https://www.journaleska.com/index.php/bmi/issue/feed Bankers, Markets & Investors 2021-04-26T09:53:41+00:00 Bankers Markets and Investors journal@eska.fr Open Journal Systems <p>Bankers, Markets and Investors aims at publishing short and innovative research articles in the areas of banking, financial markets and investment with relevant practical application for investors. The purpose of the journal is to create a bridge between academics and professionals, by publishing articles that have direct relevance to those working in finance. We seek short articles, forward-looking and rigorous, written in a style accessible to professional readership. The themes of the journal include the following: portfolio choice, investment management, institutional investors (pension funds, sovereign wealth funds, insurance, mutual funds…), individual investors and household finance, behavioral finance, alternative investments (hedge funds, private equity…), derivatives and structured finance, liquidity and transaction costs, socially responsible investment, funds and corporate governance, regulation and financial risk management, capital markets, interest rate instruments, asset backed securities, equities and convertibles, securities design, currencies, corporate finance, hedging strategies, asset liability management.</p> https://www.journaleska.com/index.php/bmi/article/view/4761 How do anticipation and experience of regret affect financial decision-making? A lab experiment 2021-04-26T09:18:21+00:00 Jean-Francois GAJEWSKI jeanfrancois.gajewski@univ-lyon3.fr SIMA OHADI sima.ohadi@univ-smb.fr <p>Regret is a negative emotion experienced when people realize that a different choice would have led to a better payoff. People can anticipate regret before decisions, which prompts them to make a regret-minimizing decision. Regret affects people’s risk tendencies for financial decisions, though it is less understood how anticipated regret and the experience of regret might affect people’s risk and skewness choices. A lab experiment offers insights into the effect of regret on people’s risk and skewness decisions, with and without feedback. Regret aversion is important for explaining people’s choices when the attributes of lotteries are not too distinct. Moreover, people with greater regret aversion are more likely to choose a positively skewed lottery.</p> 2021-04-22T00:00:00+00:00 Copyright (c) 2021 Edition ESKA https://www.journaleska.com/index.php/bmi/article/view/4762 Dividend Policy and Managerial Overconfidence: French Evidence 2021-04-26T09:24:00+00:00 SANA CHARBTI sana.charbti@u-bourgogne.fr FABRICE HERVÉ fabrice.herve@u-bourgogne.fr EVELYNE POINCELOT evelyne.poincelot@univ-fcomte.fr <p>This paper examines the impact of managerial overconfidence on dividend policy.<br>The literature has identified two strands of reasoning. Deshmukh et al. (2013) argue that overconfident managers with relatively high investment needs perceive external funds as more costly than internal financing. This leads them to pay out lower dividends. Conversely, Wu and Liu (2011) claim that overconfident CEOs expect higher future cash flows and are prone to pay out higher dividends. We study a sample of 120 French firms for the period 2000–2015. Our results provide evidence that CEOs’ overconfidence plays a decisive role in explaining the dividend policy of French firms. Managerial overconfidence exerts a positive effect on firms’ dividend payouts.</p> 2021-04-22T00:00:00+00:00 Copyright (c) 2021 Edition ESKA https://www.journaleska.com/index.php/bmi/article/view/4763 What do we learn about CEOs’ behaviour through neurofinance? 2021-04-26T09:29:41+00:00 GUILLAUME BAECHLER agpaedit@eska.fr Laurent GERMAIN agpaedit@eska.fr <p>In financial literature, numerous papers aim to explain the behaviours or performances of entrepreneurs and CEOs. Since the emergence of neurosciences, researchers no longer have to to examine entrepreneurship through psychological traits or behavioural biases. Recent advances in neurofinance shed light on the core characteristics and decision-making processes of the entrepreneur’s brain. The purpose of this paper is to provide the reader with a review on the most prominent studies about CEOs and entrepreneurs on two particular aspects: the predisposition to choose entrepreneurship and the entrepreneur’s neural decision-making process.</p> 2021-04-22T00:00:00+00:00 Copyright (c) 2021 Edition ESKA https://www.journaleska.com/index.php/bmi/article/view/4765 Behavioral Finance 2021-04-26T09:40:07+00:00 Marie PFIFFELMANN m.pfiffelmann@unistra.fr PATRICK ROGER proger@unistra.fr <p>Behavioral Finance</p> 2021-04-22T00:00:00+00:00 Copyright (c) 2021 Edition ESKA https://www.journaleska.com/index.php/bmi/article/view/4764 A note on portfolio choice and behavioral finance: Some food for thought 2021-04-26T09:33:18+00:00 Marie PFIFFELMANN m.pfiffelmann@unistra.fr PATRICK ROGER proger@unistra.fr <p>In this note, we invite the reader to think about behavioral portfolio choice as a deviation from the standard Markowitz problem. The deviation has three origins; 1) the objective function to be maximized, 2) the probability measure under which prices and returns are characterized, and finally 3) the domain over which the optimization&nbsp;problem is solved. We then provide an illustration, from the Behavioral Portfolio Theory (BPT) of Shefrin and Statman (2000) to a set of relevant portfolio performance measures in a behavioral framework.</p> 2021-04-22T00:00:00+00:00 Copyright (c) 2021 Edition ESKA