue and argues that Spike Milligan’s wartime experiences may have led to post-traumatic stress disorder. Second, that he may have developed neuro-inflammation, through contracting sandfly fever during the war. This could have been an additional trigger for bipolar disorder.

While this is a single case study, it draws on a wide variety of research sources to back up the arguments advanced.

Student-led case studies provide a way of engaging students more actively with mental health problems.

Mental illness is complex, if not more complex, than physical health problems. Case studies of celebrities like Spike Milligan can help develop a public understanding of mental illness, as they already have a working knowledge about the person.

The case study illustrates how Bipolar 1 disorder is a complex and unique condition and that every individual’s illness has different predisposing characteristics. It suggests that student-led case studies are a helpful learning tool.

The purpose of this paper is to provide insight into the decision process behind whether customers complain, and to identify the effects of the situational factor credence quality in this decision process.

A quasi-experimental design is used in which scenarios are applied in combination with a survey to test and to compare the model and its boundary conditions with existing consumer behavior models.

The mental-accounting process (theory of trying to complain (TTC)) seems to be a stronger predictor than mere attitude models (theory of planned behavior) when trying to explain intention to complain. Second, anticipated justice from complaint handling is a strong driver of intention to complain. Third, in both models, subjective norms are a strong predictor of intention to complain.

This study contributes to both theory and practice by extending existing theory and offering the TTC, and by providing practical insight for service managers.

To the best of the authors’ knowledge, the current study is the first to compare systematically two complaint approaches explaining complaint intention: the attitude model and the mental-accounting model.

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.

Consumers who experience social exclusion often prefer high-risk financial products over low-risk financial products. The aim of this study is to examine how this effect can be attenuated by applying the theories of mental budgeting and pain of payment. The authors’ aim in pursuing this research is to improve the effectiveness of financial professionals and others in educating consumers on healthy financial practices. Understanding how social exclusion experiences influence financial decision-making is essential for continued progress in consumer financial education.

The authors examine the effect of consumers experiencing social exclusion on preference for high-risk financial products using an experimental design involving the manipulation of social exclusion/inclusion experiences. Data were collected from 148 consumers of mutual fund investment services via Amazon Mechanical Turk.

The study found that consumers experiencing social exclusion are more likely to make high risk investments. It also found that this effect is moderated by consumers' level of mental budgeting such that at high levels of mental budgeting the effect of social exclusion on investment choice is attenuated. The study further finds that the moderating effect of mental budgeting is mediated by pain of payment.

The findings of this study suggest that policymakers can reduce unduly risky personal investment behavior by triggering mental budgeting thoughts using methods such as advertising and explicit mention of transaction fees.

The present study builds on existing research demonstrating the adverse behavioral consequences of social exclusion but refines our understanding by demonstrating the attenuating effect of mental budgeting and the mediating effect of pain of payment on high risk financial purchases.

Much managerial and behavioural accounting research assumes that people are rational, self‐interested, expected‐utility maximisers. Often, this reduces to the central expectation that individuals are concerned only with their own material self‐interest and are unconcerned with the welfare of others. Here, we consider a preference for achieving fair outcomes in the context of an interdivisional cost and benefit allocation scenario. Consistent with prior research, we reject a simple wealth maximisation hypothesis and find that subjects actively attempt to achieve fair allocations. Interestingly, subjects were willing to adversely affect the outcome of one party to the transaction when they considered themselves to have been treated unfairly by a third party against whom they had no redress. Also, where subjects expected to have their wealth reduced by another party, who freely chose not to do so, these subjects appeared willing to give a lower share of a future windfall gain to them.

Drawn from the concepts of processing fluency and mental imagery, the present study aims to fill the void by developing the mechanism underlying consumers' cognitive processing of visually appealing digital content in social media (i.e. Instagram) of retail brands.

Data were gathered using a web-based survey method with consumers residing in the USA (N = 328). Structural equation modelling (SEM) was employed to investigate the proposed hypotheses. In addition, measurement invariance and multigroup analyses were conducted to test the moderation effect of need for cognition (NFC).

The results supported the pivotal role of mental imagery when consumers process visual messages in the context of a retail brand's Instagram. Both comprehension fluency and imagery fluency positively influence mental imagery, which in turn cultivates positive attitude towards the brand. The mediating role of mental imagery is confirmed. Furthermore, individuals' NFC interacts with imagery fluency but not with comprehension fluency such that high NFC strengthens the effect of imagery fluency on mental imagery. That is, when high-NFC consumers process information on Instagram, their perceptions of ease of generating imagery likely evoke visual representation of the brand's messages on Instagram in their minds.

This research provides feasible ways for brands to increase the effectiveness of digital marketing communications in social media (e.g. optimising of the contextual features of visual information and employing interactive features such as filters of social media to enhance processing fluency).

Within the context of digital retailing, this study provides a new perspective of consumers' imagery processing to investigate the effectiveness of visual-focussed messages.

The finance literature is awash with papers bordering on the classical assumption that investors are rational in their decision-making, and hence, would always take decisions rationally given the right information, thus making the stock market efficient. This assumption has, however, been found to be at least inadequate given the fact that investors are complex psychological beings full of emotions. This paper aims to investigate the psychological factors that tend to influence the decisions of investors.

The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the Ghana Stock Exchange (GSE).

The study found the existence of various behavioural biases among the investors surveyed. The most dominant factor or bias found to be influencing investment decisions of respondents was herding with nearly 62% weight. Again, biases such as regret aversion and gambler’s fallacy were also found to strongly influence the decisions of investors, along with mental accounting, overconfidence and anchoring.

The presence of these behavioural biases, therefore suggests that investors do not always take rational decisions, and hence, making the stock market efficient and that as psychological beings, their investment decisions are impacted strongly by their psychology.

The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the GSE with a special focus on overconfidence, anchoring, herding, gambler’s fallacy, mental accounting and regret aversion as the variables of interest, the first of its kind in Ghana.

The purpose of this paper is to study the disposition effect that is exhibited by the investors through the review of research articles in the area of behavioral finance. When the investors are hesitant to realize the losses and quick to realize the gains, this phenomenon is known as the disposition effect. This paper explains various theories, which have been evolved over the years that has explained the phenomenon of disposition effect. It includes the behavior of individual investors, institutional investors and mutual fund managers.

The authors have used the existing literatures from the various authors, who have studied the disposition effect in either real market or the experimental market. This paper includes literature over a period of 40 years, that is, Dyl, 1977, in the form of tax loss selling, to the most recent paper, Surya et al. (2017). Some authors have used the PGR-PLR ratio for calculating the disposition effect in their study. However, some authors have used t-test, ANNOVA, Correlation coefficient, Standard deviation, Regression, etc., as a tool to find the presence of disposition effect.

The effect of disposition can be changed for different types of individual investors, institutional investors and mutual funds. The individual investors are largely prone to the disposition effect and the demographic variables like age, gender, experience, investor sophistication also impact the occurrence of the disposition effect. On the other side, the institutional investors and mutual funds managers may or may not be affected by the disposition effect.

The skilled understanding of the disposition effect will help the investors, financial institutions and policy-makers to reduce the adverse effect of this bias in the stock market. This paper contributes a detailed explanation of disposition effect and its impacts on the investors. The study of disposition effect has been found to be insufficient in the context of Indian capital market.

The investors and society at large can gains insights about causes and influences of disposition effect which will be helpful to create sound investment decisions.

This paper has complied the 11 causes for the occurrence of disposition effect that are found by the different authors. The paper also highlights the impact of the disposition effect in the decision-making of various investors.

Based on a thorough review and synthesis of the literature in behavioral finance, the purpose of this paper is to develop three measures of heuristics that tend to influence investment decisions of individual investors.

Using perceptual data collected from a sample of 167 individual investors in the USA, the reliability and validity of heuristics measures are assessed by confirmatory factor analysis with structural equation modeling. Then, the second-order model is executed in order to indicate the paths among the study’s constructs. Finally, a multiple-group analysis is conducted to analyze the moderating effects of demographic factors on the relationship between the perceived level of heuristics and their constituent dimensions.

Of the three groups of heuristics, salience is found to be the most important followed by mental accounting, while representativeness features as relatively less important. Regarding the moderating effects, only investment experience is noted to have a significant moderating impact.

The data utilized for testing and validating this instrument was acquired from a relatively small sample of individual investors in the USA, which makes the generalization of findings somewhat limited.

Both researchers and practitioners in behavioral finance can use these measurement scales to better understand the impact of heuristics on individual investment decisions and also to develop models that relate the critical factors of heuristics to the performance of individual investment decisions.

To date, there has been no systematic attempt in the extant behavioral finance literature to develop a valid and reliable instrument on heuristics which would aid to improve the quality of decision making in investment analysis.

The emerging business partner role of management accountants (MAs) results in an increased requirement of MAs to make business decisions. Frame dependence cognitive biases regularly influence decisions made in conditions of uncertainty, as is the case in business decision-making. Consequently, this study aims to examine susceptibility of MAs to frame dependence bias.

A survey was conducted among an international sample of practising MAs. The proportion of MAs influenced by framing bias was analysed and compared to findings in other populations. Logistic regression was then used to determine whether MAs who exhibit a higher preference for evidence-based (as opposed to intuitive) decision-making are more susceptible to framing bias.

Despite a comparatively high preference for evidence-based decision-making, the prevalence of framing bias among MAs is comparable to that of other populations. A higher preference for evidence-based decision-making was found to only be associated with higher susceptibility to endowment effect bias.

To the best of the authors’ knowledge, this is the first study to comprehensively examine framing bias for MAs as a group of decision-makers. Additionally, this study’s sample consists of practising MAs, and not only students.