IDEAS home Printed from https://ideas.repec.org/a/eee/beexfi/v40y2023ics2214635023000655.html
   My bibliography  Save this article

The informational role of imagery in financial decision making: A new approach

Author

Listed:
  • Ronen, Joshua
  • Ronen, Tavy
  • Zhou, Mi (Jamie)
  • Gans, Susan E.

Abstract

This study develops a novel approach to identify characteristics of images and a combination thereof (expressiveness) that are likely to and found to be associated with investment decisions. We also create new methodologies to quantify these characteristics. We further develop a new machine learning-based measure of informativeness called additivity, which is the degree to which the images convey information beyond the content embedded in textual narratives; additivity is significantly associated with funding beyond other image characteristics. We also address the causal impact of image characteristics using the onset of COVID-19 as an exogenous shock and a difference-in-difference methodology. Our exploration of the implications for financing decisions goes beyond the existing imagery studies within this developing field.

Suggested Citation

  • Ronen, Joshua & Ronen, Tavy & Zhou, Mi (Jamie) & Gans, Susan E., 2023. "The informational role of imagery in financial decision making: A new approach," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
    • Handle: RePEc:eee:beexfi:v:40:y:2023:i:c:s2214635023000655
    DOI: 10.1016/j.jbef.2023.100851
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S2214635023000655
    Download Restriction: no
    File URL: https://libkey.io/10.1016/j.jbef.2023.100851?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:beexfi:v:40:y:2023:i:c:s2214635023000655. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/journal-of-behavioral-and-experimental-finance .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.