A New Journal – Journal of Behavioral and Experimental Finance

JBEF FINAL Cover Design Aug32012

A New Journal

Journals, for good or ill, represent the preeminent mode of scholarly communication. Publications count, in tenure, research evaluations and as a metric of research activity. Despite alternatives emerging such as post hoc refereeing, the double blind reviewed journal retains its gold standard, and will do for many many years.  Although there are  many journals, the scope, breadth and depth of finance continues to expand. So today we see a new journal.

The Journal of Behavioral and Experimental Finance is aimed at providing authors in these fields with a high quality outlet. There is at present no state of art high-level publication where one can go to obtain up to date examples of quality work in the areas of experimental and behavioral finance. The field is scattered. Bringing it together will, we can hope, act as a  useful resource for scholars, both those active in the field and those interested in how the area impacts.  There are many high quality existing journals that cover experimental economics or behavioral finance but none that act as a natural locus for both.

Experimental finance in particular is growing, with the Society for Experimental Finance having been established in the last number of years.  We believe that creating a journal that is open to experimental treatments of finance subjects will, we hope, generate interest in carrying out such.  At this juncture we  see behavioral and experimental approaches as lenses or methodologies through which to view issues and as such the journal will allow a broad perspective on an increasingly fragmented field. At the limit I agree wholeheartedly with Thaler.

I predict that in the not-too-distant future, the term “behavioral finance” will be correctly viewed as a redundant phrase. What other kind of finance is there? In their enlightenment, economists will routinely incorporate as much “behavior” into their models as they observe in the real world. After all, to do otherwise would be irrational.

We might add to this that finance, as a cognate discipline to economics and accounting, must adopt more scientific approaches to its investigations and must adopt a broader methodological perspective. Economics has seen major advances in adopting experimental approaches and finance is fast doing so. This can only assist in the rigor of our researchers. We are not yet at that shining city on the hill which Thaler saw in 1999, but in the interim I hope that this journal will aid in moving us towards it.

Some may well suggest that we have enough journals, and why start one especially as the top papers will always go to the top journals. A number of points need to be made. First, the existence of better (whatever that means in this context) journals does not make redundant the existence of others. That we have the Sistine Chapel does not make further paintings irrelevant. There is scope for quality product which for whatever reason does not get into or fit the top journals. Second, no journal is born ‘top’. Establishing  a journal is an act of calculated business and hope. The business is that there is a market, the hope is that the board and the authors will drive forward the reputation of the journal to everyone’s advantage. That I intend to do to the best of my ability. Third, in this case there is a clear gap in particular in the experimental area, and that gap deserves to be filled. Also, while there are excellent journals in the behavioral finance area there is none from Elsevier, who have a stable of already top-flight finance journals and the publishing, publication and editorial network to support this new venture.

The Process

The idea for this journal had been discussed amongst a number of persons, both in Elsevier and in the academic community, for about 18m. In February I was asked to put a formal proposal to Elsevier, which I did. This contained the usual things one would expect – details of existing complementary or competing journals, papers published that might perhaps fit the journal, learned societies and conferences in the area, main loci of research etc. The initial response was good therefore we proceeded to get together a draft editorial board (see below) and a more complete proposal was put to Elsevier in April. This was approved in June and we have spent the summer refining the details of the guide for authors, the peculiarities of how we want papers submitted etc. This is and will always be a work in process – as an Editor I have come to understand that there is no right way to guide a paper other than to say “highest quality possible please”. Submission minutiae are important but are secondary to that. In short, expect changes as we engage with the process of generating papers from submissions.

Journal Aims and Scope

The aim of the journal is to publish high quality research in the fields of corporate finance, asset pricing, financial econometrics, international finance, personal financial decision-making, macro-finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments, market mechanisms, SME and microfinance and entrepreneurial finance, where such research is carried out with a behavioral perspective and/or is carried out via experimental methods.

The area of behavioral finance and the related area of experimental finance are now fully accepted as mainstream approaches within finance. Behavioral and experimental finance therefore represent lenses and approaches through which we can view financial decision-making. The journal aims to provide a single source for the latest research in these areas. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in decision-making, national and organizational culture as it impacts on those organizations financial decision-making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision-making and trading, methodological experiments,  and natural experiments. Although primarily empirical, we will be more than open to theoretical and methodological papers which cast light on behavioral and experimental topics, as well as to meta analyses, surveys and overviews.

Where is it and who is involved?

The journal site is here  at and papers can be submitted here. The Editorial Board at present consists of the following, but we are actively seeking other persons.

  • Ackert, Lucy  Kennesaw State University, Coles College of Business, USA
  • Aggarwal, Raj The University of Akron, Ohio, USA
  • Asparouhova Elena N, University of Utah,  USA
  • Davies, Greg Head of Behavioral Finance and Investment Philosophy,  Barclays
  • Delaney, Liam   Stirling Management School, University of Stirling, UK
  • Dowling, Michael  Dublin City University Business School, Ireland
  • Goodell, John The University of Akron, Ohio, USA
  • Harmon, Colm  University of Sydney, School of Economics, Australia
  • Henker, Julie Bond University, Queensland, Australia
  • Holm, Håkan Jerker School of Economics and Management, Lund University, Sweden
  • Huber, Jürgen. The University of Innsbruck, Austria
  • Innocenti, Allesandro Experimental Economics Laboratory, University of Siena, Italy
  • Kim, Kenneth, Renmin University, Beijin, China.
  • Kirchler, Michael, The University of Innsbruck, Austria
  • Kramer, Lisa A. Rotman School of Management, University of Toronto, Canada
  • Lau, Morten, Copenhagen Business School Copenhagen Denmark
  • Leoni, Patrick L.  KEDGE, Marseille, France
  • Loncarski, Igor, Faculty of Economics Universty of Ljubjanja, Slovenia
  • Pompian, Michael Mercer Wealth Management, St Louis USA
  • Nawrocki, David, Villanova Univeristy, USA
  • Noussair, Charles, Tilburg University, Netherlands
  • Lunn, Pete  Economic and Social Research Institute Dublin, Ireland
  • Rabin, Matthew Brunel University, London UK
  • Pownall, Rachael , Maastricht University, Netherlands
  • Ricciardi, Victor.  Goucher College, Maryland, USA
  • Santoni, Alessandro, Banca Monte dei Paschi di Siena, Siena, Italy
  • Statman, Meir.  Santa Clara University, Santa Clara USA
  • Viole, Fred OVVO Financial Systems, Holmed, NJ USA
  • Wang, Mei. WHU – Otto Beisheim School of Management , Berlin, Germany
  • Weitzel, Utz. Radboud University Nijmegen, the Netherlands
  •  Zhu, Ning. UC Davis and Shanghai Advanced Institute for Finance, China

Brian Lucey

Founding Editor

For : Journal of Behavioral and Experimental Finance

 

Longlist – not exhaustive – of possible  topics

  • Adaptive Market Hypothesis
  • Adjustment
  • Agent-Based Modeling
  • Altruism
  • Ambiguity
  • Ambiguity Aversion
  • Ambiguity Bias
  • Anchoring
  • Anchoring And Adjustment
  • Anomalies
  • Appropriation
  • Asset Market
  • Asset Market Experiments
  • Assimilation Error
  • Asymmetric Information
  • Asymmetry
  • Attachment Bias
  • Attention
  • Attribution Theory
  • Auctions
  • Availability
  • Bargaining Power
  • Behavioral Biases
  • Behavioral Corporate Finance
  • Behavioral Finance
  • Beliefs
  • Benchmarking
  • Betrayal Aversion
  • Between-Subjects Design
  • Bidding
  • Bounded Rationality
  • Break-Even Effect
  • Bubble
  • Calendar Effects
  • Certainty Effect
  • Charitable Giving
  • Circle Network
  • Classification Game
  • Cognitive Abilities
  • Cognitive Dissonance
  • Cognitive Heuristic
  • Communication
  • Compatibility
  • Competitive Behavior
  • Competitiveness
  • Conditional Cooperation
  • Confirmation Bias/Confirmatory Bias
  • Conservatism Bias
  • Context Dependence
  • Contrarian
  • Cooperation
  • Coordination
  • Coordination Game
  • Corporate Governance
  • Corporate Social Responsibility
  • Cournot Oligopoly
  • Credence Goods
  • Crowding-Out Effect
  • Culture
  • Day Of The Week Effect
  • Decision Making Under Risk
  • Dictator Game
  • Digit Ratio
  • Disjunction
  • Disposition Effect
  • Downside Risk
  • Dynamic Choice
  • Electronic Markets
  • Emotion Regulation
  • Emotions
  • Endowment Effect
  • Equity
  • Expected Utility Theory
  • Experience
  • Experimental Design
  • Experimental Design
  • Experimental Market
  • Experimental Measurement
  • Experimental Methodology
  • Experimental Methods
  • Experimentation
  • Experiments
  • False Discovery Rate
  • False-Consensus Effect
  • Familiarity
  • Field Experiment
  • Financial Decision Making
  • Financial Literacy
  • Flexibility
  • Framing
  • Free-Riding
  • Group Behavior
  • Guessing Game
  • Halloween Effect
  • Happiness
  • Health
  • Heterogeneity
  • Heuristic
  • Hidden Information
  • Hindsight Bias
  • Home Bias
  • Hormones
  • House Money Effect
  • House-Money Effect
  • Household Finance
  • Idiosyncratic Risk Premium
  • Illusion Of Control
  • Illusion Of Knowledge
  • Incentives
  • Incomplete Contracts
  • Individual Behavior
  • Individual Choice
  • Individual Investors
  • Individual Preferences
  • Inequality Aversion
  • Information Quality
  • Information Sharing
  • Information Uncertainty
  • Insurance
  • Intelligence
  • Interdependent Preferences
  • Investment Horizon
  • Investor Characteristics
  • Investor Sentiment
  • Knowledge Attitudes
  • Knowledge Of Economics And Finance
  • Laboratory Experiments
  • Learning
  • Learning From Peers
  • Leniency
  • Level K Model
  • Loss Aversion
  • Loss Aversion
  • Lottery Choice Experiment
  • Magical Thinking
  • Managerial Biases
  • Manipulation
  • Market Composition
  • Market Design
  • Market Efficiency
  • Market Efficiency
  • Matching Market
  • Matching Procedure
  • Meme
  • Mental Accounting
  • Mental Accounting
  • Mental Compartments
  • Mental Health
  • Meta-Study
  • Model Uncertainty
  • Momentum
  • Monetary Incentive
  • Monetary Punishments
  • Monitoring
  • Month-Of-The-Year Effect
  • Moral Suasion
  • Motivation
  • Multiple Equilibria
  • National Culture
  • Natural Experiment
  • Natural Language
  • Neurofinance
  • Newspaper Experiment
  • Non-Cognitive Skills
  • Non-Monetary Punishments
  • Optimism
  • Optimism
  • Over-Optimism
  • Overconfidence
  • Overconfident Behaviour
  • Overreaction
  • Parameter Uncertainty
  • Payoff Tables
  • Peer Groups
  • Persistence
  • Personality
  • Persuasion Effect
  • Plasticity
  • Political Equilibrium
  • Portfolio Choice
  • Portfolio Optimization
  • Portfolio Selection
  • Post-Earnings-Announcement Drift
  • Price Bubbles
  • Pricing Rules
  • Prisoner’s Dilemma
  • Procedural Fairness
  • Prospect Theory
  • Public Goods Experiments
  • Punishment
  • Race
  • Random Incentive System
  • Rationality
  • Real-Time Experiment
  • Real-Time Monitoring
  • Reciprocity
  • Redistribution
  • Reference Point
  • Regret Theory
  • Religion
  • Repeated Games
  • Representiveness
  • Reputation
  • Return Seasonality
  • Risk Aversion
  • Risk Awareness
  • Risk Diversification
  • Risk-Return Tradeoff
  • Salience
  • Sanctions
  • Seasonal Affective Disorder
  • Seasonality
  • Selection Into Experiments
  • Self-Interest
  • Self-Serving Bias
  • Sentiment
  • Session-Effects
  • Shorting
  • Simple And Compound Events
  • Sleep
  • Social Connections
  • Social Distance
  • Social Effects
  • Social Interaction
  • Social Networks
  • Social Networks
  • Social Norms
  • Social Preferences
  • Social Welfare Maximizing
  • Socially Responsible Investing
  • Somatic
  • Sorting
  • Stakeholder Theory
  • Status
  • Status Quo Bias
  • Strategic Behavior
  • Sunk-Cost Effect
  • Technical Trading
  • Tournament Incentives
  • Trading Behavior
  • Trading Performance
  • Trend Chasing
  • Trust Game
  • Ultimatum Game
  • Underreaction
  • Week-Of-The-Month Effect
  • Week-Of-The-Year Effect
  • Well-Being
  • Willingness To Compete
  • Willingness To Pay
  • Within-Subjects Design
  • Yes-No Game
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17 thoughts on “A New Journal – Journal of Behavioral and Experimental Finance

  1. Dan Barry

    Why not use the already established term “behavioural economics”, or is there an intentional difference between it and behavioural finance? The list of subject matter looks similar. In either case, it’s great to have a dedicated journal to the field.

    Reply
  2. Brian Mulligan

    At this point why do you need Elsevier? Why should we have to pay for access to knowledge that we have already paid to create? The only thing we need to retain from the “old system” is double blind peer review. This can be done without publishers. C’mon – let’s see more of those anti-establishment credentials.

    Reply
    1. brianmlucey Post author

      When the leading open access finance journals are as leading as the Elsevier finance journal stable, come back to me. I wont hold my breath.
      Heres the thing – it costs money to create a journal.

      Reply
    2. Michelle

      I would second Brian M’s point here that it would be nice to see it published open access. It does cost money to publish a journal (I run one myself) – though less than subscription fees most likely – but this could be funded through APCs?

      ‘Leading’ is a subjective term. High quality, important papers are often published in OA journals; just because they don’t have the prestige of older, traditional journal titles and publishers behind them does not make the research any less valid. I do appreciate it is very difficult to break this cycle however, given the increasing focus and pressure on research impact and metrics, but it needs to start somewhere so why not with new journals? If the academic community makes a stand and says ‘good research is good research no matter where it is published’ things will change (slowly) for the better in my opinion.

      Reply
  3. kevin denny

    If Brian & his colleagues acquire some honour for this undertaking then fair play to them. This journal looks like a very useful addition. Frankly, I don’t care what his motives are. Everybody’s looking for something.

    Reply
    1. FERGUS O'ROURKE

      Ah, Kevin !
      Don’t give me a dose of the doloUrs ! In all candoUr, my endeavoUr was not to question the purity of motivational fervoUr, vigoUr or rigoUr or to introduce any rancoUr. I discern that I may be in some bad odoUr now, which in these days of summer torpoUr is enough to give me a dose of the vapoUrs and propel me from my langoUrous harboUr to seek succoUr from some savioUr, or may be even from a paramoUr.

      Reply
  4. Pingback: The Irish Economy » Blog Archive » New Journal of Behavioural and Experimental Finance

  5. Arnie Cowan

    Congratulations, Brian. This looks like one of the best thought out new finance journals in a long while.

    Reply
  6. Satish

    Congratulation Brian for this Journal. Definitely, it will put forward the scholarly work on the Behavioral economics! Currently i am working on everyday finance of emerging economy India using BF/BE approach. I will submit my work to this journal soon!

    Reply

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