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Positive-framed and negative-framed messages were delivered to examine the effect of framing on intertemporal decisions through lab experiments while holding the level of financial literacy constant. The three big questions adopted by Lusardi and Mitchell were utilized to assess the financial literacy of our subjects before they were asked to complete 20 incentivized intertemporal decisions. A small, delayed reward and a slightly bigger one were incorporated into the intertemporal decisions with a delay of 30 days. The ordinary least square (OLS) shows that the negative relationship between financial literacy and discount rates was held when the delayed reward was small. Interestingly, when the delayed reward became slightly bigger, their discount rates were reduced significantly with the negatively framed message. These findings suggest that the negatively framed message can motivate individuals to save for a greater return in the real world. Lastly, subjects with the highest level of financial literacy were not responsive to the magnitude effect, proving that a financial literacy program is essential to strengthen the individual's financial plan and reduce their discount rates in the developing country context.

This paper aims to analyse how financial literacy (FL) is conceptualised and operationalised in the Indian context.

A systematic literature review (SLR) was conducted using the Preferred Reporting Items for Systematic Reviews and Meta-analyses (PRISMA) protocol. Thirty-six articles published between 2010 and 2020 were considered for analysis. The FL conceptualisation was examined based on knowledge, ability, skill, attitude and confidence elements. The FL operationalisation was analysed using the modified version of the Organisation for Economic Co-operation and Development’s (OECD) Programme for International Student Assessment (PISA) 2012 model for organising the domain for an assessment framework.

The findings indicate that, despite offering operationalisation details of the FL, 13 out of 36 studies did not include a conceptual definition of FL. Of the 23 studies that mentioned a conceptual definition, 87% are primarily focused on the “knowledge” element and only 39% have combined knowledge, ability/skill and attitude elements in defining FL. As in the developed countries, the Indian studies also preferred investment/saving-related contents in their FL measures. The volume of content focusing on the financial landscape is meagre amongst the FL measures used in India and developed countries. The survey instruments of most studies have been designed in the individuals’ context but have failed to measure the extent to which individuals apply the knowledge in performing their day-to-day financial transactions. Further, it was found that 20 out of 36 studies did not convert the FL level of their target groups into a single indicator or operational value.

To the best of our knowledge, this is the first study that explores the FL’s assessment practices in India. Further, this study offers new insights by comparing the contents of FL measures used in Indian studies with those used in developed countries.

This study aims to systematically review various behavioral biases that impact an investor’s decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors’ behavior.

Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature.

This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors’ decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors’ irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework.

The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services.

The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor’s decision-making.

Financial inclusion in Peru has been addressed through coverage, quality of financial services, movement of transactions, and service points. The purpose of this chapter is to evaluate for the department of Ancash, Peru, the link between financial inclusion and its socioeconomic factors. Socioeconomic variables and financial inclusion of the Ancash department of the National Household Survey are taken as indicators, later contrasted through the logit model, with the financial inclusion variable being the explained variable.

There is evidence of positive and negative relationships between financial inclusion and socioeconomic variables; these are important components for planning financial inclusion. Raising the levels of formal employment, the educational level and considering the area of residence would be a strategy to generate a dynamic of inclusion in the department of Ancash.

This study aims to conduct a bibliometric analysis to provide a comprehensive picture and identify future research directions to enrich the existing literature on behavioral biases.

The data set comprises 518 articles from the Web of Science database. Performance analysis is used to highlight the significant contributors (authors, institutions, countries and journals) and contributions (highly influential articles) in the field of behavioral biases. In addition, network analysis is used to delve into the conceptual and social structure of the research domain.

The current review has identified four major themes: “Influence of behavioral biases on investment decisions,” “Determinants of home bias,” “Impact of biases on stock market variables” and “Investors’ decision-making under uncertainty.” These themes reveal that a majority of studies have focused on equity markets, and research on other asset classes remains underexplored.

This study extracted data from a single database (Web of Science) to ensure standardization of results. Consequently, future research could broaden the scope of the bibliometric review by incorporating multiple databases.

The novelty of this research is to provide valuable guidance by evaluating the existing literature and advancing the knowledge base on the conceptual and social structure of behavioral biases.

Neuromarketing is a marketing communication field that applies neuroscience and physiological research tools to study consumer behavior toward stimuli, viz., ads and brands. This study aims to assess research trends in the neuromarketing field on the most influential journals, authorships, countries, citations and co-occurrences. The Scopus database is used to analyze identified articles from 2013 to 2022 and for the eligible research articles, a “systematic methodological review” (SMR) on consumer behavior through neuromarketing approach was done. “Visualization of Science (VOS)” viewer and “Biblioshiny” by R-studio software have been used for mapping the keyword analysis, co-citation analysis and author occurrence analysis. It was further found that of the top 10 academic institutions, the list is dominated by the six Asian institutions. It was further witnessed that journal “Physiology and Behavior” is trending as the most dedicated and emerging journals on neuromarketing and consumer behavior. Asian nations such as Bangladesh, China, India, Indonesia, etc., are turning out to be an emerging collaborators and publishers in this niche area of research, thereby giving tough competition to most developed countries. The findings of the thematic mapping show that neuromarketing is itself a very novel and newest area of study and topics such as “human marketing,” “neuromarketing,” “consumer behavior” and “electroencephalography” are new dimensions that can be looked upon in future.

This paper aims to review, systematize and integrate existing research on disposition effect and investments. This study conducts bibliometric analysis, including performance analysis and science mapping and thematic analysis of studies on disposition effect.

This study adopted a thematic and bibliometric analysis of the papers related to the disposition effect. A total of 231 papers published from 1971 to 2021 were retrieved from the Scopus database for the study, and bibliometric analysis and thematic analysis were performed.

This study’s findings demonstrate that research on the disposition effect is interdisciplinary and influences the research in the domain of both corporate and behavioral finance. This review indicates limited research on cross-country data. This study indicates a strong presence of work on investor psychology and behavioral finance when it comes to the disposition effect. The findings of thematic analysis further highlight that most of the research has focused on prospect theory, trading strategies and a few cognitive and emotional biases.

The findings of this study can be used by investors to minimize their biases and losses. The study also highlights new techniques in machine learning and neurosciences, which can help investment firms better understand their clients’ behavior. Policymakers can use the study’s findings to nudge investors’ behavior, focusing on minimizing the effects of the disposition effect.

This study has performed the quantitative bibliometric and thematic analysis of existing studies on the disposition effect and identified areas of future research on the phenomenon of disposition effect in investments.

The study aims to explore the role of media in enhancing financial knowledge, financial self-efficacy, and financial planning propensity among working adults in India.

Primary survey-based data (n = 542) were analyzed using covariance based-structural equation modeling.

Media has a positive impact on financial knowledge. Financial knowledge positively mediates the relationship between media usage and financial self-efficacy and financial planning propensity. Also, financial knowledge and financial self-efficacy positively mediate the relationship between media usage and financial planning propensity.

The role of media as a significant agent of consumer socialization is an under-researched area. The authors contribute to the existing literature by demonstrating the role of media in improving financial knowledge and financial self-efficacy to promote financial planning propensity among working adults.

This paper describes how financial professionals' behavioral biases influence their financial forecast and decision-making process. Most of the earlier studies are focused on well-developed financial markets, and little is researched about financial professionals, such as institutional investors, portfolio managers, investment advisors, financial analysts, etc., in emerging markets.

An expert-validated questionnaire measure four prominent behavioral biases and Indian financial professionals' rational decision-making process. The final sample consists of 274 valid responses using the purposive sampling technique. IBM SPSS and AMOS structural equation modeling (SEM) software are used to build measurement and structural models, multivariate analysis including regression, factor analysis, etc.

The results provide empirical insights into the relationship between behavioral biases and the decision-making process. The results suggest that the structural path model closely fits the sample data. The presence of behavioral biases indicates that financial professionals' forecasting and decision-making is not always rational but bounded rational or irrational due to these factors. Furthermore, these biases (except overconfidence bias) have a markedly significant and positive relationship with irrational decision-making.

It is critical to eradicate these psychological errors, but awareness and attentiveness toward behavioral biases may help financial professionals to make informed decisions. Investors can improve their portfolio decisions and investments by recognizing their judgment errors and focusing on specific investment strategies to mitigate the impact of these biases. It is necessary to incorporate behavioral insights while developing training techniques for financial professionals. Rules of thumb, visual tools, financial coaching and implementing social-cultural elements in training programs enable financial professionals to develop simple, engaging, appealing and customized approaches for their clients.

This novel study is the first of this kind of research that examines the relationship between financial professionals' behavioral biases and rational decision-making process. This study significantly and remarkably provides insights into irrationality in financial professionals' decision-making.

The purpose of this paper is to study the high temperature oxidation behavior of Ti and C-added FeCoCrNiMn high entropy alloys (HEAs).

Cyclic oxidation method was used to obtain the oxidation kinetic profile and oxidation rate. The microstructures of the surface and cross section of the samples after oxidation were characterized by X-ray diffraction (XRD) and scanning electron microscope (SEM).

The results show that the microstructure of the alloy mainly consisted of FCC (Face-centered Cubic Structure) main phase and carbides (M₇C₃, M₂₃C₆ and TiC). With the increase of Ti and C content, the microhardness, strength and oxidation resistance of the alloy were effectively improved. After oxidation at a constant temperature of 800 °C for 100 h, the preferential oxidation of chromium in the chromium carbide determined the early formation of dense chromium oxide layers compared to the HEAs substrate, resulting in the optimal oxidation resistance of the TC30 alloy.

More precipitated CrC can preferentially oxidize and rapidly form a dense Cr₂O₃ layer early in the oxidation, which will slow down the further oxidation of the alloy.