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The study endeavours to determine (1) whether the disposition effect exists among South African investor teams, (2) whether it is causally intensified by a set of psychosocial factors and (3) whether the disposition effect causally reduces investor welfare.

Following a natural field experimentation design involving a sample of investor teams participating in the 2019 run of the JSE University Investment Challenge, the authors use regression adjustments as well as bootstrap tests to investigate the casual implications of a set of psychosocial factors on the intensity of the disposition effect, as well on the attenuation of market-adjusted ex post returns (i.e. investor welfare).

South African investor teams are susceptible to the disposition effect, and their susceptibility to the bias is associated with attenuated investor welfare. Furthermore, low female representation in an investor team causally intensifies the disposition effect, subsequently leading to a causal reduction in investor welfare.

Using evidence from real-world observation, the authors contribute to the literature on team gender diversity and investment decision-making, and – using Hofstede's (2001) cultural dimensions – the authors offer a comprehensive account for how differences in culture may lead to differences in gender-related disposition effects across different nationalities. The authors also introduce to the literature experimental evidence from the field that clearly demonstrates that – among South African investor teams – a causal relationship exists (1) between female representation and the disposition effect, and (2) between the disposition effect and investor welfare.

This study aims to investigate the association of demographic characteristics, market conditions and risk taking with the disposition effect using data on Brazilian individual investors.

This study uses a unique data set with monthly data from June 2007 to February 2017 provided by one of the largest asset management firms in Brazil. This paper computes the proportion of gains realized and the proportion of losses realized to see if investors incur the disposition effect. This paper then performs logistic regressions to verify the association between investors’ disposition effects and demographic and portfolio characteristics. This paper analyses the prevalence of cognitive biases depending on market conditions (bull or bear markets) and include regressions by asset class as robustness checks.

This paper finds evidence that risk averse investors are more prone to the disposition effect, male subjects are less prone to this cognitive bias and age is not associated with the disposition effect. This paper observes that the tendency to incur the disposition effect decreases during bull markets but increases during bear markets. Also, this paper finds that sophisticated investors are more prone to selling winning assets and holding on to losses.

First, paper gains and losses are based on the highest and lowest prices of the month and not on the price at the moment the sale occurred. Second, this paper had access only to end-of-month information, not to actual daily trading records. Third, because the data set relates to individual investors who trade investment funds, this paper cannot determine whether firm size is associated with the disposition effect. Fourth, age may not necessarily be a proxy for investor experience, so one should interpret the lack of significance for age in terms of generational differences.

This paper demonstrates that the disposition effect is prevalent even among wealthier and more educated investors with delegated asset classes. This paper also presents evidence on the association between demographic characteristics and cognitive biases considering a liquidity-constrained, highly volatile and developing market.

This paper demonstrates that gender is an important characteristic to understand cognitive biases and that investor sophistication may not necessarily be an attenuation factor for the disposition effect in a liquidity-constrained market.

This is the first study to analyse the role of demographic characteristics and risk taking to explain the disposition effect using real information at the individual level about Brazilian investors. It is also the first to analyse the intensity of cognitive biases during bull and bear markets in the Brazilian economy.

This study aims to examine that personality traits are associated with the investor’s ability to exhibit disposition effect, herding behavior and overconfidence. It also explores how risk-attitude can modify investor behavior by moderating the association between personality traits, disposition effect, herding and overconfidence.

Data were collected from 396 respondents by using personally administrated survey. Confirmatory factor analysis (CFA) was used to confirm the validity and reliability of data. Regression analysis was used to test the proposed hypotheses.

The results supported the proposed hypotheses and showed that extravert investors were more likely to exhibit disposition effect, herding and overconfidence. The conscientiousness trait was associated with disposition effect and overconfidence, while neuroticism was associated with herding behavior. The results confirmed the moderating effect of risk aversion on the association between personality traits, disposition effect, herding and overconfidence.

This study demonstrates how risk aversion modes the strength of association between psychological characteristics (represented by personality traits) and cognitive biases (disposition effect, herding and overconfidence). The results support the “auction” interpretation of investors' behavior by suggesting that personality traits are associated with investment decision-making and that investors are marginal price setters.

The purpose of the study is to examine the impact of behavioural biases (i.e. overconfidence, risk-aversion, herding and disposition) on investment decisions amongst gender. The authors further examine the moderation effect of financial literacy in the relationship between behaviour biases and investment decisions amongst gender.

The study considered a cross-sectional research design. For this survey, the data have been collected through a structured questionnaire from 253 individual investors of the Delhi-NCR region. To analyse the validity and reliability, the Pearson correlation and Cronbach's alpha test have been taken into account respectively. For testing the hypothesis, hierarchical regression analysis has been used in the study.

The results of the study reveal that amongst male investors, the influence of risk-aversion and herding on investment decision was negative and statistically significant, while the influence of overconfidence on investment decision was positive and significant. However, the influence of disposition was found statistically insignificant. The results stated that amongst female investors the effect of risk-aversion and herding on investment decision was negative and statistically significant. However, the effect of overconfidence and disposition was statistically insignificant influence the investment decision. It has been observed that financial literacy has significantly influenced investment decisions amongst male and female investors. The results of the interaction effect amongst male investors stated that the interaction between overconfidence and investment decision was significantly influenced by financial literacy. However, the interaction of financial literacy with the remaining three biases, i.e. risk-aversion, herding and disposition was found insignificant. The results for the interaction effect of financial literacy with overconfidence, risk-aversion, disposition and herding were found statistically significant amongst female investors.

Based on this present research finding, the study is more productive for the portfolio manager and policymakers at the time of making an investment portfolio for the investors based on their behavioural biases. The study recommends that investors need training programmes, workshops and seminars that enhance financial literacy and financial knowledge of investors which helps them to overcome the behavioural biases while making an investment decision.

The current study aims to explore whether several behavioural biases can affect investment decisions amongst gender. Moreover, the authors would like to examine whether these associations are moderated by financial literacy. In this sense, financial literacy might also show a substantial part in the prediction of investments. The current study might be of the first study that examines the moderation effect financial literacy amongst male and female investors.

An understanding of the motivation of individual employees to adopt lean practices is fundamental to successful lean implementation. This study aims to investigate the adoption of lean practices and provides an analysis of the individual-level factors necessary for lean implementation. This study presents a method for assessing the impact of individual-level factors in a company deploying lean within a biopharmaceutical manufacturing subsidiary.

The case study explores the attitudes of individuals within a functionally structured organisation undergoing a lean implementation initiative. A quantitative data collection approach was used to capture data from employees in a medical device manufacturing organisation.

The study found that personality and affective organisational commitment positively affects an individual’s intention to adopt lean practices. Employees with greater levels of affective commitment are more likely to partake in lean-related practices. Individuals in functions that directly support the production process, as opposed to those in functions that indirectly support production, are more likely to participate in lean practices. Finally, individuals in supervisory roles are more likely to adopt lean practices than those in non-supervisory roles, and management should involve top performers in lean.

There is a paucity of case study research in the area of individual-level factors for lean practice adoption. The findings of this study offer practical guidance on individual-level factors for lean practice adoption and illuminate new avenues for future research. This analysis also makes a practical contribution to the literature. From a managerial perspective, understanding why certain employees are more willing to adopt lean practices contributes to an overall lean organisational readiness and implementation framework. This insight enables the development of carefully tailored communication and training programs for managing employee motivation for and receptivity to lean.

Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.

Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.

The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.

This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.

This study aims to examine and compare the influence of the disposition to engage in engagement behaviors on physical and virtual engagement platforms, as well as the influence of these engagement behaviors on brand loyalty, value-in-use and word-of-mouth.

Data were collected using a survey distributed to a random sample of 10,000 fans of five teams in the Swedish top-division of elite football. An exploratory factor analysis was performed to derive a distinction between prevalent platforms, scales were validated through a confirmatory factor analysis and structural equation modeling was used to test the research model.

Customer disposition to engage with the sports team had a significant influence on customer engagement behaviors on both physical and virtual engagement platforms. However, engagement behaviors on virtual platforms were found to be more important than engagement behaviors on physical platforms for fostering brand loyalty and value-in-use.

The results highlight the importance of engagement behaviors with a brand on virtual engagement platforms. Thus, brand managers should prioritize their presence on social media to generate the positive outcomes of customer engagement behaviors.

By examining the effects of customer engagement behaviors on both physical and virtual engagement platforms, this study provides new insights to the emerging customer engagement literature.

This paper aims to assess the direct effects of antecedents of initial trust, the mediating effect of trust and the moderating effect of demographic variables on non-adopters’ behavioral intention to use mobile banking.

The study tested the models of theory of reasoned action and theory of planned behavior to evaluate potential antecedents of trust (diffusion of trust, infrastructure quality, perceived costs, privacy and security) moderators (demographic variables) and mediators (initial trust) that will influence behavioral intention to use mobile banking. The Hayes’ Process Macro developed by Andrew F. Hayes (2013) was used as a statistical analysis in SPSS to estimates the path coefficients using multiple regression. The tool provides insights on the direct and indirect effect of the independent variable on the dependent variable through the existence of moderating variables and mediation variables.

The results show that the non-adopters of mobile banking asserted that the antecedents of initial trust played a significant influence on behavioral intention to use online banking services.

There is a dearth of literature addressing mobile banking in the Philippines. The first initial trust formation in internet banking using computer workstations and laptops in the Philippines was conducted by Chiu et al. (2016). This research fills in the gap by expanding and formulating a deeper understanding of the antecedents of initial trust that influence consumer behavioral intention that might be responsible for the slow diffusion of mobile banking services in the country. The results from this study will help financial institutions create a beneficial connection with consumers while alleviating the fears of non-adopters and enhancing their understanding of the benefits of mobile banking.

Investor risk perception is a personalized judgement on the uncertainty of returns pertaining to a financial instrument. This study identifies key psychological and demographic factors that influence risk perception. It also unravels the complex relationship between demographic attributes and investor's risk attitude towards equity investment.

Exploratory factor analysis is used to identify factors that define investor risk perception. Multiple regression is used to assess the relationship between demographic traits and factor groups. Kruskal–Wallis test is used to ascertain whether the factors extracted differ across demographic categories. A risk perception framework based on these findings is developed to provide deeper insight.

There is evidence of the relationship and influence of demographic factors on risk propensity and behavioural bias. From this study, it is apparent that return expectation, time horizon and loss aversion, which define the risk propensity construct, vary significantly based on demographic traits. Familiarity, overconfidence, anchoring and experiential biases which define the behavioural bias construct differ across demographic categories. These factors influence the risk perception of an individual with respect to equity investments.

The reference for the framework of this study is limited as there has been no precedence of similar work in academia.

This paper establishes that information seekers make rational decisions. The paper iterates the need for portfolio managers to develop and align investment strategies after evaluation of investors' risk by including these behavioural factors, this can particularly be advantageous during extreme volatility in markets that concedes the possibility of irrational decision making.

This study highlights that regulators need to acknowledge the investor's affective, cognitive and demographic impact on equity markets and align risk control measures that are conducive to market evolution. It also creates awareness among market participants that psychological factors and behavioural biases can have an impact on investment decisions.

This is the only study that looks at a three-dimensional perspective of the investor risk perception framework. The study presents the relationship between risk propensity, behavioural bias and demographic factors in the backdrop of “information” being the mediating variable. This paper covers five characteristics of risk propensity and eight behavioural biases, such a vast coverage has not been attempted within the academic realm earlier with the aforesaid perspective.

A separate study of the different behavioral biases does not allow for a full understanding of the complexity and stability of the heterogeneity of beliefs. Therefore, through a more global view of these anomalies, the authors wish to show that they can converge on a single concept, which is the heterogeneity of beliefs.

It is therefore essential to stress that the importance of this study is mainly reflected in the methodological approach used in the construction and analysis of the map and not only in the results achieved. This contribution states that structural analysis, as a means of building the cognitive map, can facilitate the task of investors and other decision-makers, in the identification and analysis of the heterogeneity of beliefs that can therefore guide investors' strategy in decision-making.

The authors have studied the behavior of the investor and its way of interpreting the information and the authors have emphasized the value of studying the concept of heterogeneity of beliefs in its complexity. So that part of the work seems to be relevant and crucial to filling, if you will, that void. In this sense, the authors have shown that behavioral abnormalities are multidimensional concepts: “self-deception”, “cognitive bias”, “emotional bias” and “social bias”.

In particular, this article will aim to achieve the objective of proposing a model for measuring the heterogeneity of beliefs. Thus, the authors want to show that the heterogeneity of beliefs can be measured directly through the different behavioral anomalies.