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The purpose of this paper is to examine users’ decision-making mechanism of speculative investment behavior and its sequential consequences in the Bitcoin context from a dual-systems perspective.

Original data were collected via a survey of 334 participants with experience in Bitcoin speculative investment. The partial least squares method was used to test the proposed model.

Speculative investment behavior in the Bitcoin context is driven by strong impulse and weak self-control, leading to negative consequences. The extent of the imbalance between the two cognitive systems is greater with the subjective norm than without it, thus facilitating speculative investment behavior. Noteworthy differences in the impulse and self-control effects on Bitcoin speculative investment are found with differences in Bitcoin objective and subjective knowledge.

This study is the first attempt to empirically investigate users’ decision-making mechanism used when speculating in Bitcoin.

Alongside its remarkable growth, problematic Bitcoin investment (BI) behavior and its associated negative consequences have become prevalent, and only a few studies have examined it. Therefore, this study aims to examine problematic BI behavior by investigating its specific antecedents and consequences and identifying which antecedents were more influential in it. In addition, we also examine the role of financial literacy on the relationship between the antecedents and problematic BI behavior.

We collected survey data from 413 investors with Bitcoin investment experience in 2018, when a Bitcoin frenzy occurred. The partial least squares method was used to test the proposed research model.

The results show that prudent, negative urgency, overexpectation and sensation seeking are positively associated with problematic BI behavior, while restraint is negatively associated. Problematic BI behavior is negatively related to investor well-being. Our findings also indicate that both objective and subjective financial literacy moderate the relationship between the antecedents and problematic BI behavior. Four types of investors in terms of their objective and subjective Bitcoin knowledge show different patterns in the relationship between the antecedents and problematic BI behavior.

This study offers insights for researchers by providing a deeper understanding of the contextual antecedents of problematic BI behavior and the role of financial literacy in it. This study provides detailed implications for financial institutions, policymakers, and regulators to guide rational Bitcoin investment behaviors.

This chapter examines China’s corporate governance and accounting environment that shapes the adoption of internationally acceptable principles and standards. Specifically, it examines international influences, including supranational organizations; foreign investors and international accounting firms; domestic institutional influences, including the political system, economic system, legal system, and cultural system; and accounting infrastructure. China’s convergence is driven by desired efficiency of the corporate sector and legitimacy of participating in the global market. Influenced heavily by international forces in the context of globalization, corporate governance and accounting practices are increasingly becoming in line with internationally acceptable standards and codes. While convergence assists China in obtaining legitimacy, improving efficiency is likely to be adversely affected given that corporate governance and accounting in China operate in an environment that differs considerably from those of Anglo-American countries. An examination of the corporate governance and accounting environment in China suggests heavy government involvement within underdeveloped institutions. While the Chinese government has made impressive progress in developing the corporate governance and accounting environment for the market economy, China’s unique institutional setting is likely to affect how the imported concepts are interpreted and implemented.

Financial technologies, also known as “FinTech,” have brought disruptive changes to virtually every aspect of financial services and are becoming increasingly important in the world economic system. The purpose of this paper is to proffer a bird view of some recent studies in the key research areas of FinTech, such as artificial intelligence, blockchain, crowdfunding and then to summarize the key contributions made by all the six papers in this special issue.

A literature review approach is adopted, and the summary shows that most types of FinTech innovations generate positive value to innovators, financial customers and the society. The current implications and future directions are explored based on theoretical and empirical analyses.

The benefits from and determinants of FinTech applications vary across different financial sectors. Together the summary of this special issue suggests that there is substantial value creation in further exploring the dynamics, mechanisms and social consequences of FinTech.

This study helps to extend knowledge by summarizing the current practices, proffering new insights and watching out emerging trends of financial technologies, and to shed light on a variety of subjects of interest to practitioners, academics and policy makers by suggesting for the future research topics.

In this work, the authors conduct an online survey to evaluate how Sensation Seeking and Overconfidence influences the transaction volume of day traders in Brazil.

The authors conducted a survey to gather the primary data. They applied linear regressions between the variables, and then the stepwise technique in order to eliminate the ones with the least explanatory power.

The authors found that the aggregated trace Sensation Seeking did not positively influence the trading volume of day traders, but some of its facets did, like Thrill and Adventure Seeking and Boredom Susceptibility/Impulsivity. For the Overconfidence bias, only its Overplacement form showed a positive effect on the transaction volume of day traders, while Overestimation and Miscalibration did not.

This is the first study that seeks to identify the relationship of Sensation Seeking and Overconfidence, considering their different facets and forms, in a more homogeneous sample of day traders, which have mostly speculative reasons for trading. Its results reveal the multidimensional characteristics of the Sensation Seeking and Overconfidence behavioral aspects and lighten some of the motivations for day traders to overtrade.

The purpose of this paper is to investigate the role of financial advice on investor trading behavior by analyzing the influence of advisor personality.

The study utilized the Big Five personality framework from Costa and McCrae (1992) to measure personality traits of advisors and examined the data collected from 314 stock investor–advisor dyads. Personality traits of advisors were measured by the NEO-Five Factor Inventory (Costa and McCrae, 1989). Confirmatory factor analysis was conducted to assess the fitness of the Big Five model. We followed two-stage least square method for estimating endogenous covariate by employing instrumental variable analysis. Probit model was used to evaluate the moderating influence of advisor personality traits on the association between the usage of financial advice and trading behavior.

The authors found that financial advice positively impacts investors’ stock trading frequency. The authors also provide empirical evidence that financial advice is more likely to increase trading frequency when advisor personality tends to be openness, conscientiousness and agreeableness. On the other hand, information acquired from financial advisors causes fewer adjustments in investors’ portfolios when the personality of advisors is likely to be extraverted and neurotic.

The theoretical model in our study seeks to explain that a psychological factor, namely, advisor personality, influences the way an investor interprets information signals from financial advice, which, in turn, influences the investor’s decision to trade in securities.

This research suggests that characteristics of advisors other than those of investors can be of relevance for policy makers in their attempts to improve their business in the financial services industry.

Survey-based studies in finance are lacking. This study adds to the existing literature of behavioral finance that accounts for the observed variations in investors’ financial decision making explained by psychological factors. No previous study has been conducted so far exploring variations in the impact of financial advice on investors’ stock trading behavior by the Big Five advisor personality, and this paper strives to fill this research gap in Chinese stock market.

This review aims to provide an overview of research from different academic disciplines to chart some of the key developments in retail cryptocurrency trading against the backdrop of the wider trading landscape, and how it has evolved in recent years. The purpose of this review is to provide researchers with a broad perspective to highlight the complex range of factors that drive cryptocurrency trading among retail investors.

Peer-reviewed literature from the social sciences, economics, marketing and branding disciplines is synthesised to explicate influential factors among retail cryptocurrency investors.

Online retail trading communities can create narratives that ascribe value to cryptocurrencies leading to consumer herding behaviours. The principles that underpin emotional branding and Fear of Missing Out can promote trading behaviour driven by heuristic processing and cognitive biases. Concurrently, the tenets of controversial marketing and the anti-establishment nature of Bitcoin and other cryptocurrencies serve to bolster in-group out-group categorisations fostering continued investment and market volatility. Consequently, Bitcoin and cryptocurrency trading more broadly offer a powerful combination of excitement from risk-taking akin to gambling buffered by the sanctity of social inclusion.

A broader, unique perspective on retail cryptocurrency trading which assists in better understanding the complexities that underpin its appeal to retail investors.

At present, the adoption of cryptocurrency investment has brought consideration to the globe. The present paper attempts to investigate the intention to adopt cryptocurrency (IACR) among the potential investors of Pakistan.

The theory of planned behavior (TPB) is applied to underpin the conceptual framework. The study uses a quantitative approach. The study collects cross-sectional data through an online survey questionnaire. In the last, the authors utilized 334 samples for outcomes.

Findings of the SEM reveal a significant positive effect of attitude, subjective norms (SNs), perceived behavioral control (PBC) and trust on IACR.

The outcomes of an investigation would develop further intention and trust towards cryptocurrency adoption. The results would support developing favorable policies regarding the reduction of the ban on cryptocurrency in Pakistan to make easier transactions of the investors further. Possibly, it brings several opportunities in all segments of society in making the digital transaction modes through cryptocurrency. Finally, the findings would further validate the TPB in the context of cryptocurrency.

The study provides a better understanding of cryptocurrency and investors IACR. The empirical evidence further develops the other individuals' intentions towards cryptocurrency usage.

Investment in non-listed real estate funds (NREFs) in an emerging economy like India has its own challenges that entail a detailed understanding of the risks. The purpose of this paper is to identify the key risk factors across the life cycle of a NREF, based on a considered feedback of various real estate fund management stakeholders. It is important for the investors and fund managers to appreciate these risk factors to make informed investment decisions.

The present study based on the literature survey and discussion with experts identifies 39 risk attributes, which were further summarized using factor analysis into a smaller set of factors impacting NREF returns (risk). The relative importance of each risk attribute was examined and ranked using the relative importance index (RII). Further, cluster analysis using Euclidian distance was used to partition these risk attributes in various segments depending on their importance.

The risk attributes are summarized as five risk factors, i.e. regulatory RISK, foreign direct investment risk, entry risk, business risk and project risk. Whereas the top five perceived risk attributes are investee/partner risk, project entitlement risk, title risk, legislative and regulatory risk and project execution risk.

This study has significance to the industry practitioners and the academic community in developing an understanding of the dynamic nature of risks across the life cycle of the NREFs in India and classifying them at the macro-meso-micro levels.

This paper is one of the first attempts to understand the risks impacting NREFs in India. It will help investors develop a better strategic understanding of the risks across the life cycle of an investment.

This study examines the relationship between guide and sale prices for residential properties in Greater Dublin during the recent housing boom. The results indicate that degrees of divergence can be present, auctioned properties tend to sell more frequently at a premium to their guide price and that the average level of premium is also higher. These findings are confirmed by econometric analysis. It is proposed that the two potential causes behind this mis‐pricing are the speculative boom in the Dublin market during the period and the possibility that agents build into auction guide prices an element of underpricing in order to increase interest in the properties on the market.