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This study aims to examine the impact of conscious and unconscious processes on risky investment intention. In this framework, the effect of individual cultural values and phantasy on risky investment intentions was investigated. In addition, the mediating role of phantasy in the relationship between individual cultural values and risky investment intentions was also analyzed.

Data were collected between May 14, 2020 and June 01, 2020, when our graduate students voluntarily shared the online survey link on their social networks. In this way, 1,934 people in total answered the questionnaire. To test the study model, structural equation modeling (SEM) was performed using the AMOS program. In addition, ANOVA and independent sample t-test analyses were conducted using the SPSS program to analyze whether individual cultural values and risky investment intent differ according to demographic variables.

According to the analysis results, power distance, collectivism, masculinity and long-term orientation are seen as antecedents of phantasy. While a positive relationship was found between power distance, collectivism and risky investment intention, a negative relationship was found between uncertainty avoidance and risky investment intention. Statistical findings regarding the mediating effect of phantasy on the relationship between individual cultural values and risky investment intentions were also determined. In addition to these, the differences in individual cultural values and risky investment intentions according to age, education level, sex and marital status were investigated. Individuals with the highest uncertainty avoidance level were in the 41–50 age group. Individuals with the highest long-term orientation level were individuals aged 41 and over. Individuals with the lowest risky investment intentions were in the +51 age group. Collectivism and power distance did not differ according to age. There were no differences in the relevant variables according to the level of education. Males have higher levels of risky investment intention, power distance, masculinity and collectivism than females, and married individuals have higher levels of uncertainty avoidance, masculinity and collectivism than singles.

This study is the first to investigate the impact of conscious and unconscious processes on risky investment intentions together. On the other hand, the number of studies empirically investigating the relationship between phantasy and risky investment intention is quite limited, and the authors have also provided the findings for the existence of a relationship between these two variables.

In this study, scales are developed for phantasy and its determinants, which is accepted as an important variable in investment preference with an emotional finance perspective. The scales developed in this framework are narrative, divided mind, group feel, informed herding, uninformed herding and phantasy. In addition, the power of these determinants to explain phantasy was investigated.

For this purpose, the data was obtained between May 01, 2019 and November 30, 2019 via an online survey with convenience sampling. First, a pilot study consisting of 200 subjects was performed. Then, additional data was collected. The total number of subjects was 648. The authors used IBM SPSS Statistics and AMOS for analysis. Exploratory factor analysis and discriminant analysis were performed. In addition, confirmatory factor analysis was performed after an additional data collection process with structural equation modeling.

As a result of analyses, the validity and reliability of these scales were ensured statistically. It was also found that divided mind directly affects phantasy, but group feel and narrative indirectly affect by informed herding. The “unknown and new investment” preference, which is accepted as a typical feature of the bubble periods, is modeled with the relevant variables. In this framework, it has been found that the variables that refer individuals to the relevant investment preferences are phantasy, group feel, uninformed herding and divided mind.

The study is unique because of its findings and developed scales. The findings are valuable in that the theoretically alleged relations were also obtained empirically.

The purpose of this paper is to investigate the relationship between defence mechanisms, one of the unconscious processes, and phantasy. In addition, the scale of financial defence mechanisms, which is a version of the defence mechanisms adapted to financial issues, has been developed and tested.

For this purpose, first, a pilot study was conducted for the financial defence mechanism scale. The data was collected 179 subjects in Turkey through online surveys with convenience sampling method between the dates of 6 March and 21 March 2020, and then additional data was collected in Turkey between the dates of 28 April and 14 June 2020. The total number of subjects is 644. The authors exploited IBM SPSS Statistics and AMOS for analysis. Exploratory factor analysis, ANOVA, Independent t-test and Correlation analysis were performed. In addition, confirmatory factor analysis was performed after additional data collection process with structural equation modelling.

As a result of the analyses, only two of the defence mechanisms (mature and neurotic) and three of the financial defence mechanisms (mature, neurotic and immature) were found to be positively correlated with phantasy, which is considered a determinant of financial bubbles. In addition, a positive relationship was found between risky investment intention and two of the defence mechanisms (immature and neurotic) and three of the financial defence mechanisms (mature, immature and neurotic).

The study is unique due to its findings and developed scale. The findings are valuable in that the theoretically alleged relations were also obtained empirically.

There is strong excitement during Ponzi schemes and financial bubble periods. This emotion causes investors to turn to “unknown and new investment instruments”. This study, the factors that made “unknown and new investment instruments” preferable to “known and experienced investment instruments” were investigated.

It was taken into account unconscious like phantasy, emotional like emotional intelligence, both affective and cognitive like financial literacy and subjective beliefs like trust and overconfidence. In addition, risk preferences were measured with four different risk variables. In this context, data were collected by online survey method between November 2020 and May 2021 with convenience sampling. First, the data were collected from 832 participants in the pilot study. Additional data were also collected using convenience sampling and online surveys, and a total of 1,692 participants were obtained. Data were analyzed using Statistical Package for the Social Sciences (SPSS) 25 and AMOS 24.

As a result of the analyses made, the variables that lead investors to choose “unknown and new investment instruments” were determined as risky investment intention, phantasy, risk taking/risk avoidance, confidence, risk tolerance and subjective financial literacy. Trust and risk perception have a very weak effect on preferences. However, no effect of emotional intelligence and objective financial literacy was detected. In addition, a moderately positive and significant relationship was found between objective and subjective financial literacy. Subjective financial literacy was found to have a strong and significant relationship with emotional intelligence, confidence, trust, risky investment intention and phantasy.

This study investigates the factors underlying individuals' investment preferences from a broad perspective. We think that this study is unique in this structure and wide variables. We believe that the findings obtained in this manner are unique to both academics and practitioners. We also believe that the findings of the study will make an important contribution to understanding participation behavior in various Ponzi schemes and financial bubbles.

From a psychoanalytic point of view, presents a set of propositions concerning aspects of the relationship between psychoanalysis and firms. Considers, in particular, the domestication of speech, the nature of communication in the environment of the firm, and the relationship between the subject and the socius. Seeks to explain the possible role of phantasy in the context of the firm and employs this approach to examine the issue of employee absenteeism.

The purpose of this paper is to examine how maternity doctors deal with anxieties generated through their interactions with patients.

The authors juxtapose two critical stories, collected as part of a large mixed method field study of leadership and patient care in three UK hospitals. The study of “organizational stories” is particularly relevant in health care settings that are liable to unleash strong emotions and fantasies, stories have a great advantage of offering an outlet for unconscious emotions and fantasies. The authors collected stories (n=48) from different stakeholders, and after extensive discussions and analysis, it was decided to focus this article on two stories told by two different doctors. These stories sum up not only the storytellers' own personal experiences but also reveal something more profound and general about the nature of doctors' anxieties and the means used to contain them. By restricting the discussion to two narratives, many variations are left outside our remit; the benefit, however, is that the nuances contained in these stories can be looked at in far greater detail.

The principal cause of doctors' anxiety in this study was a constant balancing between an objectifying “I‐it” and a communicative “I‐Thou” relations with their patients and the organization. If the doctors were unable to deliver what in their personal scale would have been good or even satisfactory patient care, anxiety levels started rising. The coping with and managing of anxiety was mainly done through controlling of relations with patients and colleagues.

The paper offers insights into situations that prompt diverse challenging emotions.

The purpose of this paper is to investigate how, if at all, organizational dynamics changed at US airlines after an industry wide modification to mandatory retirement age regulations in 2007. Findings challenge assumptions that society, organizations, and employees will all unequivocally benefit from abolishing mandatory retirement by investigating the impact of age-related policy changes on US airline pilots.

In total, 43 semi-structured interviews were conducted with captains and copilots from US airlines between September 2010 and July 2011. From this data set, two informant subgroups emerged: first, senior captains averaging 59 years of age; and second, junior pilots averaging 43.5 years of age.

Findings revealed that both senior and junior pilots reported retirement age policy changes created an antagonistic environment, pitting employees against each other in competition over scarce resources.

Paper findings are based on empirical materials collected during an 11 month snapshot-in-time between September 2010 and July 2011 and interview data are based on a small subgroup of US airline pilots who self-selected to participate in the study. Therefore, findings are not unbiased and may not be generalizable across all airlines’ pilot workgroups.

Considerable research has been conducted identifying the policy and practice changes that employers need to adopt to retain older workers. However, few studies consider the psychological impact of these age-related workplace changes on employees or the organizational psychodynamics they might trigger.

This paper makes two main contributions. First, through use of the psychoanalytic construct of the Oedipus complex, the paper sheds light on some of the psychodynamic consequences of age-related policy changes. Second, it challenges assumptions about workforce aging and the underlying causes of intergenerational conflict, highlighting ways that policy changes intended to eradicate discrimination against older workers can result in age discrimination against younger employees.

The purpose of this paper is to review and discuss the literature focusing on defining and measuring sentiments so as to understand their role in stock market behavior.

Critical review of the literature by analyzing myriad scholarly articles. The study is based on an analysis of 81 scholarly articles to critically analyze the approach toward defining and measuring market sentiments. The articles have been examined to identify and critique different classification of sentiment measures. A discussion is built to scrutinize the sentiment measures under the purview of theoretical underpinnings of the investor sentiment theory as well.

With more than five decades of research, the sentiment construct in finance literature is still ill-defined. Myriad empirical proxies of sentiment measures have led to conflicting results. The sentiment construct defined in financial theories needs to be revisited from the lens of sentiments defined in psychology.

The study is limited to analyzing the role of individual and institutional sentiments in equity markets. There is a need to explore sentiments with respect to different investment styles and strategies along with the type of investors.

Developing a suitable sentiment proxy can result in devising profitable trading strategies for investors. Understanding factors driving investor sentiments will help regulators to become more proactive and frame better policies.

This paper has leveraged psychology literature to highlight the limitations in development of sentiment construct in finance literature. By identifying stylized facts from reviewing the empirical literature, it highlights areas for future research.

As part of a retrospective study of effects of organizational change on interpersonal relations, this paper discusses change talk among Australian employees of an American multinational manufacturing enterprise. Interviewees tended to feel pushed into change, discussing its effects in terms of the difficulties of adolescence and earlier experiences of sudden independence. Over time, what had been a simple and firm us and them division in intergroup relations between management and unions/workers had become more fluid and subtle, and perhaps more mature. Interview data are interpreted and then re‐interpreted in terms of theories of team development, nostalgia, and paternalism. It is argued that each interpretation makes differing, but complementary, assumptions about the nature of time. If developmental, progressive assumptions of organizational change are relaxed, further attention can be given to theorizing and researching subtleties in talk of the past.

This paper aims to help explain the rapid growth in aggregate hedge fund assets under management until June 2008 followed by their subsequent dramatic collapse in terms of the conflicting emotions such investment vehicles evoke, and, from this, to consider the implications of the excitement‐generating potential underlying all financial innovations.

Within the framework of critical discourse analysis, this paper explores how hedge funds were represented in the financial press, manager interviews, investor comments, and Congress hearings, before and after the burst of the hedge fund “bubble”. The authors then draw on the psychodynamic literature, and frame the human unconscious need for excitement in this discourse.

The paper finds evidence demonstrating how hedge funds were transformed in the minds of investors into objects of fascination and desire with their unconscious representation dominating their original investment purpose. Based on a psychoanalytic interpretation of financial markets, and dot.com mania in particular, the authors show how hedge fund investors' search for “phantastic objects” and the associated excitement of being invested in them can become dominant, resulting in risk being ignored.

The authors take an interdisciplinary perspective drawing on the insights of the psychoanalytic understanding of unconscious fantasies, needs and drives as these relate to investment activity.

Public policy implications are that stricter ethical guidelines for the hedge fund industry need to be introduced, and suitability regulations that go beyond mandatory transparent disclosure of investment risks are required.

The paper is one of very few studies concerning investors' emotional attachment to financial innovations, and builds on the emerging field of emotional finance. The conclusions and implications discussed in the paper go beyond any single financial market or product.