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The purpose of this paper is to examine the impact of heterogeneous expectations on the equilibrium value of a risky asset in a capital market populated by investors that choose mean‐variance efficient portfolios.

A single‐period, discrete‐time version of Williams' capital asset pricing model that incorporates heterogeneous beliefs regarding the mean vector of rates of return and homogeneous beliefs regarding the variance‐covariance matrix of rates of return is developed. It is then employed to gauge the impact of both divergence of opinion and increases thereof on the equilibrium price of a risky asset.

The value of a risky asset under heterogeneous beliefs differs from that under homogeneous beliefs as the former is biased towards the beliefs of wealthier and/or more risk tolerant investors. If the latter set of investors is optimistic (pessimistic), the value is higher (lower) than that which prevails in the absence of divergence of beliefs. Increasing divergence of opinion likewise affects the equilibrium price of a risky asset to accord more with the beliefs of wealthier and/or more risk tolerant investors. If the latter set of investors is optimistic (pessimistic), increasing dispersion of beliefs causes the value of a risky asset to rise (fall).

A novel simplification and application of Williams' model of capital asset pricing is presented. The findings differ from conclusions derived in previous theoretical treatments of divergence of opinions in capital markets.

The study attempts to assess the relationship between sociodemographic factors and the risk tolerance level of stock market investors reflected by their trading behavior from the perspective of developing market economy.

The study collected data from a survey on capital market investors in Bangladesh. Portfolio beta has been used as a dependent variable to measure the risk tolerance level where total 11 sociodemographic factors have been used as independent variables.

Among all study variables, three sociodemographic factors are found to be significant in differentiating the risk tolerance level of the stock market investors. The author finds that the risk tolerance level of stock market investors significantly varies according to marital status, family size and financial responsibility.

As sociodemographic characteristics provide a basis in assessing the investor risk tolerance level in the context of developing market economies, the study suggests that stock market related policy and investment management planning process should be formulated by incorporating behavioral aspects of the retail investors.

This study has the potential to contribute to the behavioral finance literature by showing how and at what extent sociodemographic factors may influence the risk tolerance level of stock market investors in developing countries, where sociodemographic factors are considered to be more dominating than the normative portfolio selection procedure because of lacking in investors' financial literacy and due to the presence of a weak regulatory as well as institutional framework. Further, apart from identifying and comprehensively incorporating all possible sociodemographic factors, this study uses portfolio beta as a new objective measure for financial risk tolerance, which overcomes the problem of subjective and other risk tolerance measurement in the existing literature.

This study aims to offer insights into a sounder understanding of tourist behavior and travel patterns by systematically identifying psychological manifestations reflected in the basic human value system in the pandemic-induced environment.

A large random sample (49,519 respondents from 29 European countries), generated from the core module Round 9 of the European Social Survey, was used. A post-COVID-19 psychological travel behavior model was constructed by using 12 variables within two opposing value structures (openness to change versus conservatism), shaping specific personalities.

Four types of tourists were identified by using K-means cluster analysis (risk-sensitive, risk-indifferent, risk-tolerant and risk-resistant). The risk-sensibility varied across the groups and was influenced by socio-demographic characteristics, economic status and even differed geographically among nations and traveling cultures.

First, data were collected before the pandemic and did not include information on tourism participation. Second, the model was fully driven by internal factors – motivation. Investigation of additional variables, especially those related to socialization aspects, and some external factors of influence on travel behaviors during and after the crisis, will provide more precise scientific reasoning.

The model was upgraded to some current constructs of salient short-term post-COVID-19 travel behavior embedded in the core principles of universal human values. By separating specific segments of tourists who appreciate personal safety and conformity, from those sharing the extensive need for self-direction and adventure, the suggested model presents a strong background for predicting flows in the post-COVID-19 era.

As maternal mortality increases in the United States, birth providers and policymakers are seeking new solutions to address what scholars have called the “C-section epidemic.” Hospital cesarean rates vary tremendously, from 7 to 70 percent of all births. Based on in-depth, semi-structured interviews with 47 obstetricians and family physicians in the United States, I explore one reason for this variation: differences in how physicians perceive and manage risk in American obstetrics. While the dominant model of risk management encourages high levels of intervention and monitoring, I argue that a significant portion of physicians are concerned about high intervention rates in childbirth and are working to reduce cesarean rates and/or the use of monitoring technologies like continuous fetal heart rate monitors. Unlike prior theories of biomedicalization, which suggest that health risks are managed through increased monitoring and intervention, I find that many physicians are resisting this model of risk management by ordering fewer interventions and collecting less information about their patients. These providers acknowledge that interventions designed to mitigate risks may only provide an illusion of control, rather than an actual mastery of risks. By limiting interventions, providers may lose this illusion of control but also mitigate the iatrogenic effects of intervention and continuous monitoring. This alternative approach to risk management is growing in many medical fields and deserves more attention from medical sociologists.

The purpose of this paper is to investigate the influence of six core behavioural factors on financial risk tolerance (FRT). The study also analyses the role of religiosity in the relationship between behavioural factors and FRT.

Empirical data were collected using a survey questionnaire. A total of 1,679 questionnaires were distributed to six public universities in the Klang Valley. However, only 1,204 questionnaires were completed and used for analysis. This study employs structural equation modelling to validate and assess proposed research model.

The results of the analysis demonstrated some new findings. The findings indicate that propensity for regret, propensity for trust, happiness in life, propensity to attribute success to luck and propensity for overconfidence have a significant influence on FRT while propensity for social interaction does not. The results also provide support for the moderating effects of religiosity in the proposed research model.

The findings highlight the important role of behavioural determinants to assess individuals’ FRT. Understanding FRT is a complex process that goes beyond the exclusive use of behavioural factors. Thus, more research is clearly needed to resolve which additional factors can be used by financial advisors to increase the explained variance in FRT differences.

Purpose: Risk is a multifaceted concept, and its identification requires complex approaches that are often misunderstood. The consequence is that decisions are based on limited perception rather than the full value and meaning of what risk is, as a result, the way it is being tackled is incorrect. The individuals are often limited in their perceptions and ideas and do not embrace the full multifaceted nature of risk. Regulators and individuals want to follow norms and checklists or overuse models, simulations, and templates, thereby reducing responsibility for decision-making. At the same time, the wider use of technology and rules reduces the critical thinking of individuals. We advance the automation process by building robots that follow protocols and forget about the part of risk assessment that cannot be programed. Therefore, with this study, the objective of this study was to discover how people define risk, the influencing factors of risk perception and how they behave toward this perception. The authors also determine how the perception differed with age, gender, marital status, education level and region. The novelty of the research is related to individual risk perception during COVID-19, as this is a new and unknown phenomenon. Methodology: The research is based on the analysis of the self-administered purposely designed questionnaires we distributed across different social media platforms between February and June 2020 in Europe and in some cases was carried out as a interview over communication platforms such as “Skype,” “Zoom” and “Microsoft Teams.” The questionnaire was divided into four parts: Section 1 was designed to collect demographic information from the participants; Section 2 included risk definition statements obtained from literature and a preliminary discussion with peers; Section 3 included risk behavior statements; and Section 4 included statements on risk perception experiences. A five-point Likert Scale was provided, and participants were required to answer along a scale of “1” for “Strongly Agree” to “5” for “Strongly Disagree.” Participants also had the option to elaborate further and provide additional comments in an open-ended box provided at the end of the section. 466 valid responses were received. Thematic analysis was carried out to analyze the interviews and the open-ended questions, while the questionnaire responses were analyzed using various quantitative methods on IBM SPSS (version 23). Findings: The results of the analysis indicate that individuals evaluate the risk before making a decision and view risk as both a loss and opportunity. The study identifies nine factors influencing risk perception. Nevertheless, it must be emphasized that we can continue to develop models and rules, but as long as the risk is not understood, we will never achieve anything.

People differ in the extent to which they dispositionally monitor their projected images, expressive behavior and self-presentation according to the contingencies of the situations. Building on Snyder’s self-monitoring theory, this paper aims to assess the influences of self-monitoring on entrepreneurial intention and explain the process responsible for these effects. Because high self-monitors and low self-monitors differ in their ability to adapt their self-presentation and patterns of behaviors to the contingencies of the situation, it was reasonable to suspect that chameleon-like high self-monitors will be more prone to entrepreneurship than true-to-themselves low self-monitors.

Based on a sample of 296 respondents, a self-administered questionnaire assessing the attitude toward entrepreneurship, risk aversion, entrepreneurial intentions and the four dimensions of self-monitoring (acting ability, extraversion, other-directedness and speaking ability), and other control variables was conducted.

The findings of this study generally support that self-monitoring has relevance in predicting an individual’s entrepreneurial intentions. Because high self-monitors have more acting and speaking abilities, are more extroverted and are more concerned with how others perceive them than are low self-monitors, they would be more likely to start a business and become business owners as they possess favorable attitudes toward entrepreneurship. The overall result regarding risk aversion fails to support a mediating relationship between self-monitoring and entrepreneurial intentions. However, at the same time, the findings confirm that risk aversion directly reduces entrepreneurial intention.

The findings expand the implementation of Snyder’s self-monitoring theory in the entrepreneurship arena and make an important contribution to the many additions and alterations that have been implemented to the theory of planned behavior in the entrepreneurship literature to better explain entrepreneurial intentions and behaviors. The results add to these works by demonstrating that self-monitoring is a trait that influences the attitude toward entrepreneurship. Also, attitude toward entrepreneurship was found to be a mediator of the relationship between self-monitoring and entrepreneurial intentions. The limitation concerns the use of a convenience sample of students and cross-sectional data.

The outcomes of this study suggest greater utility for developers of educational curriculums, training programs and start-up knowledge in entrepreneurship. Targeting high self-monitors for training and educational programs in entrepreneurship and including the dimensions of self-monitoring, particularly acting abilities, speaking abilities, extraversion and other-directedness, in entrepreneurship training content will make these programs more successful, offered to the correct target and able to provide personalized content. Building on these results, governments, policymakers, nonprofit organizations and universities who are concerned about the encouragement of entrepreneurial spirit might take advantage of self-monitoring in their awareness advertising campaigns.

Past research in psychology, management and marketing has provided empirical support for the major propositions of Snyder’s self-monitoring theory. Largely unaddressed, however, is the question of whether self-monitoring might be a driver to take steps to start a business. To the best of the author’s knowledge, this study is among the first studies – if not the first – to provide evidence that self-monitoring leads to more favorable attitudes and intentions in the entrepreneurship domain. The positive effects found here increase the importance of self-monitoring as an individual-difference construct that broadens the knowledge of why some people are more predisposed to entrepreneurship.

Addresses two important aspects which need to be considered when attempting to maximize excellence in an internal audit department. Suggests that individual auditors′ risk‐taking propensity and tolerance for ambiguity can adversely affect many important decisions, such as sample size selection, which in turn leads to costly as well as ineffective audits; and that internal audit directors utilize interpersonal methods of control, personality assessment of audit team members, and continuous evaluation of budgeted with actual audit hours, to overcome any such adverse effects.

This study examines the impact of cultural dimensions on entrepreneurial intentions (EIs) and the mediating role of planned behavior (TPB) determinants between change tolerance (CT), group focus (GF), and EIs for both men and women in the context of international business schools.

Using a quantitative research design, data were collected in France through anonymous questionnaires. The data consisted of responses from 480 business students. Structural equation modeling (SEM) and the bootstrap method with PROCESS macro were used to determine the significance of the mediation effects.

Results reveal the strong impact of CT on the EIs of both men and women through TPB antecedents. They also indicate that GF has an indirect effect on EIs through TPB antecedents for men and an indirect multiple mediation effect on EIs through CT and TPB antecedents for both men and women.

The extended TPB model is original in that it supports both the determinants of planned behavior and cultural dimensions and provides a valuable perspective through its findings on cultural and gender diversity in entrepreneurship.

本研究擬探討文化維度對創業意向的影響；研究亦探討在國際商學院的背景下，對改變的容忍度，群體焦點及男性和女性的創業意向三者之間的計劃行為決定因素所起的調節作用。

透過量化研究設計，研究人員使用匿名問卷，在法國收集數據；數據包括480名商學院學生的囘應。研究使用結構方程模型及自助法，並附上總體過程，來判斷調節效應的重要性。

研究結果顯示、透過計劃行為的前身，對改變的容忍度會對不論男性或女性的創業意向均有重大的影響。研究結果亦顯示，群體焦點對男性而言，會透過計劃行為的前身，對創業意向會有間接的影響，而群體焦點對無論是男性抑或是女性，會透過對改變的容忍度及計劃行為的前身，對創業意向會產生多個間接的調節效應。

伸延的計劃行為模型是富有創意的，因其為計劃行為及文化維度提供支援論據，亦透過研究創業上的文化與性別的多樣性所得到的結果，提供了一個寳貴的觀點。

We analyze the correlation between the political orientation of investors and their financial risk tolerance. Assessing financial risk tolerance is a very important aspect to developing an appropriate long‐term investing strategy. Our study is based on a sample of 129 undergraduates at Central Michigan University during one academic year. We employ a two‐axis political compass to determine the political orientation of our study participants. We determine their financial risk tolerance by analyzing their portfolios and trading behavior in a simulated investment game in a semester long course. We report two main findings: (1) financial risk tolerance is highest for those with more conservative economic political views and (2) financial risk tolerance is highest for those with more centrist social political views. We believe our results can help investment advisors and individual investors better assess individual financial risk tolerance through the use of the two‐axis political compass utilized in our study.