The aim of this study is to examine the impacts of overconfidence and disposition biases on investor behaviour at the Shanghai Stock Exchange in China. We employ vector autoregression and impulse response functions on the SSE 50 index and its constituent stocks between 1 January 2016 and 30 April 2023, further splitting the data into pre- and post-uncertain time periods, i.e., the COVID-19 pandemic and the Russia–Ukraine war to identify overconfidence bias and the disposition effect. The results show investors in the China stock market are disposed to overconfidence bias at the market level as they are following past market returns. The disposition effect also exists during the study period. It is however determined that the overconfidence bias is the more prevalent of the two. Furthermore, these two biases have been clearly segregated for all 50 stocks before and after the aforementioned crises. Our analysis in this connection reveals that behavioural finance may be able to explain the odd patterns and swings on the Chinese financial markets that the efficient market model cannot. The study suggests that investors, policymakers, and market regulators should perform a post analysis of each investment so that they become aware of past behavioural mistakes and refrain from repeating the same. This also might help investors to minimize the negative impact of overconfidence and disposition biases on their expected utility over wartime and the regulators could build favourable policies for investors through which market volatility could be controlled during stressful periods such as the Russia–Ukraine war.

Too familiar to perceive: How does extreme air quality affect investors' disposition effect?

This study aimed to examine the moderating effect of gratitude disposition on the relationship between aging related anxiety and depression in middle-aged adults. Gratitude disposition was divided into two subfactors, and the moderating effect was analyzed for each. A total of 489 participants aged 40 to 64 years completed an online self-report questionnaire. Data from 28 participants who did not meet the recruitment criteria or provide insincere responses were excluded, resulting in a final analysis of 461 participants (mean age=51.15 years, standard deviation=6.99 years, 216 males, 245 females). The PROCESS Macro for SPSS version 2.16 was used to verify the moderating effect. First, aging anxiety was positively related to depression. Second, gratitude disposition moderated the relationship between aging, anxiety, and depression. Third, recognition and acknowledgment of objects of gratitude moderated the relationship between aging, anxiety, and depression. Fourth, the "experience of gratitude emotion and response tendency" moderated the relationship between aging anxiety and depression. These results provide a theoretical basis for the development and application of intervention programs targeting middle-aged individuals experiencing psychological problems related to aging anxiety and depression.

Purpose: The objective of the study was to examine the influence of behavioral biases (overconfidence, herding bias, disposition effect) on individual investment choices. The study explored the relationship between financial literacy and investment decisions, and whether financial literacy moderated the relationship between behavioral biases and investment decisions. Methods: The study used a descriptive cross-sectional analytical research design, where primary data were gathered using a structured questionnaire based on a five-point Likert scale. The questionnaire was administered in both an online format, developed by link (Google Forms), and as a physical questionnaire to the investors who trade in a variety of securities listed in the Nepal Stock Exchange (NEPSE). Using a convenience sampling method, responses from 235 participants were collected. The data were analyzed through Partial Least Squares Structural Equation Modelling with SMART-PLS 4 software. Findings: The results revealed a significant relationship between behavioral biases (disposition effect, herding bias, and overconfidence bias) and investment decision-making. A significant relationship between financial literacy and investment decisions was found. The study found that financial literacy did not moderate the relationship between overconfidence bias, herding bias, disposition effect, and investment decisions. Implications: The findings suggest that financial literacy programs in Nepal should integrate behavioral finance principles and emphasize experiential learning to help investors recognize and manage biases. Tailored initiatives addressing gender, age, and experience differences can enhance effectiveness. Regulators like SEBON should improve market transparency and promote long-term investment incentives to reduce speculative and emotionally driven decisions. Research Ethics: Informed consent from the survey participants was collected by making them aware of their role in the survey, the research purpose, procedure, and use of data gathered. To uphold confidentiality, the survey-maintained anonymity and did not ask for personal information.

Background/Objectives: Emergency department length of stay (ED LOS) is a key indicator reflecting emergency department crowding, patient safety, and healthcare resource efficiency. Among injured patients, ED LOS may be prolonged depending on injury severity and disposition pathways (admission and inter-hospital transfer). This nationwide study using the Korean National Emergency Department Information System (NEDIS) aimed to (1) describe the distribution and determinants of ED LOS among injured patients and (2) quantify the mediating effects of disposition (admission and transfer) on the association between injury severity measured by the International Classification of Diseases-based Injury Severity Score (ICISS) and ED LOS. Methods: We analyzed NEDIS injury-related ED visit records collected from the date of IRB approval through 12 January 2026. We conducted a retrospective observational study using NEDIS data. Of 1,048,575 injury-related ED visits, 1,035,484 visits with valid ED LOS and eligible records were included after excluding missing key variables and implausible time values. ED LOS was calculated in minutes using arrival and departure timestamps. Injury severity was assessed using ICISS (primary: based on 15 diagnoses; sensitivity: based on 20 diagnoses). Determinants of ED LOS were evaluated using gamma regression with a log link. Disposition was categorized as discharge, admission, and inter-hospital transfer; admission and transfer were modeled as binary mediators. Causal mediation analyses estimated the average causal mediation effect (ACME), average direct effect (ADE), total effect, and proportion mediated. Multiple sensitivity analyses (outlier handling, missing-data approaches, alternative log-linear modeling, and EMS arrival subgroup analyses) assessed robustness. Results: The median ED LOS was 150 min (IQR 90-260). ED LOS differed substantially by disposition: 120 min for discharged patients, 420 min for admitted patients, and 360 min for transferred patients. Overall, 17.9% of visits had an ED LOS ≥ 6 h, and prolonged stays were concentrated among admitted (≥6 h: 55.0%) and transferred (≥6 h: 45.0%) patients. In gamma regression, a 0.05 decrease in ICISS (greater severity) was associated with longer ED LOSs in the unadjusted model (Ratio 1.34) and remained significant in the fully adjusted model (Ratio 1.12, 95% CI 1.11-1.13). Admission and transfer were strong determinants of ED LOS in the final model (ratios of 2.35 and 2.05, respectively). In mediation analyses, admission mediated 36.8% of the severity-ED LOS association (ACME 0.085; ADE 0.146), and transfer mediated 14.3% (ACME 0.033; ADE 0.198). Findings were consistent across sensitivity analyses. Conclusions: In this nationwide cohort of injured patients, ED LOS showed a right-skewed distribution, with prolonged stays concentrated in admission and transfer pathways. Injury severity (ICISS) was independently associated with longer ED LOS, and a substantial proportion of this association was mediated through admission and transfer. Reducing ED LOS among severely injured patients likely requires not only streamlining diagnostic and treatment processes but also system-level interventions targeting output-stage bottlenecks, including inpatient bed operations/boarding management and transfer coordination.

ABSTRACT An investor receives utility bursts from realizing gains and losses at the individual stock level and dynamically allocates his mental budget between risky and risk‐free assets at the trading account level. Using savings, he reduces his stockholdings and is more willing to realize losses. Using leverage, he increases his stockholdings beyond his mental budget and is more reluctant to realize losses. While leverage strengthens the disposition effect, introducing leverage constraints mitigates it. Our model predicts that investors with stocks in deep losses sell them either immediately or after stocks rebound a little.

Robo-advisors are automated investment platforms that use algorithms to provide financial advice and portfolio management at scale. They have gained prominence as low cost, accessible, and data driven alternatives to traditional human advisors,which often remain inaccessible to low income households due to high fees, minimum balance requirements, and incentive misalignment. This literature review synthesizes theoretical frameworks and empirical evidence to evaluate the effectiveness of robo-advising, with particular emphasis on its potential to improve financial outcomes for low-income individuals and families. Existing research shows that robo-advisors improve portfolio diversification, reduce volatility, and mitigate common behavioral biases such as the disposition effect and trend chasing. These effects are especially pronounced for novice and under-diversified investors, a group that disproportionately overlaps with lower-income populations. Despite these benefits, most robo-advisory platforms are not designed with low-income users in mind. Current models emphasize long-term investing over liquidity management, rely on surplus income assumptions, and offer limited personalization that fails to capture income volatility, debt burdens, or short-term financial goals. This review identifies these design and structural limitations and outlines future research directions focused on inclusive algorithm design,public or nonprofit deployment models,and regulatory frameworks that prioritize equity and consumer protection.

This study examined how time mental accounting relates to intertemporal decision-making among novice employees and whether this relationship operates through time management disposition (TMD) and future self-continuity (FSC), drawing on Conservation of Resources theory. A nationwide sample of 597 early-career employees in China completed validated measures of time mental accounting (loss aversion, mental budgeting, and flexibility), TMD, and FSC, as well as eight binary intertemporal choice tasks contrasting smaller-sooner versus larger-later rewards. Correlations and structural equation modeling with bias-corrected bootstrapping were conducted, controlling for age, gender, and education. Loss aversion and mental budgeting were positively associated with TMD and FSC and negatively associated with smaller-sooner choices, whereas flexibility showed no significant associations. Mediation analyses indicated that the effects of time mental accounting facets on intertemporal choice were transmitted indirectly via TMD and FSC, with non-significant direct effects when mediators were included. The findings support a dual-path mechanism whereby structured time allocation and stronger future self-identity function as complementary resources that reduce short-term bias in novice employees' intertemporal decisions.

With the widespread application of algorithmic trading and artificial intelligence in financial markets, high-frequency trading (HFT) has become an integral component of modern securities markets. Although HFT is characterized by high speed and automation, the trading strategies and algorithmic designs underlying these systems remain significantly influenced by human behavioral biases. Drawing on the behavioral finance framework, this paper provides a systematic review of recent domestic and international empirical studies on behavioral biases in high-frequency trading. The analysis focuses on the manifestations and transmission mechanisms of overconfidence, herding behavior, and the disposition effect in high-frequency traders decision-making processes. The literature review indicates that these biases may amplify short-term market volatility, weaken price discovery efficiency, and intensify systemic risk during periods of extreme market conditions. Finally, this paper discusses directions for future research, including the incorporation of behavioral characteristics into algorithm design and the improvement of market regulation and risk management from a behavioral perspective.

Disposal effect is a classic phenomenon in behavioral finance, which refers to the irrational behavior of investors who tend to sell profitable assets prematurely and hold losing assets for a long time. Based on the theory of behavioral finance, this paper examines the existence and formation mechanism of the disposition effect in China's capital market and draws the relationship between net value volatility and investor behavior by analyzing the relevant data of the Blue Chip Select Mixed Fund of Efunds Fund, the leader of China's public fund industry. By comparing the extent of the disposition effect in different markets, an in-depth study of the disposition effect in the fund market not only helps to understand the behavioral patterns of investors and fund managers, but also reveals the micro foundations of the behavior behind macro issues such as market volatility, fund performance persistence, and systemic risk. The paper concludes with relevant recommendations based on improving the impact of the disposition effect on the market.

The removal of an intertemporal tax discontinuity in Germany provides us with a natural experiment to study the causal effect of taxes on individual stock-trading behavior and the disposition effect. Using individual investor transactions data combined with nonparametric regressions and bunching methods, we find that the presence of the tax discontinuity induces investors to adjust their holding periods, which reduces their effective tax rate by 11.3%. We also find that tax effects dominate the disposition effect in the days around the discontinuity and can inhibit it (by about 20%) during the six months preceding the discontinuity. We discuss the consequences of our results for the firms whose stocks are traded and policy implications. This paper was accepted by Camelia Kuhnen, finance. Funding: F. Buhlmann gratefully acknowledges financial support by MannheimTaxation ScienceCampus. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.04213 .

This research seeks to examine how three behavioral biases—dispositioneeffect, herding behavior, and blue chippstock bias—oniinvestment decision, considering risk perception as a mediating factor among retail investors PT. Phintraco Sekuritas Surabaya. The scope of this study includes testing the direct and indirect influences between variables through an explanatory quantitativeeapproach. Data was gathered from 100 participants throughaa Likerttscale questionnaireeand subsequently analyzed utilizing data quality assessments, classical assumption evaluations, multipleelinear regression, and Sobel tests to investigate the mediating effect. The results suggest that herd behavior and a preference forrblue-chip stocks have a significant influenceeon the perception of risk, while the dispositioneeffect has no influence. In testing investment decisions, only herding behavior and risk perception showed a significant effect, while the effects of disposition and blue chip stock bias had no direct effect. The Sobel test has shown thattrisk perceptionnmediates the relationshippbetween herding behavior and the blue-chip stocks biasiin investment decisions, but not the influence of disposition effect. Overall, the study concludes that herding behavior and perceptions of blueechip stocks shape riskpperception, which ultimately influences investmenttdecisions, thus proving that risk perception is an important mediator in the retail investor behavior model.

Behavioral finance breaks through the limitations of the “rational man” assumption in traditional financial theory, providing a more realistic perspective to explain irrational behaviors in the market (such as “herd behavior” and “disposition effect”) and abnormal phenomena like stock prices deviating from fundamentals. This discipline incorporates psychological factors such as cognitive biases and emotional fluctuations into its analytical framework, with investors’ risk-averse preferences being particularly crucial. These preferences directly influence their risk-return trade-offs and, through the aggregation effect of individual decisions, profoundly shape market volatility and operational efficiency. This paper systematically reviews the relevant theories and empirical studies on investor risk aversion preference in the field of behavioral finance, exploring the topic from multiple dimensions: at the level of influencing factors, it analyzes the effects of individual cognitive biases, emotional states, and market environments on risk aversion preferences; it also examines in depth how risk aversion affects investment decisions and the resulting market anomalies; finally, it investigates the behavioral finance explanations for fluctuations in risk aversion preferences, interpreting investors’ tendencies and changes in risk aversion from a behavioral finance perspective. The aim of this paper is to comprehensively analyze the significance and practical value of risk aversion preferences within the framework of behavioral finance, deepening the understanding of investors’ decision-making logic, and providing practical references for investors to optimize asset allocation and improve decision-making rationality, as well as for market participants to more accurately grasp market operating rules and maintain market stability.

Purpose This article aims to shed light on the motivations of insider trading by investigating insider selling behaviors following IPO lock-up expirations. Design/methodology/approach Using a sample of 1,389 U.S. IPOs from 2002 to 2021, this study first examines the short-term market reaction to insider selling at lock-up expiration. We also test the relationship between insider selling and long-run performance to assess the predominant drivers of insider selling decision at lock-up expiration. Findings This study finds that the market initially reacts negatively to insider sales in the short-term, confirming the traditional view that such transactions are widely perceived as informative. However, IPO firms with post-lock-up insider sales tend to outperform those without such sales in the long term. We also find that insiders are more likely to sell previously restricted shares after observing substantial initial underpricing and strong pre-expiration abnormal returns. Originality/value These findings challenge the conventional view that insider sales are primarily driven by private information or liquidity needs, aligning more closely with the predictions of the disposition effect.

A trans / cis -isomerism for proton storage and a disparate effect of the carbonyl group disposition on its electrochemical behavior were demonstrated.

This study investigated the correlation between critical thinking disposition and labor literacy among Chinese adolescents and examined the mediating role of problem-solving ability. These findings aim to emphasize the importance of education in cultivating critical thinking and problem-solving skills among adolescents, improving the literacy of students' labor and promoting their overall development. A questionnaire survey was conducted among 2,268 junior and senior high school students, including the California Critical Thinking Disposition Inventory Test (CCTDI) (Revised Edition in China), the Problem-solving Evaluation Questionnaire (Revised Edition), and the Labor Literacy Assessment Questionnaire for Middle School Students. (1) There are significant gender differences in the critical thinking disposition and labor literacy of teenagers (p < 0.05), while there are no significant differences in terms of place of residence (p > 0.05). There are significant differences in problem-solving ability and labor literacy between junior high school and senior high school stages (p < 0.05). (2) The critical thinking disposition, problem-solving ability, and labor literacy are positively correlated with each other in pairs. (3) The direct effect of the critical thinking disposition of teenagers on labor literacy is significant, with an effect size of 66.42%; the mediating effect of problem-solving ability on the relationship between critical thinking disposition and labor literacy is significant, with an effect size of 33.58%. This study confirms that the critical thinking disposition of teenagers not only directly positively influence their labor literacy, but also play a crucial mediating role by enhancing problem-solving abilities. This finding reveals the core mechanism of labor literacy cultivation: Labor education should aim to cultivate "thinking workers" - individuals who can actively analyze, judge, and innovatively solve complex real-world problems by applying critical thinking. Therefore, educational practice needs to systematically design labor tasks that integrate real problem scenarios, so as to simultaneously promote the coordinated development of critical thinking and labor literacy during the process of training students' problem-solving abilities, thereby providing empirical evidence and implementation paths for building a high-quality labor education system in the new era.

Aim: This study examines whether and how the disposition effect shapes Ethereum investors’ selling decisions. It asks whether investors are more likely to realize gains than losses, whether this asymmetry strengthens during high-volatility periods, and whether it weakens around major protocol upgrades, including the Merge, Shapella, and Dencun. Methodology: The study builds a high-frequency address-day panel for 2020–2024 using public on-chain data and labeled centralized-exchange deposit clusters as conservative proxies for sell decisions. Rolling cost bases are reconstructed under FIFO and value-weighted rules, and unrealized gains and losses are linked to realized sales through discrete-time logit and Cox hazard models. The design also includes event windows and robustness checks. Findings: The framework is designed to identify three mechanisms: asymmetric realization of gains over losses, stronger gain realization under high volatility, and attenuation around major protocol-upgrade events. Implications: The study offers a transparent design for analyzing behavioral bias in crypto-asset markets with verifiable blockchain data. It is relevant to exchanges, regulators, and market designers concerned with investor behavior and risk management. Originality/value: The article extends behavioral finance to Ethereum by using public ledger data rather than brokerage records and by integrating behavioral bias, volatility regimes, and protocol events in one framework.

This study focuses on Chinese investors and empirically examines the dual-path impact of "funding source" and "funding use" classifications in mental accounting on investment behavior biases, with mental accounting theory as the core. Based on a questionnaire survey of 250 Chinese residents with investment experience, methods such as linear regression, ordinal Logistic regression, mediation effect, regression, and moderation effect tests were employed. The results show that different funding sources have significant differences in their impact on asset allocation risk preferences. Funding use classifications affect biases such as the disposition effect through risk perception and evaluation frequency. Risk perception plays a partial mediating role between funding use and risk mismatch, and high-income groups are more affected by mental accounting labels. This study constructs an integrated framework of "fund classification - mental accounting - decision bias," which has innovations are: first, it is the first to integrate fund sources and uses into a unified analytical model, revealing their interaction effects; second, it deepens the micro-mechanism of mental accounting's impact on investment decisions through the "cognition-behavior" dual-layer mediation path; third, it incorporates Chinese market features such as high savings rates and rigid expenditure expectations.

Healthcare-associated infections pose a significant threat to patient safety, making the enhancement of nursing students' infection control competencies an urgent priority in post-COVID-19 nursing education. Standard precautions, which treat all patients as potential sources of infection, are essential; however, the performance of Korean nursing students in implementing these precautions remains suboptimal. This study investigated the effects of critical thinking disposition and self-efficacy on standard precaution performance among 210 third- and fourth-year nursing students in J Province, Korea, during September–October 2025. Data were analyzed using SPSS 25.0 with descriptive statistics, t-tests, ANOVA, correlation, and multiple regression analyses. Critical thinking disposition demonstrated a strong correlation with self-efficacy, but only a weak correlation with standard precaution performance. In regression analysis, self-efficacy was the sole significant predictor of standard precaution performance (β=.205, p=.017), while critical thinking disposition was not statistically significant. These findings suggest that confidence in performance plays a critical role in protocol-based practices such as standard precautions.

ABSTRACT This study examines annual post-earnings-announcement reactions in China’s A-share market using the market model-based cumulative abnormal returns (CARs). It reveals an inverse post-earnings-announcement drift (PEAD), where CARs drift opposite to standardized unexpected earnings (SUE) over 60 post-announcement days, with asymmetry between the top and bottom SUE deciles. The inverse PEAD reflects a reversal of pre‑announcement price movements. Compared to the bottom decile, the top decile has higher pre‑announcement target price attainment, a larger proportion of unrealized gains, and stronger post‑announcement selling pressure intensification. The disposition effect amplifies the post‑announcement profit‑taking behaviour in the top decile. Although the bottom decile shows some post‑announcement rebound, its upward drift is limited because poor fundamentals discourage substantial buying. Moreover, financial opacity intensifies the adverse impact of the disposition effect.