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Journal articles on the topic 'Crisis aversion'

Author: Grafiati

Published: 3 June 2025

Last updated: 31 July 2025

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1

Jamie, Brownlee-Turgeon. "Measuring a leader's ability to identify and avert crisis." Journal of Management Science and Business Intelligence 2, no. 2 (2017): 9–16. https://doi.org/10.5281/zenodo.827384.

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Leaders often have influence over the impact of pending crises by either preventing or minimizing the crisis (Pearson and Mitroff, 1993; Bonvillian, 2013). With crisis looming just around the corner, a leader’s ability to identify, avert, and manage a crisis has become a fundamental element in organizational sustainability. Yet, most literature on crisis is focused in the field of communication or crisis management during the actual event. Wooten and James (2008) provide a conceptual model that describes leadership competencies in each of the five stages of crisis management. The development o

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Jakiela, Pamela, and Owen Ozier. "The Impact of Violence on Individual Risk Preferences: Evidence from a Natural Experiment." Review of Economics and Statistics 101, no. 3 (2019): 547–59. http://dx.doi.org/10.1162/rest_a_00763.

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We estimate the impact of Kenya's postelection crisis on individual risk preferences. The crisis interrupted a longitudinal survey of more than five thousand Kenyan youth, creating plausibly exogenous variation in exposure to civil conflict prior to the survey. Our results indicate that the postelection crisis sharply increased individual risk aversion. Immediately after the crisis, the fraction of subjects displaying extreme risk aversion increased by more than 80%. Findings remain robust when we use an IV estimation strategy that exploits random assignment of respondents to waves of surveyin

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3

Kang, Byung Jin, Tong Suk Kim, and Sun Joong Yoon. "Implied Risk Preferences from Option Prices: Evidence from KOSPI 200 Index Options." Journal of Derivatives and Quantitative Studies 16, no. 2 (2008): 1–35. http://dx.doi.org/10.1108/jdqs-02-2008-b0001.

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In this paper, we investigated the risk averse ness of KOSPI 200 option investors with very flexible risk preference structure. Contrary to the most of previous research either assuming a time-invariant underlying asset return distribution or assuming a well-known functional form for the underlying utility functions. we directly assume functional forms for Investors’risk aversion functions. With the direct specification on the risk aversion functions themselves. we can avoid the possibility 이 suffering from Internal inconsistency and of obtaining misleading risk aversion functions. From our em

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Ali, Ijaz. "The impact of ambiguity on the value-relevance of earnings volatility: Evidence from the COVID-19 pandemic." Investment Management and Financial Innovations 22, no. 1 (2025): 275–87. https://doi.org/10.21511/imfi.22(1).2025.21.

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Prior research states that during extreme uncertainties stock prices deviate from their fundamentals. This study examines the cross-section of share price returns during the COVID-19 and pre-COVID periods to determine how investors’ reaction to prior earnings volatility is affected by the COVID-19-induced ambiguity. The sample consists of 840 firms listed on the New York Stock Exchange (NYSE) from January 1, 2020 to May 31, 2021. Consistent with the notion that ambiguity-aversion is not a universal phenomenon, COVID-period stock returns exhibit a positive (β = 0.23) and statistically significa

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Scholz, Peter, David Grossmann, and Sinan Krueckeberg. "BETTER THE DEVIL YOU KNOW THAN THE DEVIL YOU DON’T − FINANCIAL CRISES BETWEEN AMBIGUITY AVERSION AND SELECTIVE PERCEPTION." Central European Review of Economics and Management 2, no. 1 (2018): 155. http://dx.doi.org/10.29015/cerem.498.

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Aim: Financial crises are dangerous and frightening events with potentially severe consequences for investors, financial systems and even whole economies. Hence, we suppose that market participants show increased proneness to emotionally biased decisions during times of market distress. We test our hypothesis by analyzing two well-known behavioral effects: ambiguity aversion and selective perception. Design / Research methods: The authors should clearly explain the way in which the aim or objective is achieved. The main research methods as well as the approach to the research should be provide

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Nishiyama, Yasuo. "The Asian Financial Crisis and Investors’ Risk Aversion." Asia-Pacific Financial Markets 13, no. 3 (2007): 181–205. http://dx.doi.org/10.1007/s10690-007-9041-1.

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Inklaar, Robert, Juan Fernández de Guevara, and Joaquín Maudos. "The Impact of the Financial Crisis on Financial Integration, Growth and Investment." National Institute Economic Review 220 (April 2012): R29—R35. http://dx.doi.org/10.1177/002795011222000114.

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Financial crises, and in particular those of the past few years, have severe consequences for the affected economies. In this paper we analyse the impact of financial development and European financial integration on growth and we find no reversal of the growth benefits of financial development and integration in recent years. This highlights the economic cost of regulatory changes that would reverse European financial integration. We also find that, following a financial crisis, investment declines more in countries with a greater degree of uncertainty aversion, which can be informative for e

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Gassmann, Xavier, Antoine Malézieux, Eli Spiegelman, and Jean-Christian Tisserand. "Preferences after pan(dem)ics: Time and risk in the shadow of COVID-19." Judgment and Decision Making 17, no. 4 (2022): 745–67. http://dx.doi.org/10.1017/s1930297500008925.

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AbstractThis paper uses the COVID-19 health crisis to study how individual preferences respond to generalized traumatic events. We review previous literature on natural and man-made disasters. Using incentive-compatible tasks, we simultaneously estimate risk and ambiguity aversion, time discounting, present bias, and prudence parameters before, during, and after the COVID-19 lockdown in France. We find patience, risk aversion, and ambiguity aversion fell during lockdown, then gradually returned toward their initial levels 4 months later. These results have implications for health and economic

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Strašek, Sebastjan, and Bor Bricelj. "Spread and Liquidity Issues: A markets comparison." Naše gospodarstvo/Our economy 62, no. 1 (2016): 3–11. http://dx.doi.org/10.1515/ngoe-2016-0001.

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Abstract The financial crises are closely connected with spread changes and liquidity issues. After defining and addressing spread considerations, we research in this paper the topic of liquidity issues in times of economic crisis. We analyse the liquidity effects as recorded on spreads of securities from different markets. We stipulate that higher international risk aversion in times of financial crises coincides with widening security spreads. The paper then introduces liquidity as a risk factor into the standard value-at-risk framework, using GARCH methodology. The comparison of results of

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Larraguibel Díez, Luis E. "Causas y efectos de la desesperación teológica en Tomás de Aquino y la encíclica Spe Salvi." Espíritu 73, no. 168 (2024): 345–65. https://doi.org/10.63534/2938-3994.168.2024.345-365.larraguibel.

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Benedict XVI teaches that the current crisis of faith would originate from the replacement of Christian hope in the kingdom of God with worldly hope in the kingdom of man. In the language of Thomas Aquinas, this process of despair involves aversion (aversio) from the formal object of Christian hope and conversion (conversio) towards created goods. This conversion –which seeks the reestablishment of earthly pa- radise– is eventually caused by the loss of faith but is immediately caused by the vice of acedia. To this connection drawn up by Saint Thomas, we must add the role that the German Ponti

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Titley, Gavan. "Circuits of Aversion: The Transnational Mediation of Multicultural Crisis." Irish Journal of Sociology 19, no. 2 (2011): 43–59. http://dx.doi.org/10.7227/ijs.19.2.4.

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Since ‘9/11’, commentators, politicians and media discourse in a range of European contexts have increasingly drawn on narratives of the ‘crisis of multiculturalism’ to make sense of a broad range of events and political developments. For all this focus, multiculturalism has rarely amounted to more than a patchwork of initiatives, rhetoric and aspirations in any context, and has been subject to a long and well-documented history of ‘backlash’. Multiculturalism, therefore, can be approached analytically as a mobilising metaphor and discursive assemblage that facilitates and orders debate on que

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12

Thompson, John L. "Strategic crisis aversion: the value of a “style audit”." Learning Organization 5, no. 1 (1998): 36–46. http://dx.doi.org/10.1108/09696479810200865.

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Kim, Minji, Eun Joo Kim, and Billy Bai. "Examining restaurant purchase intention during crises: the role of message appeal." International Journal of Contemporary Hospitality Management 33, no. 12 (2021): 4373–90. http://dx.doi.org/10.1108/ijchm-03-2021-0306.

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Purpose This paper aims to examine the joint role of the pandemic-induced source of crisis (i.e. health and social crisis) based on Maslow’s Hierarchy of Needs and message appeal in customer perception of and behavioral intention toward a restaurant. Design/methodology/approach This study uses a 2 (source of crisis: social, health) × 2 (message appeal: social, health) between-subjects factorial design. A total of 181 samples was collected and data was analyzed by using ANCOVA and PROCESS. Findings The results showed a significant two-way interaction between source of crisis and message appeal

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Han, Paul K. J., Elizabeth Scharnetzki, Aaron M. Scherer, et al. "Communicating Scientific Uncertainty About the COVID-19 Pandemic: Online Experimental Study of an Uncertainty-Normalizing Strategy." Journal of Medical Internet Research 23, no. 4 (2021): e27832. http://dx.doi.org/10.2196/27832.

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Background Communicating scientific uncertainty about public health threats such as COVID-19 is an ethically desirable task endorsed by expert guidelines on crisis communication. However, the communication of scientific uncertainty is challenging because of its potential to promote ambiguity aversion—a well-described syndrome of negative psychological responses consisting of heightened risk perceptions, emotional distress, and decision avoidance. Communication strategies that can inform the public about scientific uncertainty while mitigating ambiguity aversion are a critical unmet need. Objec

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Parnell, John A., John E. Spillan, and Donald L. Lester. "Crisis aversion and sustainable strategic management (SSM) in emerging economies." International Journal of Sustainable Strategic Management 2, no. 1 (2010): 41. http://dx.doi.org/10.1504/ijssm.2010.032163.

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Torga, Eliana, Carolina Roma, Paula Roma, and Bruno Ferreira. "Ten Years After the 2008 Crisis: Has Risk Aversion Won?" Brazilian Business Review 20, no. 3 (2023): 323–38. http://dx.doi.org/10.15728/bbr.2023.20.3.5.en.

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The aim of this paper is to investigate the performance of low-volatility portfolio strategies representing risk aversion after the 2008 global financial crisis. Five investment portfolios were built by taking into consideration the weight distribution criteria defined by the inverse of the standard deviation of assets, the natural logarithm and exponential of these values, as well as the minimum variance and tangent portfolios, based on the SP 500 futures index, dollar futures index, US government long-term bond (10-year Treasury Bond) and gold futures. The design of the strategies used both

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Xue, Weiheng. "Behavioral Insights into Financial Crises: Tulip Mania, the Great Depression, and 2008." Advances in Economics, Management and Political Sciences 200, no. 1 (2025): 47–53. https://doi.org/10.54254/2754-1169/2025.lh25067.

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Financial crises have repeatedly devastated economies, prompting a search for deeper explanations beyond traditional finance. Episodes from the 17th-century Dutch Tulip Mania to the 2008 global meltdown reveal patterns of speculative bubbles and crashes that classical theories struggle to explain. This paper, based on relevant theories from behavioral economics and adopting a case-study approach, focuses on herd behavior, overconfidence, heuristics, and loss aversion to analyze three historic crises (1637 Tulip Mania, 1929 Wall Street Crash, 2008 Global Financial Crisis). In each case, psychol

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Dajcman, Silvo. "Bank risk aversion and the risk-taking channel of monetary policy in the euro area." Panoeconomicus 64, no. 5 (2017): 607–21. http://dx.doi.org/10.2298/pan150601016d.

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The financial crisis has provoked economic policy interest and academic research on the functioning and empirical verification of the risktaking channel of monetary policy. The results of this paper demonstrate how the European Central Bank?s Bank lending survey responses can be used to construct a ?pure? risk aversion indicator of banks? business lending. Using panel vector autoregression econometric methodology, we find evidence that the monetary policy affects the ?pure? risk aversion of banks and later affects business loans and inflation in the euro area. The results suggest that the risk

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Harzallah, Amen Aissi, and Mouna Boujelbene Abbes. "The Impact of Financial Crises on the Asset Allocation: Classical Theory Versus Behavioral Theory." Journal of Interdisciplinary Economics 32, no. 2 (2019): 218–36. http://dx.doi.org/10.1177/0260107919848629.

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The aim of this article is to compare the portfolio optimization generated by the behavioral portfolio theory (BPT) and the mean variance theory (MVT) by investigating the impact of the global financial crisis on the asset allocation. We use data from the Canadian Stock Exchange over the 2002–2015 period. By comparing both approaches, we show that for any level of aspiration and admissible failure, the BPT optimal portfolio will always contain a part of the mean–variance frontier. Thus, in the case of higher degree of risk aversion induced by typical BPT investors, the security set is located

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Khan, Arbaaz, Mohd Sarwar Rahman, and Rayees Afzal Mir. "Behavioural Influences on Investment Strategies: The Role of Emotions, Biases, and Market Dynamics." Journal of Global Economics, Management and Business Research 17, no. 2 (2025): 78–87. https://doi.org/10.56557/jgembr/2025/v17i29393.

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The study examines the impact of psychological biases overconfidence, loss aversion, and herding behaviour on investment decisions using a mixed-methods approach combining quantitative surveys and qualitative interviews. A sample of 500 investors, including retail and institutional participants, was analyzed to assess behavioural patterns, risk tolerance, and market dynamics. Quantitative analysis revealed that overconfidence positively influenced trading frequency, with highly confident investors executing up to 20 trades per month, exhibiting a risk profile of 8, and achieving annual returns

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Kramer, Charles, and R. Todd Smith. "The Mexican Crisis and the Behavior of Country-Fund Discounts: Renewing the Puzzle of Closed-End Fund Pricing." International Journal of Theoretical and Applied Finance 01, no. 01 (1998): 161–74. http://dx.doi.org/10.1142/s0219024998000084.

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Many studies have attempted to reconcile the behavior of closed-end fund prices with notions about the behavior of investors. Such studies have appealed to frictions (taxes, agency costs, and illiquidity) and investor sentiment to explain the puzzling behavior of fund prices. The events of December 1994 in Mexico, and subsequent effects on some funds' prices, have given rise to a new puzzle, extreme premia on closed-end funds that invest in Mexican stocks. We believe this new puzzle is not amenable to explanation by extant hypotheses. We offer a hypothesis of loss-aversion on the part of indiv

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Niyitegeka, Olivier. "Testing Financial Contagion in Emerging Countries: Evidence From BRICS Countries." International Journal of Financial Research 13, no. 1 (2022): 42. http://dx.doi.org/10.5430/ijfr.v13n1p42.

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This study uses a Multivariate Generalised Autoregressive Conditional Heteroskedasticity (MGARCH) model to examine the pure form of financial contagion in BRICS countries (Brazil, Russia, India, China, and South Africa) in the wake of two major international financial crises namely the U.S. sub-prime and Eurozone sovereign debt crises (EZDC). The pure form of contagion refers to the spread of shocks that are unrelated to macroeconomic fundamentals and are simply the product of irrational phenomena like panics, herd behaviour, loss of confidence, and risk aversion. To investigate contagion the

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Hayhoe, Katharine, Bryan Giemza, and Emma C. Schmidt. ""Climate Change Is an Everything Issue"." Southern Cultures 29, no. 3 (2023): 130–41. http://dx.doi.org/10.1353/scu.2023.a904680.

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Abstract: In this interview, Katharine Hayhoe discusses the regional dimensions and impacts of climate change on the American South. Topics discussed include Texas and the energy sector, the pandemic, climate dismissives, solution aversion, political polarization, Christian identity and climate change, solutions to the climate crisis, definitions of environmentalism, and conducting productive climate conversations.

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Bouteska, Ahmed, and Boutheina Regaieg. "Loss aversion, overconfidence of investors and their impact on market performance evidence from the US stock markets." Journal of Economics, Finance and Administrative Science 25, no. 50 (2020): 451–78. http://dx.doi.org/10.1108/jefas-07-2017-0081.

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Purpose The current study aims to investigate the impacts of two behavioral biases, namely, loss aversion and overconfidence on the performance of US companies. First, the impact of loss aversion on the economic performance of companies was assessed. Second, the impact of overconfidence on market performance was discussed. Design/methodology/approach This study used around 6,777 quarterly observations on the population of US-insured industrial and services companies over the 2006-2016 period. Ordinary least squares (OLS) regression in two panel data models were used to test the hypotheses form

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Shetty, Dhatri Jagadeesh. "A Game-Theory Analysis of Political Decision-Making in Geopolitical Hotspots: Perspective on Crisis Management in Border Disputes." International Journal of Social Science and Economic Research 09, no. 10 (2024): 4495–506. http://dx.doi.org/10.46609/ijsser.2024.v09i10.034.

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This This review analyses the application of game theory and behavioural economics to political decision-making in geopolitical hotspots, with a focus on border disputes. Using case studies, it highlights how strategic interactions and psychological factors like loss aversion influence crisis management. The paper aims to provide insights for mitigating tensions and improving conflict resolution strategies

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Lal, Sumeet, Trinh Xuan Thi Nguyen, Aliyu Ali Bawalle, Mostafa Saidur Rahim Khan, and Yoshihiko Kadoya. "Unraveling Investor Behavior: The Role of Hyperbolic Discounting in Panic Selling Behavior on the Global COVID-19 Financial Crisis." Behavioral Sciences 14, no. 9 (2024): 795. http://dx.doi.org/10.3390/bs14090795.

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In financial markets, irrational behaviors such as hyperbolic discounting and panic selling are prevalent. However, their widespread empirical associations remain unexplored. Numerous behavioral theories discuss how cognitive biases exacerbate panic selling through the lens of immediate loss aversion, a phenomenon in which individuals exhibit impulsive decision-making tendencies due to an intense fear of financial loss during market upheaval. Despite the theoretical elucidation, empirical investigations of these dynamics are lacking. Using a robust dataset comprising 121,293 active investors s

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Franzoi, Fabio, and Mark Mietzner. "Sunshine after the rain? The stock market performance of family firms in and after financial crises." Risk Governance and Control: Financial Markets and Institutions 11, no. 3 (2021): 41–54. http://dx.doi.org/10.22495/rgcv11i3p3.

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This study applies financial crises as an exogenous shock to family and non-family firms to identify differences in stock market performance. We investigate 278 firms listed on the German Stock Exchange in the world financial crisis starting in 2007 as well as the Euro crisis starting in 2010. Based on the methodology of Gompers, Ishii, and Metrick (2003), we form portfolios with and without family blockholders and apply equally- as well as value-weighted four-factor models to identify differences in stock market performance. Results show that family firms do not necessarily perform better tha

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Aristei, David, and Cristiano Perugini. "Inequality aversion in post-communist countries in the years of the crisis." Post-Communist Economies 28, no. 4 (2016): 436–48. http://dx.doi.org/10.1080/14631377.2016.1224053.

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CHOI, JONG KUN. "Crisis stability or general stability? Assessing Northeast Asia’s absence of war and prospects for liberal transition." Review of International Studies 42, no. 2 (2015): 287–309. http://dx.doi.org/10.1017/s0260210515000170.

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AbstractIs the relatively long peace of Northeast Asia a result of crisis stability or general stability? The article introduces two stability concepts – crisis and general stability. Crisis stability occurs when both sides in military crisis are so secure due to its military capability and are able to wait out a surprise attack fully confident that it would be able to respond with a punishing counter attack. On the other hand, general stability prevails when two powers greatly prefer peace even to a victorious war whether crisis stability exists or not, simply because war has become inconceiv

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Mlachila, Montfort, and Sarah Sanya. "Post-crisis bank behavior: lessons from Mercosur." International Journal of Emerging Markets 11, no. 4 (2016): 584–606. http://dx.doi.org/10.1108/ijoem-06-2015-0116.

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Purpose The purpose of this paper is to answer one important question: in the aftermath of a systemic banking crisis, can the expected deviations in credit supply, liquidity, and other bank characteristics become entrenched in that they do not converge back to “normal”? Design/methodology/approach Using a panel data set of commercial banks in the Mercosur during the period 1990-2006, the authors analyze the impact of crises on four sets of financial indicators of bank behavior and outcomes – profitability, maturity preference, credit supply, and risk taking. The authors employ convergence meth

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Villalobos, Katherine M. "Equity Risk Premium in ASEAN: Empirical Analysis on Its Puzzle and Impact of 2008 Financial Crisis." Asian Business Research 2, no. 1 (2017): 4. http://dx.doi.org/10.20849/abr.v2i1.124.

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This paper aims to mainly investigate equity risk premium of the six major members of ASEAN countries such as Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam which have been chosen based on their stock market development and data availability. It has focused on the two main issues of the equity risk premium such as the intriguing issue on the existence of equity premium puzzle and the analysis on the impact of the 2008 financial crisis on the trend of the equity risk premium and their potential contribution on the risk aversion's attitude of the ASEAN investors. Three methods

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Wang, Alan, Yu-Hong Liu, and Yu-Chen Chang. "An Analysis of Gains to US Acquiring REIT Shareholders in Domestic and Cross-Border Mergers before and after the Subprime Mortgage Crisis." Sustainability 10, no. 12 (2018): 4586. http://dx.doi.org/10.3390/su10124586.

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This paper examines the abnormal returns of acquiring real estate investment trusts (REITs) around the announcement of acquisitions before and after the subprime mortgage crisis. Based on 182 domestic and cross-border US REIT acquisition announcements from 2005 to 2010, the acquiring trusts experienced a 0.73% abnormal return, on average. When the sample was divided into pre-crisis, crisis, and after-crisis subsamples, the acquiring trusts enjoyed the largest abnormal returns (1.86%) for domestic acquisitions during the crisis period. Before the crisis, when the acquisition was cross-border, t

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Abou Haidar, Sandy, and Khalil Feghali. "Financial Inclusion of Female Social Commerce Entrepreneurs in Light of the Lebanese Economic, Financial, and Sanitary Crisis." Journal of Innovation Management 12, no. 1 (2024): 24–47. http://dx.doi.org/10.24840/2183-0606_012.001_0002.

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Social commerce in Lebanon is on the rise in light of the sanitary, financial, and economic crisis that the country has been facing. Female entrepreneurs are increasingly investing in this informal market. This paper aims to study whether social commerce, in a turbulent context, paves the way for more financially included women. Female social commerce entrepreneurs have been asked to fill a survey about their financial behavior before and after the pivotal point of the Lebanese crisis, on October 17, 2019. Results show that social commerce in Lebanon is mainly cash-based. Nonetheless, a remark

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Sirven, Nicolas, and Thomas Barnay. "Expectations, loss aversion and retirement decisions in the context of the 2009 crisis in Europe." International Journal of Manpower 38, no. 1 (2017): 25–44. http://dx.doi.org/10.1108/ijm-02-2016-0041.

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Purpose The purpose of this paper is to estimate a reduced form model of expectations-based reference-dependent preferences to explain job retention of older workers in Europe in the context of the 2009 economic crisis. Design/methodology/approach Using individual micro-economic longitudinal data from the Survey of Health, Ageing, and Retirement in Europe between 2006 and 2011, the authors derive a measure of “good, bad or no surprise” from workers’ anticipated evolution of their standard of living five years from 2006 (reference point) and from a comparison of their capacity to make ends meet

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Poiatti, Natalia. "The importance of expectations in determining sovereign spreads." Brazilian Review of Finance 21, no. 4 (2023): 63–80. http://dx.doi.org/10.12660/rbfin.v21n4.2023.89840.

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This paper investigates how changes in expectations regarding the ability of the European Monetary Union to address the debt crisis have asymmetrically impacted the cost of sovereign borrowing in central and peripheral European countries. It shows that most of the variations in sovereign spreads can be explained by fundamentals in a model that allows for structural breaks. We test for both the presence and the time of structural breaks, deriving their asymptotic distribution and confidence intervals. The two estimated breakpoints are: the second quarter of 2010, a period when financial markets

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Nisani, Doron, Mahmoud Qadan, and Amit Shelef. "Risk and Uncertainty at the Outbreak of the COVID-19 Pandemic." Sustainability 14, no. 14 (2022): 8527. http://dx.doi.org/10.3390/su14148527.

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The classic paradigm in finance maintains that asset returns are paid as a compensation for bearing risk. This study extends the literature and explores whether asset prices are also affected by uncertainty. This research invokes the Expected Utility with Uncertainty Probabilities Model and utilizes the natural experiment conditions of the COVID-19 pandemic outbreak, in order to determine whether investors’ behavior during the sharp economic decline was driven by risk, or uncertainty. We limit this research only to the outbreak of the pandemic, since the recovery of the markets suggests invest

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Whittle, Richard, Thomas Davies, Matthew Gobey, and John Simister. "Behavioural Economics and House Prices: A Literature Review." Business and Management Horizons 2, no. 2 (2014): 15. http://dx.doi.org/10.5296/bmh.v2i2.6262.

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This paper investigates previous research, to examine ways in which behavioural economics helps us to understand how house prices are determined. In several respects, behavioural economics seems to be an improvement over neoclassical economics, regarding variations and trends in house prices. This paper analyses theoretical and empirical evidence – investigating topics such as loss aversion, house price bubbles, and herd behaviour. Historical perspectives (including the 2007/8 global financial crisis) are included, as well as differences between countries.

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Lai, Shun Yan, Jingyu Liao, Zijia Xiong, and Lillian Mok. "Collaborate or Stand Alone? New Survival Strategy Entrepreneurs Make for SMEs During Economic Downturns." Advances in Economics, Management and Political Sciences 182, no. 1 (2025): 146–55. https://doi.org/10.54254/2754-1169/2024.24034.

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When a firm struggles during a recession, it usually uses methods like reducing prices and dismissing employees to overcome and recover. However, these methods could be more efficient and ethical. We evaluate people's willingness to cooperate during a recession through controlled experiments. Due to financial pressures and loss aversion, firms would instead cooperate but get less revenue than face bankruptcy or a colossal crisis. Thus, promoting collaboration as an effective method to face recession is essential.

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Kwon, Dae-Hyun. "Demand Uncertainty, Cost Behavior, and the Asian Financial Crisis: Evidence from Korea." Sustainability 11, no. 8 (2019): 2238. http://dx.doi.org/10.3390/su11082238.

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The mix of fixed and variable costs in response to environmental changes is important for the sustainability of a firm. This study examines how demand uncertainty affects managers’ cost structure decisions. Using data on Korean firms from 1982 to 2015, my study provides evidence that cost rigidity increases in demand uncertainty. This finding implies that managers under higher uncertainty will increase the committed capacity to reduce congestion costs, resulting in a more rigid (less elastic) cost structure with higher fixed and lower variable costs in the short term. I also investigate the ef

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Ayoub, Sherif. "The Global Financial Crisis, Securitization and Islamic Finance: An Opportunity for Inward and Outward Reform." ISRA International Journal of Islamic Finance 4, no. 2 (2012): 53–87. http://dx.doi.org/10.55188/ijif.v4i2.146.

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It is often contended by academics and practitioners in the Islamic finance industry that the global financial crisis would not have happened if the international financial markets had followed the principles of Sharīʿah, especially in the asset securitization sphere. This article attempts to respond to these assertions by examining the factors that contributed to the global financial crisis alongside an analysis of how Islamic finance could have been of value in its aversion. Specifically, the article provides details on the origins of the global financial crisis, its evolution and triggers.

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Sharma, Abhinav, Seunghun Shin, Juan Luis Nicolau, and Sangwon Park. "The review sentiment garden: Blossoming loss aversion and diminishing sensitivity across time and crisis." International Journal of Hospitality Management 129 (August 2025): 104170. https://doi.org/10.1016/j.ijhm.2025.104170.

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Grandjean, Julie, and Erik P. Bucy. "Visual depictions of the Rohingya crisis: Exodus, cultural othering, genocidal aggression and audience aversion to graphic portrayals." Journal of Visual Political Communication 10, no. 2 (2023): 127–49. http://dx.doi.org/10.1386/jvpc_00028_1.

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The Rohingya people of Myanmar (formerly Burma) have been described by the UN as the ‘most persecuted ethnic group in the world’. Yet despite recognition of the Rohingya’s attempted eradication as a genocide, this humanitarian crisis is rarely the subject of intensive news coverage and largely flies under the radar of international media. When the Rohingya’s plight does appear in the news, media coverage tends to portray this religious and ethnic minority as a displaced people fleeing their native Myanmar rather than depicting the reality of genocide and the gruesome visual truth of systematic

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Lee, Jin Man, Kiat Ying Seah, and James Shilling. "The Impact of Commitment on Pending Home Sales in Entrapping Situations." International Real Estate Review 26, no. 4 (2023): 491–520. http://dx.doi.org/10.53383/100371.

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This paper examines the decision-making processes of home buyers during the Global Financial Crisis, with a specific focus on passive coping mechanisms and the role of risk aversion. The study investigates how risk aversion influences the behavior of home buyers and highlights the disparities between high-income and low-income buyers. The findings reveal that high-income home buyers exhibit a risk aversion parameter that ranges from 1.74 to 1.99, while low-income home buyers have a parameter that ranges from 0.60 to 0.62, thus indicating different levels of risk tolerance and decision-making p

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Kuramoto, Yu, Mostafa Saidur Rahim Khan, and Yoshihiko Kadoya. "Behavioral Biases in Panic Selling: Exploring the Role of Framing during the COVID-19 Market Crisis." Risks 12, no. 10 (2024): 162. http://dx.doi.org/10.3390/risks12100162.

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Panic selling causes long-term losses and hinders investors’ return to the market. It has been explained using prospect theory aspects such as loss and regret aversion. Additionally, overconfidence and overreaction contribute to the disposition effect, leading investors to sell stocks prematurely. However, the framing effect, another disposition effect attribute, has been underexplored in the context of panic selling. This study investigates how the framing effect influences panic selling, particularly during market crises, when investors perceive information differently, depending on its posi

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Krishnamurthy, Arvind. "How Debt Markets Have Malfunctioned in the Crisis." Journal of Economic Perspectives 24, no. 1 (2010): 3–28. http://dx.doi.org/10.1257/jep.24.1.3.

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The financial crisis that began in 2007 is especially a crisis in debt markets. A full understanding of what happened in the financial crisis requires investigation into the plumbing of debt markets. During a financial crisis, when funds often cannot be raised easily or quickly, the fundamental values for certain assets can become separated for a time from market prices, with consequences that can echo into the real economy. This article will explain in concrete ways how debt markets can malfunction, with deleterious consequences for the real economy. After a quick overview of debt markets, I

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Sheng, Jingyu. "The Impact of Financial Crises on the Financing Capabilities of Small and Medium-Sized Listed Companies: A Bibliometric Analysis." Advances in Economics, Management and Political Sciences 157, no. 1 (2025): 36–43. https://doi.org/10.54254/2754-1169/2025.ab22452.

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The global financial crisis from 2007 to 2008 had a serious economic impact on many countries and companies around the world, leading to a national economic recession. Small and medium-sized enterprises (SMEs) occupy an important position in the capital market and play a huge role in providing social employment and technological innovation. However, the occurrence of the financial crisis has caused the market to become extremely unstable, leading to financial institutions and banks tightening lending and increasing investors' aversion to the stock market. Often these listed companies find it m

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Lakatos, Artur Lóránd, and Ákos Botos. "Stock market decision-making in the light of prospect theory." Pénzügyi Szemle = Public Finance Quarterly 70, no. 2 (2024): 65–92. http://dx.doi.org/10.35551/pfq_2024_2_3.

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One of the main insights of prospect theory is that investment decisions are often irrational, following certain trends, and this is particularly true for individual investment decisions. The theory’s main proponents and its developers have described the phenomenon of risk seeking over losses and risk aversion over gains, mainly by looking at stock market trends. One of the hypotheses of our paper is that investors become risk averse in times of crisis. The other hypothesis is that the hummingbird effect can be detected in stock market trading. Using linear regression, we have been able to sho

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Johnson, Jr., James H. "Coronavirus Pandemic Refugees and the Future of American Cities." Urban Studies and Public Administration 4, no. 1 (2020): p1. http://dx.doi.org/10.22158/uspa.v4n1p1.

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Paralleling crisis behavior in prior pandemics and continuing a contemporary migration trend already underway, wealthy individuals and families as well as remote workers in a host of other demographic groups are fleeing major, high cost, densely settled urban centers in response to the Covid-19 pandemic. These coronavirus pandemic refugees are relocating to less densely settled suburbs, exurbs, and rural areas—creating, in some instances, new “Zoom Towns.” The implications for the future viability of large cities are far ranging if, unlike prior pandemics, the social distance moves of coronavi

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Antoniades, Adonis. "Liquidity Risk and the Credit Crunch of 2007–2008: Evidence from Micro-Level Data on Mortgage Loan Applications." Journal of Financial and Quantitative Analysis 51, no. 6 (2016): 1795–822. http://dx.doi.org/10.1017/s0022109016000740.

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Recent empirical studies have shown that during the financial crisis of 2007–2008, banks that were more heavily exposed to liquidity risk contracted their supply of credit more sharply. I contribute to the identification of this effect by relying on the use of micro-level data on U.S. mortgage loan applications, which allows me to identify liquidity risk as an important determinant of the contraction of credit in the mortgage market but as separate from the precipitous fall in credit demand, disruptions in the securitization and subprime markets, shifts in asset risk, and changing risk aversio

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He, Zixuan. "The Impact of COVID-19 on Investors Behavior: Evidence from Risk-aversion, Herding Behavior, and Availability Bias." Advances in Economics, Management and Political Sciences 26, no. 1 (2023): 93–101. http://dx.doi.org/10.54254/2754-1169/26/20230551.

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The unforeseen pandemic has significantly influenced the financial market, and has caused major disruptions in the global economy, leading to a sharp decline in stock prices and increased volatility in financial markets. Assessing the impact of the COVID-19 pandemic on the market is essential for both investors and policymakers. This study recognizes that irrationality exists during the pandemic in investors decision-making and find that the efficient market hypothesis does not always hold perfectly. According to the analysis, emotional and cognitive biases play significant roles in investors

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