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How the emotional tone of financial disinformation influences investment behaviour

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  • An, Lam
  • Muro, Fabrizio Di

Abstract

Despite a significant increase in the number of independent self-investors and their vulnerability to financial disinformation, research on how financial disinformation can influence investment behaviour is scarce. To bridge that gap, this research utilizes a combination of integrated secondary datasets and two lab experiments to demonstrate that (1) financial disinformation features a more positive emotional tone than real financial information; (2) this difference in emotional tone results in consumers displaying a greater willingness to invest in a stock;and (3) making the source of consumers’ mood salient reduces their susceptibility to financial disinformation. Theoretical contributions and especially practical implications are discussed to help reduce the spread and potency of financial disinformation.

Suggested Citation

  • An, Lam & Muro, Fabrizio Di, 2026. "How the emotional tone of financial disinformation influences investment behaviour," Journal of Business Research, Elsevier, vol. 210(C).
    • Handle: RePEc:eee:jbrese:v:210:y:2026:i:c:s0148296326001888
    DOI: 10.1016/j.jbusres.2026.116153
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