The underlying physiological mechanisms of biases are not well understood. As such, we examine the impact of testosterone and cortisol levels on several commonplace investment biases using realistic trading simulations. Cortisol, the biological marker of stress, is positively related to the...

We examine the relation between testosterone, cortisol, and financial decisions in a sample of naïve investors. We find that testosterone level is positively related to excess risk-taking, whereas cortisol level is negatively related to excess risk-taking (correlation coefficient [r]: 0.75 and...

In this paper, we examine the relationship between sleep and financial risk taking. The results indicate that individuals who have better sleep display less distortion of probability, are less susceptible to the present bias, and have a lower discounting rate. Specifically, individuals with...

We explore the impact of momentum trading in the NFL betting market at the aggregate weekly level. Bettors prefer to bet on momentum rather than mean reversion in the totals market. The effect is strongest when they bet that the total points scored by both teams will be under the betting line...

This paper examines the geographic herding behavior of Corporate Social Responsibility (CSR). We find a comovement between local firms' CSR scores operating in the same industry after controlling for known regional determinants. Furthermore, our results are most robust for firms headquartered in...

We examine the relationship between body mass index (BMI), health habits, and financial risk and time preferences. Using a sample of 128 undergraduate business students, we find that participants with higher BMI exhibit greater utility function curvature, greater loss aversion, and greater...

This paper examines whether business students deceive others more often than non-business students. A cheap talk experiment and an ethics questionnaire are employed to examine the subject's behavior. Fundamental differences, such as psychopathic personality, are used to examine their role in...

We examine the impact of oil price uncertainty on U.S. stock returns by industry using the United States Oil Fund options implied volatility OVX index and a GJR-GARCH model. To do so, we test the effect of the implied volatility of oil on a wide array of domestic industries' returns using daily...

This paper finds that betting biases in the NFL market go beyond preferring to bet on the favorite team and the over. The results show that as more bettors place wagers, the percentage of wagers on the favorite team increases. Additionally, bettors have a preference to bet against the line...

In this paper, I examine market inefficiencies in the NFL betting market from the 2003 season through the 2016 season. I examine the impact that division rivals and previously known determinants of inefficiencies have on the current NFL gambling market. The results show that games against...