Log in / Register
Home arrow Business & Finance arrow Chronic Regulatory Focus and Financial Decision-Making


Aaker JL, Lee AY (2001) “I” seek pleasures and “we” avoid pains: the role of self-regulatory goals in information processing and persuasion. J Consum Res 28(1):33–49

Aaker JL, Lee AY (2006) Understanding regulatory fit. J Mark Res 43(1):15–19

Abraham A, Ikenberry DL (1994) The individual investor and the weekend effect. J Financ Quant Anal 29(2):263–277

Agarwal S, Driscoll JC, Gabaix X, Laibson D (2007) The age of reason: financial decisions over the lifecycle. (Working paper no. 13191). National Bureau of Economic Research. Retrieved from

Anderson LR, Gerlach JR, DiTraglia FJ (2007) Yes, wall street, there is a january effect! Evidence from laboratory auctions. J Behav Financ 8(1):1–8

Argamon S, Dhawle S, Koppel M, Pennebaker J (2005) Lexical predictors of personality type.

Paper presented at the joint annual meeting of the interface and the classification society of North America.

Ariel RA (1990) High stock returns before holidays: existence and evidence on possible causes.

J Financ 45(5):1611–1626

Aronson E (1991) The social animal, vol 6. W.H. Freeman, New York, NY

Association for Psychological Science. (2010). The psychology of financial decision making and economic crises. Retrieved 9 June 2015, from 100922111428.htm

Avnet T, Higgins ET (2006) How regulatory fit affects value in consumer choices and opinions.

J Mark Res 43(1):1–10

Bailard TE, Biehl DL, Kaiser RW (1986) Personal money management, vol 5. Science Research Associates Inc, Chicago

Baker M, Wurgler J (2007) Investor sentiment in the stock market. J Econ Perspect 21(2):129–151

Baker M, Wurgler J (2013) Behavioral corporate finance: an updated survey. Handbook of the economics of finance: Elsevier B.V.

Baker M, Wurgler J, Yuan Y (2012) Global, local, and contagious investor sentiment. J Financ Econ 104(2):272–287

Barber BM, Odean T (2000) Trading is hazardous to your wealth: the common stock investment performance of individual investors. J Financ 55(2):773–806

Barberis N, Xiong W (2009) What drives the disposition effect? An analysis of a long-standing preference-based explanation. J Financ 64(2):751–784

Bargh JA, Chen M, Burrows L (1996) Automaticity of social behavior: direct effects of trait

construct and stereotype activation on action. J Pers Soc Psychol 71(2):230

Barnewall MM (1987) Psychological characteristics of the individual investor. In: Droms W (ed) asset allocation for the individual investor charlottesville. VA, The Institute of Chartered Financial Analysts

Barsky RB, Juster FT, Kimball MS, Shapiro MD (1997) Preference parameters and behavioral heterogeneity: an experimental approach in the health and retirement study. Q J Econ 112 (2):537–579

Beal D, Delpachitra S (2003) Financial literacy among Australian university students'. Econ Pap


Beltramini RF (1983) Student surrogates in consumer research. J Acad Mark Sci 11(4):438–443 Bernartzi S, Thaler RH (1995) Myopic loss aversion and the equity premium puzzle. Q J Econ 110


Bernasek A, Shwiff S (2001) Gender, risk, and retirement. J Econ Issues 35(2):345–356 Berument H, Kiymaz H (2001) The day of the week effect on stock market volatility. J Econ

Financ 25(2):181–193

Bhandari M, Joensson A (2009) Clinical research for surgeons. Thieme

Bloom N, Bond S, Van Reenen J (2001) The dynamics of investment under uncertainty, no.

W01/05. Institute for Fiscal Studies

Bloom N, Bond S, Van Reenen J (2007) Uncertainty and investment dynamics. Rev Econ Stud 74 (2):391–415

Boldero JM, Higgins ET (2011) Regulatory focus and political decision making: when people favor reform over the status quo. Polit Psychol 32(3):399–418

Bouman S, Jacobsen B (2002) The halloween indicator, “sell in may and go away”: another

puzzle. Am Econ Rev 92(5):1618–1635

Brockner J, Paruchuri S, Idson LC, Higgins ET (2002) Regulatory focus and the probability estimates of conjunctive and disjunctive events. Organ Behav Hum Decis Process 87(1):5–24 Brown JR, Coile CC, Weisbenner SJ (2010) The effect of inheritance receipt on retirement. Rev

Econ Stat 92(2):425–434

Brunnermeier MK (2001) Preface asset pricing under asymmetric information: bubbles, crashes, technical analysis and herding. Oxford University Press

Butterworth V (1989) After the fall—investing in uncertain times. Bottom Line Managing Libr

Financ 2(3):41–42

Calder BJ, Phillips LW, Tybout AM (1981) Designing research for application. J Consum Res 8 (2):197–207

Camacho CJ, Higgins ET, Luger L (2003) Moral value transfer from regulatory fit: What feels right is right and what feels wrong is wrong. J Pers Soc Psychol 84(3):498–510

Carruth A, Dickerson A, Henley A (2000) What do we know about investment under uncertainty?

J Econ Surv 14(2):119–154

Carver CS, Scheier MF (1998) On the self-regulation of behavior. Cambridge University Press, New York

Chan C (2012) Effect of a coach's regulatory focus and an individual's implicit person theory on individual performance. J Manage 38(3):809–835

Chen Y, Sun Y (2003) Age differences in financial decision-making: using simple heuristics. Educ Gerontol 29(7):627–635

Chernev A (2004) Goal-attribute compatibility in consumer choice. J Consum Psychol 14(1): 141–150

Chkioua DH, Abaoub E (2012) Home bias in equity portfolios: theory and evidence for developed markets. Int J Econ Financ 4(6)

Ciccone SJ (2011) Investor optimism, false hopes and the January effect. J Behav Financ 12


Cole S, Shastry GK (2009) Smart money: the effect of education, cognitive ability, and financial literacy on financial market participation. Harvard Business School

Cole S, Paulson A, Shastry G (2012) Smart money: the effect of education on financial behavior.

Harvard Bus Sch Financ Working Pap (09-071).

Cooper I, Kaplanis E (1994) The implications of the home bias in equity portfolios. Bus Strategy Rev 5(2):41–53 Cooper MJ, Gulen H, Rau PR (2005) Changing names with style: mutual fund name changes and their effects on fund flows. J Financ 60(6):2825–2858

Crowe E, Higgins E (1997) Regulatory focus and strategic inclinations: promotion and prevention in decision-making. Organ Behav Hum Decis Process 69(2):117–132

Cull M, Whitton D (2011) University students' financial literacy levels: obstacles and aids. Econ Labour Relat Rev 22(1):99–114

Das G (2015) Retail shopping behaviour: understanding the role of regulatory focus theory. Int Rev Retail Distrib Consum Res 1–15

DeMarree KG, Wheeler SC, Petty RE (2005) Priming a new identity: self-monitoring moderates the effects of nonself primes on self-judgments and behavior. J Pers Soc Psychol 89(5):657

Devenow A, Welch I (1996) Rational herding in financial economics. Eur Econ Rev 40(3): 603–615

Dhar R, Zhu N (2002) Up close and personal: an individual level analysis of the disposition effect.

Yale ICF Working Paper, No. 02-20.

Dholakia UM, Gopinath M, Bagozzi RP, Nataraajan R (2006) The role of regulatory focus in the experience and self-control of desire for temptations. J Consum Psychol 16(2):163–175

Dichev ID, Janes TD (2003) Lunar cycle effects in stock returns. J Private Equity 6(4):8–29 Dijksterhuis A, Van Knippenberg A (1998) The relation between perception and behavior, or how

to win a game of trivial pursuit. J Pers Soc Psychol 74(4):865

Dimotakis N (2012) Team structure and regulatory focus: the impact of regulatory fit on team dynamic. J Appl Psychol 97(2):421–434

Dowling M, Lucey BM (2005) Are weather induced moods priced in global equity markets?

Available at SSRN 805944

Doyen S, Klein O, Pichon C-L, Cleeremans A (2012) Behavioral priming: it's all in the mind, but whose mind? PloS one 7(1):e29081

Duchowski AT (2007) Eye tracking methodology: theory and practice, 2nd edn. Springer, London Dwight SA, Donovan JJ (2003) Do warnings not to fake reduce faking? Hum Perform 16(1):1–23 Edmans A, García D, Norli Ø (2007) Sports sentiment and stock returns. J Financ 62(4):1967–


Edward M, Saunders J (1993) Stock prices and wall street weather. Am Econ Rev 83(5): 1337–1345

Egger M, Smith GD, Schneider M, Minder C (1997) Bias in meta-analysis detected by a simple, graphical test. BMJ 315(7109):629–634

Elliot WB (2006) Are investors influenced by pro-forma emphasis and reconciliations in earnings

announcements? Account Rev 81(1):113–133

Enis BM, Cox KK, Stafford JE (1972) Students as subjects in consumer behavior experiments.

Journal of Marketing Research 9(1):72–74

Erez M, Shneorson Z (1980) Personality types and motivational characteristics of academics versus professionals in industry in the same occupational discipline. J Vocat Behav 17(1): 95–105

Essner N, Rosenius N (2012) The financial crisis effects on asset allocation—a study regarding the individuals in Umeå financial behaviour in response to the financial crisis of 2008. Umeå

School of Business and Economics, Umeå, Sweden. Retrieved from diva-portal. org/smash/get/diva2:600778/FULLTEXT02.pdf

Fama EF (1965) The behaviour of stock market prices. J Bus 38(1):34–105

Fehle F, Tsyplakov S, Zdorovtsov V (2005) Can companies influence investor behaviour through advertising? Super bowl commercials and stock returns. Eur Financ Manage 11(5):625–647

Festinger L (1953) Research methods in the behavioral sciences. In: Festinger L, Katz D (eds) Laboratory experiments. Holt, New York

Field A (2009) Discovering statistics using SPSS, vol 3. Sage Publications, London

Filbeck G, Hatfield P, Horvath P (2005) Risk aversion and personality type. J Behav Financ 6 (4):170–180

Finch J, Mason J (2000) Passing on: kinship and inheritance in England. Routledge, London Fisher RJ (1993) Social desirability bias and the validity of indirect questioning. J Consum Res 20(2):303–315

Fisher GS (2010). How to profit when efficient markets are driven by inefficient people Retrieved 15 Sept 2013, from finance-gerstein-fisher.html

Florack A, Friese M, Scarabis M (2010) Regulatory focus and reliance on implicit preferences in consumption contexts. J Consum Psychol 20(2):193–204

Floros C, Tan Y (2013) Moon phases, mood and stock market returns: international evidence.

J Emerg Market Financ 12(1):107–127

Foad HS (2012) Equity home bias and the euro. Q J Financ 2(1):4–29

Förster J, Higgins ET, Idson LC (1998) Approach and avoidance strength during goal attainment: regulatory focus and the “goal looms larger” effect. J Pers Soc Psychol 75(5):1115

Förster J, Grant H, Idson LC, Higgins ET (2001) Success/failure feedback, expectancies, and approach/avoidance motivation: How regulatory focus moderates classic relations. J Exp Soc Psychol 37(3):253–260

Fox J, Bartholomae S, Lee J (2005) Building the case for financial education. J Consum Aff


Frazzini A (2006) The disposition effect and underreaction to news. J Financ 61(4):2017–2046 Freitas A, Higgins ET (2002) Enjoying goal-directed action: the role of regulatory fit. Psychol Sci


French K, Poterba J (1991) Investor diversification and international equity markets. Am Econ Rev 81(2):222–226

Frick RW (1995) Accepting the null hypothesis. Mem Cogn 23(1):132–138

Friedman RS, Förster J (2001) The effects of promotion and prevention cues on creativity. J Pers Soc Psychol 81(6):1001

Froot KA, Dabora EM (1999) How are stock prices affected by the location of trade? J Financ Econ 53(2):189–216

Ganster DC, Hennessey HW, Luthans F (1983) Social desirability response effects: Three alternative models. Acad Manage J 26(2):321–331

Gärling T, Kirchler E, Lewis A, Van Raaij F (2009) Psychology, financial decision making, and

financial crises. Psychol Sci Public Interest 10(1):1–47

Garner A (1988) Has the stock market crash reduced consumer spending? Fed Reserve Bank Kansas City Econ Rev

Gibbons MR, Hess P (1981) Day of the week effects and asset returns. J Bus 54(4):579–596

Goetzmann WN, Kumar A (2001) Equity portfolio diversification, NBER working paper no. 8686.

National Bureau of Economic Research

Goldberg HJ, Wichansky AM (2003) The mind's eye: cognitive and applied aspects of eye movement research. In: Hyönä J, Radach R, Deubel H (eds) Eye tracking in usability evaluation: a practitioner's guide. Elsevier, Amsterdam, pp 493–516

Grable JE (2000) Financial risk tolerance and additional factors that affect risk taking in everyday money matters. J Bus Psychol 14(4):625–630

Grant DA (1962) Testing the null hypothesis and the strategy and tactics of investigating

theoretical models. Psychol Rev 69(1):54

Gray JA (1990) Brain systems that mediate both emotion and cognition. Cogn Emot 4(3):268–288 Gunnarsson J, Wahlund R (1997) Household financial strategies in Sweden: an exploratory study.

J Econ Psychol 18(2–3):201–233

Harrison T (1994) Mapping customer segments for personal financial services. Int J Bank Mark 12(8):17–25

Haws KL, Dholakia U, Bearden WO (2010) An assessment of chronic regulatory focus measures.

J Mark Res 47(5):967–982

Hens T, Vlcek M (2011) Does prospect theory explain the disposition effect? J Behav Financ 12(3):141–157 Herman A, Reiter-Palmon R (2011) The effect of regulatory focus on idea generation and idea evaluation. Psychol Aesthetics Creativity Arts 5(1):13

Higgins ET (1998) Promotion and prevention: regulatory focus as a motivational principle. In: Zanna MP (ed) Advances in experimental social psychology, vol 30. Academic Press, San Diego, pp 1–46

Higgins ET (2000) Making a good decision: value from fit. Am Psychol 55(11):1217–1230 Higgins ET (2002) How self-regulation creates distinct values: the case of promotion and

prevention decision making. J Consum Psychol 12(3):177–191

Higgins ET (2005) Value from regulatory fit. Curr Dir Psychol Sci 14(4):209–213

Higgins ET, Bond RN, Klein RL, Strauman TJ (1986) Self-discrepancies and emotional vulnerability: how magnitude, accessibility, and type of discrepancy influence affect. J Pers Soc Psychol 51(1):5–15

Higgins ET, Roney CJR, Crowe E, Hymes C (1994) Ideal versus ought predilections for approach and avoidance: distinct self-regulatory systems. J Pers Soc Psychol 66(2):276–286

Higgins ET, Shah J, Friedman RS (1997) Emotional responses to goal attainment: Strength of regulatory focus as moderator. J Pers Soc Psychol 72(March):515–525

Hilgert MA, Hogarth JM, Beverly SG (2003) Household financial management: The connection between knowledge and behavior. Fed Reserve Bull 89

Hirshleifer D (2001) Investor psychology and asset pricing. J Financ 56:1533–1597

Hirshleifer D, Shumway T (2003) Good day sunshine: stock returns and the weather. J Financ 58(3):1009–1032

Hoffman JE (1998) Visual attention and eye movements. Attention 119–153

Holsanova J (2006) Dynamics of picture viewing and picture description. Adv Conscious Res 67:235

Hong H, Stein JC (1999) A unified theory of underreaction, momentum trading, and overreaction

in asset markets. J Financ 54(6):2143–2184

Hong H, Kubik JD, Solomon A (2000) Security analysts' career concerns and herding of earnings forecasts. RAND J Econ 31(1):121–144

Hsee C, Weber E (1999) Cross-national differences in risk preference and lay predictions. J Behav Decis Making 12

Huberman G (2001) Familiarity breeds investment. Rev Financ Stud 14(3):659–680 Huston SJ (2010) Measuring financial literacy. J Consum Aff 44(2):296–316

Idson LC, Liberman N, Higgins ET (2011) Distinguishing gains from non losses and losses from non gains: a regulatory focus perspective on hedonic intensity. J Pers Soc Psychol 101(4): 720–736

Imbens G, Rubin D, Sacerdote B (2001) Estimating the effect of unearned income on labor earnings, savings, and consumption: Evidence from a survey of lottery players. Am Econ Rev 91(4):778–794

Janiszewski C (1998) The influence of display characteristics on visual exploratory search behavior. J Consum Res 25(3):290–301

Jegadeesh N, Titman S (1993) Returns to buying winners and selling losers: implications for stock market efficiency. J Financ 48(1):65–91

Jegadeesh N, Titman S (2001) Momentum. Ann Rev Financ Econ 3(1):493–509

Jegadeesh N, Titman S (2001) Profitability of momentum strategies: an evaluation of alternative explanations. J Financ 56(2):699–720

Jensen MC (1978) Some anomalous evidence regarding market efficiency. J Financ Econ 6(2/3):95–101

Jianakoplos NA, Bernasek A (1998) Are women more risk averse? Econ Inq 36(4):620–630 Jonas E, Schulz-Hardt S, Frey D (2005) Giving advice or making decisions in someone else's

place: the influence of impression, defense, and accuracy motivation on the search for new information. Pers Soc Psychol Bull 31(7):977–990

Jones CS, Pomorski L (2002) Investing in disappearing anomalies. Working paper Jung HS, Yoon HH (2015) Understanding regulatory focuses: the role of employees' regulatory focus in stress coping styles, and turnover intent to a five-star hotel. Int J Contemp Hospitality Manage 27(2):283–307

Just MA, Carpenter PA (1976) Eye fixations and cognitive processes. Cogn Psychol 8(4):441–480

Just MA, Carpenter PA (1980) A theory of reading: from eye fixations to comprehension. Psychol Rev 87(4):329–354

Kacmar KM, Tucker R (2014) The moderating effect of supervisor's behavioral integrity on the relationship between regulatory focus and impression management. J Bus Ethics 1–12

Kahneman D (2012) A proposal to deal with questions about priming effects. Nature. Retrieved 10 Oct 2013, from!/suppinfoFile/ Kahneman%20Letter.pdf

Kahneman D, Tversky A (1979) Prospect theory: an analysis of decision under risk. Econometrica


Karn K, Goldberg J, McConkie G, Rojna W, Salvucci D, Senders J, Wooding D (2000) “Saccade pickers” versus “fixation pickers”: the effect of eye tracking instrumentation on research. Paper presented at the Proceedings of the Eye Tracking Research and Applications Symposium 2000, New York

Ke D, Ng L, Wang Q (2009) Home bias in foreign investment decisions. J Int Bus Stud 41(6): 960–979

Keim DB (1983) Size-related anomalies and stock return seasonality: further empirical evidence.

J Financ Econ 12(1):13–32

Keim DB, Stambaugh RF (1983) A further investigation of the weekend effect in stock returns.

J Financ 39(3):819–835

Keller C, Siegrist M (2006) Money attitude typology and stock investment. J Behav Financ 7(2):88–96

Keller PA (2006) Regulatory focus and efficacy of health messages. J Consum Res 33(1):109–114 Khan U, Dhar R, Wertenbroch K (2005) A behavioral decision theoretic perspective on hedonic and utilitarian choice. In: Ratneshwar S, Mick DG (eds) Inside consumption: frontiers of

research on consumer motives, goals, and desires. Routledge

Kim C-W, Park J (1994) Holiday effects and stock returns: further evidence. J Financ Quant Anal 29(1)

Kirmani A, Zhu RJ (2007) Vigilant against manipulation: the effect of regulatory focus on the use of persuasion knowledge. J Mark Res 44(4):688–701

Klenk MM, Strauman TJ, Higgins ET (2011) Regulatory focus and anxiety: a self-regulatory

model of GAD-depression comorbidity. Pers Individ Differ 50(7):935–943

Knutson B, Bossaerts P (2007) Neural antecedents of financial decisions. J Neurosci 27(31): 8174–8177

Kray LJ (2000) Contingent weighting in self–other decision making. Organ Behav Hum Decis

Process 83:82–106

Krivelyova A, Robotti C (2003) Playing the field: geomagnetic storms and the stock market. Fed Reserve Bank Atlanta Working Pap (5b)

Krueger TM, Kennedy WF (1990) An examination of the super bowl stock market predictor.

J Financ 45(2):691–697

Kuhnen CM, Knutson B (2005) The neural basis of financial risk taking. Neuron 47(5):763–770 Lam TWH, Chiu CY (2002) The motivational function of regulatory focus in creativity. J Creative

Behav 36(2):138–150

Langevoort DC (1996) Selling hope, selling risk: some lessons for law from behavioral economics about stockbrokers and sophisticated customers. Calif Law Rev 84(3):627–701

Latimer AE, Rivers SE, Rench TA, Katulak NA, Hicks A, Hodorowski JK, Salovey P (2008) A

field experiment testing the utility of regulatory fit messages for promoting physical activity. J Exp Soc Psychol 44(3):826–832

Lee C, Shleifer A, Thaler RH (1991) Investor sentiment and the closed fund puzzle. J Financ 46(1):75–109 Lee AY, Aaker JL, Gardner WL (2000) The pleasures and pains of distinct self-construals: the role of interdependence in regulatory focus. J Pers Soc Psychol 78(6):1122–1134

Levy SJ (1981) Intepreting consumer mythology: a structural approach to consumer behavior.

J Mark 45(6):49–61

Levy H, Levy M (2004) Prospect theory and mean-variance analysis. Rev Financ Stud 17(4):1015–1041

Liberman N, Idson LC, Camacho CJ, Higgins ET (1999) Promotion and prevention choices between stability and change. J Pers Soc Psychol 77(6):1135–1145

Lin H-F, Shen F (2012) Regulatory focus and attribute framing: Evidence of compatibility effects in advertising. Int J Advertising 31(1):169–188

List JA (2003) Does market experience eliminate market anomalies? Q J Econ 118(1):41–71 Lockwood P, Jordon CH, Kunda Z (2002) Motivation by positive or negative role models:

regulatory focus determines who will best inspire us. J Pers Soc Psychol 83(4):854–864 Lohse GL (1997) Consumer eye movement patterns on yellow pages advertising. J Advertising


Loughran T, Ritter JR (2002) Why don't issuers get upset about leaving money on the table in IPOs? Rev Financ Stud 15(2):413–443

Lusardi A (2003) Saving and the effectiveness of financial education. Pension Res Counc Working Pap (14)

Lusardi A (2008) Financial literacy: an essential tool for informed consumer choice? NBER Working Paper No. 14084. National Bureau of Economic Research

Lusardi A, Mitchell OS, Curto V (2010) Financial literacy among the young. J Consum Aff 44(2):358–380

Maccoby EE, Maccoby N (1954) The interview: a tool of social science. In: Lindzey G (ed) handbook of social psychology, vol 1. Addison-Wesley, Cambridge, pp 449–487

Mandel N (2003) Shifting selves and decision making: the effects of self-construal priming on consumer risk-taking. J Consum Res 30(1):30–40

Mandell L (2008) Financial literacy of high school students. In: Handbook of consumer finance research. Springer, Berlin, pp 163–183

Markowitz HM (1952) Portfolio selection. J Financ 7(1):77–91

Markowitz HM (1959) Portfolio selection: efficient diversification of investments. Yale University Press, pp 317–336

Maslow AH, Frager R, Fadiman J (1970) Motivation and personality, vol 2. Harper & Row, New York

Matthey A (2010) The influence of priming on reference states. Games 1(1):34–52

Mehra R, Prescott EC (1985) The equity premium: a puzzle. J Monetary Econ 15(2):145–161 Mehta CR, Patel NR, Tsiatis AA (1984) Exact significance testing to establish treatment

equivalence with ordered categorical data. Biometrics 40(3):819–825

Morris LA (2012) Communicating therapeutic risks. Springer Science & Business Media Morse A, Shive S (2011) Patriotism in your portfolio. J Financ Markets 14(2):411–440

Naghi LE, Covrig M, Federovici A (2015). Impact of financial crisis on the decision making process for insurance consumers. Theor Appl Econ 22(1(602), Spring):301–310

Nederhof AJ (1985) Methods of coping with social desirability bias: a review. Eur J Soc Psychol 15(3):263–280

Nocera J (2009) Poking holes in a theory on markets. Retrieved 9 May, 2013, from

Noctor M, Stoney S, Stradling S (1992) Financial literacy: a discussion of concepts and competences of financial literacy and opportunities for its introduction into young people's learning. Nat Found Educ Res

Nordlund M (2009) The effects of priming on personality self-reports: challenges and opportunities Nordlund M, Snell A (2006) Improving criterion-related validities with instructions to applicants: a good idea that actually worked. Presented at the annual meeting of the society for industrial and organizational psychology, Dallas, TX

Odean T (1999) Do investors trade too much? Am Econ Rev 89(5):1279–1298

Olsen RA, Cox CM (2001) The influence of gender on the perception and response to investment risk: the case of professional investors. J Psychol Financ Markets 2(1):29–36

Oppewal H (2011) Experimental research. In: Sirakaya-Turk E (ed) Research methods for leisure, recreation, and tourism. Wallingford, Oxfordshire England, CABI, Cambridge

Oyserman D, Lee SW (2008) Does culture influence what and how we think? Effects of priming individualism and collectivism. Psychol Bull 134(2):311

Park S-Y, Morton CR (2015) The role of regulatory focus, social distance, and involvement in anti-high-risk drinking advertising: a construal-level theory perspective. J Advertising 1–11

Pashler H, Coburn N, Harris CR (2012) Priming of social distance? Failure to replicate effects on social and food judgments. PloS one 7(8):e42510

Peltier BD, Walsh JA (1990) An investigation of response bias in the chapman scales. Educ Psychol Measur 50(4):803–815

Pentina I, Taylor DG (2013) Regulatory focus and daily-deal message framing: are we saving or gaining with groupon? J Interact Advertising 13(2):67–75

Pfattheicher S (2015) A regulatory focus perspective on reputational concerns: the impact of

prevention-focused self-regulation. Motiv Emot

Pham T, Avnet T (2004) Ideals and oughts and the reliance on affect versus substance in persuasion. J Consum Res 30(4):503–518

Pham T, Chang HH (2010) Regulatory focus, regulatory fit, and the search and consideration of

choice alternatives. J Consum Res 37(4):626–640

Podsakoff PM, MacKenzie SB, Lee J-Y, Podsakoff NP (2003) Common method biases in behavioral research: a critical review of the literature and recommended remedies. J Appl Psychol 88(5):879

Polivy J, Herman CP (2002) If at first you don't succeed: false hopes of self-change. Am Psychol 57(9):677–689

Polman E (2010) Information distortion in self–other decision making. J Exp Soc Psychol 46


Polman E (2012) Effects of self-other decision making on regulatory focus and choice overload.

J Pers Soc Psychol 102(5):980–993

Polman E, Emich KJ (2011) Decisions for others are more creative than decisions for the self. Pers Soc Psychol Bull 37(4):492–501

Pompian M (2012) Behavioral finance and investor types. Private Wealth Manage Feature Art 2012(1):1–3

Poole A, Ball LJ (2005) Eye tracking in human-computer interaction and usability research:

current status and future prospects. In: Ghaoui C (ed) Encyclopedia of Human computer interaction. Idea Group Reference

Powell M, Ansic D (1997) Gender differences in risk behaviour in financial decision-making: an experimental analysis. J Econ Psychol 18(6):605–628

Rayner K, Pollatsek A, Ashby J, Clifton C Jr (2011) Psychology of reading, 2nd edn. Psychology Press

Riley W, Chow KV (1992) Asset allocation and individual risk aversion. Financ Anal J


Roese NJ, Hur T, Pennington GL (1999) Counterfactual thinking and regulatory focus implications for action versus inaction and sufficiency versus necessity. J Pers Soc Psychol 77(6):1109–1120

Roney CJR, Higgins ET, Shah J (1995) Goals and framing: how outcome focus influences motivation and emotion. Pers Soc Psychol Bull 21(11):1151–1160

Rooij MV, Lusardi A, Alessie R (2007) Financial literacy and stock market participation. NBER working paper no. 13565. National Bureau of Economic Research Rooij MV, Lusardi A, Alessie R (2012) Financial literacy, retirement planning and household wealth. Econ J 122(560):449–478

Rosbergen E, Pieters R, Wedel M (1997) Visual attention to advertising: a segment-level analysis.

J Consum Res 24(3):305–314

Rowley J (1996) Motivation and academic staff in higher education. Qual Assur Educ 4(3):11–16 Rowlingson K, McKay S (2005) Attitudes to inheritance in Britain. The Policy Press, Bristol Rozeff MS, Kinney WR Jr (1976) Capital market seasonality: the case of stock returns. J Financ

Econ 3:379–402

Saldaña J (2012) The coding manual for qualitative researchers. SAGE Publications Limited, London

Salvucci DD, Goldberg HJ (2000) Identifying fixations and saccades in eye-tracking protocols.

Paper presented at the Proceedings of the Eye Tracking Research and Applications Symposium 2000, New York

Samuelson P (1965) Proof that properly anticipated prices fluctuate randomly. Ind Manage Rev


Scholer AA, Zou X, Fujita K, Stroessner SJ, Higgins ET (2010) When risk seeking becomes a motivational necessity. J Pers Soc Psychol 99(2):215–231

Sewell M (2010) Behavioural finance. Retrieved 19, Apr 2013, from

Shah J, Higgins ET (2001) Regulatory concerns and appraisal efficiency: the general impact of promotion and prevention. J Pers Soc Psychol 80(5):693–705

Shanks DR, Newell BR, Lee EH, Balakrishnan D, Ekelund L, Cenac Z, Moore C (2013) Priming intelligent behavior: an elusive phenomenon. PloS one 8(4):e56515

Shavit T, Giorgetta C, Shani Y, Ferlazzo F (2010) Using an eye tracker to examine behavioural biases in investment tasks: an experimental study. J Behav Financ 11(4):185–194

Shefrin H, Statman M (1984) Explaining investor preference for cash dividends. J Financ Econ 13(2):253–282

Shefrin H, Statman M (1985) The disposition to sell winners too early and ride losers too long: theory and evidence. J Financ 40(3):777–790

Sheth JN (1970) Are there differences in dissonance reduction behavior between students and

housewives? J Mark Res 7(2):243–245

Shiller RJ (1981) Do stock prices move too much to be justified by subsequent changes in dividends? Am Econ Rev 71(3):421–436

Shiller RJ, Fischer S, Friedman BM (1984) Stock prices and social dynamics. Brookings Pap Econ

Act 1984(2):457–510

Solnik B, Zuo L (2012) A global equilibrium asset pricing model with home preference. Manage Sci 58(2):273–292

Som A, Lee YH (2012) The joint effects of choice assortment and regulatory focus on choice

behavior. Int J Res Mark 29(2):202–209

Statman M (2008) What is behavioral finance? In: Fabozzi FJ (ed) Handbook of Finance, vol II. Wiley, Hoboken

Sterne JA, Gavaghan D, Egger M (2000) Publication and related bias in meta-analysis: power of

statistical tests and prevalence in the literature. J Clin Epidemiol 53(11):1119–1129 Stovall R (1989) The super bowl predictor. Financ World 158:72

Strandvall T (2013) Tobii eye tracker training (powerpoint slides)

Starr RG, Fernandez KV (2007) The Mindcam methodology: perceiving through the native's eye.

Qual Market Res Int J 10(2):168–182

Sun Q, Tong WHS (2010) Risk and the January effect. J Bank Financ 34(5):965–974

Surveys of Consumers (2001) Retrieved 24 May 2013, from Thomson Reuters/University of Michigan umichigan_surveys_of_consumers/ Taleb NN (2010) The Black Swan: the impact of the highly improbable fragility. Random House Digital, Inc.

Tesar LL, Werner IM (1995) Home bias and high turnover. J lnt Money Financ 14(4):467–492 Thaler RH (1993) Introduction. In: Thaler RH (ed) Advances in behavioral finance. Russell Sage

Foundation, New York, p 597

Thaler RH, Bondt WFMD (1995) Financial decision-making in markets and firms: A behavioral perspective. In: Jarrow R (ed) Handbooks in OR and MS, vol 9. Elsevier Science B.V.

Trueman B (1994) Analyst forecasts and herding behavior. Review of Financial Studies 7(1):


Tversky A, Kahneman D (1992) Advances in prospect theory: Cumulative representation of uncertainty. J Risk Uncertainty 5(4):297–323

Upton GJ (1992) Fisher's exact test. J Roy Stat Soc Ser A Stat Soc 395–402

Victoravich LM (2010) Overly optimistic? Investor sophistication and the role of affective reactions to financial information in investors' stock price judgements. J Behav Financ 11(1):1–10

Volcker P (2011) Financial reform: unfinished business. Retrieved 5th April, 2013, from

Wagland SP, Taylor S (2009) When it comes to financial literacy, is gender really an issue?

Australas Account Bus Financ J 3(1):13

Wan W, Hong J, Sternthal B (2009) The effect of regulatory orientation and decision strategy on brand judgements. J Consum Res 35(6):1027–1039

Waneryd KE (2001) Stock market psychology: how people value and trade stocks. Edward Elgar, Cheltenham, United Kingdom

Wang J, Lee AY (2006) The role of regulatory focus in preference construction. J Mark Res 43(1):28–38

Watson J, McNaughton M (2007) Gender differences in risk aversion and expected retirement benefits. Financ Anal J 63(4):52–62

Weber E, Hsee C (1998) Cross-cultural differences in risk perception, but cross-cultural similarities in attitudes towards perceived risk. Manage Sci 44(9):1205–1217

Weber E, Hsee C (2000) Culture and individual judgment and decision making. Appl Psychol


Wermers R (1999) Mutual fund herding and impact on stock prices. J Financ 54(2):581–622 Willis L (2008) Against Financial Literacy Education. Iowa Law Rev 94:197

Wilson WR, Miller H (1964) A note on the inconclusiveness of accepting the null hypothesis.

Psychol Rev 71(3):238

Winterheld HA, Simpson JA (2015) Regulatory focus and the interpersonal dynamics of romantic partners' personal goal discussions. J Pers

Wolfradt U, Pretz JE (2001) Individual differences in creativity: personality, story writing, and

hobbies. Eur J Pers 15(4):297–310

Wood R, Zaichkowsky JL (2004) Attitudes and trading behavior of stock market investors: A segmentation approach. J Behav Financ 5(3):170–179

Wright RD, Ward LM (2008) Orienting of attention. Oxford University Press

Yarbus AL, Riggs LA (1967) Eye movements and vision, vol 2. Plenum press New York

Yates D, Moore D, Starnes DS (2002) The practice of statistics: TI-83/89 graphing calculator enhanced. Macmillan

Yong E (2012) Replication studies: bad copy. Nature 485(7398):298

Yuan K, Zheng L, Zhu Q (2006) Are investors moonstruck? Lunar phases and stock returns.

J Empirical Financ 13(1):1–23

Zagorsky JL (2013) Do people save or spend their inheritances? Understanding what happens to inherited wealth. J Fam Econ Issues 34(1):64–76

Zhang S, Higgins ET, Chen G (2011) Managing others like you were managed: How prevention focus motivates copying interpersonal norms. J Pers Soc Psychol 100(4):647 Zhao G, Pechmann C (2007) The impact of regulatory focus on adolescents' response to antismoking advertising campaigns. J Mark Res 44(4):671–687

Zhou R, Pham T (2004) Promotion and prevention across mental accounts: when financial products dictate consumers' investment goals. J Consum Res 31(1):125–135

Zhu RJ, Meyers-Levy J (2007) Exploring the cognitive mechanism that underlies regulatory focus effects. J Consum Res 34(1):89–96

Found a mistake? Please highlight the word and press Shift + Enter  
Business & Finance
Computer Science
Language & Literature
Political science