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Modeling of Characteristics of Complex Microstructure and Heterogeneity at the Core Scale
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Behavioral Biases in Investor Decision-Making: A Comparative Meta-Analysis of Behavioral Finance Research
Published 2025-12-01“…This study conducts a meta-analysis of 61 empirical studies (24 domestic, 37 international) to compare the effects of 12 prominent behavioral biases, selected based on their prevalence and diversity in the literature. Employing a random-effects model in CMA2 to account for heterogeneity, we quantify the biases' relative impacts using effect sizes, Z-scores, and hypothesis testing. …”
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