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This study aimed to investigate the behavioral responses and circadian rhythms of mice to both rapid and gradual increases in photoperiod, mimicking the transition from winter to summer, which is associated with a heightened prevalence of hospitalizations for mania and suicidal behavior. Behavioral tests were performed in C57BL/6 male mice exposed to a transitional photoperiod, from short to long durations. To determine if circadian rhythms are affected, we measured spontaneous locomotor activity and body temperature. Mice exhibited heightened exploratory and risk‐taking behaviors compared with equatorial and static long (16:8 h of light–dark cycle for several days) groups. These behaviors were prevented by lithium. Spontaneous locomotor activity and body temperature rhythms persisted and were effectively synchronized; however, the relative amplitude of activity and interdaily stability were diminished. Additionally, the animals displayed increased activity during the light phase. Photoperiodic transition modulates behavior and circadian rhythms, mirroring certain features observed in bipolar disorder patients. This study introduces an animal model for investigating mania‐like behavior induced by photoperiodic changes, offering potential insights for suicide prevention strategies and the management of mood disorders. [ABSTRACT FROM AUTHOR]

This study investigated the impact of group discussions with text‐based conversational agents on risk‐taking decision‐making, which has been under‐researched. We also focused on the influence of opinion patterns presented by the agents during discussions and attitudes toward these agents. Through an online experiment, 430 participants read a decision‐seeking scenario and expressed the degree of risk they were willing to take. After viewing the text‐based opinions of six agents and having a discussion with the agents, participants expressed the degree of risk they were willing to take for the same scenario. The result showed that participants' risk‐taking decisions shifted toward the agents' group opinions, regardless of whether the agents' opinions tended to be risky or cautious. Additionally, when the agents' group opinions were more risk‐biased and included a minority opinion, a significant association existed between the degree of the participants' shift to a riskier decision and their positive attitudes toward the agents. The agents' group opinions guided participants toward both risky and cautious decisions, and participants' attitudes toward the agents were associated with their decision‐making, albeit to a limited extent. [ABSTRACT FROM AUTHOR]

Generalist chief executive officers (CEOs) have accumulated transferrable general skills by working in multiple firms or industries. Recent decades have witnessed an increasing demand for generalist CEOs, which has resulted in a favorable job market for them. Favorable outside job opportunities reduce generalist CEOs' career concerns and increase their agency problems and risk‐taking incentives. We examine the relation between generalist CEOs and conditional conservatism. On the one hand, conditional conservatism could be positively associated with generalist CEOs because debtholders and shareholders often demand conservatism to alleviate heightened agency problems. On the other hand, a negative association could obtain because generalist CEOs can (1) create better information environments for firms, reduce information asymmetry and lessen stakeholders' demand for conservatism and (2) have greater bargaining power and reduce the supply of conservatism. We document a positive association between generalist CEOs and conditional conservatism and show that the relationship is more pronounced in firms with a higher demand for conservatism. Our results are robust to a variety of sensitivity tests. [ABSTRACT FROM AUTHOR]

Research Question: Disputes over the corporate governance impacts of common ownership continue. Differentiating from existing studies, we focus on the Chinese stock market, exploiting the Top 10 Shareholding File, which includes various investors besides institutional investors, to study the impact of common ownership built through blockholders on corporate risk‐taking behavior. Research Findings: We find that firms with higher common ownership are less likely to engage in corporate risk‐taking, with concomitant decreases in future growth rates. Mechanism analysis shows that blockholders' common ownership exerts its influence through increasing market concentration, with concomitant lessening of market competition. Interestingly, further analyses indicate that, in contrast to blockholders, ownership connectedness built by mutual fund families significantly raises corporate risk‐taking along with growth. However, individual investors' common ownership does not show the significant statistical relationship with corporate risk‐taking. Theoretical Implications: We add to the debate on common ownership on corporate governance. Consistent with the anti‐competition stream of literature, the risk‐taking‐reduction role we identify for blockholder common ownership supports the theory of anti‐competition. Our results highlight the need to consider the heterogeneity of common ownership. Policy Implications: While blockholder common ownership is evidenced to have a negative effect on corporate risk‐taking, with, by extension, a negative impact on economic development, our results also suggest that efficient monitoring mitigates these effects. We also document an interesting heterogeneity in investor types. Mutual fund common ownership, in contrast to blockholder common ownership, is associated with higher risk‐taking and more robust firm growth. This suggests the positive role of institutions in corporate governance and the necessity of considering the heterogeneity of common ownership. [ABSTRACT FROM AUTHOR]

Defaults are powerful nudges to shape individuals' behavior: In three experiments, including a large experiment using representative samples from five European countries (n = 4207), we show that they can significantly affect risk‐taking by medium to large effect sizes. We also show that implementing a default nudge leads to a lower rating of the advice delivered by the wealth manager compared to no default, an effect that has a medium to large effect size. In addition, defaults the targeted individuals refuse result in lower advice ratings. These side effects call for caution before applying nudges and individualized defaults rather than a one‐size‐fits‐all approach. Additionally, we find evidence pointing to two small effects of framing in default presentation. First, asking how much individuals want to invest in the risky asset emphasizes risk. It reduces investment in the risky asset compared to asking them how much they want to leave on the safe account, particularly for more risk‐averse individuals. Second, asking individuals if they want to change a default allocation of 100% in the risky asset leads to more investment in the risky asset than asking them whether they accept such an allocation. Perceived wealth manager honesty appears to mediate the relationship between the default nudge and the rating of the advice. [ABSTRACT FROM AUTHOR]

When sense of power helps or hinders creativity remains an unresolved question. Drawing upon the approach-inhibition theory of power and its extensions, we integrate two different predictions into a dual-pathway model, showing the paradoxical role that sense of power--one's perceived ability to influence others--plays in predicting creativity. Specifically, sense of power helps creativity through increased risk-taking and simultaneously hinders it through reduced perspective taking. We further propose openness to experience as a moderator of the countervailing mechanisms, such that the positive path through risk-taking is stronger and the negative path through perspective taking is weaker for individuals with higher (vs. lower) levels of openness. We test our hypotheses with three multisource and multiwave field studies (Study 1: n = 181 part-time MBAs paired with peers; Study 2: n = 128 sales employees paired with store managers; Study 3: n = 153 sales employees paired with store managers). The results support our theoretical model, showing that sense of power and creativity are simultaneously connected positively through risk-taking and negatively through perspective taking, and that the overall indirect effect of sense of power on creativity is more positive for individuals with higher (vs. lower) levels of openness to experience. [ABSTRACT FROM AUTHOR]

This study examines the association between individualistic culture and firm default risk across countries. Using a sample of 15,225 firms across 32 countries over the 2005–2018 period (115,464 firm‐year observations), we find that firms based in countries with high levels of individualism are associated with greater default risk. Our results are robust to a battery of endogeneity and other robustness checks. In additional analyses, we show that risk‐taking behavior is a channel through which individualism impacts firm default risk. We also find that the effect of individualistic culture on firm default risk is weak in countries with stringent bankruptcy laws. Overall, the findings of this study can improve our understanding of the impact of major informal institutions, such as individualistic culture, on manager behavior, which has significant implications for firms operating in global financial markets. [ABSTRACT FROM AUTHOR]

Shared social identity and social norms are often un(der)recognized within mass gatherings health literature, yet they can increase infectious disease transmission by motivating people to engage in risk‐taking behaviours. Across three experiments (Ntotal = 1551), we investigated how shared social identities, perceived norms of resource‐sharing, and perceived riskiness of sharing interact to shape decisions that can lead to disease transmission. In Experiment 1 (N = 528), we examined how shared social identity and perceived descriptive norms affect the likelihood of crowd members sharing resources that may contribute to disease spread. We then replicated this in Experiment 2 (N = 511) using perceived injunctive norms. In Experiment 3 (N = 512), we explored how high shared social identity, perceived norms, and perceived health risks of resource‐sharing impact the likelihood of sharing that may, in turn, increase infectious disease transmission at mass gatherings. We found that high shared social identity interacts with perceived descriptive and injunctive norms, and low health risk perceptions, to increase the likelihood of accepting resources and giving resources at mass gatherings. We discuss the theoretical and practical implications for researchers, practitioners, and policymakers to build effective strategies to mitigate infectious disease transmission at mass gatherings. [ABSTRACT FROM AUTHOR]

Evidence about impact of birth order on risk‐taking is mostly from the Western cultural contexts, and the findings are contradictory. Scant attention has been devoted to the impact of birth order on risk‐taking in East Asian societies influenced by Confucian culture. In this study, we investigated how birth order impacts adult risk‐taking using a representative Chinese sample (N = 12,756). The results revealed that the effect of birth order on Chinese risk‐taking did not exhibit a linear trend, either when the birth order was coded using the original birth rank or when coded as firstborns, middleborns and lastborns. However, this study found that laterborns, as a whole, were more likely to take risks than firstborns. In addition, there was a quadratic trend inherent in the birth order effect on risk‐taking, showing that middleborns were more likely to take risks than firstborns or lastborns. Furthermore, we found that the birth order effects on risk‐taking were not affected by individuals' age, birth spacing and family size. Additional analyses also demonstrated the robustness of these results. Our findings established a small but meaningful association between birth order and risk‐taking in a Confucian‐influenced society. [ABSTRACT FROM AUTHOR]

Social play behaviour is a rewarding activity that can entail risks, thus allowing young individuals to test the limits of their capacities and to train their cognitive and emotional adaptability to challenges. Here, we tested in rats how opportunities for risk‐taking during play affect the development of cognitive and emotional capacities and medial prefrontal cortex (mPFC) function, a brain structure important for risk‐based decision making. Male and female rats were housed socially or social play‐deprived (SPD) between postnatal day (P)21 and P42. During this period, half of both groups were daily exposed to a high‐risk play environment. Around P85, all rats were tested for cognitive performance and emotional behaviour after which inhibitory currents were recorded in layer 5 pyramidal neurons in mPFC slices. We show that playing in a high‐risk environment altered cognitive flexibility in both sexes and improved behavioural inhibition in males. High‐risk play altered anxiety‐like behaviour in the elevated plus maze in males and in the open field in females, respectively. SPD affected cognitive flexibility in both sexes and decreased anxiety‐like behaviour in the elevated plus maze in females. We found that synaptic inhibitory currents in the mPFC were increased in male, but not female, rats after high‐risk play, while SPD lowered prefrontal cortex (PFC) synaptic inhibition in both sexes. Together, our data show that exposure to risks during play affects the development of cognition, emotional behaviour and inhibition in the mPFC. Furthermore, our study suggests that the opportunity to take risks during play cannot substitute for social play behaviour. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of environmental, social and governance (ESG) disclosure on corporate risk‐taking and how this impact is further affected by chief executive officer (CEO) power and incentives within US companies. We find that ESG disclosure decreases corporate risk‐taking based on both accounting‐based and market‐based returns. Further, we find that ESG disclosure is more effective in mitigating market‐based risk‐taking than accounting‐based risk‐taking in a firm with a powerful CEO. In contrast, CEO's ESG‐incentivized engagement bonuses weaken ESG disclosure impacts in reducing both types of risk‐taking. Our analysis helps understanding of different trade‐offs of ESG disclosure in aligning all stakeholders' benefits under different managerial‐related factors. [ABSTRACT FROM AUTHOR]

We assess the impact of the leverage ratio capital requirements on the risk‐taking behaviour of banks both theoretically and empirically. Conceptually, introducing binding leverage ratio requirements into a regulatory framework with risk‐based capital requirements induces banks to re‐optimise, shifting from safer to riskier assets (higher asset risk). Yet, this shift would not be one‐for‐one due to risk weight differences, meaning the shift would be associated with a lower level of leverage (lower insolvency risk). The interaction of these two changes determines the impact on the aggregate level of risk. Empirically, we use a difference‐in‐differences setup to compare the behaviour of UK banks subject to the leverage ratio requirements (LR banks) to otherwise similar banks (non‐LR banks). Our results show that LR banks did not increase asset risk, and slightly reduced leverage levels, compared to the control group after the introduction of leverage ratio in the UK. As expected, these two changes led to a lower aggregate level of risk. Emperical results indicate that credit default swap spreads on the 5‐year subordinated debt of LR banks decreased relative to non‐LR banks post leverage ratio introduction, suggesting the market viewed LR banks as less risky, especially during the COVID 19 stress. [ABSTRACT FROM AUTHOR]

We examine how a CEO's family life affects their corporate decisions. Specifically, we investigate whether a CEO's spouse's professional status affects the CEO's risk‐taking behavior. Using a sample of S&P 500 firms from the 2010 to 2012 period, we find evidence that CEOs with spouses who are professionals, defined as working spouses, spouses holding graduate degrees, or spouses graduated from Ivy League schools, tend to adopt riskier corporate policies. Our evidence suggests that firms led by CEOs with professional spouses exhibit higher accounting return volatility, make more aggressive financial reporting decisions, and invest more in risky assets. We do not find a significant association between professional spouses and firms' market return volatility. Our results are consistent with the indirect channel theory, which suggests that CEOs with professional spouses might be inclined to undertake higher risks, potentially stemming from heightened conflicts between family and work commitments or improved wealth diversification attributed to their spouses' professional standing. [ABSTRACT FROM AUTHOR]

The article focuses on revisiting economist, Merton Miller's views on financial markets and economic growth, originally published in 1998, in light of recent financial crises. It examines Miller's insights on banking fragility, regulatory challenges, and the interplay between banks and capital markets. It emphasizes the need for comprehensive reforms to address systemic vulnerabilities and warns against regulatory complacency that perpetuates banking crises.

Using a large sample of Swedish private firms, we investigate the link between the prior corporate bankruptcy experiences (BEs) of directors and CEOs and the financial risk of their current firms. We find that firms with directors and CEOs previously involved in bankruptcies exhibit more aggressive corporate financial policies, have a higher corporate bankruptcy risk and are subject to a higher cost of debt. Our findings align with an innate characteristics explanation: corporate BEs and current corporate risk‐taking reflect personal risk preferences. Furthermore, while we find evidence of income losses for CEOs and directors involved in bankruptcies, such losses are transient, potentially explaining the risk‐taking behavior after experiencing bankruptcy. Overall, our results suggest that the presence of individuals with prior BE can be considered a signal of higher financial risk for their firms. This insight is relevant to regulators, lenders and corporate decision‐makers. [ABSTRACT FROM AUTHOR]

Affective decision‐making (ADM) is recognized as the ability to effectively reappraise stimuli during these decisions to make choices that maximize long‐term outcomes. Currently, the Iowa Gambling Task (IGT) is the gold‐standard measure of ADM. Previous research has shown that other commonly used decision‐making tasks such as the Balloon Analog Risk Task (BART) and Columbia Card Task (CCT) are unrelated to the IGT and may assess distinct decision‐making constructs from ADM. Yet the exact decision‐making constructs that these tasks assess may be dependent on the scoring method utilized. One‐hundred and eight‐four participants (18–58 years; M = 26.29, SD = 7.79) completed the IGT, BART, and CCT. The relationships between these tasks while utilizing both traditional and novel scoring methods for the BART and CCT were investigated. Results showed that whether using the novel or traditional scoring methods, the BART failed to produce any meaningful relationships with the IGT or CCT. The BART may capture unique decision‐making processes involved during conditions of uncertainty, whereas the other tasks involve decision‐making processes under conditions of known risk. Alternatively, the lack of meaningful relationships may be due to the stochastic design of the BART. Conversely, the novel and traditional scoring methods for the CCT, which were not significantly correlated with each other, were both related to the IGT. Ultimately, this study showed that the CCT can capture different decision‐making constructs depending on the scoring methods used. The traditional scoring method, the total number of cards flipped, assesses risk propensity, whereas the newly developed optimal–suboptimal difference score assesses ADM. [ABSTRACT FROM AUTHOR]

We take the mandatory establishment of the Inclusive Finance Division in large state‐owned banks as a quasi‐experiment to explore the impact of inclusive finance policy on operating performance and risk‐taking behaviours of small regional banks. Using financial information for Chinese banks from 2013 to 2019, we find that small regional banks' performance deteriorated, and they engaged in more risk‐taking activities after the policy shock. Moreover, there are even much sharper performance declines in subsets of city commercial banks, and banks face high competition from large state‐owned banks. [ABSTRACT FROM AUTHOR]

Using an exogenous drop in analyst coverage introduced by broker closures and mergers, we test for the causal impact of analyst coverage on corporate risk‐taking, in an opaque industry. We document an increase in risk using several book‐based and market‐based risk measures, including tail and default risk measures. Results are driven by firms with stronger managerial risk‐taking compensation incentives. The increase in risk is stronger in more opaque firms, and firms with weaker policyholder monitoring. Firm risk increases through at least one risk‐taking action, such as investing firm assets in higher‐risk bonds. Our study highlights the importance of stock analysts in affecting corporate risk‐taking, especially in the presence of stronger managerial, compensation risk‐taking incentives. [ABSTRACT FROM AUTHOR]

Does fear of being single (FOBS) predict risky health behaviors when such behavior could promote pursuit of a romantic connection? Study 1 tested general tendencies toward taking health risks associated with FOBS. Study 2 tested how those with stronger FOBS navigated romantic versus non‐romantic risk behavior during the COVID‐19 pandemic. Study 3 extended the test of risky behavior beyond the pandemic to test whether FOBS was associated with willingness to engage in risky sexual behavior. Despite nonsignificant associations with taking health risks more generally, FOBS was associated with greater willingness to engage in risky behaviors in dating contexts, particularly when considering their willingness to settle for less in relationships. This research provides novel insight into dating choices associated with stronger FOBS and how willingness to settle predicts risky health behavior when it could appeal to romantic prospects. [ABSTRACT FROM AUTHOR]

Environmental, social, and governance (ESG) considerations have become increasingly important in the business world. Companies are expected to operate responsibly and sustainably, and stakeholders are demanding greater transparency and accountability. Our research aims to examine the influence of determinants on ESG practices in ASEAN countries (Indonesia, Malaysia, Singapore, the Philippines, Thailand, and Vietnam), as measured by ESG performance on the Refinitiv Eikon. Although there have been many studies discussing ESG, only a few have discussed this relationship by involving strategic orientation, risk taking and corporate life cycle simultaneously. We use panel regression based on a sample of 2373 observations from 2004 to 2022. The results show that the prospector strategy orientation encourages a greater increase in ESG practices compared to the defender strategy orientation, which means that companies with a prospector orientation are more willing to practice ESG because they have strategic resources. The increasing risk‐taking by companies will reduce ESG practices. The more mature the company's life cycle stage will improve ESG practices. This brings implications that the strategy orientation chosen by the company, risk‐taking, and corporate life cycle are the determining factors for companies implementing ESG practices in ASEAN countries. This research contributes to the literature related to corporate sustainability by considering ESG as one of the measurements of sustainability which is currently the main investment trend being observed in financial markets, especially ASEAN countries which are the best areas to invest. [ABSTRACT FROM AUTHOR]

This study examines how industry tournament incentives affect chief executive officers' (CEOs') attitudes toward differential risk‐taking. The results show that these incentives cause a greater increase in taking systematic rather than idiosyncratic risks. Furthermore, this differential risk‐taking manifests in a competitive business environment. The findings hold robust to the instrumental variable approach and variation in industry pay gap following the adoption of FAS123R. Overall, the results suggest that the industry pay gap effectively increases CEOs' systematic risk‐taking, especially in competitive industries. [ABSTRACT FROM AUTHOR]

Background: Adolescent behaviors and academic outcomes are thought to be shaped by school climate. We sought to identify longitudinal associations between school climate measures and downstream health and academic outcomes. Methods: Data from a longitudinal survey of public high school students in Los Angeles were analyzed. Eleventh‐grade health and academic outcomes (dependent variables, eg, substance use, delinquency, risky sex, bullying, standardized exams, college matriculation), were modeled as a function of 10th‐grade school climate measures (independent variables: institutional environment, student‐teacher relationships, disciplinary style), controlling for baseline outcome measures and student/parental covariates. Results: The 1114 student respondents (87.8% retention), were 46% male, 90% Latinx, 87% born in the United States, and 40% native English speakers. Greater school order and teacher respect for students were associated with lower odds of multiple high risk behaviors including 30‐day alcohol use (odds ratio [OR] 0.81; 95% confidence interval [CI] [0.72, 0.92] and OR 0.73; [0.62, 0.85]) and 30‐day cannabis use (OR 0.74; [0.59, 0.91] and OR 0.76; [0.63, 0.92]). Neglectful disciplinary style was associated with multiple poor health and academic outcomes while permissive disciplinary style was associated with favorable academic outcomes. Implications for School Health Policy, Practice, and Equity: School health practitioners may prospectively leverage school environment, teacher‐student relationships, and disciplinary style to promote health and learning. Conclusions: Our findings identify specific modifiable aspects of the school environment with critical implications for life course health. [ABSTRACT FROM AUTHOR]

Introduction: We assess risks differently when they are explicitly described, compared to when we learn directly from experience, suggesting dissociable decision‐making systems. Our needs, such as hunger, could globally affect our risk preferences, but do they affect described and learned risks equally? On one hand, decision‐making from descriptions is often considered flexible and context sensitive, and might therefore be modulated by metabolic needs. On the other hand, preferences learned through reinforcement might be more strongly coupled to biological drives. Method: Thirty‐two healthy participants (females: 20, mean age: 25.6 ± 6.5 years) with a normal weight (Body Mass Index: 22.9 ± 3.2 kg/m2) were tested in a within‐subjects counterbalanced, randomized crossover design for the effects of hunger on two separate risk‐taking tasks. We asked participants to choose between two options with different risks to obtain monetary outcomes. In one task, the outcome probabilities were described numerically, whereas in a second task, they were learned. Result: In agreement with previous studies, we found that rewarding contexts induced risk‐aversion when risks were explicitly described (F1,31 = 55.01, p <.0001, ηp2 =.64), but risk‐seeking when they were learned through experience (F1,31 = 10.28, p <.003, ηp2 =.25). Crucially, hunger attenuated these contextual biases, but only for learned risks (F1,31 = 8.38, p <.007, ηp2 =.21). Conclusion: The results suggest that our metabolic state determines risk‐taking biases when we lack explicit descriptions. [ABSTRACT FROM AUTHOR]

Introduction: Feedback on human choices is important because it can affect risk‐taking and rationality in subsequent decisions. In daily life, choices are not always followed by immediate outcomes nor are they always followed by simple, single‐dimensional feedback. Here, we seek to extend previous studies on the effects of feedback on subsequent risk‐taking in three experiments. Methods: We examine whether (1) the effect of feedback immediacy on participants' risk‐taking exists in tasks containing explicit probabilistic outcome values; (2) increasing feedback dimensionality from one dimension (only about the outcome) to include a second dimension (also about the "rationality" of prior choices) increases feedback effects on risk‐taking; and (3) cognitive reflection ability moderates feedback effects on risk‐taking. Results: Results showed that feedback reduced risk‐taking in tasks containing explicit probabilistic outcomes (Studies 1 and 2). They further showed that two‐dimensional feedback produces a stronger reduction in risk‐taking compared to single‐dimensional feedback (Study 3). Lastly, results suggested that cognitive reflection ability moderates the effects of feedback on risk‐taking (Study 4). Conclusion: Taken together, the findings extended the understanding of risk‐taking and mitigating mechanisms and pave the way for intervention studies aimed at changing risky behaviors. [ABSTRACT FROM AUTHOR]

Summary: Decision‐making has been shown to suffer when circadian preference is misaligned with time of assessment; however, little is known about how misalignment between sleep timing and the central circadian clock impacts decision‐making. This study captured naturally occurring variation in circadian alignment (i.e., alignment of sleep–wake timing with the central circadian clock) to examine if greater misalignment predicts worse decision‐making. Over the course of 2 weeks, 32 late adolescent drinkers (aged 18–22 years; 61% female; 69% White) continuously wore actigraphs and completed two overnight in‐laboratory visits (Thursday and Sunday) in which both dim‐light melatonin onset (DLMO) and behavioural decision‐making (risk taking, framing, and strategic reasoning tasks) were assessed. Sleep–wake timing was assessed by actigraphic midsleep from the 2 nights prior to each in‐laboratory visit. Alignment was operationalised as the phase angle (interval) between average DLMO and average midsleep. Multilevel modelling was used to predict performance on decision‐making tasks from circadian alignment during each in‐laboratory visit; non‐linear associations were also examined. Shorter DLMO‐midsleep phase angle predicted greater risk‐taking under conditions of potential loss (B = −0.11, p = 0.06), but less risk‐taking under conditions of potential reward (B = 0.14, p = 0.03) in a curvilinear fashion. Misalignment did not predict outcomes in the framing and strategic reasoning tasks. Findings suggest that shorter alignment in timing of sleep with the central circadian clock (e.g., phase‐delayed misalignment) may impact risky decision‐making, further extending accumulating evidence that sleep/circadian factors are tied to risk‐taking. Future studies will need to replicate findings and experimentally probe whether manipulating alignment influences decision‐making. [ABSTRACT FROM AUTHOR]

Government and public policy makers are facing an important issue on how to balance between economics and consumers' well‐being. Thus, the current research proposes an important factor to help understand more on consumers risk‐taking in investment. Trait optimists typically expect bright outcomes, whereas trait pessimists usually expect gloomy ones. However, the present research qualifies these generalizations. This current research proposes that optimism and pessimism can also be temporarily changed and cause different impact comparing to trait optimism and pessimism. Four studies showed that state optimists and pessimists differ in their expectations of success in a situation in which outcomes are purely a matter of chance or skills. Specifically, state optimists invest more in risky options when they believe that the investments are chance‐based, whereas state pessimists invest more when they believe the investments are skill‐based. These effects were due to their beliefs that the outcome is due to chance or skills. Additionally, we found that the effect will be moderated by individuals' locus of control. [ABSTRACT FROM AUTHOR]

Despite research suggesting that emotional interactions pervade daily resource exchanges between leaders and members, the leader–member exchange (LMX) literature has predominantly focused on the interplay between general affective experiences and the overall relationship quality. Drawing upon the affect theory of social exchange, we examine why and how discrete exchange imbalance engenders distinct emotions and shapes downstream work behaviors of the members. Results from a preregistered experimental study with 247 participants and an experience sampling study with time‐lagged reports from 79 leaders and 145 members show that a positively imbalanced exchange increases members' subsequent leader‐directed helping via gratitude (but not via shame) and that a negatively imbalanced exchange increases members' subsequent risk‐taking via pride (but not via anger). Moreover, the intensity of such effects hinges upon the average level of resource contributions of leader–member dyads. Our research casts light on the role of transient emotions in dynamic resource exchanges between leaders and members and enriches our knowledge of within‐dyad fluctuations of social exchanges. [ABSTRACT FROM AUTHOR]

This paper examines whether and how stock pledging by a firm's largest shareholder affects the conflict of interest between shareholders and creditors. We find such stock pledging is negatively associated with corporate risk‐taking. This association is more pronounced for companies with high debt costs before such pledging, with dominant controlling shareholders, and those whose largest shareholders borrow from small lenders. Further, we find firms subject to such pledging are more likely to be granted new private loans and exhibit greater investment efficiency. Overall, stock pledging by a firm's largest shareholder unintentionally mitigates the shareholder–creditor conflict by reducing corporations' pursuit of risky investments. [ABSTRACT FROM AUTHOR]

We provide evidence that casino openings can have spillover effects on an individual's portfolio risk‐taking. Using investor‐level brokerage data and the initial legalization and opening of commercial casinos in the United States as a quasi‐natural experiment, we find that, after a casino opens in close geographical proximity to investors, those with a high propensity to gamble (PTG) increase their idiosyncratic portfolio risk by 12.88% relative to those unlikely to gamble. This effect lasts for approximately 3 months and does not affect systematic portfolio risk. These results suggest that increased access to gambling can temporarily increase portfolio risk‐taking for those with a PTG. [ABSTRACT FROM AUTHOR]

Objective: To identify risk factors of hearing decline between 9 and 13 years of age. The risk factors examined included sociodemographic, health, and lifestyle‐related factors. Methods: This study was embedded within a population‐based prospective cohort study from fetal life onwards in the Netherlands. Pure‐tone audiometry and tympanometry were performed at the age of 9 and 13 years. The hearing decline was defined as an increase in low‐frequency or high‐frequency pure‐tone average of at least 5 dB in one of both ears. Multivariable logistic regression was performed to examine the association of possible risk factors with hearing decline. The study was conducted from April 2012 to October 2015, and from April 2016 to September 2019. Results: Of the 3,508 participants included, 7.8% demonstrated a hearing decline in the low frequencies, and 11.3% in the high frequencies. Participants who reported alcohol consumption were more likely to have a hearing decline in the low frequencies (OR 1.5, 95% CI 1.1; 2.0). Moreover, a lower educational level was associated with an increased odds of having a hearing decline in the high frequencies (OR 1.4, 95% CI 1.0; 1.8). Age, sex, household income, personal music player use, and body mass index were not associated with hearing decline. Conclusion: Educational level and risky behavior were significantly associated with hearing decline from childhood to early adolescence. The findings of the present study can help in the design of public health interventions to prevent hearing loss at a young age. Level of Evidence: 2 (prospective cohort study) Laryngoscope, 133:389–395, 2023 [ABSTRACT FROM AUTHOR]

The pace‐of‐life syndrome hypothesis provides a framework for the adaptive integration of behaviour, physiology and life history between and within species. It suggests that behaviours involving a risk of death or injury should co‐vary with a higher allocation to fast reproduction. Empirical support for this hypothesis is mixed, presumably because important influencing factors such as environmental variation, are usually neglected. By experimentally manipulating food quality of wild mice living under semi‐natural conditions for three generations, we show that individuals adjust their life history strategies and risk‐taking behaviours as well as trait covariation (Nindividuals = 1442). These phenotypic differences are correlated to differences in transcriptomic gene expression of primary metabolic processes in the liver while no changes in gene frequencies occurred. Our discussion emphasises the need to integrate the role of environmental conditions and phenotypic plasticity in shaping relationships among behaviour, physiology and life history in response to changing environmental conditions. [ABSTRACT FROM AUTHOR]

In this Landmark article I outline four common missteps that are made when designing and implementing workplace gender equality initiatives: (1) when we don't go beyond describing the numbers; (2) when we try to 'fix' women rather than fix systems; (3) when we are overly optimistic about the progress we have made; and (4) when we fail to recognise the intersectionality of the experiences that women face. I will briefly consider each of these missteps in term, presenting research that suggests alternative ways of approaching gender equality initiatives. [ABSTRACT FROM AUTHOR]

The Balloon Analog Risk Task (BART) is increasingly used to assess risk‐taking behavior and brain function. However, the brain networks underlying risk‐taking during the BART and its reliability remain controversial. Here, we combined the activation likelihood estimation (ALE) meta‐analysis with both task‐based and task‐free functional connectivity (FC) analysis to quantitatively synthesize brain networks involved in risk‐taking during the BART, and compared the differences between adults and adolescents studies. Based on 22 pooled publications, the ALE meta‐analysis revealed multiple brain regions in the reward network, salience network, and executive control network underlying risk‐taking during the BART. Compared with adult risk‐taking, adolescent risk‐taking showed greater activation in the insula, putamen, and prefrontal regions. The combination of meta‐analytic connectivity modeling with task‐free FC analysis further confirmed the involvement of the reward, salience, and cognitive control networks in the BART. These findings demonstrate the core brain networks for risk‐taking during the BART and support the utility of the BART for future neuroimaging and developmental research. [ABSTRACT FROM AUTHOR]

This study examined how adolescents' risk‐taking behaviors were related to their prosocial behaviors on a daily level and how this association differed depending on adolescents' daily and average levels of sensation seeking and social craving. Adolescents (N = 212; Mage = 15 years) completed daily diaries for 14 days. Adolescents were more likely to engage in prosocial behavior on days when they also took risks, but only when they also felt high levels of social craving. The daily link between risk‐taking and prosocial behavior did not vary based on daily or individual differences in sensation seeking. Results suggest that when adolescents feel highly motivated to connect with others, their risk‐taking and prosocial tendencies co‐occur on a daily basis. [ABSTRACT FROM AUTHOR]

We analyze the role of a state‐owned bank, whose objective is to maximize social welfare, in a credit market with a mixed duopoly. The equilibrium reveals that the state‐owned bank is exposed to lower credit risk than the private bank. Furthermore, when the deposit rate is raised by the monetary authority, both banks exert socially beneficial higher monitoring efforts. In modified models, we explore the effects of the cost‐inefficiency and the political view of the state‐owned bank. Extensions on partial nationalization, mixed oligopoly with multiple private banks, and the case of loan differentiation with price competition are also discussed. [ABSTRACT FROM AUTHOR]

Aims: To estimate the effect of acute alcohol consumption on risk‐taking while gambling, examine blood alcohol concentration as a moderator and explore possible moderators of this effect. Design, Setting and Participants: A systematic review and meta‐analysis was completed. A Boolean search strategy was used to identify studies that included (a) alcohol consumption as an independent variable; (b) a gambling or risk‐taking task; (c) a control or placebo comparison; (d) human participants; and (e) English publications. Descriptive information, sample characteristics and experimental data were extracted from each study. Searched databases included: PsycINFO, Web of Science, Medline, Cochrane Library and ProQuest Dissertations and Theses. Included as participants were experiments that compared the effects of alcohol and non‐alcoholic or placebo beverages on risk‐taking while gambling. Measurement: Comprehensive Meta‐Analysis version 3.3.070 was used. Standardized mean differences of risk‐taking while gambling between the experimental and control conditions were calculated when studies did not report effect sizes. Random‐effects models were used for overall effect and meta‐regressions while mixed‐effects models were used for subgroup analyses. Findings Twenty articles containing 47 alcohol versus control comparisons met inclusion criteria. The overall Hedges'g for the difference between groups consuming alcohol and groups consuming a placebo or non‐alcoholic drink control was 0.03, 95% confidence interval (CI) = −0.07, 0.12, p = 0.60, indicating no significant difference. Larger effect sizes were found for studies using non‐alcoholic control drinks (Hedges' g = 0.30, 95% CI = 0.01, 0.58) compared to placebo beverages (Hedges' g = −0.03, 95% CI = −0.13, 0.06), Cochran's Q = 4.67, p = 0.03. Conclusions: Finding that acute alcohol consumption had no reliable effect on risk‐taking while gambling was consistent with existing animal research. No support was found for the relation between alcohol dose and risk‐taking. The significantly larger effect size for experiments using non‐alcoholic versus placebo beverages suggests the potential role of expectancy effects. [ABSTRACT FROM AUTHOR]

We investigate whether corporate governance has differential effects on downside and upside risk. Intuitively, strong corporate governance should decrease the downside risk but increase the upside risk. However, using a large panel of 1164 non‐financial Australian firms from 2001 to 2013, we find that strong corporate governance relates negatively not only to downside risk but also to upside risk. These findings are robust to alternative risk‐taking and corporate governance proxies and alternative sample specifications. We also show that our main results are unaffected due to endogeneity bias by using firm and industry‐year fixed effects, lagged independent variables, generalized method of moments and entropy balancing estimation techniques. In additional analyses, we document that our main results are homogeneous across different industries and for firms with varying levels of boardroom gender diversity. However, we find that our main results are driven by firms with lower ownership concentration as well as by older and more mature firms. Finally, we document that while reducing risk‐taking (downside and upside risk), corporate governance reduces firm value. From a regulatory perspective, these findings raise questions on the design of monitoring‐focused corporate governance recommendations and have implications for risk management. [ABSTRACT FROM AUTHOR]

The article provides information on the corporate culture, discussing its importance and the mechanisms underlying its creation and effectiveness. It explores topics such as the impact of culture on business performance; ways to measure culture; and the factors that hinder or enhance a firm's culture.

Introduction: Despite vulnerability to alcohol-related harms, women have historically been under-represented in alcohol research. This study examined the prevalence and characteristics of women who drink at very high-risk levels (11+ standard drinks monthly), factors associated with this consumption and comparisons with men., Methods: Secondary analyses of 2019 National Drug Strategy Household Survey data were undertaken. Significant differences by sex in the distribution of demographic and alcohol-related variables were explored using chi-squared and Mann-Whitney U tests. Binary logistic regression examined factors associated with very high-risk drinking., Results: Very high-risk drinking was reported by 10.4% of men and 3.1% of women. Compared to men, women were significantly younger with higher levels of psychological distress/mental health conditions, and were more likely to be unmarried. Both women and men engaged in a range of harm-minimisation strategies. Odds of very high-risk drinking were significantly higher for respondents who were male, younger, employed, lived in a regional/rural/remote area, psychologically distressed, smoked and used illicit drugs. Interactions with sex indicated that very high-risk drinking declined after the age of 24 for men compared to 44 for women. Being married reduced the likelihood of very high-risk drinking more greatly among women compared to men, while living in a major city reduced the likelihood among men (and not women)., Discussion and Conclusions: Very high-risk drinking is not limited to Australian men, and the women who drink at these levels have distinct profiles and factors associated with consumption., (© 2024 The Authors. Drug and Alcohol Review published by John Wiley & Sons Australia, Ltd on behalf of Australasian Professional Society on Alcohol and other Drugs.)

Guided by General Theory of Crime and Psychosocial Maturity Hypothesis, we investigated co-development between short-term mindsets (impulsivity and future orientation) and risk behaviors (cannabis use and delinquency). Parallel process latent growth modeling on three-wave data from ethnically diverse Swiss adolescents (N = 1365; M age 13.67 years, 48.6% female), showed baseline-level associations between short-term mindsets and risk behaviors, and between the two risk behaviors. Additionally, correlated change (co-development) existed between short-term mindsets-particularly impulsivity-and delinquency, but not between short-term mindsets and cannabis use. These results support the above-mentioned theories and emphasize the importance of investigating the correlates of change in delinquency and cannabis use separately, as divergent findings might emerge. These divergent findings could partially stem from Switzerland's liberal views on cannabis use., (© 2024 The Author(s). Journal of Research on Adolescence published by Wiley Periodicals LLC on behalf of Society for Research on Adolescence.)

This paper examines how a tournament among CEOs to progress within the CEO labor market influences their corporate hedging policies. We employ a textual analysis of 10‐Ks to generate corporate hedging proxies, finding that the likelihood and intensity of hedging grow as the CEO labor market tournament prizes increase. We also explore the mitigating impact of corporate hedging on the adverse effects of risk‐inducing industry tournament incentives (ITIs) on the cost of debt and stock price crash risk, noting that these could be possible reasons behind the relation. Additionally, we observe that the relationship between ITIs and corporate hedging is less pronounced for firms that demonstrate more financial distress and for firms whose CEOs are the founders of the company or are of retirement age. We identify a causal relation between ITIs and corporate hedging using an instrumental variable approach and an exogenous shock sourced from changes in the enforceability of noncompetition agreements across states. [ABSTRACT FROM AUTHOR]

Objectives: The current study was aimed to identify the factors and mechanisms that promote nonsuicidal self‐injury and suicidal ideation (SI) as precursors of suicidal behaviors in a sample of 553 Israeli active‐duty soldiers. Methods: A mediation model was used to examine the contribution of posttraumatic stress disorder (PTSD) symptoms, emotion‐regulation difficulties, habituation, and risk‐taking behaviors to soldiers' self‐injury and SI. Results: Results indicated direct effects between PTSD symptoms and self‐injury and SI, as well as between emotion regulation difficulties and self‐injury. Indirect effects were found between PTSD symptoms and nonsuicidal self‐injury (NSSI) through the mechanisms of habituation and risk‐taking behavior and between difficulties in emotion regulation and NSSI through the mechanism of risk‐taking behaviors. Conclusion: To tackle soldiers' suicidal behaviors, clinicians might assess soldiers' PTSD symptoms and difficulties in emotion regulation and intervene by lessening their access to thrill‐seeking situations and situations that increase habituation to pain and death. [ABSTRACT FROM AUTHOR]

During runaway episodes, adolescents engage in various high‐risk behaviors and are exposed to various dangers. This situation is even more pronounced among runaway youths from residential care centers, given their personal and familial backgrounds that place them at risk. The current study attempted to disentangle the heterogeneous characteristics of runaway youths while considering the adolescent risk‐taking literature. A latent profile analysis was performed among 112 runaway youths from residential care centers based on runaway characteristics (number, duration, context of return). The Parent involvement, Independent and Police involvement runaway youth profiles were compared on various characteristics involved in risk‐taking, their high‐risk behaviors and mental health problems. The clinical implications for these three runaway profiles are discussed. [ABSTRACT FROM AUTHOR]

Young adults that drive after cannabis use (DACU) may not share all the same characteristics. This study aimed to identify typologies of Canadians who engage in DACU. About 910 cannabis users with a driver's license (17–35 years old) who have engaged in DACU completed an online questionnaire. Two‐step cluster analysis identified four subgroups, based on driving‐related behaviors, cannabis use and related problems, and psychological distress. Complementary comparative analysis among the identified subgroups was performed as external validation. The identified subgroups were: (1) frequent cannabis users who regularly DACU; (2) individuals with generalized deviance with diverse risky road behaviors and high levels of psychological distress; (3) alcohol and drug‐impaired drivers who were also heavy frequent drinkers; and (4) well‐adjusted youths with mild depressive‐anxious symptoms. Individuals who engaged in DACU were not a homogenous group. When required, prevention and treatment need to be tailored according to the different profiles. [ABSTRACT FROM AUTHOR]

Research on intrapreneurial intention (INI) has gone from strength to strength over the past few years. However, some collectives like PhD students have not received the attention they deserve. Accordingly, this study aimed to determine the INI of PhD students from a gender perspective. Their tendency to display innovative and risk‐taking behavior was analyzed based on a sample of 393 PhD students. The results evince significant gender differences in this regard. [ABSTRACT FROM AUTHOR]

In this study, we examine how the personal ideology of chief executive officers (CEOs), as proxied by their political preferences, influences their insider‐trading choices. We expect and find that, relative to Democratic‐leaning CEOs, the conservative ideology of Republican‐leaning CEOs leads them to refrain more from informed insider trading to avoid costly litigation. Using an exogenous change in litigation environment, we find that Republican CEOs increase informed trading when facing a sudden relaxation of litigation risk, suggesting that the fear of litigation cost is the underlying mechanism of the observed relation. Our findings are robust to different model specifications. [ABSTRACT FROM AUTHOR]

Objectives: Individuals with bipolar disorder are prone to risk‐taking behavior that is subsequently regretted. Here, we investigated whether this also occurs in relation to the use of social media and online dating. Methods: A questionnaire‐based survey focusing on the use of social media and online dating was conducted among individuals attending an outpatient clinic for bipolar disorder, and among individuals attending two general practices in the same region (controls). The association between bipolar disorder and self‐reported regretted behavior on social media/online dating sites was investigated using logistic regression with adjustment for age and sex. Results: A total of 124 individuals with bipolar disorder and 196 individuals without affective disorder from the general practices (controls) formed the study sample. Among the individuals with bipolar disorder who used social media, 66% reported regretted behavior as a consequence of this use, whereas only 31% of the controls reported such behavior. The corresponding numbers for individuals who used online dating were 65% for those with bipolar disorder and 31% for the controls. Following adjustment for age and sex, bipolar disorder was associated with elevated risk of regretted behavior in relation to the use of both social media (adjusted odds ratio: 3.6, 95% CI: 2.2, 5.9) and online dating (adjusted odds ratio: 4.1, 95% CI: 2.1, 8.0). Conclusions: These findings suggest that risk‐taking behavior and subsequent regret among individuals with bipolar disorder extend to social media and online dating. Cautious use of these platforms may be particularly relevant for individuals with bipolar disorder. [ABSTRACT FROM AUTHOR]

This study examines gender differences in risk‐taking behavior among managers in a female‐dominated industry. Using data from international top‐level women's soccer, we provide evidence that on average, male coaches show a lower level of risk‐taking than female coaches. We also find a U‐shaped age effect that is independent of gender, meaning that young and more mature individuals tend to take riskier decisions. Our main results therefore strongly contrast with the majority of previous studies on gender differences in risk preferences, and thereby emphasize the importance of considering institutional differences or labor market specifics. Underlying selection processes may play an important role as well as gender stereotypes. Lastly, we find no correlation between gender differences in risk‐taking and female empowerment defined by national gender equality scores. [ABSTRACT FROM AUTHOR]

This study examines the impact of entrepreneurs’ migrant background on firm innovation as measured by spending on research and development and by the number of patents. We find that entrepreneurs’ migrant background is positively related to firm innovation level, and that this relation is weakened by a less supportive environment. We also find that migrant entrepreneurs have a higher propensity to take risks than their local peers. Further analyses show that the relationship between migrant background and innovation varies in times of uncertainty and that entrepreneurs’ migrant background is positively associated with innovation quality, innovation efficiency and firm performance. [ABSTRACT FROM AUTHOR]

BACKGROUND Four‐day school week (FDSW) use has increased substantially among US districts in recent years, but limited data exist on health impacts of this school schedule. This study examined associations of reduced school exposure via FDSWs with adolescent health and risk behaviors, obesity, and food security. METHODS: Self‐report data from 8th‐ and 11th‐grade students from the Oregon Healthy Teens survey across 5 survey years (odd years 2007‐2015, total N = 91,860‐104,108 respondents depending on the survey question) were linked to a FDSW indicator. Regression analyses controlling for student and school characteristics compared outcomes between students in 4‐ and 5‐day schools overall (without school fixed effects) and outcomes associated with switching to a FDSW (with school fixed effects). RESULTS: When controlling for multiple student‐ and school‐level factors, we observed adolescents in FDSW schools report they consume sugar sweetened beverages more frequently and water less frequently, have access to fewer days of physical education, are more likely to be food insecure, and are more likely to report the use of any drugs and specifically marijuana than 5‐day school week students. CONCLUSIONS: Limiting exposure to the school environment via FDSWs may impact adolescent health behaviors, including diet, physical activity, and drug use. [ABSTRACT FROM AUTHOR]